How to get started buying and trading Byteball Bytes in Australia.
Byteball is a peer-to-peer, decentralised 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 Australia, read on.
Where to buy GBYTE
You can buy or trade GBYTE on the following cryptocurrency exchanges:
A step-by-step guide to buying Byteball Bytes
If you want to buy GBYTE in Australia, here’s an example of how to go about it:
Step 1. Create an account at CoinSpot
In order to exchange Australian dollars (AUD) for GBYTE, you’ll need to use a local cryptocurrency exchange like CoinSpot. It’s free to sign up for an account, and to get started, all you need to do is enter your email address and create a password. To fund your account with Australian dollars, you’ll need to get verified by providing your identification documents.
Depending on how busy your chosen exchange is, verification can take anywhere from a few hours to a few weeks.
Step 2. Deposit funds into your account
From the Dashboard screen, click on the “Deposit AUD” button. You can then enter your desired deposit amount and make an online payment via your chosen method or pay with cash at a newsagency.
Step 3. Buy GBYTE
Depending on your chosen deposit method, it may take some time for funds to reach your account. When they have, click on the “Buy/Sell” link from the top menu and search for “GBYTE”. This shows you the latest price of GBYTE. You can then click on the “Buy GBYTE” link.
Next, specify how much GBYTE you want to buy or the amount of AUD you want to spend. Enter your chosen amount and click “Buy”, and then review the full details of the transaction (including the fee that applies). If you’re happy with the total cost, click “Confirm Buy” to finalise your purchase.
NB: Many cryptocurrency exchanges don’t allow you to exchange fiat currency (ie, AUD) 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.
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) which 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 decentralised system. You use Bytes to pay for adding data to the database, and they can also be used to issue your own currencies.
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 17 January 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 placed 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.