How To Buy Bytom | Ultimate Guide To Buy BTM
Bytom (BTM) is an innovative cryptocurrency project that is related to the world of asset management. Bytom aims to bridge the gap between the digital and physical world, constructing a decentralised network in which various digital and physical assets can be both registered and exchanged.
Bytom offers one of the most original protocols in the blockchain realm, and has demonstrated a significant and successful use case. There are currently around 1 billion BTM in circulation, with a total supply of 2.1 billion that will enter circulation through mining.
So in this article we are going to discuss all of the issues related to trading Bytom in 2021.
5 Steps to Buy Bytom with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy Bytom
Before purchasing Bytom for the first time, it is important to understand that there is a wide range of platforms available. These are primarily split between brokerages and exchanges. Exchanges are more geared towards purchasing tokens for long term holders, whereas brokers are more suited to short-term speculation on the price action of BTM.
The range of platforms available can be a bit overwhelming for a beginner, so we have put together our own recommendations of some of the top platforms to trade Bytom here.
Where to Buy Bytom in 2021
When purchasing Bytom for the first time, you should bear in mind that there are many trading possibilities available. Two strategies are central to this reality - purchasing the token, or trading it via the markets.
The first of these strategies sees investors take ownership of the token, before holding it for a significant period of time. By purchasing Bytom, you are investing your faith in the belief that it will increase in value over a period of time. This can be considered a longer-term strategy than trading, which tends to take place over a shorter time frame.
Indeed, when trading, investors are seeking small but significant fluctuations in the price of a particular commodity. This often occurs over just a 24-hour period, which is described as day trading. This can be an excellent way to profit from cryptocurrencies rapidly, but it is also only advisable for advanced traders. Trading Bytom is a short-term strategy, and one that many investors opt to trade through CFDs as a valid approach. CFD contracts enable leveraging, which effectively means trading with credit.
Before you enter into any trades with Bytom, you do need to familiarise yourself with several market issues. Trading cryptocurrency is undoubtedly somewhat complex, as is indeed the case with any equity, commodity, or investment. You can certainly lose money as well as making profit. It is therefore vital to understand all processes involved, including setting up cold storage wallets, online security issues, and compatibility.
How to Buy Bytom with a Broker
Purchasing Bytom via a cryptocurrency broker can be an excellent way to enter the niche for the first time. Brokers offer CFDs and other derivatives which allow you to gain indirect exposure to the price of Bytom without the hassle associated with owning the coins. CFDs are contracts between you and the broker which are linked to the price of Bytom. The difference between the opening and closing prices of your trade is reflected as your profit or loss.
Nonetheless, it's important to research the market before opting for a particular broker. There are various factors that can be different between platforms, and they should definitely be taken into consideration. Fees and security, regulation, and other issues will all impact your cryptocurrency trading journey, so you should definitely ensure that you are familiar with all of these factors.
Additionally, you can feed instructions to your broker via such implements as stop orders. It's also perfectly possible to allow your broker to complete all trades on your behalf, but this is more commonly done in the contemporary marketplace with algorithmic trading.
1. Register with the Broker
The first procedure with any brokerage is registering for the platform, which can be considered a relatively straightforward process. You will need to provide a few personal details, and your identity is usually confirmed via government documentation and proof of address.
There can be alterations in the registration process, depending on the platform involved. For example, Plus500 makes it possible to register for an account via social media platforms, while eToro purely uses an account name and password system. Different platforms tend to have a slightly different ethos and approach, so it is therefore important to ensure that you explore all avenues before beginning your trading activity.
2. Verify your Identity (KYC Process)
The ‘Know Your Customer’ (KYC) verification process has become a major part of the cryptocurrency niche over the last couple of years. KYC has been used in the financial industry for quite some time, and is often part of the registration process for high-street banks.
KYC offers legitimacy to the cryptocurrency space, demonstrating that brokers and exchanges are taking the process of confirming customer identity seriously. This has lent credibility to cryptocurrencies, and has in turn ensured that the mainstream financial architecture has increasingly begun to invest in this exciting space.
3. Deposit Funds with your Preferred Payment Method
The next stage in trading Bytom for the first time is depositing funds on the website with your preferred method of payment. But you should definitely check that your payment methods are approved before you begin this process. Most commonly used methods will indeed be supported, but you shouldn't assume that this is the case.
Downloading and activating strong firewall and antivirus protection should also be undertaken before trading any Bytom tokens. Most exchanges and brokers will have intuitive online funding mechanisms, and are therefore not difficult to use. But if you have any queries or areas of concern, it is always advisable to contact the developer, who should be able to settle any issues.
4. Open a Position to Long/Short Bytom
One of the most fundamental decisions in any trading strategy is whether to take a long position or short position on a token. But there can sometimes be confusion about what this decision represents.
Taking a long position simply means that you believe the cryptocurrency in question will increase in value over a period of time. It is the most common form of activity in the cryptocurrency space, with people purchasing tokens, and then holding them awaiting price discovery. Those entering into a long position fundamentally believe in the legitimacy of cryptocurrencies.
Anyone taking a short position on Bytom believes that it will decline in value in the foreseeable future. Taking a short position is also often described as shorting, short selling, or sometimes just selling, but each of these expressions mean exactly the same thing. Shorting is a great way to make profits from cryptocurrencies during periods when the market is declining.
CFD contracts are often used for short positions, as these allow more leverage. This can lead to large profits, but is definitely a more technical and riskier way of trading, meaning that beginners tend to opt for a purchasing strategy. Traders working with brokers will also need to understand stop-loss, market, and limit orders, which are used to transmit instructions.
5. Close your Position
You will close your position either when you are happy with the profits you have made, or when further losses are no longer tolerable. You can either close your position manually, or use automatic orders. The two main types here are take profit and stop-loss orders - the former locking in a predefined profit, and the latter cancelling a trade once losses reach a certain threshold. These features allow traders to close positions even when away from their computer.
How to Buy Bytom with an Exchange
Purchasing Bytom via a cryptocurrency exchange platform is a largely intuitive process, with the developers of the major platforms having invested significant energy in ensuring that they are user-friendly.
However, you should still choose the appropriate cryptocurrency exchange by doing your due diligence. Fees and security are a major part of this process, as these often differ significantly between platforms. Regulation and encryption are also important, and you should clarify anything related to all of these issues before you begin your trading journey.
1. Set up a Bytom Wallet
Setting up a Bytom wallet is another major part of the investing process, and it is one that should definitely be taken seriously. This is a major part of safety and security that is required to trade cryptocurrencies effectively.
It should be noted that there are numerous crypto wallets available on the market, and that the main choice investors need to make is between a hardware and software solution. Hardware wallets are definitely considered to be the most secure, while software wallets are flexible and easily accessible. Hardware wallets use private keys and advanced encryption methods, while software wallets can be accessed readily via mobile platforms.
Choosing the right wallet for you is important, but as a general rule the most secure option will be provided by a cold storage hardware wallet.
2. Choose and Join an Exchange that sells Bytom
The popularity of cryptocurrencies has meant that there are a large number of exchanges available for trading activity nowadays. Some of the most popular available include the following options:
Investors in Bytom will experience a few differences between the various exchanges, not least in their fee structures. User interfaces are another obvious difference between the platforms, while there can also be different security measures put in place. Currencies and payment methods accepted can also be a point for comparison, while registration and licensing constitute another area of difference.
When you consider all of these various factors together, it is clear that you should definitely investigate and research exchanges before committing to any investment strategy.
3. Choose Your Payment Methods to Buy Bytom
There are a variety of payment methods available to purchase Bytom, and these can differ in several important factors.
Debit cards - Debit cards are the most affordable method of payment for Bytom, but they don't carry all of the security provisions associated with credit cards.
Credit cards - Credit cards are fast and secure, but also tend to attract fees.
PayPal - PayPal is a popular digital payment method, which is widely available all over the world. However, it can be associated with delays, while there have also been critics of the merchant’s practices and policies.
Bitcoin - The top crypto can also be used to purchase Bytom, although it is slightly less flexible than other payment methods.
4. Place an Order to Buy BTM
Placing an order to purchase Bytom firstly involves registering for a suitable exchange platform. You should then confirm your identity via the broker or exchange of your choice, before registering a chosen payment method on the website.
Depositing money on the website is the next step in the procedure, and you can then go ahead and identify the appropriate investment for your trading strategy. Finally, you can purchase the coin, before storing it in your secure wallet solution.
5. Safely Storing Your Bytom in a Wallet
Storing Bytom in a wallet is not a challenging process, but it's one that you should definitely take into consideration before beginning trading. Hardware wallets require you to keep private keys, so they should be stored in an encrypted location. Just log on to the exchange, go to the wallet section, and withdraw your BTM to your wallet’s address. Always double-check to ensure that you enter the correct address!
Should you Buy or Trade Bytom?
Purchasing or trading Bytom is an important decision that you will need to make, and it is largely dependent on your particular qualities and requirements as an investor. Choosing a broker is definitely advisable for beginners, but still requires a certain level of market knowledge.
Conversely, purchasing tokens and holding them for a period of time does not require this close monitoring of the market, and therefore can be an ideal strategy for those taking their first steps in cryptocurrency trading.
Having said that, trading Bytom offers many more options to investors, particularly the luxury of making money in a bear market.
What’s the Difference Between a Bytom Exchange and a Broker?
Bytom exchanges are platforms that enable investors to execute their own trades, while brokers act as intermediaries for customers.
Brokers tend to charge higher fees, as they are offering an expert service, and exchanges offer an instant trading platform, which can be accessed 24/7 as well as on the go.
However, brokers tend to make it more feasible to operate via CFD agreements, and these bring flexibility to the trading process, as well as significantly increased leveraging. This can be advantageous for experienced investors.
Bytom: Long Vs Short Term Investment
Any long-term trading strategy with Bytom is focused on the token achieving a price discovery over a significant time period. Those trading Bytom in the short-term are hoping to take advantage of relatively trivial fluctuations in the price of the cryptocurrency. But this involves close monitoring of the market, and many short-term trades.
Long-term trading is based on market fundamentals, whereas short-term trading is riskier and more volatile. Short-term investments deliver a profit in a shorter period of time, also tending to be associated with leveraging and other trading mechanisms that offer flexibility.
3 Tips to Buy Bytom
In this section, we will provide you with three crucial tips for purchasing Bytom.
1. Choose the Right Time and Do Your Own Research on Bytom
Selecting the appropriate time to purchase Bytom is essential, as the performance of the token will vary massively in bull and bear markets. Timing is all-important in any market, and there are a variety of issues that can impact the value of cryptocurrencies. It is therefore important to research the token and any market issues extremely diligently, as this is really the key to successful investment.
2. Comparing Costs to Buy Bytom
Different platforms set varying fees for buying Bytom, and it is therefore essential to compare costs if you want your trading to be as cost-effective as possible. Any costs associated with a platform should be transparently communicated via the website of the broker or an exchange. So it shouldn't be too difficult to compare costs between various platforms.
3. Safety and Security when Buying Bytom
Safety and security are always an issue when purchasing any cryptocurrency, and this definitely applies to Bytom. You should definitely seek out a platform that prioritises safety and encryption, as this will make your trading process considerably more secure. Features such as customising user profiles and cold storage are definitely to be recommended, and if you make every effort to pick the most secure platform possible then your cryptocurrency journey is likely to be much smoother.
What is the Best Payment Method for Buying Bytom
- Buy Bytom with Cash: An anonymous method. Requires you to find a willing seller.
- Buy Bytom with Credit Card: Fast, secure, and easy, but comes with a fee.
- Buy Bytom with Bank Transfer: Usually free, this is the best all-round option.
- Buy BTM with Bitcoin: Convenient for traders who are already invested in BTC.
- Buy Bytom with PayPal: The most accessible option, but not available everywhere.
Other Ways to Buy Bytom
There are also several other ways to acquire Bytom. Mining the token is one of the most obvious, and this indeed obviates the need to pay any fees. Furthermore, Bytom ATMs may conceivably begin to appear in the foreseeable future.
Bytom is an exciting and innovative cryptocurrency project, and one that promises to continue to increase in value as the years unfold. Bytom has demonstrated a valid and profitable use case, and could become a major part of the cryptocurrency niche in the years to come.
Frequently Asked Questions
According to the developers of Bytom, its mission is “to bridge the atomic [physical] world and the byte [digital] world, to build a decentralised network where various byte assets and atomic assets could be registered and exchanged.”
The three types of Bytom assets are: Income assets: These include non-performing assets, local government investments, and crowdfunding campaigns. Equity assets: This asset class requires investor verification for transfers, including equity in private companies as well as shares of a non-public investment. Securitised assets: Based on a predictable cash flow. Examples include debts and automobile loans.
Recording asset ownership and exchanges on the blockchain creates a more efficient and secure system than anything that is currently available, according to the developers of Bytom. This helps to remove bloat and middlemen from the process, which also leads to lower costs and transfer times.
The efficient approach of Bytom hands investors full control of their assets. Third-parties are not required to keep accurate records, as they’re stored on immutable, public ledgers. The Bytom protocol also includes the capability for cross-chain transactions.
The Bytom Token (BTM) has three main uses in the Bytom ecosystem, namely transaction fees, dividends, and asset issuance deposits.