If you want to know more about how to buy BitcoinDark (BTCD), then you have arrived on the right page. BitcoinDark is a cryptocurrency which stems from the original Bitcoin. Also known as BTCD, you can profit from it in a few different ways.
Researching different cryptocurrencies is time-consuming, so our guide aims to cut through the mire and walk you through the various different ways you can buy BitcoinDark and how it works. Once you've got a bit more knowledge under your belt, you can then decide whether to use one of our top-rated exchanges and invest in BitcoinDark.
Before we tell you how to buy BitcoinDark, the most important question you should be asking is: should I invest? Only once you’re certain this is the coin for you, you should go out and find the best exchange to buy BitcoinDark.
To give you a bit more perspective on this project and what its aims are, let’s go back to the beginning. Since its launch, BitcoinDark has undergone a cryptocurrency swap for Komodo coins (KMD) after the creators of BitcoinDark closed down the original operation. Therefore, Komodo is now BitcoinDark 2.0 and it is more secure with the use of InstantDEX protocol (iDEX), which facilitates decentralized, crypto-to-crypto real-time exchanges.
Although there are more altcoins appearing by the day than ever before, some doubters have said that BitcoinDark is simply a clone of the original Bitcoin, while others have said that it has some positive merits.
BitcoinDark’s aim is to maintain the private, anonymous aspects of buying cryptocurrencies and believes that large costs from the markets should not be imposed on investors. It also wants to prevent volatility by locking their coins in PAX (pegged asset exchange) against commodities and currencies to keep them until a later date and redeem them.
Does this mean buying BitcoinDark is a wise move? Only you can answer that. Our job in the rest of this guide is to tell you where to buy BitcoinDark and, more important, how to buy BitcoinDark.
Answering the question of how to buy BitcoinDark was a tougher question to answer in 2017 than it is today. Because the coin migrated to the Komodo platform, users initially ran into issues with swapping tokens over. However, now all of that’s sorted, it’s possible to buy BitcoinDark via a range of top-rated exchanges. Unfortunately, you won’t be able to invest using fiats, but the steps below will show you how to join the party using another cryptocurrency.
1. Sign up for an account at an exchange where they accept fiat money. For example, Coinmama, Gemini or Coinbase.
2. Purchase Bitcoin or Ethereum using one of the different payment options available, e.g. credit card, PayPal and or bank account
3. Transfer your coins from your wallet address to an exchange that sells BTCD for either one of these currencies
4. Buy BitcoinDark.
*This process may alter slightly depending on which platform you are using. Some exchanges have their own wallet storage facilities and others don’t.
There are other places where you can buy BitcoinDark online. Below we have listed some of the exchanges that trade in BTCD.
- Located in the US, this is an exchange where traders can buy BitcoinDark using a variety of cryptos. Accessible both as a Desktop or mobile APP, deposits and withdrawals are fee-free but there is a network fee applied to each transaction.
- If you check out our Poloniex review, you’ll see that this site is more suited to experienced traders. As well as being an international platform, it’s one of the largest Ethereum exchanges in terms of volume.
- Based in New Zealand, this is a peer-to-peer exchange where you can buy BitcoinDark directly from other users of the site. In addition to BTCD, Cryptopia offers 400 alternative cryptocurrencies.
Although we’ve shown you how to buy BitcoinDark online, you may be wary of a coin that’s not as well known as some of the big names like Bitcoin, Ethereum and Ripple. Although we’re not saying there’s something wrong with BitcoinDark, we also understand that novices like familiarity. Therefore, if you’re not quite ready to buy BitcoinDark, we’d suggest using a broker.
When you look through our review of eToro, you’ll see that this platform not only offers trading on a variety of cryptos but it’s setup for beginners. Thanks to its social trading options, you can follow experts and the software will automatically mimic their trades on your account. Additionally, eToro doesn’t ask you to buy a coin directly.
Instead, you’ll invest in something known as a contract for difference (CFD). This allows you to trade on the price movements of Bitcoin, Ethereum etc without holding any assets. The benefit of this is that you can speculate on the price increasing or decreasing. In contrast, if you use an exchange to buy BitcoinDark, you can only make money if its value increases.
Finally, if you create an eToro account, you’ll be protected by two regulatory bodies. Because it’s a traditional trading platform that deals with dozens of assets (not just cryptos), it has to be regulated by a financial authority. eToro has the backing of two (CySEC and FCA). This means you’re always safe. When you combine this with user-friendly features and a flexible approach to trading, this site is a great alternative to even the best exchange for BitcoinDark.
As we have already mentioned, buying BitcoinDark with credit cards, PayPal or bank transfer isn’t possible. Instead, you have to buy BitcoinDark using another cryptocurrency. This means you need active funds on an exchange, which you can then use to make a trade.
Now, if you’re looking for an indirect way to buy BitcoinDark, you can use PayPal, bank transfer or credit/debit card. However, to do this, you’d need to visit Coinbase first and purchase BTC or ETH using one of the aforementioned methods. From here, you can send the coins to an exchange and then make a purchase. However, that isn’t really showing you how to buy BitcoinDark with cash. In reality, this is the only process you can go through to obtain some BTCD credits.
Once you know how to buy BitcoinDark and you’ve got some coins, you need somewhere to store them. Although it’s possible to keep your BTCD at one of the exchanges where you bought it from, it’s not advisable to do so if you have large sums of money.
As an alternative, the Agama crypto wallet supports BitcoinDark and has been specifically designed to support the KMD (Komodo token). A desktop wallet still in its development phase, Agama also supports lots of other different cryptocurrencies.
There is an exchange within the Agama platform. EasyDEX, where you can swap your BitcoinDark or other currencies, for other currencies and users can opt for differing levels of security.
There is the option to download the full blockchain in ‘full mode’ or you can use ‘Basilisk’ mode which doesn’t download the blockchain but uses decentralized nodes for information from the blockchain and broadcasts these transactions.
Now that the original BTCD platform has changed to Komodo, you can mine BitcoinDark on via this platform using the KMD token. Depending on your preferences, you can profit from BTCD mining by doing it yourself or joining a cloud network.
The former is less common as the costs of purchasing the mining equipment and keeping it running are high. The second option involves renting out the hardware to a cloud service and letting someone else doing the mining for you. Although your returns will be smaller, it’s less hassle.
Of course, the easiest way of all is to buy BitcoinDark coins via an exchange. Indeed, mining can be a complex process and certainly not for novices. So, if you’re someone that's just learning how to BitcoinDark, we’d advise you not to try mining BTCD just yet.
Hopefully, this guide has given you a clear idea of how to buy BitcoinDark. The only thing you need to do now is think about whether BitcoinDark is the crypto for you. We know it’s more anonymous than Bitcoin, but so are many other cryptos. If we take that away, is buying BitcoinDark really a good idea?
At the moment, BTCD doesn’t get much media attention. According to online news hub The Merkle, BTCD seems to be more of a ‘speculative vehicle’, although, there is the chance Komodo integration could change this.
So, if you are looking to buy BitcoinDark, it’s worth considering its long terms prospects. As it stands, there is nowhere to spend and the number of exchanges you can trade it on are limit. However, it is out there and it is cheap. Exchanges are listing it, meaning this currency is still very much alive.
Yes. As long as you use recognised exchanges, this coin is just as safe as any other.
BitcoinDark is based on the same algorithm as Bitcoin but instead of heading towards more transparency, BTCD wants to maintain anonymity through decentralization. It runs an InstantDEX protocol where instant BTCD exchanges can be made with other cryptocurrencies.
Another difference from Bitcoin is that BTCD supports proof-of-stake for those who have a higher holding of coins. Users who stake their BTCD will receive revenue that is generated by the exchange protocols.
If you were in possession of BTCD prior to the closing of BTCD platform, you were able to swap it for Komodo coins up until January 2018, without any additional fees. However, the date for swapping has now passed.
At the moment, yes. If you’d prefer to use a broker like eToro, you’ll have to invest in other coins such as Bitcoin, Ethereum and Ripple.
All we can do is teach you how to buy BitcoinDark and where to do it. Your job as an investor is to assess its value based on the facts and decide whether there is room for it to grow in the future.