Digibyte (DGB) is an open-source decentralized platform on which blockchain technology makes it possible to make peer-to-peer payments. Digibyte focuses primarily on peer-to-peer payments within the gaming industry. Digibyte distinguishes itself from other digital currencies by placing more emphasis on the security of the network and the speed with which transactions can be processed. For example, Digibyte claims to be able to process up to 4x more transactions per second than PayPal can and up to 150x more than Bitcoin can.
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Frequently Asked Questions
Bitvavo makes DigiByte as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
The Digibyte network is made up of different layers. These are: 1. The application layer; this layer consists of all decentralized applications that use the Digibyte blockchain. Examples are applications that are directly connected to the Digibyte blockchain. 2. The security layer; this layer processes all information and also saves it on the Digibyte blockchain. This could include information related to the processing of payment transactions and this ensures that this information is transparent to everyone and cannot be modified. 3. The network layer; this layer forms the foundation of the Digibyte blockchain and consists of mining computer nodes. Together these devices maintain the network. The layered structure above makes the Digibyte blockchain accessible to build up many decentralized applications that can be used to perform peer-to-peer transactions.
How to buy DigiByte?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store DigiByte. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store DigiByte?
Storing DigiByte and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store DigiByte without any technical knowledge. Here is a brief overview of the existing wallet options to store your DigiByte:
Hosted wallets are wallets where the private keys to your DigiByte are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your DigiByte online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your DigiByte. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your DigiByte, and if malicious parties have access to your device, your private keys (and therefore your DigiByte) can be stolen.
A hardware wallet is a physical device on which you can store your DigiByte offline. It is one of the safest ways to store your DigiByte, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your DigiByte is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive DigiByte. Once you have purchased DigiByte on Bitvavo, you can choose to send your DigiByte from your Bitvavo wallet to your own software or hardware wallet.
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