Bytecoin is the new type of cryptocurrency and has claimed the first project to implement crypto note technology. Bytecoin is a decentralized cryptocurrency that facilitates its users to have fast and Untraceable transactions. Bytecoin technology also offers an auditable wallet that ensures privacy and secure transactions. There is also a Blockchain gateway that BCN provides, which means connecting BCN’s blockchain with other Blockchains.
Despite all of this, having a BCN cryptocurrency is not easy as you can’t directly purchase it. First, you will receive a bitcoin and then you will exchange it for bytecoin. This article will explain facts regarding bitcoins in many steps, also you can read a deailed topic on how to get your first bitcoin.
1. Register on Fiat-to-crypto exchange:
Several online sites offer crypto exchanges like Uphold or Coinbase etc. Choose the site you like and then register your account on that site. You will have to make a transaction and provide your bank information, so use the site you trust. Once you select the location of your liking, register yourself on that and start your journey of cryptocurrencies.
2. Get your first Bitcoin:
Once you are done registering on any crypto-exchange site, you can buy your first bitcoin. First, you will be asked to give some money in exchange for your crypto coin. Many sites offer bank transfers, or You can either add this money by a credit/debit card; both of these methods are secure. Many banks provide rapid crypto exchanges, but sometimes the transactions take time as you need verifications. Once you click the trade button, you are all set to purchase bitcoin with your money. Now you have made your first crypto purchase; it’s time to exchange it so you can buy BCN too.
3. Transfer Bitcoin to an altcoin exchange:
“Altcoin” is an alternative digital currency to bitcoin; it includes all the cryptocurrencies that are not bitcoin. There are several other cryptocurrencies valid in different regions of the world. Bytecoin is also a type of altcoin cryptocurrency; you have to exchange the bitcoin for an altcoin. You can use any altcoin exchange site like “gate.io” to change bitcoin to altcoin; you need to register on it. Some other places like Binance and Bi-Mart also offer crypto exchanges. Crypto exchange is an exchange between one cryptocurrency to any other cryptocurrency. Most people exchange Bitcoin for other crypto coins.
As you are exchanging your cryptocurrencies, you might need extra security. Some sites ask for 2FA authentication for your privacy and security. So don’t be startled when you need to follow some additional steps just in case.
4. Deposit your bitcoin:
After registering your account on an altcoin exchange site, you can deposit your Bitcoin in the wallet. This step might take a few hours to some days as it is BTC to Altcoin exchange. The verification procedure is a little time-consuming. You will receive a mail to verify even then you won’t see the deposit; it’s okay as exchange takes time. It will be deposited once it is verified, and then you will receive a confirmation email; you should check your wallet, though.
5. Trade Bytecoins:
Now you have converted your bitcoins to altcoins, and you can exchange them for Bytecoins. On many online exchange sites, there is an exchange option. In that section, you have to choose a pair, for example, BTC to BCN or any other altcoin of your liking. For Bytecoin, the exchange is done after you select the BTC/BCN pair; you should see the price of BCN before the sale as well. After choosing the option to Buy BCN, press confirms to buy your first BCN.
Get your 1st Bitcoin now. You can purchase more crypto coins by depositing some more Bitcoins to your wallet or just exchanging BCN for other crypto coins.
Cryptocurrencies are used for trading and other transactions as well. You can use these coins as per your choice and liking. There is also a trend of depositing them in online wallets and using them later, but it depends on you. By trading BCN and BTC, you start your journey of cryptocurrencies and crypto exchanges.
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