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How to buy, sell and trade Byteball Bytes (GBYTE)
How to get started buying, selling and trading Byteball Bytes in the US.
Byteball is a peer-to-peer, decentralized database that provides for the tamper-proof storage of data. By linking transactions to one another in the system, Byteball aims to create safe contracts that can be trusted to execute exactly as agreed upon.
Byteball Bytes (GBYTE) is the native cryptocurrency of the Byteball system. To find out how Byteball works and how you can buy, sell and trade GBYTE in the US, read on.
A step-by-step guide to buying Byteball Bytes
If you want to buy GBYTE in the US, here’s an example of how to go about it:
Step 1. Create an account at Gemini
In order to exchange US dollars (USD) for GBYTE, you’ll need to use a local cryptocurrency exchange like Gemini. It’s free to sign up for an account, and to get started, all you need to do is enter your contact information and upload a copy of your driver’s license. To fund your account with US dollars, you’ll need to choose to do either an ACH bank transfer or a wire transfer.
Step 2. Deposit funds into your account
From the dashboard screen, click on the “Transfer Funds” button. You can then enter your desired deposit amount and make an online payment via your chosen method.
Step 3. Buy BTC or ETH and transfer it to an exchange
Gemini allows you to immediately purchase cryptocurrency with your deposited funds, but you’ll have to wait for your transfer to clear before you can send your BTC or ETH off Gemini to another exchange that offers GBYTE. Sign up for an exchange that has GBYTE, then copy the address to send your BTC or ETH to.
Step 4. Buy GBYTE
When your BTC or ETH has been verified on your chosen exchange, you can then trade for GBYTE.
Note that many cryptocurrency exchanges don’t allow you to exchange fiat currency (like USD) for GBYTE. If this is the case for your chosen exchange, you’ll need to purchase a major cryptocurrency that’s available in a GBYTE pairing, for example bitcoin (BTC) or Ethereum (ETH), and then exchange that currency for GBYTE as described above.
The Byteball wallet is available for download from the Byteball website. The wallet is compatible with the following platforms:
The wallet is also available for download from GitHub and features a peer-to-peer exchange where you can sell Bytes and BTC.
How Byteball works
The Byteball network was launched in December 2016 by founder and chief developer Tony Churyumoff. At the same time, the first GBYTE coin distribution took place. Rather than using blockchain, Byteball stores and orders transactions using a distributed acyclic graph (DAG) that links storage units to one another.
Just like other common cryptocurrencies, such as bitcoin and Ethereum, Byteball allows you to initiate a payment by specifying the receiver’s wallet address and the amount you want to send. However, one key difference is that Byteball makes it possible to send conditional payments – in other words, the person you’re sending GBYTE to will only receive the funds once they have met any conditions you specify as part of the contract.
Bytes are the native currency of Byteball, and they reflect the value of storing transactional data on the decentralized system. You use Bytes to pay for adding data to the database, and they can also be used to issue your own currencies.
How to sell or trade Byteball
- Go to the exchange platform where you have Byteball. If it’s in a digital wallet, then you can pick a platform from the compatible ones listed above.
- Via the platform, follow the instructions to sell or trade your Byteball.
Practical applications for Byteball
Byteball aims to bring the tamper-proof benefits of blockchain to database management. In the real world, the system allows you to perform a wide range of tasks, including the following:
- Make conditional payments
- Chat and make payments through the same messaging app
- Buy and sell peer-to-peer insurance
- Create smart contracts that are unlocked when specific events occur, for example to bet on price movements
- Bet against other Byteball users on the outcomes of sporting events
- Make private payments using Blackbytes, which are described on the official Byteball site as “a cash-like untraceable currency whose transactions are not visible on the public database”
Things to consider before you buy
Before making a decision about whether to purchase Byteball Bytes or any other cryptocurrency, you should make sure you understand the risks attached. There are several factors people typically consider before deciding whether to purchase GBYTE.
- Supply. At the time of writing, there have been 10 GBYTE coin distribution rounds, with the next round scheduled for March 2018. As of January 17, 2018, this meant there was a circulating supply of 645,222 GBYTE. To encourage mass adoption of the Byteball system, 98% of all Bytes are to be distributed for free.
- Demand. Consider the potential real-world applications of Byteball as well as the current trading volume of GBYTE on cryptocurrency markets to get a better idea of the demand for Byteball Bytes.
- How Bytes are used. Bytes are used to pay for adding data to the Byteball database. They can also be used to issue other currencies that represent property rights, debt, shares and more.
- Market competition. You’ll also need to consider how Byteball is positioned to deal with competition from other companies offering a similar service. For example, while there are several key differences between the two cryptocurrencies, IOTA is also based on DAG technology.
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