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How to Buy Artbyte (ABY) in 3 Simple Steps

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Author: Basil Kimathi Updated: September 2, 2022

Artbyte is a blockchain project that is revolutionising how artists are supported by using digital currencies and its social media platform. The project supports all artists, including musicians, painters, actors, filmmakers, photographers and many more using five channels: digital tips and donations from fans using Artbyte, its social media platform, grants and awards from the Artbyte foundation, income from mining the token, and sale of art for Artbytes.

The platform has received a lot of interest around the globe. This guide will explore how to buy Artbyte (ABY) to ensure you don't miss out on the opportunities it offers.

Buy Artbyte in 3 Easy Steps

Create a free account

Fill all the requested information using your personal data accurately. Check your inbox for a confirmation email and log in with your selected email and password.

Fund your account

Choose your favourite payment method and follow the steps to make your first deposit. The minimum deposit amount might change depending on your location.

Buy Artbyte!

Search for Artbyte on the list of available cryptocurrencies. Use a "Buy Order", choose the amount of ABY to buy, set up other trade details and confirm the order.

5 Things to Consider if you Want to Buy Artbyte

Before you start your journey of buying Artbyte, there are a few things you need to pay attention to as they will determine if you will have a pleasant experience or not.

1. Carefully Choose Your Preferred Secure Payment Method

Cryptocurrency exchanges and online brokers that allow the purchase of Artbyte will support various payment modes that one can use. These include bank transfers, use of credit/debit cards, third-party payment processors and use of other cryptocurrencies. It's up to you to choose a mode that serves you well. Depending on where you are located, some modes might fail to work due to regulations or lack of support.

2. Will you need to set up your own wallet?

Artbyte is a digital asset that needs special software and hardware devices to store it. Before you start to buy the asset, you need to determine what your goal is? Are you a short-term or long-term investor? And do you plan to use exchanges or brokers to interact with the asset? If you plan to trade the asset using brokers, there is no need to set up a crypto wallet

3. Comparing Costs

What you will notice with brokers and exchanges is that they will charge different fees. Both won't charge any deposit fees, but you will encounter network fees and so on when transacting. Traders will be charged commissions by brokers, and when withdrawing funds, there will be some fees charged. This information is available for anyone to view, and you can dedicate some time to compare the likely costs on various platforms before selecting your preferred platform.

4. Safety and security 

The security of the platform you choose to use to buy Artbyte is absolutely paramount. The last thing you want is to lose your funds by engaging with a scam platform. Here you will have to research the platform you intend to use and see its track record. There is nothing much to worry about when it comes to top platforms, but for lesser-known brokers and exchanges, you have to check the security measures they have in place to protect user funds. Also, check if the platforms have had any incidents, how they handled them, and what past users have to say about them. 

Artbyte employs cryptography, decentralisation and consensus mechanism to safeguard the network from bad actors as a digital currency. This helps prevent incidents of 51% attack. Also, token owners have access to private wallets that offer absolute control over one's investment.

5. Can you understand and navigate the platform?

After identifying the brokers and exchanges you would like to use, it's good to take some time and interact with these platforms before you start buying Artbyte. This will give you a feel of the platform as you interact with various features. Most top platforms are designed with simplicity in mind to avoid scaring away new users. If you find the platform too complicated for your liking, you can opt not to use it.

What is the Best Payment Method for Buying Artbyte?

Below let's explore various payment modes available that you can use to buy this digital asset.

Buying Artbyte with Debit/Credit Card: The first and most common payment mode you are likely to come across when you visit various brokers and exchanges to buy Artbyte is the use of credit and debit cards. This process is as simple as doing regular online shopping. You will access the "buy" tab on an exchange, enter the coin you would like to purchase and the amount you intend to use. Select a credit/debit card to make the payment, enter the card details and complete the transaction.

Buying Artbyte with Crypto: Some platforms will not offer a direct way to purchase Artbyte using fiat currencies. This is where you will have to obtain another cryptocurrency that allows direct trading or swapping, such as BTC or ETH. Buy Bitcoin or Ethereum and proceed to swap it for Artbyte on an exchange that supports both tokens.

Buying Artbyte Peer-to-Peer (P2P): This is a popular way to purchase Artbyte, where you get to negotiate with the seller on the price before you make the payment, and they release the tokens to you. P2P purchases are supported mainly by decentralized exchanges and some centralized platforms too. If you can't find one that supports Artbyte, you can purchase a common token via P2P and proceed to send it to an exchange that supports Artbyte and make the swap.

Buying Artbyte Using Third-Party Payment Options: This is another common method you will come across on various exchanges and brokers. You will access the buy tab on an exchange, enter the token you are buying and the amount you wish to spend then select either PayPal, Skrill, or any other supported mode to complete the transaction. Brokers will also offer these options to fund your account before you trader Artbyte CFDs.

What Fees are Involved in Buying Artbyte?

When it comes to buying Artbyte, you will encounter several fees. Below let's go over some of the common ones.

Transaction Fees These fees will depend on the network fees for the cryptocurrency. If the network is highly congested and you need to make the transaction fast, you will have to pay higher fees. The exchange will also add a small fee to facilitate the transaction. When it comes to trading, there will be some fees charged. Brokers will also charge commissions for a given number of trades. 

Deposit Fees Both exchanges and brokers will not charge any deposit fees, but the payment processor you choose to fund your account with might charge a fee. It's good to compare various modes and see the fees involved before settling on one mode. 

Withdrawal Fees These are common on exchanges that will charge some fees to facilitate taking the platform's funds or sending a coin to a wallet. Different platforms will charge varying fees. 

Safely Storing Your Artbyte

How can you store your Artbyte tokens safely? Below let's explore various wallets available for this purpose.

Web Wallet Artbyte web wallets exist as exchange-provided wallets or browser extensions. When you open an account on an exchange wallet and make a purchase, the tokens will be stored in an exchange-hosted wallet. If the platform is breached, you can lose your tokens. However, you can move the coins to a browser extension wallet that offers the same convenience when it comes to the regular access of the tokens and allows you to store your private keys. 

Mobile Wallet These are applications you install on your smartphone that allow one to store their tokens with a higher level of security compared to web wallets. They help users to access their tokens on the go and even manage their portfolios. These wallets can be from popular exchanges or companies specialising in designing secure crypto wallets to be used on mobile phones. A good example is the Atomic wallet.

Desktop Wallet This is a software you download and install on your PC that offers the user absolute control over their wallet and tokens. You get to hold your private keys. Desktop wallets offer an interface where you can manage your portfolio and even transact with high levels of security. They are convenient for traders and people that need to access their Artbyte regularly. One such wallet is Exodus.

Hardware Wallet Artbyte hardware wallets are physical devices that resemble USB flash drives. They host applications that allow the user to protect their crypto assets via cold storage since they spend most of the time offline. Popular examples include Ledger and Trezor wallets. 

Wallet Combinations You can opt to have two portfolios where you both participate in short-term Artbyte investment and long term. For the latter, you can have your hardware device where you will safely store your tokens for an extended period. At the same time, a mobile wallet and desktop wallet can help you with regular trading on exchanges. 

What Other Coins Can I Trade or Use to Buy Artbyte?

Artbyte isn't one of the most common cryptocurrencies and might be hard to access on most popular platforms. Even on exchanges that support this token, don't be surprised if you can't access it directly using the payment modes outlined earlier. This means you have to check the pairs the token has on a given platform and acquire one of its pairs before trading for Artbyte. Some of the likely pairs might be BTC, ETH and USDT.

What's the Smallest and Largest Amount of Artbyte I Can Buy?

Most platforms will restrict the least amount of coins you can purchase due to the involved transaction fees. Popular exchanges will allow the purchase of at least $10 worth of Artbyte. As for brokers, there will be a minimum amount you can use to fund your account. This varies from $100, $200 and even $250. 

Can I Buy Artbyte Anonymously with no ID? Is it Safe and Legal to Buy Artbyte?

It's possible to purchase Artbyte anonymously on a platform that doesn't ask for personal data. Most platforms with no KYC are decentralised exchanges. However, on such platforms, you are at a higher risk of running into scammers, and if you are not careful, you can easily lose your capital. Centralised exchanges offer better security for your investment regardless of the KYC procedures you have to go through. 

Will Buying Artbyte Make Me Money?

There is no guarantee buying Artbyte will make you money. But judging by the asset's past performance and the growth witnessed within crypto markets, you could study its price history and decide whether to use it as an investment or trading opportunity. You can use brokers to exploit the volatile price of Artbyte and make great returns. For more information on the price aspect of Artbyte, refer to one of our Artbyte Price Pages. 

How to Spend your Artbyte

The first and intended way to use these tokens is to tip artists.

Also, it's possible to use Artbyte tokens to pay for goods and services at merchant points where the tokens are accepted. Additionally, you can swap your tokens for other popular coins and use them where they are accepted. For example, many merchants accept coins such as Bitcoin and Litecoin. You can change your Artbyte for either and use it to make a purchase or pay for a service. Also, you can arrange with a service provider to pay them using the tokens as long as they are ok. And if you really want to use the tokens more conveniently, you can always sell them for fiat.

How to Sell your Artbyte

The selling process takes place on the same platforms that offer access to the tokens. These can be centralised or decentralised exchanges. On centralised exchanges, you will have to set an order that will automatically execute once the market hits your preferred price. As for DEXs, you will have to search for buyers with a good reputation and those offering the kind of price you feel most comfortable to sell for before initiating a trade. Send the buyer a message if they are not online about the trade you have initiated. Offer your payment details, and once they send the funds, proceed to release the tokens to them. If you decide to trade CFDs, the process is much simpler and you can even close a trade automatically using trading robots.

Frequently Asked Questions

  1. The project claims to have a regulatory compliance program with Marco Santori of Pillsbury Winthrop Shaw Pittman LLP as the engaging attorney.
  2. Artbyte aims to offer more support to artists than they are currently afforded. This happens by providing fans across the globe with a platform and currency that allows them to support their favourite artists instantly.
  3. Currently, there are 1 billion tokens in circulation, and this figure will increase after ten years.
  4. The Artbyte foundation, a non-profit organisation, is behind this project. The foundation is in charge of overseeing governance and development of the protocol.
  5. Yes. Most reputed platforms will ask for identity verification as it helps to provide a safe and secure environment for all users.
  6. This will depend on how much you have set aside for this purpose. Only you can decide how much you should invest in a particular project. However, the good thing is Artbyte is a cheap coin at the time of writing, unlike the likes of BTC that require huge sums to get a whole token.
  7. It's a platform that allows artists to sell their songs for Artbytes.

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