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How to Buy Digibyte in 2020: Buy, Sell & Trade

It’s been called the sleeping giant of cryptocurrency and has a growing fanbase, but how realistic are these claims? If you’re looking to join the party, this guide will show you how to buy and trade Digibyte in 2020. 

Where to buy Digibyte

Read on to find out more about Digibyte in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to invest.

Coinmama
Key Features
Safe & Secure cryptocurrency exchange
Easy Intuitive interface
Impressive limits
Liquidity Accepted in over 200 countries
Min Deposit
€60
Russian Federation
Key Features
Safe & Secure cryptocurrency exchange
Easy Intuitive interface
Impressive limits
Liquidity Accepted in over 200 countries
Top Coins
  • Bitcoin
Payment Methods
Debit Card
Coinmama is a bitcoin broker based in Israel. They specialize in selling bitcoins for credit card to nearly anyone in the world.
Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
€1
Russian Federation
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • Bitcoin
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
eToro
Key Features
Access the world’s most popular Crypto assets including Bitcoin
Automatically copy the trades of top Crypto traders
Deposit using PayPal + 9 other deposit options
Min Deposit
€200
Russian Federation
Key Features
Access the world’s most popular Crypto assets including Bitcoin
Automatically copy the trades of top Crypto traders
Deposit using PayPal + 9 other deposit options
Top Coins
  • Stellar
  • Ripple
  • Litecoin
  • EOS
  • Ethereum Classic
Payment Methods
Credit Card, Debit Card, Wire Transfer, PayPal, Skrill, Neteller, Yandex, WebMoney, UnionPay, MoneyGram
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, Crypto, ETF’s, indices and commodities. eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
eToro is a multi-asset platform which offers CFD and non CFD products. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Bitpanda
Key Features
Fully automated platform with instant transactions
A wide variety of payment options
Good for beginners
Min Deposit
€1
Russian Federation
Key Features
Fully automated platform with instant transactions
A wide variety of payment options
Good for beginners
Top Coins
Payment Methods
Visa, Mastercard, Neteller, Skrill, Sofort, Giropay, EPS, Credit Card
BitPanda is a Bitcoin broker based in Austria. It offers a wide range of payment methods and has good prices.
Coinbase
Key Features
Trusted provider
Online Wallet
2 Factor Authentication
Beginner friendly
Min Deposit
€2
Russian Federation
Key Features
Trusted provider
Online Wallet
2 Factor Authentication
Beginner friendly
Top Coins
Payment Methods
Credit Card, Debit Card, Euro Bank Account, 3d Secure Credit Card
Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.

What is Digibyte?

You may have heard that Digibyte is a big threat to Bitcoin, but is there any truth in such a bold claim? Digibyte looks great on paper and uses superior technology to a lot of more established coins. It’s secure, scalable and has nearly 100,000 nodes on the network, but uptake has been slower than expected. 

Less established coins often struggle to become widely adopted by the cryptocurrency community and that’s Digibyte’s Achilles heel. But don’t let that put you off – the Digibyte team have big plans for the coin and they still have Bitcoin in their sights. 

How does Digibyte work?

If you know how Bitcoin works, then you know how Digibyte works. Both coins use a Proof-of-Work algorithm and miners to extract new coins. The big difference is the technology behind Digibyte. It boasts much faster block times (fifteen seconds to Bitcoin’s ten minutes) yet remains the more secure coin (Bitcoin uses one mining algorithm while Digibyte uses five).

How to buy Digibyte online – step-by-step guide

Step 1. Get a suitable wallet

As you would expect with a coin so closely related to Bitcoin, there are plenty of storage options around, but it’s well worth checking a few wallets out before you decide on one. Here are our top picks for Digibyte: 

  • Official DigiByte Software Wallet: One of the best wallets for Digibyte comes directly from the Digibyte devs, who have created a highly versatile and secure mobile and desktop wallet that should suit your needs, especially if you want to join the network as a node.
  • Ledger Nano X: If you’re into security and don’t mind paying a premium, then look no further than the Nano X from Ledger. It’s a top-of-the-range hardware wallet that’s difficult to beat.
  • Coinomi Wallet: As the only third-party software wallet that’s recommended by the Digibyte team, the Coinomi wallet download page is the place to go if the options above don’t float your boat. 

Step 2. Find a Digibyte exchange

Once you’ve got your wallet sorted, you’ll want to head to an exchange to buy some Digibyte. Finding an exchange won’t be an issue, but we found prices and fees are quite variable, so it’s worth shopping around. Here are two of our favourite Digibyte exchanges: 

Bittrex: One of the top exchanges, no matter which cryptocurrency you’re looking for. It doesn’t accept fiat currency though so you’ll need another cryptocurrency, such as Bitcoin, to get started.

HitBTC: If you want to buy your Digibyte with USD then head on over to HitBTC where you’ll find an easy-to-use interface and multiple coin support. 

Step 3. Withdraw your Digibyte

We always recommend that you withdraw your funds once you’ve paid for them as they will be much safer in a wallet than left on the exchange.

How to trade Digibyte – step-by-step guide

If you’re only thinking about trading and have no intention of buying cryptocurrency, then you won’t need a wallet as you will be speculating on the price rather than buying currency.  

Step 1. Find a broker

When you are on the lookout for a broker, it’s good to do some homework and check out what’s on offer. There are lots of reputable brokers out there, but they all offer different features and levels of support. Some are geared towards newbies and some are just for the pros. Two of the biggest and best brokers right now are eToro and Plus500.

Step 2. Deposit money

After choosing a broker, the next thing you need to do is put down a deposit. Once your deposit is down, you’re good to go, but we recommend you don’t jump in too quickly, especially if you’re new to the game. Most brokers will let you set up a demo account which will give you a good idea of how it all works. 

Step 3. Decide how you’d like to trade

There are two ways to trade on cryptocurrencies. These are Spread Betting and CFDs (contracts for difference). On the surface, both of these methods seem fairly similar – whichever you choose, you’ll be making a call on whether you think the value of your cryptocurrency will rise or fall. If you’re not sure whether you want to choose spreads or CFDs it’s worth doing some more research. 

Step 4. Start trading

As you’ll see once you’ve mastered your demo account, trading cryptocurrency isn’t that complicated. Regardless of whether you’re a complete novice or a seasoned pro you’ll be watching the ebb and flow of the value of your chosen cryptocurrency and taking a position based on whether you predict a rise or fall. If you’re confident the price will go up, you’ll take a long position (buy) and if you think it will fall, you’ll take a short position (sell). 

Depending on your broker and your experience as a trader, you can also add leveraged trading to your strategy. This enables you to put down a fraction of a trade’s worth (known as a ‘margin’), with the broker covering the rest. Be warned, though, this is not for inexperienced traders as it’s a high-risk move. Savvy traders often use stops to mitigate the risk and limit potential damage. 

Still undecided?

Pros
  • Digibyte has been trending down recently, but still has a lot of potential
  • Recent volatility has kept the traders interested
  • Digibyte is faster and more secure than a lot of older coins
Cons
  • Digibyte has yet to live up to the hype
  • There hasn’t been nearly enough adoption to make Digibyte a Bitcoin killer
  • Digibyte might have missed its chance to become the number one cryptocurrency
By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.

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