How to Buy Bytom - Where to Purchase BTM?
Bytom is an open-source value-exchange protocol based on blockchain technology. Its primary purpose is to tokenise real-world assets like bonds, securities, dividends and warrants, and enable their easy exchange on the Bytom blockchain. Bytom’s mission is to serve as a bridge between the physical (atomic) and digital (byte) world, and provide a decentralised network where all kinds of atomic and byte assets can be registered and exchanged, without any hassles.
The transactions on Bytom’s blockchain are enabled through its native coin BTM. This detailed guide on Bytom purchase will acquaint you with all possible aspects of buying BTM.
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Why Trade rather than Buy Bytom for Cheap and Fast Returns?
You Don’t Need a Wallet:
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods:
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy:
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top Bytom Brokers
If you’re making a crypto purchase for the first time, it may be justified to ask questions such as what’s the easiest way to buy BTM or where to buy BTM online? The answer to these will depend greatly on your level of tech proficiency, trading knowledge and experience in trading cryptocurrencies. Generally speaking, a regulated broker platform is widely considered the best place to buy BTM. Though many people actively buy crypto coins from exchanges too, these platforms can be a little complex for novice investors. Brokers on the other hand charge lesser fees, are more user-friendly, and apart from enabling the sale and purchase of cryptocurrencies, they also provide financial derivatives such as Contracts for Difference (CFDs) to help traders speculate on crypto price movements.
How easy it is to buy BTM will also depend upon the method you choose to pay for the cryptocurrency. Whereas credit/debit cards provide maximum convenience, they feature the highest transaction fee. At the other end are bank transfers which involve the least fee, but aren’t as fast and convenient.
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.
S4. afety 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.
Ultimate Beginner’s Guide to Trading Bytom
What is a Bytom Broker?
Going through a regulated cryptocurrency broker is often the best method to invest in Bytom. Irrespective of whether you purchase BTM coins, or make use of a CFD to bet on BTM’s price movements, your trades will be completed by the broker on your behalf, using a dealer network. The process is more convenient, secure, flexible and faster than any traditional crypto exchange. Additionally, brokers levy fewer charges and are also open to accepting a larger variety of payment options.
What is a Bytom CFD?
A Bytom Contract for Difference (CFD) can be described as an agreement between you and the broker platform, to settle the variance in BTM’s price, from the moment the contract is opened, till its closure. No BTM coins are exchanged. Its primary aim is to help you profit from the underlying cryptocurrency’s (BTM’s) price movements, in either direction. Most traders combine CFDs with the leverage option and borrow capital from the broker to increase the size of their trades. Please note, both losses and profits get magnified significantly when you choose to trade this way.
Furthermore, CFD trading is usually less technical than dealing in actual crypto coins on an exchange platform. You don’t have to worry about trading liquidity, slippage fees and setting up of a wallet either.
What is the Benefit of Bytom Regulation?
Cryptocurrency regulation functions as an important framework for the legalisation of the crypto market. Regulation has proven to be instrumental in the development of a secure investment atmosphere for everyone involved. Please keep in mind, if you choose to trade or buy BTM via a broker platform, make sure that it is licensed and regulated by a well-known authority. Another important benefit of crypto regulation is that it helps in gauging the real intent of people who sign up with the trading portals, so as to keep bad elements away.
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.
The Verification Process for Trading Bytom
After you sign up with a regulated broker, you’ll be asked to submit certain identification documents, before receiving a go-ahead to use their platform. This is done as a part of their KYC process, to shield you from bad actors and to make sure that no one comes on board with any bad intentions. In the majority of the cases, this process is quite straightforward, involving phone number confirmation, submission of a govt.-approved Photo ID and sometimes uploading of separate address proof.
Bytom: Long vs Short Term Investment
The crypto market has come a long way over the last decade, and offers an ideal environment to anyone interested in profiting from both short and long term Bytom investments. Having said that, you’ll have to choose an appropriate investment strategy based on your experience, risk appetite and trading skills.
Long term Bytom investors may have to stay put even during the most volatile market phases, and hence require a lot of patience to profit from their investments. Additionally, they’ll need the technical know how of setting up crypto wallets too, to safely store their BTM coins.
In contrast, short term Bytom investors tend to exploit BTM’s price fluctuations over a shorter time frame, either by buying BTM coins, or investing in them through a CFD. The latter, being a derivative product, doesn’t involve any BTM exchange and can come in pretty handy to profit from both bullish and bearish market conditions. Moreover, when combined with leverage, CFDs can considerably improve your profit margins; but please use them with caution as the losses can be huge too.
Why Buy Bytom rather than Trade?
The majority of investors who opt to buy BTM coins, rather than trading in them, have a longer investment horizon in mind. They usually do so with a firm belief in Bytom’s future potential. Often, these investors are also influenced by the way Bitcoin has appreciated in value over the years. To successfully implement this investment strategy, you’ll first need to locate a means to buy BTM cheap, and then go through with the setup of a hardware crypto wallet, to safeguard your purchased coins. Buying Bytom means learning to be patient and ignoring the short term price volatility that is a hallmark feature of crypto.
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 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. 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 of 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 as 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.
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Frequently Asked Questions
The core purpose of Bytom platform and cryptocurrency is to tokenise real-world assets such as warrants, bonds, dividends and securities, to enable their easy exchange on the Bytom blockchain.
BTM’s all-time high was $1.17 on April 24, 2018, and the all-time low was $0.031 on March 13, 2020.
Bytom was founded by Chang Jia, a Chinese crypto-enthusiast and award-winning science fiction author. He’s the same person who founded the Shanghai-based exchange platform called 8BTC.
Bytom uses the Proof of Work (PoW) consensus mechanism to secure its blockchain. It also implements the UTXO model for simultaneous, quick and secure verifications of multiple transactions.
There were 1,432,883,707 BTM in circulation, out of a total maximum supply of 2,100,000,000 coins, at the time of writing.
Bytom platform divides byte and atomic assets into three main groups–Income Assets, Equity Assets and Securitised Assets, for their easier registration and exchange. You can learn more about them on Bytom’s official website.
A regulated BTM broker can be termed as a more secure platform than an unregulated exchange.
Yes. Almost all the reputed crypto exchanges and brokers will ask you to verify your identity, as a part of their KYC norms.