DigiByte Wallet guide | How to set up a DGB Wallet
Introduction to DGB
DigiByte is a cryptocurrency focusing on the user’s security and speedy transactions. The projects were established in 2014, so DGB can be considered a crypto-oldtimer. Despite the age and fascinating development power, the project is not very well- known on the cryptocurrency market. Time to change it and shed some light on DigiByte!
What is DigiByte?
DigiByte genesis block was created in January 2014. At the time, there were not so many blockchain projects around, so DGB was launched without an initial tokens sale and with very little media coverage. The creator, Jared Tate, dedicated all his powers to the blockchain development.
When it comes to the native cryptocurrency (DGB) history, the price was quite stable up until 2017. A spike in DGB price happened in summer 2017, with many investors turning to the coin. John McAfee also took part in DigiByte price history, Tweeting about the company as a project worth looking up. In 2018, there were no super-major volatile moments, except the moment App Store started allowing DGB payments.
DigiByte is a cryptocurrency based on UTXO. Each coin has an identifier and is denoted “unspent” by a wallet it enters. When you send it, a DGB coin becomes “spent”.
DigiByte uses SegWit to separate transaction confirmations and the information within blocks. Hence, transaction speed increases. DigiByte blockchain is actually one of the fastest among UTXO type networks. The transaction limits too can be increased to handle way more operations than Bitcoin.
How to store DigiByte?
Any cryptocurrency needs to have secure storage to keep it in. DigiByte, of course, is not an exception. DGB wallet options are all listed on the official website of the cryptocurrency. You can check them here. DigiByte has its own wallet (Official DigiByte wallet) for various platforms. Besides, you can use third-party wallets for DGB. However, you need to do some research prior to choosing a wallet provider.
DigiByte Wallet Guide
As we have already mentioned before, DigiByte wallets are present in quite an abundance. When there are so many options to choose from, the users need to look for the factors defining the best DigiByte wallet. Let’s look deeper into these criteria.
- Custodial vs. Non-custodial wallets. When choosing a wallet you would like to store your DGB in, pay attention to it being non-custodial. Guarda Wallet team does not recommend storing your crypto coins and tokens on exchanges or in the wallets that have access to your private key. The thing is that custody-free wallets cannot store or use your personal information – private keys, backups or passwords. If no third-parties can get your data, it means it cannot be leaked or used by hackers.
- Wallet team. The general rule here is looking for a DigiByte wallet with an active community. Take some time to check the wallet’s social network pages. First of all, it provides all the necessary information on the wallet updates. It’s definitely a good sign if updates are performed often. Also, social networks can be a mirror of the wallet’s developers communication skills and general customer service. If there are many questions and comments left unanswered – well, not great.
- DigiByte wallet functionality. After getting a wallet for DigiByte, explore all its functions. Does it have all the features you need? The things to be looking for during this step are exchanges, purchases, special features, handy charts etc. If your wallet supports multiple coins and tokens, check how all of the currencies you’re interested in work.
- Platform support. There are many wallets specialising just on apps or Desktop versions. If you are looking for a wallet that can be accessible from any of your devices, these services are definitely not your best pick. So, if you need THE wallet, turn to multi-platform ones. Guarda wallets, in case you are wondering, are available across various platforms.
How to create a DigiByte Wallet
To get your DGB stored securely on Guarda, there’s not too much you need to do. Here are the few easy steps you need to follow:
- Go to the main page of Guarda’s Website and click Create Wallet
- On the welcome screen, select Create a New Wallet again
- Secure your DigiByte wallet with a password, You can use our password guide to help you choose a secure one.
- Download your backup. Remember that all Guarda wallets are non-custodial and we do not have access to your backups. In case of a backup loss, we cannot recover it.
- Your wallet is all set up! Store, send, receive and exchange DGB in our multi-platform, multi-currency wallet.
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