DigiByte (DGB): A guide to buying, selling and trading | finder.com
FEATURE-DIGIBYTE

How to buy, sell and trade DigiByte

What is DigiByte and how does it work?

DigiByte is a cryptocurrency with an active development team and a busy community. Unlike most development teams, its creators haven’t released a white paper or technical documentation, but in the words of its developers, they aim to “under promise and over deliver.”

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Where to buy, sell and trade DigiByte in the US

Name Product Payment Methods Available Fiat Currencies Available Cryptocurrencies
Credit card, Debit card
USD, EUR
BTC, BCH, BTG, ETH, ETC, DASH, DOGE, NEO, OMG, PIVX, SALT, STEEM, USDT, XLM & 50+ more
Access competitive crypto-to-crypto exchange rates for more than 35 cryptocurrencies on this global exchange.
Cash, BPAY, POLi, Cryptocurrency
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG & over 45+ more
CoinSpot is an Australian marketplace that allows you to easily buy, sell or exchange multiple cryptocurrencies using AUD.
Cryptocurrency
-
BTC, BCH, ETH, LTC, DOGE, NEO, XMR, POWR, DASH, PIVX, XEM, OMG, GNT & 500+ more
Buy and sell hundreds of cryptocurrencies with minimal verification on this all-in-one, New Zealand-based exchange.
Cryptocurrency
-
BTC, BCH, BTG, ETH, ETC, FUN, 1ST, ANT, BAT, BNT, BLK, CVC, CLAM, DASH, DCR, DGB, DNT, DOGE, EDG, EOS, FCT, GAME & 25+ more
Cryptocurrency
-
BTC, BCH, KCS, DRGN, DBC, XRB, ETH, PRL, LTC, SNOV, DENT, RPX, QLC, NEO, UTK, BNTY, ACT, POE, UKG, LA, LEND, VEN & 50+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Cryptocurrency
-
BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB, BCH, LSK, XMR & 50 more
Trade various coins through a global crypto to crypto exchange based in the US.
Cryptocurrency
-
BTC, ETH, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, QTUM, ZCL, RDD, LTC, NEO & 120+ more
New account registration is currently halted on Bittrex due to a surge in demand.

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How does DigiByte work and what does it do?

DigiByte appears to primarily consider itself a payment method. It uses a multi-layer blockchain system consisting of the following:

  • The applications layer. This is the user interface that connects users and their devices to the layers below.
  • The digital asset and public ledger layer. This is the distributed ledger system of the blockchain, across which transactions are carried.
  • The core global communications layer. This layer consists of the mining nodes that support the above layers.

These layers might make it easier to use DigiByte as an accepted payment method, while retaining blockchain security features.

Its most distinctive feature might be the use of five separate mining algorithms. Users can choose which of the five they want to use for the best returns on their system. The available algorithms are SHA256, Scrypt, Skein, Qubit and Groestl.

This is intended to improve the security of the DigiByte network, while simultaneously encouraging more users to mine the devices on whichever devices they have at hand.

Although there is no solid roadmap, the DigiByte website has listed the following as possibilities in the future, although it has not made any formal commitment or timeframe for them.

  • Corporate collaborations
  • Lightning network trials
  • Re-launching a previous DigiByte gaming venture
  • Hosting conferences or events
  • Creating a DigiByte-backed Internet browser
  • More wallet support
  • Creating smart-contract functionality, launching artificial intelligence products and investigating quantum computer proofing

The total DigiByte supply is set to cap at 21 billion, which will be mined by 2035. It also has a 15-second blocktime, allowing for much quicker transactions than many other cryptocurrencies.

How to sell or trade DigiByte

  1. Visit the exchange platform you hold DigiByte on. If you have your DigiByte in a digital wallet, then you can choose an exchange platform to use for your transaction from one of those listed above.
  2. Using the platform, follow the instructions for selling or trading your DigiByte.

What to consider if buying DigiByte

You may want to consider how useful DigiByte’s distinctive features are and how they might directly influence the currency’s value.

For example, having five separate mining algorithms could be helpful for DigiByte miners and might offer some extra security against outside attacks for a growing currency, but some people might feel that this feature may not necessarily translate into an increased coin value.

Similarly, a properly constructed cryptocurrency can be demonstrably secure even without multiple mining algorithms. A cryptocurrency might have distinctive features, but distinctiveness doesn’t necessarily have an impact on a coin’s usefulness.

Some people might also consider that the tendency of many users to regard cryptocurrency as an asset to be held in the long run, rather than a currency to be spent, might also get in the way of DigiByte’s goals of becoming a payment method.

DigiByte’s intended purpose also lands it in a competitive area. Its most prominent competitors might be the following cryptocurrencies:

  • Nano (formerly RaiBlocks). A payment cryptocurrency with even faster transfers and zero transfer fees.
  • Bitcoin. A highly valued payment cryptocurrency with exceptionally slow transfers and high fees.

Andrew Munro

Andrew writes for finder.com, comparing products, writing guides and looking for new ways to help people make smart decisions. He's a fan of cryptocurrency, insurance and business news.

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