Bytecoin is a privacy focused coin that claims to be the first private untraceable cryptocurrency. We’ve created a simple guide to help you purchase BCN safely online.
What is Bytecoin?
Bytecoin is a decentralized privacy cryptocurrency that prevents anyone from linking transactions to accounts. It was built to similar parameters as Bitcoin but with increased anonymity. Bytecoin was launched in 2012 using CryptoNote technology.
Bytecoin is used primarily as a peer-to-peer (p2p) payment method with its token, BCN. Bytecoin is open source where anyone can contribute to the blockchain. However, since its inception, Bytecoin has had several hard forks as users disagree over the roadmap of the coin.
You’ll need to go to a cryptocurrency exchange to buy BCN tokens. A cryptocurrency exchange is a platform where users can trade various cryptocurrency tokens. Popular exchanges such as Gemini, Coinbase and CryptoWallet allow you to buy cryptocurrencies using fiat money.
BCN crypto tokens, on the other hand, can only be exchanged for other cryptocurrencies. So you’ll have to use fiat money to buy a cryptocurrency like Ethereum (ETH) or Bitcoin (BTC) and then swap it for BCN tokens on a cryptocurrency exchange.
This may seem complicated but don’t worry! We’ve created an easy step by step guide to buying BCN tokens online. CryptoWallet, in our opinion, is the ideal choice for purchasing BTC tokens. We’ve made it even easier with our mobile app, which lets you trade cryptocurrencies on the go! You can then swap your tokens for BCN tokens on an altcoin exchange.
Step 1: Register on Fiat-to-Crypto Exchange
To start, you’ll need to sign up to a Fiat-to-Crypto exchange, such as CryptoWallet. With our mobile app, you can buy and trade the top five cryptocurrencies by market cap. This can be done in a matter of minutes using a credit or debit card.
To register on CryptoWallet:
- Click New Account on the top of the CryptoWallet website to sign up – you’ll have to verify your identity at this stage.
- Once you’ve registered, you’ll start setting up your new cryptocurrency wallet. You’ll receive a seed phrase that will let you regain access to your tokens if needed. It’s safer to write down this seed phrase on paper rather than on an electronic device and store it in a safe location
- When you’ve completed the verification process you can start buying BTC tokens!
Step 2: Buy BTC with fiat money
You’re now ready to purchase BTC tokens using our mobile app or website!
The next step is to transfer fiat money to your cryptocurrency wallet. You can easily deposit money into your CryptoWallet wallet with a credit or debit card.
You can swap your fiat currency for BTC tokens once your transfer has been completed and received in your wallet. Head over to our cryptocurrency exchange, choose the number of BTC tokens you want to buy, and confirm the price you’re willing to pay.
Your BTC tokens will be loaded to your wallet once you click Select! It may take a few minutes for your transaction to settle on the blockchain and appear in your wallet.
Step 3: Transfer BTC to an Altcoin Exchange
You can now swap your BTC tokens for BCN. You’ll need to use an exchange that accepts BTC and BCN, such as HitBTC or Gate.io. Every exchange will have different prices for trading pairs of tokens, so you might need to shop around for the best price for a BTC-BCN trade.
You’ll need to create a wallet on one of these cryptocurrency-only exchanges or use a wallet that takes BTC and BCN tokens. Bytecoin have their own official Bytecoin wallet.
After you’ve set up your new wallet, you can transfer your BTC tokens to it and trade them for BCN tokens on the exchange of your choice.
Last Step: Store BCN Securely
The most important step is to safely store your crypto tokens. It is essential that you use a trustworthy and secure wallet that prevents anyone else accessing your funds.
Since many cryptocurrencies are not supported by popular wallets, some hackers have developed bogus wallets in order to scam the holder of their assets. We examined some of the most secure wallets to help you in picking the best wallet for you.
A cryptocurrency wallet is used to store your tokens and consists of two keys that you will need to access and use your cash. To send money, a private key (similar to a password) is used, and to receive money, a public key (similar to an email address) is needed. There are two kinds of wallets: hardware (“cold”) wallets and software (“hot”) wallets.
Cold Wallet vs. Hot Wallet
A cold wallet is the most secure option available since it stores your keys offline in a physical device. Ledger is a well-known and trusted hardware wallet company that manufactures a variety of hardware wallets that can hold BCN tokens. Cold wallets are the most secure choice, but they may be inconvenient to use because they have to be linked to an online device to access and spend your funds.
Hot wallets are significantly more easy to use since all of your information is stored online and you can access your tokens whenever you want. They are, however, more vulnerable to hacking or criminal activities since they are always linked to the internet.
Some major trading platforms have addressed this issue by guaranteeing the protection of all funds placed in wallets. Any monies in your CryptoWallet wallet are backed up by BitGo, a reputable digital asset custodian, ensuring that your tokens are always secure.
Many people choose to keep the majority of their crypto currency in a secure and assured wallet while purchasing and trading altcoins such as BCN in a second wallet.
Because it supports the five most prominent cryptocurrencies and is backed by BitGo, we believe CryptoWallet is a great choice for this. It also allows you to trade tokens on the move using our mobile app, and our crypto card can be used in stores all around the world. As a result, CryptoWallet is an ideal wallet for storing your tokens until you’re ready to trade altcoins.
Other Tools for Buying Bytecoin Online
Bytecoin has its own official Bytecoin wallet which can be useful for storing tokens. It has an in-built crypto exchange for trading coins. This can be useful for anyone who trades primarily in Bytecoin and other altcoins.
To protect their trading anonymity even further, some crypto traders employ a VPN service. As there are so many VPNs available, doing your research thoroughly is essential. A VPN might be useful when it comes to digital currency trading.
Can I buy BCN with cash?
The simple answer is no. There are websites or platforms that claim to offer you the ability to purchase BCN tokens using a credit or debit card. However, they are often scams aiming to steal your credit card information or dollars. When purchasing cryptocurrency online, it is critical to take caution.
Are there any quick ways to buy BCN in Europe?
The quickest and most secure way to purchase BCN in Europe is to first purchase BTC tokens with fiat money and then swap BTC tokens for BCN. This can be done by purchasing BTC tokens using our CryptoWallet mobile app and then exchanging them for BCN on an altcoin exchange.
Are there any alternative platforms to buy BCN or Bitcoin with credit cards?
Some platforms may claim to accept credit card purchases of Bytecoin or Bitcoin. We always advise conducting thorough research before purchasing crypto tokens on any site. Many websites are untrustworthy or can steal your credit card information and payments.
It is always safer to purchase BTC tokens from a reputable exchange such as CryptoWallet, where all of your funds are guaranteed.