DigiByte came into existence in 2013 and has won a large share of the market. Known for processing transactions faster than other cryptocurrencies, DigiByte has gained immense popularity in the UK and is considered a good investment option.
This DigiByte buying guide will tell you everything there is to know about DigiByte, also called DGB. This includes where to purchase DigiByte, how to buy DigiByte, and its main use.
Let’s jump right into it:
What is DigiByte (DGB)?
DigiByte was founded back in 2013 by Jared Tate. It is an independent cryptocurrency that uses an open source platform. This essentially means that anyone in the world can use the DigiByte project, to create something new.
The blockchain of this cryptocurrency was designed with the capacity to process transactions at high speed through a process called mining. The same technique is used to create new tokens. This, along with improved security, are two of the unique features of DigiByte.
Like any other cryptocurrency, the value of DGB has also had its fair share of ups and downs. At the moment, it is trading at $0.0215. The cryptocurrency hit a record-high of $0.157 in May 2021 and has been struggling to break these highs since.
How to Buy DigiByte – Step by Step Guide
Since DGB is an online currency, you can only purchase it online. There are plenty of exchanges that have DigiByte (more on that ahead). The process of actually getting your hands on DigiByte coins is pretty much the same regardless of where you decide to buy them from.
- Find an Exchange or a Broker
The quickest way to purchase DigiByte is to choose a broker or exchange that offers this coin. You can choose from a variety of options. Pick an exchange that supports the UK, is affordable and easy to use, and also secure.
We will discuss some of the best exchanges and brokers later in this article.
2. Create an Account and Fund it
Once you’ve successfully found an exchange, it is time to create an account and add funds to it.
Some platforms have the option to proceed and make purchases without signing up, but most will require you to create an account. The process will take a few minutes.
You will probably be required to fill in basic details such as your name and your email address. Be sure to enter the correct information as you will be required to verify your account.
Verification is necessary because some exchangers might not let you make purchases until and unless the information you have entered has been confirmed.
In the end, you will have to create a secure password for your account.
Once you’ve created an account, it is time to add funds to it. Most exchanges support a variety of payment methods.
3. Get a Wallet
This is an optional step since most brokers and exchanges will let you use the in-house wallet. Still, third-party wallets can be beneficial, especially if you intend to store your coins.
Most people purchase DigiByte with the intention of speculating on their future value. For this purpose, getting a wallet to store your investment safely is the best option.
4. Buy DigiByte UK
Now that you’ve added funds to your account, you can purchase DigiByte.
Go to the interface of the exchange you are using and search up ‘DGB’
Find and verify the pair that matches your requirements. This depends on the funding method you have used. If you’ve used Bitcoin, then search for DGB/BTC. Also, not all pairs may be supported.
Once selected, simply enter the amount of DigiByte token that you want to purchase. There might be a minimum so keep an eye on it.
Before going forward with the payment, make sure to check the incurred fees as well as the price.
Execute the transaction.
You’re done. You now have DGB in your account.
Where to Buy DigiByte in the UK
Ready to make your purchase? Here are the top 4 most reliable platforms to buy DigiByte in the UK:
First on the list is Binance, one of the most popular names to purchase DigiByte. In 2021, The Financial Conduct Authority (FCA) banned Binance Markets Limited (BML) in the UK, which prohibits it from conducting any ‘regulated activity’ in the region, however, you can still use Binance.com.
This is because Binance.com falls outside the FCA’s UK remit. The platform is secure and is known for offering low fees. It is an exchange, which means you might run into some new users.
Payment methods such as credit and debit cards as well as bank transfers are accepted. The minimum deposit is only $20 and you can execute transactions for as low as $10.
Here’s how you can purchase DigiByte on Binance:
Set up and verify an account. Verification can be a little slow as Binance is usually busy. Fortunately, signing up is a simple process and users also have the option to either register through the Binance app, or register via the website using their email or phone number
For extra security, Binance will give you the option to set up two-factor authentication. Whenever you or anyone tries to log in to your account, a unique code will be sent to your provided email address. You will need this code to access your account.
Before making purchases, you will need to add a balance to your account either by using a debit or credit card, or via bank transfer. Using a credit or debit card is much faster and easier, but it may incur additional fees.
Next, go to the coin centre and request your desired amount of DGB. It will show you the cost including any fee.
Once you click ‘buy’, another window will display your complete order
Before confirming your order, be sure to double check the receipt and read the terms and conditions.
Confirm the transaction and you’re done.
Don’t let the name fool you, BC Bitcoin offers more than just Bitcoin. Being a broker, it is more expensive than an exchange but does offer some additional perks including excellent customer support.
Because it is a UK-based crypto broker, BC Bitcoin allows you to make payments via UK bank transfer, debit or credit card, as well as SEPA bank transfers. A UK bank transfer is the most affordable option but it’s also the slowest. Credit or debit cards are faster, but usually have higher fees.
Another downside that might drive people away from BC Bitcoin is the high minimum deposit fee of £500. You must sign up for an account before you can make a purchase.
As mentioned above, creating an account is necessary. It is simple and there is even an option to sign up using a Google or Facebook account.
Verify your details by uploading the required documents. BC Bitcoin requires users to upload a selfie holding the same document. Verification can take up to 48 hours.
Once you’ve created and verified your account, you will have to choose and add a method of payment. You can choose between credit cards, debit cards or bank transfers.
Add money to your account.
Use the added money to purchase your required amount of DigiByte (the minimum amount is £250).
Once the payment is successful, your DGB will be automatically sent to the wallet address that you have mentioned.
The minimum value is pretty high yet it’s still very popular in the country and has been offering services since 2017.
This Hong Kong based platform is actually an index provider for cryptocurrency exchange. This is why it is able to offer lower rates. You will be able to look at exchanges that offer your desired coin and pick one that suits you the best. However, it requires users to have a wallet that supports DGB.
You will be asked to confirm the address of your wallet before you can purchase DigiByte through Changelly. With this platform, you will be able to not only buy but also exchange coins in only a few minutes.
Once there, here’s what to do next:
Visit the website and on the home page decide what you wish to do. You can exchange your existing coin to DBG or buy using fiat money.
On the same page, choose your country and go to the next page.
You will see a list of exchanges that offer DGB in the UK. Pick one that fits you.
The screen will ask you to enter your wallet address. Paste it or sign up to get a free wallet.
Go to the payment page and make a payment. You will get a variety of payment methods depending on the exchange you have selected.
Confirm the payment and your DGB should reach your selected wallet within half an hour.
This is the fastest and easiest method to buy DBG UK. You will be able to get coins without having to create an account.
Best Ways to Buy DigiByte
As mentioned earlier, there are several ways to buy DigiByte UK. We will compare each option so you can find the best one:
Buy DigiByte With Debit Card
Buying DigiByte with a debit card takes only a few simple steps. The only requirement is to have a debit card that allows online payments. On the bright side, almost all Mastercard and Visa card holders can buy DGB online in the UK. Moreover, some exchanges might also allow you to use prepaid cards.
You will be asked to complete a few verification steps before your purchase is finalized. In most cases, you will even get to save card details so that you can make future purchases with a single click.
Another advantage of using debit cards to make DGB purchases is that there is no chance of spending more than what is already available in your account, which is a common problem that occurs when using credit cards. However, on the downside, there might be additional charges, especially if the platform doesn’t support GBP.
Buy DigiByte With Credit Card
Most exchange platforms or brokers have very high transaction fees for credit cards, so this is often not the preferred payment option. On the plus side, this is a fast option and money will usually appear in your account instantly.
Buy DigiByte With Paypal
Paypal now allows digital currencies in almost 25 countries. This option is relatively new and is currently only offered by a handful of crypto platforms. Hence, those wanting to opt for this will have to do a lot of research to find an exchange platform that allows payments through PayPal. But, some other digital wallets may be available.
On the plus side, digital wallets are secure, can help you save money as there are little to no fees, and most offer instant deposits.
Buy DigiByte With Bitcoin
Not all crypto platforms presently offer fiat to DGB pairs as DGB is not a very popular coin. You will, however, find DGB and BTC pairs on almost all platforms. To use this technique, you will have to buy Bitcoin that can be converted into DigiByte.
All you have to do is find the Bitcoin/DigiByte pair, and convert. This option is fast and reliable.
How to Buy DigiByte – Conclusion
Investing in DigiByte has both pros and cons. The coin has shown some stability but it hasn’t grown as expected. Still, it could turn out to be a great investment. Always do your research and only invest money that you can afford to lose.
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Michael Wight is a full-time freelance writer with over 15 years of writing experience. He is heading his own content writing firm, Michael Words, and also contributes to other websites. He is a digital marketing expert and enjoys playing musical instruments in his free time.