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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.
You can buy or trade GBYTE on the following cryptocurrency exchanges:
If you want to buy GBYTE in Australia, here’s an example of how to go about it:
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.
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.
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.
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.
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:
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.
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