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Buy Bytecoin in 2018
Bytecoin, or simply BCN, is a decentralized, peer-to-peer cryptocurrency that allows individuals to send and receive payments across the globe and make secure, safe, and fast transactions online. Launched in 2012, the digital coin has undergone through major upgrades to ensure anonymous and totally untraceable transactions.
BCN has been in the limelight for the past few months due to the exponential growth in its value. Financial experts attribute this to the coin being listed on Binance, a move that caused an explosive mining activity and user growth. As a matter of fact, when Binance announced the listing on May 7, 2018, BCN recorded an unshakeable 342% rise in its price within 24 hours. Its market value experienced a huge spike above other depreciating altcoins. Even though the crypto space has been experiencing a major shakedown, Bytecoin has remained a huge altcoin hit. The coin has managed to attract investors’’ attention towards itself by keeping the crypto market on fire.
How To Buy Bytecoin?
You now know what Bytecoin is, how enticing it really is and might be interested in having a share of the success. Well, buying Bytecoin is easy peasy. However, unlike famous coins like Bitcoin and Ethereum, you cannot acquire BCN directly with fiat currency. You need to register with an exchange, purchase BTC or ETH and then exchange these for Bytecoin. We have put together all the relevant stages of buying altcoins to make your Bytecoin buying a faster and efficient process. Below are the simple steps you need to follow:
Step 1: Setting Up a Bytecoin Wallet
Having a digital wallet for your cryptocurrencies is important before making any purchase. A wallet ensures that your coins are stored safely. Before you decide on where or how to buy Bytecoin make sure to go through the wallets we have listed below for you so that you can make an informed decision on the best storage for your crypto. Below are the three common Bytecoin wallets, popularly known for their safety and ease of use.
Freewallet for Bytecoin >>
Freewallet is one of the most effective ways to keep your Bytecoin safe. It is a mobile crypto wallet that can be downloaded from Google Play and iTunes for Android and iPhone users respectively. The wallet supports Bitcoin, Bytecoin, and 23 other cryptocurrencies. It provides cold storage and allows users to send and receive payments quickly and efficiently. The wallet also allows you to see real-time BCN charts and prices. One more thing. If your phone runs out of credit, you can always top up from the wallet.
Bytecoin.money web wallet >>
This is yet another wallet that provides a safe storage for your Bytecoin. As the name suggests, the wallet stores your account information online. In other words, all your private keys are stored in the cloud (not safe). To make payments, you need to use a third party, which means the transactions are not totally anonymous because the third party has all your personal information. This kind of a wallet is commonly referred to as a hot storage. One huge downside of such storage is that it can easily be hacked and your private keys are accessed by the wrong person. On the brighter side, Bytecoin.money web wallet allows you to bundle several transactions together before transferring them to the blockchain, which lowers the transaction fees.
Bytecoin desktop wallet client >>
Bytecoin desktop wallet client is one of the safest storage because your private keys and hence your account information is stored somewhat offline in a laptop or PC. This wallet provides the user with full control over the wallet, unlike Bytecoin.money web wallet. Even though it is considered a cold storage, if connected to the internet, the wallet could still be vulnerable to attacks. It is therefore advisable to keep your PC offline if you are storing a huge amount of cryptocurrencies. If you are going to consider this wallet as your Bytecoin storage, then we strongly recommend keeping a separate backup for your computer because if your machine is damaged or stolen, you will never be able to recover your account information.
Step 2: Get Some BTC/ETH
Now that you have your wallet, you can proceed with buying some BCN. But remember we stated earlier that you cannot do this directly with fiat currency. This means that you cannot use your credit card, bank transfers, or cash to buy Bytecoin cryptocurrency online. The easiest and most convenient way is to buy Bitcoin or Ethereum and trade it for BCN through an exchange. You can use a service like CEX.IO to buy BTC or ETH. Then deposit these in an exchange like HitBTC, Binance, or Poloniex and trade them for Bytecoin. And just like that, you now have brand new Bytecoins. Move these from the exchange to your wallet for safe storage.
The reason why we recommend CEX.IO for the job is that it offers reasonable rates to its customers. It is one of the oldest exchanges where investors can buy BTC, ETH, DASH, ZEC, XLM, and XRP conveniently using credit cards or bank transfers. To purchase cryptocurrencies in CEX.IO, you need to sign up for an account on the platform’s official website. To provide extra security, consider using 2-Factor authentication while setting up the account. Once your account has been verified, add your payment details, deposit some fiat currency, and buy your BTC or ETH. Withdraw the newly acquired coins to your wallet. Read more about buying Bitcoin and buying Ethereum here.
Step 3: Choose a Bytecoin Exchange
Now that we have acquired all the tools we need for our trade, we can comfortably choose where we want to trade our BTC/ETH for BCN. We have analyzed the three most popular BCN exchanges in the market today to help you find the best platform to buy your coins. Let’s jump right in!
Binance is a newly launched digital currency exchange that mainly focuses on the Chinese market, but used by millions of investors globally. Binance has gained popularity over the short period it has been in the market all thanks to its insanely low transaction fees and impressive coin offerings. The exchange provides a wide variety of coins that can be paired with BTC and ETH. Some of these coins include BCN, XLM, XRP, NANO, IOTA, and much more.
HitBTC is also a well-reputed company for crypto exchanges. Unlike Binance, this one has been in business for some time and allows users to buy cryptocurrencies with fiat, in addition to coin pairing. HitBTC supports over 150 digital currencies that can be traded with Bitcoin, Ethereum, Tether, and more. Since its conception, HitBTC’s volume has been increasing steadily, providing decent liquidity. The exchange is reputed for its competitive trading fees, simple user interface, and high-level security that is backed up by 2-Factor-Authentication.
Last in our list is Poloniex, a US-based crypto exchange that has been in existence since 2015. The platform has undergone immense changes since its development to provide an immersive trading experience. Thus, traders can view live stats and analyze market trends before making a decision.
Poloniex provides support for more than 100 coins that can be traded against BTC, ETH, and XML. The exchange charges fair transaction fees, has good security and enjoys good trading volumes. However, there have been complaints about withdrawal problems as many customers feel the ‘awaiting approval’ period is too long, with some even ending up with unprocessed withdrawals.
Best Bytecoin Exchange
With the above breakdown of cryptocurrency exchanges, it is easier for you to figure out the best platform for your Bytecoin exchange. Since we already have Bitcoin/Ethereum in our wallet, all we need to do is trade it for Bytecoin. We can use Binance or Poloniex for this. However, with Poloniex’s reputation going sour, our choice gets to be Binance. Nevertheless, all these exchanges are secure, easy to use, and allow swift Bytecoin exchanges. Once you have bought your Bytecoins, remember to transfer them to your wallet to ensure safe storage.
Step 4: Storing Bytecoin Safely
Now that you have acquired your BCN, how do you ensure its safety? The easiest way to ensure the security of your coins is to shift them to a digital wallet. Leaving your investment in exchanges is extremely dangerous as it could open you up to phishing scams and attacks from hackers. We have heard frequent hacks even on the most reputed companies like Poloniex, a hit that got users complaining about not being able to withdraw their money on time or execute crucial trades promptly. The minute an exchange faces such problems, you can no longer be in control of your funds.
There are also bankruptcy threats. We know that most exchanges are privately owned and very loosely regulated. If a crypto exchange becomes insolvent, you got no one to blame, as you have no document that shows your attachment to the company. In 2014, Mt. Gox, a huge Bitcoin exchange at the time filed for bankruptcy, and many customers lost their money.
Finally, when your Bytecoin is held in an exchange you don’t have any control over it. The reason why you go to an exchange to buy BCN or any other crypto is to be in direct control of your money, isn’t it? Actually, the main reason why cryptocurrencies were created was to give people the ability to be their own banks. Holding your Bytecoins in an exchange denies you this right as your private keys are stored by a third party. This means that your hard-earned asset is stored in their wallet and you wouldn’t be able to recover the funds if things went wrong.
Having a wallet for your coins is essential. And obtaining one before you buy Bytecoin is equally important. A wallet is safer and more secure. This is because when you move the coins from the exchange to your wallet you get full access to your investment. A wallet stores your private keys, which means you have total control over your money. All the wallets we looked at earlier come with a recovery phrase that acts as a backup and enables you to recover your funds if something went wrong.
Bytecoin is one of those few coins that ensure complete anonymity of transactions. Its recent growth in value is a clear indication that the coin is worth investing. Sure, just like any other coin, BCN needs patience and time but with things looking brighter as they currently are, its value could easily go to over $1 in a few years. As we have seen, the process of buying BTC is pretty easy. You just need a wallet and a reliable exchange and you will receive your Bytecoins in minutes.
Thanks for checking out this article. Keep following our website for the latest information on Bytecoin and how to buy other cryptocurrencies.