In this quick guide, I’m going to cover two of the best places where you can buy DigiByte (DGB) in the UK.
Let’s get straight to it.
Where Can You Buy DigiByte in the UK?
Here’s a quick summary of where you can buy DigiByte (DGB) in the UK.
|Provider||Payment Method||Fees (Approx.)|
|Bittrex||BTC, ETH, & USDT||Up to 0.35%|
|Crypto.com App||UK Bank Transfer||Variable Exchange Rate|
|Crypto.com App||Debit Card||2.99%+|
|BC Bitcoin||UK Bank Transfer||5%|
|Bittylicious||UK Bank Transfer||Variable Exchange Rate|
Buy DigiByte (DGB) in the UK
1. Crypto.com App
The Crypto.com app allows you to easily buy DigiByte (DGB) and 100+ other cryptocurrencies with a few taps.
Founded in 2016, Crypto.com (previously Monaco) have become increasingly popular over the last few years. In 2021, they managed to doubled the number of registered users in 4 months (from 5 million to 10 million).
UK residents can deposit GBP into the Crypto.com app using a UK bank transfer (via Faster Payments). You can also deposit EUR using a SEPA bank transfer, or add a debit card and instantly buy DigiByte (DGB) or any other supported cryptocurrency.
You’ll pay nothing to deposit GBP with a UK bank transfer into the Crypto.com app (which is my preferred route). You can then buy DigiByte (DGB) and other cryptocurrencies without paying any explicit fees.
However: I have consistently found that the exchange rate you’d quoted in the Crypto.com app when buying cryptocurrenies does NOT match-up with the prices on popular cryptocurrency exchanges. Usually it’s around 1%, but it does seem to fluctuate.
If you choose to buy DigiByte (DGB) with a debit card using the Crypto.com app, then you’ll pay an extra 2.99% in fees.
Even if you don’t end up using the Crypto.com app to buy DigiByte (DGB), i’d strongly recommend checking it out (especially the Crypto.com Visa Card). You can find out more in my Crypto.com Review (see below).
2. BC Bitcoin
BC Bitcoin is a cryptocurrency broker that sells DigitByte (DGB) and nearly any other cryptocurrency you could want. The main exceptions to this are privacy-focused cryptocurrencies like Monero (XMR) and Zcash (ZEC).
Founded in 2017, it allows you to buy DigiByte (DGB) with a UK bank transfer, credit card, debit card, or SEPA bank transfer.
The cheapest payment method is a UK bank transfer. As long as your bank supports Faster Payments (most high street banks do), then it’ll be quickly received by BC Bitcoin (15 minutes or less is normal). While credit/debit cards are quicker, you’ll pay much higher fees.
You’ll normally pay 5% in fees when buying DigiByte (DGB) or other cryptocurrencies with BC Bitcoin with a UK bank transfer. This is reduced to 4% if you buy £5000 (or more) in one go.
It’s more expensive to use a cryptocurrency broker compared to a cryptocurrency exchange (like Kraken or Coinbase), but you tend to get better customer support (if you need it) and the process is more straightforward.
Best DigiByte Wallets
Although you can leave DigiByte (DGB) and any other cryptocurrencies you buy using the Crypto.com app in their provided wallet, you will need to have a DigiByte (DGB) wallet to store anything you buy using BC Bitcoin.
Hardware wallets are a popular choice for storing cryptocurrencies. However, you will have to pay anywhere from about £50 to get one.
These are the hardware wallets where you can store DigiByte (DGB):
Check out my list of the best hardware wallets to find out more about each of them. I’ve reviewed many of the most popular hardware wallets on the market and that’ll give you an overview of the pros and cons of each.
If you’re on a budget, then the Ledger Nano S and Trezor One are affordable choices that allow you to securely store DigiByte (DGB) and loads of other coins.
You can also get a cryptocurrency wallet on your mobile phone or desktop computer (for FREE) where you can keep DigiByte (DGB) and other cryptocurrencies.
Here are some wallets that support DigiByte (DGB):
- DigiByte Core (Official Desktop Wallet)
- Exodus Wallet (Desktop & Mobile Wallet)
- Atomic Wallet (Desktop & Mobile Wallet)
- Coinomi (Desktop & Mobile Wallet)
There’s also a DigiByte (DGB) mobile wallet listed on the official site for iOS and Android, but it is currently still in beta.
Exodus, Atomic, and Coinomi are all excellent software wallets that allow you to store DigiByte (DGB) and tons of other cryptocurrencies.
What is DigiByte (DGB)?
DigiByte (DGB) is the native token for the DigiByte network, a blockchain protocol that offers fast, secure, and affordable token transfers to anyone around the world. It also supports a range of other features like smart contracts and it can be used to build decentralised apps (DApps). The DigiByte (DGB) token is primarily used to pay transaction fees on the network.
First launched in 2014, DigiByte was one of the earliest cryptocurrencies. It was created by Jared Tate, an entrepreneur and software developer who wanted to make a blockchain that could process transactions faster and more affordably than the Bitcoin network.
Here’s a quick video that gives you an overview of what DigiByte (DGB) is and what makes it unique:
Like many of the other earliest cryptocurrencies, the DigiByte network was created as a direct response to the Bitcoin network. In fact, as is the case with Litecoin (LTC), DigiByte was created by modifying the code to Bitcoin (BTC).
DigiByte offers many of the same features as the Bitcoin network, including a Proof-of-Work (PoW) consensus mechanism. Both networks also support Segregated Witness (SegWit), which is a network scaling solution – though DigiByte was the first to adopt it onto its network.
However, DigiByte (DGB) isn’t just a clone of Bitcoin (BTC). Some of the DigiByte network’s unique features include:
- Block Times: The DigiByte network is designed to add new blocks to the blockchain every 15 seconds. This is substantially faster than the 10 minute block time we get with Bitcoin (BTC), but it’s slightly slower than the average 13 second block time on Ethereum (ETH). These shorter block times are intended to make DigiByte (DGB) transactions faster and more efficient.
- Transaction Limits: The Bitcoin network can currently only handle about 7 transactions per second (tps). Meanwhile, the DigiByte network can support about 560 tps. This is still a far cry from the 4,500 tps we get with the Avalanche network and the 65,000 tps on the Solana network.
- Smart Contract Compatibility: Although this wasn’t an original feature of the network, DigiByte now supports smart contracts through a layer-2 solution called DigiAssets. This layer-2 solution also supports the issuance of various digital assets and both fungible and non-fungible tokens (NFTs).
- Decentralisation: The DigiByte network runs on 5 cryptographic algorithms (SHA-256, Scrypt, Odocrypto, Skein, and Qubit). By running multiple algorithms at once, the DigiByte network hopes to prevent large-scale miners from having too much influence over the blockchain.
- Privacy: In 2019, the DigiByte network took a big step toward making network transactions more private with the release of the Dandelion++ Although all transactions are still recorded on the public DigiByte network, Dandelion++ hides a sender’s IP address to make it harder to connect a wallet address to an individual person or company.
- Total Token Supply: Like Bitcoin (BTC), there’s a cap on the total number of DigiByte (DGB) tokens that will ever be in existence. However, DigiByte (DGB) has a maximum supply of 21 billion DGB while there’s a limit of 21 million BTC on the Bitcoin network. All DGB tokens should also be released into circulation by 2035 while Bitcoin (BTC) won’t be fully mined until about the year 2140.
DigiByte (DGB) tokens are primarily used to pay for services on the DigiByte network.
Anyone that sends DGB to another wallet needs to pay for their transaction fees in DGB tokens. Additionally all of the DApps and smart contracts built on the DigiByte network use DGB as their main mode of payment for transaction fees.
The DigiByte network also incentivizes miners who secure and power the network by rewarding them with DGB tokens for every block that they validate and add to the blockchain. These mining rewards are collected from transaction fees paid to the network.
The primary benefit of holding DigiByte (DGB) is that it lets you interact with the DigiByte network.
Other than interactions with the DigiByte ecosystem, there aren’t many other uses for DGB or benefits of holding the token.
Since the DigiByte network operates using Proof-of-Work (PoW), there’s no way to stake your tokens on the network to earn rewards. There are a few centralised exchanges that offer interest on DGB tokens that you deposit in a custodial wallet. But doing so comes with financial risk and might not be a good choice for everyone.