DigiByte is a peer-to-peer blockchain platform and the DGB tokens are used as the medium of exchange on its blockchain.
Digibyte is a fork of Bitcoin and was branched out in 2013 to improve upon the capabilities of the parent chain.
Apart from faster payments, digibyte also serves as a platform to build decentralized applications (dApps) and smart contracts on top.
This piece is a comprehensive technical guide for you to understand the DigiByte platform and its native currency DGB. We will take a deep dive into the features offered by the platform and the economics of the token.
This article will also cover the cryptocurrency from an investor’s perspective, analyze past price movements, and try to make reasonable predictions of its future prices, even though the article is not meant to substitute financial advice. Let’s go right in without any further ado.
Unique Features of Digibyte
- Proof-of-Work (PoW) verification: Similar to Bitcoin, DigiByte also follows a PoW and mining mechanism for validating transactions and the creation of new coins.
- Multiple Mining Algorithms: For added security, DigiByte supports five different mining algorithms– Sha256, Scrypt, Skein, Qubit, and Odocrypt. This will allow miners to use a variety of hardware.
- Adaptable blockchain: DigiByte’s blockchain is hard-coded to continually change its computing power requirement for adding new blocks to the chain. The block difficulty is changed every time a new block is added.
- Three-layer chain: DigiByte blockchain constitutes three layers– a top layer of decentralized applications and smart contracts, an electronic public ledger, and a global network of nodes that relay and validate transactions and mint new currency.
- Since DigiByte, at an average of a block every 15 seconds, adds new blocks to its blockchain more frequently, it can process transactions at a faster rate.
DigiByte Tokenomics
Similar to Bitcoin, DigiByte also has a maximum coin supply limit and stands at 21 billion, as against 21 million for Bitcoin. DigiByte entered the crypto space in a fair launch. This means that it was launched without an ICO.
The token also follows a deflationary mining reward schedule, which is programmed to reduce the per-block reward by 1 percent every month. As of the data available, the circulating supply of DigiByte is around 16.8 billion DGB.
DigiByte Price Forecast
While I am penning down this article, the market cap of DigiByte is approximately $148.73 million, with a token price of about $0.008842 per DGB. The 24-hour trading volume is over $6.53 million. Even though the past performance of a crypto asset has nothing much to do with its future returns, a retrospective analysis can offer some valuable insights into its trajectory ahead.
On the earliest available data, DigiByte was trading at $0.00148882 on February 6, 2014. The token’s price hit $0.061826 on June 8, 2017. On January 6, 2018, the price was at a then-all-time-high of $0.135235 only to get broken on May 3, 2021, at $0.157406. DigiByte’s price has since been in gradual decline until it started to pick up momentum last week.
DigiByte Price Prediction 2024
Looking at the technical indicators, the market is showing a neutral bullish sentiment, and at a score of 72, the Fear & Greed index suggests greed in the market.
However, DGB has spent 16 out of the last 30 days in the green region. The minimum expected price of DigiByte in 2024 is $0.00717 and a maximum of $0.00943. The average price forecast is $0.00830 with a potential return on investment of 4.1 percent.
DigiByte Price Prediction 2025
In 2025, the minimum price of DGB is expected to be at $0.0150 and the higher band expected is $0.0182, averaging the year at $0.0154. Compared to the current price, the token is expected to gain as much as 109. 2% in 2025.
DigiByte Price Prediction 2030
The price of DGB for 2030 is forecasted to lie between $0.0885 on the lower end and $0.1082 on the upper end, averaging at around $0.0916. This will equate to a gain of almost 1143.7% by 2030 if the price hits the upper target.
Where To Buy DigiByte?
If you are a novice, it’s always easy to buy your cryptocurrency from a centralized exchange (CEX). I will list your options below.
How To Buy Digibyte?
To make things simple, I will explain step-by-step how you can buy DGB tokens from Binance.
- First, create a free account on Binance. You can do this on their website or the smartphone app. Once you verify your identity, you can start trading.
- Buy any stablecoin you choose by clicking the “Buy Crypto” link at the top of the navigation. Now, do the same to buy DGB with the stablecoin you bought.
- If you are new, it’s easier to use your credit card or debit card for the transaction. Confirm payment.
- Once your transaction is complete, you can secure the token by moving the tokens to your crypto wallet.
Conclusion
Though DigiByte is not as popular as the major cryptocurrencies like Bitcoin or Ethereum, it has a strong community and contributor network. The DGB token pitches itself as a compelling alternative to Bitcoin. With support for dApps and smart contracts and faster transactions, the platform also brings a more feature experience to the users.
DGB has managed to generate customer interest once in a while from the date of its inception. The technical indicators of the token are quite bullish in the foreseeable future.
All said, remember that cryptocurrencies are prone to large price fluctuations and carry the risk of capital eradication.
One should not throw their money into the crypto market without a deep knowledge of its underpinnings.
More importantly, don’t make investments with borrowed money or your emergency fund.
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