How to Buy Bytecoin (BCN) in 2020: A Simple Guide

How to Buy Bytecoin (BCN) in 2020: A Simple Guide

Bytecoin (BCN)In this guide you’ll get information about where to buy Bytecoin, if you are planning to buy BCN – You’re in the right place!

Bytecoin as one of the oldest cryptocurrencies already launched since July 2012. It is decentralized using code that is open source to allow everyone to take part in development of the network. Because of that, this privacy coin is known for their secure and fast blockchain.

This cryptocurrency is coded from zero unlike other cryptocurrencies at that time which forked from Bitcoin. What makes it different from other is that it uses CryptoNote technology and among the first that uses this technology. The privacy that comes from this technology is what makes people like to use it as anonymous cryptocurrency.

BYTECOIN (BCN) Features

  • Using CryptoNote technology ensure Bytecoin to be accessible even using home computer for the mining.
  • Instant fast. Bytecoin uses network that capable to process payment fast with some confirmation along the way.
  • Free payment around the world. The transaction through Bytecoin network will not have fees which means you can send payment around the world for free.
  • The algorithm used in the network is one of the best and claimed to be most secure so it is impossible to be hacked.
  • Anonymous transaction. Bytecoin protect their user privacy so no one can get personal information about their user.

Where to Buy, Sell and Trade BYTECOIN aka BCN

You can basically use debit card, credit card, or even PayPal to buy the BYTECOIN (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the BYTECOIN as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to BYTECOIN. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.

In general, the process would be:

  1. You go to the online exchange and buy the Ethereum or Bitcoin
  2. Find a crypto exchange that supports BYTECOIN currency and exchange your Ethereum or Bitcoin with the BYTECOIN
  3. Store your BYTECOIN to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase

There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.

The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.

coinbaseClick here to register (opens in new tab)

  • You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
  • Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
  • You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.

That’s the first step in buying BYTECOIN, once you get your Bitcoin or Ethereum, you can continue to the next step.

Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments

After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.

With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.

These are the best exchanges we can recommend for you to exchange BTC or ETH with BYTECOIN:

KUCOIN
kucoinAll operations in Kucoin are handled using Kucoin Shares (KCS). This platform works with deposits solely based on cryptocurrencies. At the moment of this writing, they don’t list support for FIAT currencies, but they do have the means to process payments using nine different types of cryptocurrencies.

You can do business in at least 33 nations using Kucoih, including the United States, Mexico, Chile, New Zeland, Australia, China, Japan, and most of the European Union.

They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They claim to have managed up to $60,000 million in transactions since they started to operate back in 2017.

CHANGELLY
changellyChallengy works differently to all of the options on this list since they don’t store goods on their servers. They only work as the middle man between two parts, looking to set up a transaction. The parts are the ones choosing the input, as well as the currency and the amount of the operation.

Challengy works with Visa and crypto bank cards. You can trade at least 150 different types of cryptos in their platform and have full access to their features in most of Europe, the UK, part of the Middle East, and a few countries in Asia.

You can manage your trades on their website or using their customized app available in the iOSAppStore as well as the Google store. Challengy also supports 13 different types of exchange pairs.

COINMAMA
coinmamaCoinmama is one of the best brokers for beginners in the cryptocurrency market. They support all forms of FIAT currency payment methods, including debits and credit cards. They are great to handle popular currencies such as Bitcoin, Ethereum, Ripple, Litecoin, Cardano y Qtum.

Their network is over 1,800,000 users, and they have the authorization to operate in at least 180 countries across the world.

They have multiple means of contact across most social media platforms, but at the time of this writing, they do not have a customized app in place for mobile operative systems.

They make up for it by having one of the highest spending limits on the web as well as an instant delivery system to make transactions more efficient.

GATE.io
gate.ioGate.IO is known for being one of the platforms that work in real-time to deliver data about the trading volume of each transaction made by the user. This exchange works primarily with Bitcoin, Ethereum, USDT, and Qtum.

The only way to fund your purchases on the platform is with other cryptocurrencies. Gate.IO has an incredibly user-friendly interface that allows you to make deposits on their platform to facilitate transactions.

You can download their app in the Google and iOS app stores. Their support system is based on tickets, and they do have a live chat option, but you have to wait until they get to you. Gate.IO lacks presence in most social media outside of Twitter, Instagram, and Telegram. Their services are offered in the USA, most of Europe and Asia.

BITFINEX
bitfinexBitfinex is probably one of the largest exchange services in the cryptocurrency market. Located in Honk Kong, the service is available just to China and Russia, they block their access to the USA, and they don’t accept American account holders.

Their daily operations account for 3% of the total share of the market, with 1% going to makers and 2% going to takers. Their trading is mostly managed using Bitcoin, Ethereum, Ripple, Tether, EOS, Litecoin, NEO, and a few others.

They offer a customized app for Android and iOS users, and they are known for having a fair margin in their trades as well as an algorithm that can be pretty helpful when it comes to placing orders.

LIVECOIN
livecoinLivecoin is a platform dedicated to the exchange of almost 150 different altcoins. Their chart system can be seen on their main website, which is updated in real-time as people dump or collect new tokens on each transaction. Their mainframe is designed to suit investors and token developers as well.

You can manage all forms of ICO as well as make swamps and other forms of transactions. Their collection fees are of 0.18% for each transaction under $100,000 or a low as 0,02% for any trade of two million dollars. You can manage your deposits on the site using other cryptocurrencies, wire transfer from your bank, Payeer, PerfectMoney, and OKPay.

They don’t support popular FIAT currency methods such as credit or debit cards. Their services are available in most of the Middle West, as well as Asia and the European Union. While they do have a presence in most social networks, they lack a customized app to handle transactions on mobile devices.

YOBIT
yobitNot many platforms offer as much as Yobit offer on their main website. This platform is all about information and how well you can use it to make your trades in real-time. They have one of the most user-friendly interfaces for newcomers and the Yobicodes to handle deposits and transactions between users.

The API of the platform is coded in BTC-e format to ensure faster integration with other systems. The site also works with two-factor verification, and it has one of the best encryptions we have seen in an exchange. Unfortunately, Yobit works in a very secluded fashion.

They are not open to working with regular FIAT payment methods, but they can handle US dollars via QIWI, PerfectMoney, Payeer, and AdvCash. They also take other forms of cryptocurrency via transfer from outside wallets.

Most of their deals are handled using Bitcoin Litecoin, Dash, Ethereum, or Dogecoin. Their services are also restricted in most of America, but they are very popular in Russian and a good portion of Asia.

BINANCE
binanceBinance is one of the largest exchange platforms in the world, with certified locations in Hong Kong, Japan, and mainland China. Their main base of operation was relocated to Malta recently. Their trading methods include traditional deals and pair trades.

They support 20 of the most popular cryptos in the market, and they take almost every form of payment using FIAT products such as bank transfers, wire transfers, debit and credit cards, and cryptocurrencies via third party wallets.

While all their transactions are measured in US dollars, the site is not authorized to trade on US soil. You can manage your operations on mobile devices using their customized apps on Android and Apple and devices.

They are also pretty reliable when it comes to keeping in touch with their customer base since they have a strong presence in all forms of social networks and chat platforms.

MERCATOX
mercatoxAs new players in a very dynamic field, Mercatox is most likely the smaller fish in the pond, but he’s on this list for a reason. With a user base of more than 600,000, they have handled to this day 752,000 transactions, and they have secured close to 20 million deals just this year. Not bad for a newcomer to the field.

All their operations are handled using strong brands such as Bitcoin, Litecoin, Ethereum, Payeer, Dash, and Dogecoin. Mercatox has one of the most rewarding affiliate programs in place, and they have an ecosystem that is ideal for API developers.

Their internal trades are handled in a matter of moments, and their payouts are collected using easy-to-handle P2P methods. The sad news is that Mercatox does not have a mobile app yet, and they don’t take any form of FIAT payments. They do have a very reliable team behind their social media accounts that makes some great efforts to keep open channels of communication.

COINSWITCH
coinswitchCoinswitch is probably the king of exchanges, and very few people have taken notice yet. With one of the most extensive offerings of altcoins in the market, you can trade using at least 300 different cryptos with them.

Their deals in pairs include almost 45,000 different combinations, and they offer one of the safest and unified experiences when it comes to managing your transactions with a full overview of the market in real-time.

You can use their information to compare, cover, move, and trade at the same time. Coinswitch is partnered with some of the most trustworthy names in the industry. They can handle all your operations with the type of muscle that only FIAT banks have.

Companies like Trezor, Exodus, and Houbi work with them to make life easier for their users. Their main base of operation is located in India, but they are open for business worldwide, even in the United States of America. They take all forms of FIAT payment as well as all types of cryptos via third party wallets.

IMPORTANT! Once you are registered to any of the above, find the BTC/BCN or ETH/BCN trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.

Step 3: Managing Your Crypto Assets in a Secure Wallet

As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.

You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.

There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.

For Securing your BYTECOIN (BCN) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

Frequently Asked Questions (Faqs)

Can I Buy BYTECOIN (BCN) with PayPal?

You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the BYTECOIN. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy BYTECOIN (BCN) with Cash?

You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:

  • Make sure you have a BTC / ETH wallet before you buy from seller
  • Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.

Can I Buy BYTECOIN (BCN) with Skrill?

You can’t buy BCN directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to BYTECOIN. You can buy BTC/ETH with skrill by using these exchanges::

Can I Buy BYTECOIN (BCN) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/BCN and begin the transactions.

Can I Buy BYTECOIN (BCN) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/BCN trading pair.

What Is the Best Payment Method to Buy BYTECOIN (BCN)?

The cheapest way is to use bank account to buy Bitcoins first or to buy the BYTECOIN right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect BYTECOIN (BCN)?

Once you have purchased the BYTECOIN, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

ledger nano x

Securely trade on-the-go and manage a large number of assets at the same time, with only one device.

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

How to Sell BYTECOIN (BCN)?

Find a crypto exchange which allow pairing BCN with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine BYTECOIN (BCN) and Not Buying It?

Yes, you can.

Conclusion

Bytecoin as oldies among cryptocurrencies can proof itself to be one of the best. Especially for their anonymous transaction with protection to the user data that is important nowadays. Their fast and free payment which can be done around the world makes it easy for everyone to uses them daily. Furthermore, the high security makes people want to learn how to buy Bytecoin to access this privacy coin further.

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