Buy Bytecoin (BCN)
Buy Bytecoin or BCN Cryptocurrency explained by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about how to Buy Bytecoin or BCN Cryptocurrency.
How To Buy Bytecoin or BCN Cryptocurrency?
Bytecoin calls itself “the first private untraceable cryptocurrency”. The altcoin was launched in 2012 and has an open source code designed for anonymous cash settlement. Bytecoin is developing independently of, say Bitcoin and Ether, and is based on the CryptoNote technology.
As far as we are aware, Bytecoin is not accepted as a payment method and cannot be used for buying goods and services. Yet, if you want to have it, this is what you should do:
How to buy Bytecoin Crypto Currency?
1. Buy Bytecoin with another cryptocurrency. If you have Bitcoin or Ether, you can buy Bytecoin on a cryptocurrency exchange. If you do not, you must get either of those first. The easiest would be to open an account at Coinbase. It is a large and reputable cryptocurrency exchange that has a New York bit license and operates in over 30 countries in the world. The biggest advantage of Coinbase is that you can buy Bitcoin or Ether directly with a credit or debit card, for a commission of 4%. Another payment option is via bank transfer – it is cheaper (1.5% commission), but slower. In some countries Coinbase also accepts PayPal payments.
2. When you have your Bitcoin or Ether, you should open an account at another cryptocurrency exchange – one that offers Bytecoin. There are not many of those, in fact, but there are still some of the bigger ones: HitBTC, Poloniex, Coinspot, and Changelly.
3. After you choose an exchange, have opened an account and underwent client verification procedures, if any, you transfer the Bitcoin or Ether and buy Bytecoin. On Poloniex you can also buy it with Monero.
You can also buy Bytecoin with fiat currency. It would be much simpler and straightforward to buy Bytecoin with a fiat currency. There are a couple of exchanges who offer this option. At the Australian exchange Coinspot you can buy Bytecoin for AUD and at Changelly you can get it for USD.
When you finally have your Bytecoin, we strongly advise to move it off the exchange and store it in your own e-wallet. The exchanges are often subjects to hacker attacks and not all of them provide proper security, no matter how big and regulated they are. A case in point is the recent robbery of Coincheck.
Bytecoin itself offers a wallet – desktop (safer) and web, but there is still no mobile application.
In theory, if you do not need to own Bytecoin, but would rather speculate on its price, you could trade in CFDs. Many of the large and properly regulated forex brokers have turned their attention to cryptocurrencies lately and have started offering leveraged trading on cryptocurrency CFDs. However, they are mostly focusing on the larger and more popular coins and Bytecoin is not among them.
How to Buy Bytecoin or BCN Cryptocurrency Conclusion
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