The buzzword these days on every one’s lips is cryptocurrency. Digital money has taken the world by storm. There are literally hundreds of coins out there. Some are valued in the thousands of dollars per coin, like bitcoin; while some are worth pennies. In the end, it does not matter what is the value of the individual coin unit. In the long run, it is the technology of the coin that makes it stable and creates worth. One of the coins that uses unique programming technology is Bytecoin. In this Article we will learn Step by Step How to buy Bytecoin
What Is Bytecoin ?
Bytecoin (BCN) is a cryptocurrency developed in 2012 that uses a technology called CryptoNote in its blockchain to provide privacy to transactions made through it. This ensures that any financial dealings done are safe from prying eyes. Standard advantages of blockchain of fast transactions worldwide, low exchange fee (when compared to traditional banking systems), safety and secure data transition are built in.
At the time of writing of this article, the BCN’s market capitalization is just under a billion dollars with more than 183.7 billion coins out of the total supply of 184.4 billion in circulation.
Where To Buy Bytecoin ?
Like all cryptocurrencies, Bytecoin can be easily acquired through markets and exchanges that cater to cryptocurrencies. Currently three exchanges support the BCN:
How To Buy Bytecoin ?
Depending upon the exchange you will use to buy BCN, you should first have access to a cryptocurrency that can be traded for BCN if the said exchange does not support fiat (traditional currency like USD). The most easiest and acceptable coin is bitcoin. If you do not have bitcoin, you can get it through Coinbase. The crypto exchange is based in San Francisco and is one of the largest in the world. Following is a step-by-step guide on how to buy BCN from HitBTC.
NOTE: Inform your bank that you wish to buy bitcoin, since due to AML (anti money laundering) regulations, the bank may freeze your account. Although you can buy BCN with fiat directly from HitBTC, we urge to users to buy bitcoins first from an exchange with extremely high level of security such as Coinbase. Revealing your banking information is itself a risk and do at your own risk. If you already possess bitcoins, please start from step 7
- Go to coinbase.com and sign up.
- After signing up and verifying your Coinbase account through email, you will need to verify yourself too before you can buy any coins. This is an important step as it means uploading pictures of yourself and your ID for verification. Ensure that your antivirus is up to date.
- After your ID has been verified, you will need to connect your bank account or your credit card with the exchange in order to transfer funds.
- Don’t forget to enable 2 factor authentication to add another layer of security to your Coinbase account.
- Transfer what USD you need to be converted in bitcoin to Coinbase. If you opt for bank transfer, the transfer will take up to a week. You can buy instantly by using a credit card but will have lower limits and higher fee.
- Simply buy bitcoins. The coins will automatically be deposited in your Coinbase wallet.
- Head over to HitBTC and sign up.
- After you sign up, click the big green Deposit button the top menu.
- From the drop down menu on the next page, select bitcoin is the type of deposit currency.
- A HitBTC wallet address will be displayed. Note it down.
- Go to coinbase and withdraw your bitcoins to the HitBTC address. Be careful as the address is pretty long and even one character mistake will send your coins to another wallet and will be lost to you forever (since you will not know where the coins went and transactions executed are irreversible anyway).
Bitcoins can sometimes take some time to confirm transactions. Be patient.
- When the confirmation comes, your BTC will be available in your main account details.
- Transfer the amount of BTC you wish to convert to BCN to trading account on right of the main account details.
- Visit the HitBTC exchange and select the BCN/BTC trading pair.
- Scroll down and go to the Buy BCN panel on the right.
- In the Market section, enter the amount of BCN you wish to buy and press the Buy Market
- The exchange will tell you the amount of BTC that will be converted from your trading account. Confirm the transaction.
- Congratulations, you are now a proud owner of Bytecoins!
Though you have bought your first Bytecoin, an important thing to note is that your cryptocurrency is not in your possession. The exchange is holding those coins on your behalf. To have true ownership, you will need to move the Bytecoins from the HitBTC exchange and into your personal wallet. Although there are multiple wallets available on the internet that support Bytecoin, we advise you to use official wallets of Bytecoin for ease of use and security.
You can use either the web, or desktop wallet. We prefer the desktop as when you sign out, your coins go into cold storage and cannot be stolen.
Remember, when setting up your account, write your private keys on a piece of paper and store it somewhere safe, in case you need to recover your wallet. Never, we repeat, NEVER give your private keys to anyone.