DigiByte (DGB): A guide to buying, selling and trading | finder.com.au
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How to buy DigiByte

What is DigiByte and how does it work?

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Andrew Munro
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DigiByte is a cryptocurrency with an active development team and a busy community. Unlike most development teams, they haven’t released a whitepaper or technical documentation, but in the words of its developers, they aim to “under promise and over deliver.”

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
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Quick guide: How to buy DGB

  1. Register for an account with a cryptocurrency exchange like CoinSpot.
  2. Enable 2-factor authentication.
  3. Verify your account.
  4. Click “Deposit AUD”.
  5. Transfer funds into your account.
  6. Click “Buy/Sell” at the top of the screen.
  7. Search for the cryptocurrency you want and click “Buy”.
  8. Enter the amount you want to buy, or the amount of AUD you want to spend.
  9. Review the transaction details.
  10. Click “Buy”.
Go to CoinSpot's site

This is our quick guide to just one way to buy DGB. Compare some other options in the table below.

What's in this guide?

  1. How to buy DigiByte
  2. Where to buy, sell and trade DigiByte
  3. How does DigiByte work and what does it do?
  4. What wallet do I need for DigiByte?
  5. How to sell or trade DigiByte
  6. What to consider when buying DigiByte

How to buy DigiByte

You can buy DigiByte on many popular exchanges, here's how:

  1. Create an account on an exchange that supports DigiByte
    Depending on what exchange you choose, DGB can be traded with AU dollars, BTC, ETH or other cryptocurrencies.
  2. Fund your account
    Before you can buy DigiByte you'll need to fund your account with a payment method, whether that is crypto or fiat is up to you.
  3. Buy DigiByte
    After you've chosen your exchange and funded your account, determine how much DGB you want to buy and complete your purchase.

Where to buy, sell and trade DigiByte

DGB is available on many popular exchanges that operate in Australia — find the right fit by comparing exchanges on fiat currency support, deposit method and more.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD

257
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Go to site
View details
CoinSpot Cryptocurrency Exchange
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

276
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 250 cryptos.
Go to site
View details
Binance Cryptocurrency Exchange Australia
Binance Cryptocurrency Exchange Australia
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

261
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Go to site
View details
Digital Surge Cryptocurrency Exchange
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

250
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
Go to site
View details
Cointree Cryptocurrency Exchange
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

132
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
Buy 130+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
Go to site
View details
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Compare up to 4 providers

How does DigiByte work and what does it do?

DigiByte appears to primarily consider itself a payment method. It uses a multi-layer blockchain system consisting of the following:

  • The applications layer. This is the user interface which connects users and their devices to the layers below.
  • The digital asset and public ledger layer. This is the distributed ledger system of the blockchain, across which transactions are carried.
  • The core global communications layer. This layer consists of the mining nodes that support the above layers.

These layers aim to allow people to use DigiByte as an accepted payment method while still retaining blockchain security features.

It uses five separate mining algorithms,and users can choose which of the five they want to use for the best returns on their system. The available algorithms are SHA256, Scrypt, Skein, Qubit and Groestl.

This is intended to improve the security of the DigiByte network, while simultaneously encouraging more users to mine the devices on whichever devices they have at hand.

Although there is no solid roadmap, the DigiByte website has listed the following as possibilities in the future, although it has not made any formal commitment or timeframe for them.

  • Corporate collaborations
  • Lightning network trials
  • Re-launching a previous DigiByte gaming venture
  • Hosting conferences or events
  • Creating a DigiByte-backed Internet browser
  • More wallet support
  • Creating smart-contract functionality, launching artificial intelligence products and investigating quantum computer proofing

The total DigiByte supply is set to cap at 21 billion, which will be mined by 2035. It also has a 15-second blocktime, allowing for much quicker transactions than many other cryptocurrencies.

What wallet do I need for DigiByte?

You can hold DigiByte on the official DigiByte wallet, which is downloadable from the official site. In addition to this, there are many other cryptocurrency wallets that can hold DigiByte (DGB), including the Ledger Nano S and the Trezor One wallets.

How to sell or trade DigiByte

  1. Visit the exchange platform you hold DigiByte on. If you have your DigiByte in a digital wallet, then you can choose an exchange platform to use for your transaction from one of those listed above.
  2. Using the platform, follow the instructions for selling or trading your DigiByte.

What to consider when buying DigiByte

You may want to consider how useful DigiByte's distinctive features are and how they might directly influence the currency's value.

For example, having five separate mining algorithms could be helpful for DigiByte miners and might offer some extra security against outside attacks for a growing currency, but you will need to decide whether this feature translates into an increased coin value.

Similarly, a properly constructed cryptocurrency can be demonstrably secure even without multiple mining algorithms. A cryptocurrency might have distinctive features, but traders need to decide how this impacts a coin's usefulness.

Traders should also consider whether the tendency of many users to regard cryptocurrency as an asset to be held in the long run, rather than a currency to be spent, will get in the way of DigiByte's goals of becoming a payment method.

DigiByte's intended purpose also lands it in a competitive area. Its most prominent competitors might be the following cryptocurrencies:

  • Nano (formerly RaiBlocks). A payment cryptocurrency with even faster transfers and zero transfer fees.
  • Bitcoin. A highly valued payment cryptocurrency with exceptionally slow transfers and high fees.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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