How to Buy Bytom (BTM) in 3 Simple Steps

5 Things to Consider if you Want to Buy Bytom

It’s important for you to be aware of some important factors before going ahead and making your first Bytom purchase. These include the need for a crypto wallet, payment options, charges, platform’s user-friendliness and security. Let’s go over them below.

1. Carefully choose your preferred secure payment method

You’ll get to choose from multiple modes of payment to pay for the BTM purchase, depending upon your location in the world. Credit/debit cards, PayPal, cryptocurrencies and bank transfers constitute the most common options. All have their pros and cons, but you should go with the one that aligns with your speed, cost and convenience-related priorities.

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

If you opt to purchase the BTM ownership, you’ll need a reliable storage medium for the safekeeping of your BTM coins. This need is fulfilled by the crypto wallets. There are all kinds to choose from, each one varying based on accessibility and security level. While exchange-integrated web wallets are the riskiest, cold hardware wallets have proven to be the most secure over the years. With respect to the accessibility of coins, mobile wallets are the best, while the desktop kinds provide a good mix of security and convenience. Please note, no such wallet will be required if you choose to invest in Bytom via a Contract for Difference (CFD), as no BTM transfer will be involved.

3. Comparing costs

Whenever you send any crypto coins to someone, there will be a small fee charged for the processing of the transaction on the blockchain. This is usually referred to as the network fee and is very small for BTM transfers. However, the transfer of BTM coins on a broker or exchange platform will incur a separate transaction fee, charged individually by both the payment facilitator as well as the trading portal.

4. Safety and security

The Bytom blockchain makes use of the Proof of Work (PoW) consensus algorithm to ensure the decentralisation and security of its assets. It implements something called a UTXO model which facilitates easy and simultaneous verification of multiple transactions, in the quickest and safest manner possible. Aside from the blockchain security, you’ll also need to ascertain the security measures taken by the concerned trading platform. Most of the regulated platforms use a wide variety of security mechanisms such as Two-Factor Authentication and others, to keep investors and traders out of harm’s way.

5. Can you understand and navigate the platform?

In order to decide whether a trading platform is suitable for you or not, you need to navigate around it and get acquainted with its mechanics. Browsing through its functionalities this way can prevent you from making expensive and irreversible mistakes later. It’s worth noting that exchange platforms can be a little difficult to comprehend for amateur investors. Brokers, however, feature friendly user interfaces and are easier to use.

What is the Best Payment Method for Buying Bytom?

When it comes to buying Bytom, you can’t pinpoint a particular ‘best payment method’, but there is only the ‘best payment method’ that meets all your requirements. You may be presented with multiple choices for BTM purchase, based on the trading platform and your country of residence.

Buying Bytom with PayPal: Despite being widely trusted, and serving as a convenient means for cryptocurrency purchase, not many exchanges recognise PayPal as a valid payment option. Regulated brokers, however, are more welcoming of it. One of its notable drawbacks is its high transaction fee.

Buying Bytom with bank transfer: By far the most commonly used medium to buy crypto coins online, bank transfers lag behind PayPal in terms of convenience and quickness of transactions. However, it is their low transaction fee that makes them a huge favourite among investors/traders. The fact that this mode of payment is welcome on almost all trading platforms also contributes to its popularity.

Buying Bytom with a credit/debit card: Regardless of being extensively used for online/offline shopping throughout the world, and delivering maximum convenience, credit/debit cards are avoided by the regular crypto traders owing to their high transaction cost. That being said, they continue to be used by the majority of first-time and one-time cryptocurrency investors, who primarily seek a convenient way to make their first crypto purchase.

Buying Bytom with cryptocurrency: Many online crypto exchanges may facilitate BTM exchange with other cryptocurrencies. To be able to buy BTM with a crypto coin of your choice, you‘ll first need to find a platform that offers a trading pair workable for you, for instance, BTM/USDT, BTM/BTC, BTM/XRP or BTM-ETH. Once located, you may open an account, deposit the required amount of cryptocurrency, and carry out the exchange.

What Fees are Involved in Buying Bytom?

Irrespective of where you purchase your BTM coins, the process will involve payment of some fees. Both exchange and broker platforms will levy certain charges, which are crucial for them to stay afloat and deliver a secure environment for trading activity.

Transaction fees: The transaction fee for using Bytom’s blockchain is extremely small, and hence isn’t an important factor. Nevertheless, you’ll need to take into account the transaction fee charged by both the payment facilitator as well as the trading platform used to make the BTM purchase.

Deposit fees: Any deposit made into a broker or exchange account will attract a certain deposit fee, based on the payment method used. Brokers tend to waive this charge, in an effort to incentivise signups; the few who do levy it, keep it lower than what’s normally charged by the exchange portals.

Withdrawal fees: Almost always charged by both the exchanges and brokers, this fee is imposed irrespective of whether you withdraw funds in the form of fiat currency or cryptocurrency. While exchanges charge a higher withdrawal fee, up to 5% in the case of some portals, brokers usually keep it below 3%.

Safely Storing Your Bytom

Cryptocurrency wallets are software applications that facilitate easy encryption of your crypto coins, so you can store them safely, without worrying about their possible theft. Any Bytom coins you buy will have to be stored in one such wallet, to make them accessible whenever you need them. Let’s discuss some common wallet types you can use for this purpose.

Web Wallet: Often used from within a web browser, a web wallet comes as an integrated feature on a broker or exchange platform. Many crypto investors leave their coins in such web wallets, hoping to instantly sell them whenever they get the right price. Though you get quick access to your coins with such wallets, these aren’t the safest mediums to store your cryptocurrency. In fact, exchange wallets are particularly vulnerable owing to the possibility of an exchange going bankrupt, getting exit-scammed, or hacked.

Mobile Wallet: Categorised as a type of ‘hot wallet’ owing to their frequent connectivity to the Internet, mobile wallets are primarily used in the form of apps, on mobile devices. While they have inbuilt security features to comprehensively secure your coins, it’s always recommended to implement additional security layers in the form of an unlock code, face recognition and fingerprint recognition. A few of the well-known BTM mobile wallets include Bytom MathWallet, Hoo Wallet, Bepal, Cobo, Bitpie, Hyperpay and Bycoin.

Desktop Wallet: Another type of ‘hot wallet,’ desktop wallets are third party applications meant to store your cryptocurrencies, including BTM, on a desktop/laptop computer. A good quality desktop wallet can deliver better security as compared to the majority of web and mobile wallets available in the market. Like their mobile equivalent, their constant Internet connectivity poses a certain degree of risk. The native Bytom wallet is considered the best desktop wallet to store BTM.

Hardware Wallet: Hardware wallets come in the form of tiny flash-drive size physical devices which serve as the safest way to store crypto coins. As opposed to desktop and mobile wallets, these are cold wallets.  They stay disconnected from the internet most of the time, until you plug them into a USB port on an internet-connected computer or mobile device, to move your crypto funds. Though they fare extremely well with respect to security, they can be expensive and not as accessible as other crypto wallets. Trezor, Ledger, and Bepal Pro S are the best-known hardware wallets for offline BTM storage.

Wallet Combinations: Experts suggest splitting crypto coins between different wallet types, to accomplish a higher level of accessibility and security for them. This can be done by linking some of the above-discussed wallet types. To give you an example, you can connect the Bepal mobile wallet with Bepal Pro S hardware wallet, and split your BTM coins between the two, based on how many you’d want readily accessible for transactions.

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

Historically, besides fiat currencies, Bitcoin has been the cryptocurrency of choice for many traders/investors, to pay for the purchase of other cryptocurrencies. However, as crypto markets have matured considerably over the past decade, exchanges have also opened up to offer a wider range of ‘trading pairs.’ Hence, nowadays, it’s fairly common to see trading pairs like BTM/BTC, BTM/BNB, BTM/USDT or BTM/ETH at the exchanges, allowing you to easily buy Bytom with Tether, Ripple, Binance Coin, and many other cryptocurrencies. To execute such a trade, you simply need to sign up with the concerned platform, deposit the required number of crypto coins and then complete the exchange.

What’s the Smallest and Largest Amount of Bytom I Can Buy?

Whether it would make sense to buy small amounts of BTM, or buy BTM without limit, will be determined by some important considerations that must be factored in before buying the coin.

The lower BTM buy limit is usually based on the feasibility of making micro-purchases, keeping its low price and trading fees in mind. As the coin was trading in the vicinity of $0.09 at the time of writing, it may be impractical to purchase Bytom in very small quantities. On the other hand, the upper limit for purchasing BTM will be decided by the regulatory laws in your region and the platform you’re purchasing it on.

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

Cryptocurrencies are widely accepted across the world and are considered a valid asset class in many countries today. However, whether purchasing BTM is illegal or not is something that’ll depend entirely upon the crypto laws in your country/state.

In case you want to buy BTM without ID or in other words, buy BTM anonymously, the best way to go about it would be through an anonymous platform. We don’t recommend this approach keeping in mind the risks involved. The ideal means to buy BTM safely is through a regulated trading platform.

Will Buying Bytom Make Me Money?

Even though many people have made money from the crypto market, there are no guarantees. Having stated that, Bytom has been founded on some very strong fundamentals but whether buying BTM can make you money is a question that can be more appropriately answered by looking at multiple aspects including the coin-related upcoming news, macro-political changes and its price history. Additionally, anyone who is buying BTM, whether with a short-term or long-term perspective, should also look at their own crypto trading expertise and experience. If you wish to know the best price to buy BTM today, you should refer to our Bytom Price Page for more details.

How to Spend your Bytom

Unlike crypto coins that are commonly used for online/off-line purchases such as BTC, ETN, LTC and so on, BTM is mainly used for enabling transactions on the Bytom blockchain. Another way to spend it would be to exchange it with other crypto coins or a fiat currency, on a trading platform. As of now, you may not be able to buy any day-to-day goods and services using the Bytom cryptocurrency.

How to Sell your Bytom

Two of the best ways to sell your Bytom coins is through a regulated crypto broker or exchange. Exchanges are usually more complex to use and charge higher fees than brokers.

Any Bytom investment made through a derivative like CFD will be much easier to sell. It will involve the closure of the CFD trade, a task that can even be automated with the help of trading bots these days.