What Is DigiByte: A Beginner’s Guide To DigiByte

What is DigiByte?

“It is the world’s first mainstream digital currency with the same simplicity of sending a text message but with much more utility and potential.” (Verified DigiByte Debit Card Sponsor)

Like most cryptos, It is a complex entity and it is important to educate yourself before you invest in DGB.

The purpose of this article is to explain the core concepts and capabilities of DGB so you can understand the project and how it works. It is highly recommended to watch the many informative videos provided by the DigiByte team and also read their whitepaper.

Here’s a brief synopsis of Digibyte: It is built on the original Bitcoin blockchain, which is itself built on the backbone of the bitcoin protocol.

Symbol of Digibyte: DGB

The History of DigiByte

DGB came into existence as an open-source project through the partnership of three enthusiasts, Gil Luria, Clark Harris, and Greg Schvey in September 2012. It is a digital currency built on the Bitcoin blockchain. The first transaction using DGB took place on November 17th, 2015. To date, over 190 billion DigiBytes have been created.

Why Do People Like DGB?

It is a cryptocurrency that is designed to allow digital asset owners to securely transact without the need for a bank. It was designed to be free from multiple attack vectors.

What are the DigiByte’s Financial Requirements?

It does not have any kind of escrow or complex market mechanics. In fact, it is free from any kind of fees or market manipulation.

How to Buy DigiByte?

The easiest way to purchase DigiByte is on Bittrex (owned by Wall Street giant Bittrex). To purchase, please fill in the simple signup form and select a trading pair. If you are not sure about your trading strategies, always go with the suggested pair by your broker/dealer.

How to Mine DGB?

It is very important to note that while some miners can mine for free, there are other options to pay for mining such as signing up for a mining pool or mining with an ASIC miner. DigiByte users also can run their own miners if they need to.

How to Store DigiByte?

One DGB is equivalent to 100 Ethereum (ETH) or 500 Bitcoin (BTC) in terms of market cap. You can buy DigiByte or send and receive DigiBytes on the DigiCoin website. If you want to invest in DigiByte you can buy DigiBobs which can be exchanged for DigiBytes. You can also exchange DigiBobs for U.S. dollars or another fiat currency (such as Bitcoin or other cryptocurrencies).

DGB mining is very easy. All you need is a PC with a graphics card and an internet connection. A lot of DigiByte miners use the “scrypt” hashing algorithm, which has the advantages of being ASIC resistant. This means you can turn your PC into a miner to produce DGB and have no competition. The good news is that it is quite easy to start mining!

How to Use DigiByte?

You can use your DigiByte to send payments to anyone, anywhere in the world.

How to Acquire DGB?

Once you have your DigiByte wallet set up, you will be able to send DigiByte to anyone else’s wallet. Note: Sending coins is only permitted in an advanced wallet. Get Started Today! Are you someone who has been asking,

“How to use DigiByte?”

Crypto coins are like stocks, but they’re better. Because a coin, like a stock, is a claim on a currency, and because Bitcoin is one of the most recognizable coins in the world, people naturally compare all other coins to it. But DGB is not Bitcoin.

DGB Faucet

Claimfreecoins

  • Claimfreecoins is a faucet.
  • Click every 5 min.
  • No limit claims
  • Minimum possible rewards upto 0.04 DGB
  • Faucetpay wallet required for withdrawals.
  • Referral commission 50%.

Diamondfaucet

  • Diamondfaucet is a faucet.
  • Click every 5 min.
  • No limit claims
  • Minimum possible rewards upto 0.05 DGB
  • Faucetpay wallet required for withdrawals.
  • Referral commission 20%.

bep20faucet

  • bep20faucet is a faucet.
  • Click every 5 min.
  • No limit claims
  • Minimum possible rewards upto 0.04 DGB
  • Faucetpay wallet required for withdrawals.
  • Referral commission 15%.

Conclusion

The main advantages of Digibyte over other coins and currencies in the crypto-space are; More transactions per second, increasing its use as a general-purpose digital currency. As the original Bitcoin blockchain, uses PoW/PoS hybrid mechanism, It is not going to fork. Bitmain, Antpool, BTC Guild, and BTC.com are among the leading pools.

Must See: What is Dashcoin? Why Dashcoin is The Future of Money

Leave a Comment