Many cryptocurrencies are striving to come close to Bitcoin’s success and outperform it. In today’s article, we’ll tell you about one of the Bitcoin alternatives to watch in 2022 and reasons to invest in it. Here are 3 reasons to buy DigiByte coin, as many people consider it to be one of the most promising cryptocurrencies to invest in.
What Is DigiByte?
First of all, let’s dig into what DigiByte is all about. It is characterized as a peer-to-peer cryptocurrency and blockchain platform. DigiByte presents itself as a faster digital currency and an innovative blockchain that can be used for digital assets, smart contracts, decentralized applications and secure authentication.
Developed by Jared Tate in 2013 and presented to the public in 2014, Digibyte is a multi-purpose and multi-layered blockchain built for a secure and quick payment system.
During 8 years of its existence, DigiByte has spread over 100 countries and has become one of the safest and fastest decentralized blockchains available.
Digibyte has a fixed supply of 21 billion coins which will all be mined by 2035. It has block speeds which are 40 times faster than those of Bitcoin and 10 times faster than Litecoin.
How Does DigiByte Work?
DigiByte is a decentralized cryptocurrency that offers fast, secure and reliable transactions. DigiByte uses the proof-of-work operating mechanism, which uses a process called mining to generate new DGB tokens.
With its one-minute block time, it can confirm transactions without the need for external confirmation protocols. Multi-algorithm mining secures the DigiByte blockchain, which consists of many blocks connected to each other.
DigiByte was originally launched as a fork of Bitcoin, but has since grown into a global project with its own unique codebase, community and goals.
The DigiByte blockchain, which is designed to be adaptable, supports multiple mining methods. The five different mining algorithms that DigiByte supports are Sha256, Scrypt, Skein, Qubit, and Odocrypt.
The DigiByte blockchain comprises three layers:
- A top layer of decentralized applications and smart contracts that are integrated into the DigiByte platform
- An electronic public ledger that is created and maintained by the DigiByte blockchain
- A global network of DigiByte nodes that relay and validate DGB transactions and mint new DGB currency
Investors are trying to find a good, cheap, and fast cryptocurrency, but they can only choose from two. With DigiByte, you have great crypto at an affordable price and won’t have to worry about speed and security. It also has the impressive ability to support digital assets like decentralized applications (dApps) and smart contracts.
DGB is still accessible, trading at $0.013 at the time of this writing. With some analysts predicting a return to the highs of earlier this spring, there’s optimism this coin could see a valuation of $0.50 by 2030.
3 Reasons to Buy Digibyte
We can name several reasons that make Digibyte such an attractive cryptocurrency to invest, but let’s focus on the 3 main ones:
1. It’s a 100% decentralized Cryptocurrency
Didibyte operates a truly decentralized blockchain with no CEO or other company in charge. It has never received any assets from selling pre-mined coins to retail or institutional buyers, or through an initial coin offering (ICO). Everything is a volunteer effort and the community has control over the decisions that are made.
This means DigiByte has a truly decentralized system. The community-driven roots of DigiByte coin also contribute to transparency. This is encouraging news for investors, because in the world of crypto, it is so common for the true intentions of developers to be masked. As investors have seen, the world of crypto can be dangerous, as evidenced by the recent rug pull of the Squid Game Token.
2.Lightning Fast Transaction Speed
In terms of transaction speed Digibyte is more efficient than Bitcoin, which has a limit of seven transactions per second. Digibyte exceeds this number significantly with its 560 transactions per second. Even Ethereum can only handle 13 transactions per second.
DigiByte crypto is cost effective and quick. It’s a smart choice for investors looking for a cryptocurrency with undoubted potential.
3. Digibyte is Safe and Sound
As with Bitcoin and Ethereum, Digibyte’s blockchain is verified by proof-of-work (PoW). To secure its network, DigiByte uses five different algorithms. As a result, the blockchain becomes extremely secure and decentralized. DigiByte is nearly impossible to take over 51% of its hashrate and create a double spend attack. This is what happened to Ethereum Classic three times in August 2020, crippling its value. DigiByte does not have this vulnerability.
Final Thoughts
An established coin with a verified community, DigiByte coin is one of the strongest cryptos. It is here to stay. Multiple advantages prove that DigiByte is a secure, innovative and long-term investment option in the cryptocurrency space. Moreover, the DigiByte price prediction 2025 seems quite reassuring to seriously consider investing in it.
The easiest and most convenient way is to buy Digibyte coin with 7b. Use 7b, secure and anonymous crypto exchange, and enjoy low crypto trading fees. Don’t lose an opportunity to make a profit buying and selling DGB at the lowest fees without any additional charges for transactions or services. Find out more about this coin in this blogpost.