If you have any interest to buy HashBit BlockChain (HBIT), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of HashBit BlockChain (HBIT).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Next, click “Buy BTC. A window that contains all the details of your order will pop up. However, before you confirm your order you need to read the disclaimer and Terms of Use. Once satisfied, confirm your order by ticking the tab and head to “Go to payment’’; click.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange Huobi
Now let me show you how to HashBit BlockChain (HBIT) using your investment from Binance.
But not every crypto can be traded in Binance we need to transfer our coins to an exchange that HashBit BlockChain (HBIT) can be traded.
I will show you how to use Huobi which is a famous exchange to trade altcoins. We will use the link below to register your new account.
Once you have completed similar processes as you have done before with Binance you are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades HashBit BlockChain (HBIT), you will need to transfer your BTC from Binance to that specific exchange.
Usually done through a wallet system. to huobi deposit move your mouse over to “Balances” on the top right and click “Exchange Account”. Look for “BTC” from Token section and copy the given “Deposit Address”
To do this part may be a little difficult but don’t worry, it is easier than a bank transfer. Then copy your unique BTC wallet address and go back to Binance.
Then move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”. Look for BTC in the list and click on “Withdraw” on the right hand side.
You have to paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Type down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Next, click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade HashBit BlockChain (HBIT)
Now you have to go back to Huobi to buy HashBit BlockChain (HBIT) with the Bitcoins you sent.
Move your mouse over “Spot Trading” and click “Exchange” then you will see trading menu. Look for huobi trade in the left column make sure to select “BTC” pair and in the search bar type in “HBIT”.
After you move your coin click on it and now you will see a price chart of HBIT/BTC in the middle of the page. Select the “Market” tab as that is the Easiest way of buying orders.
Also, you can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click “Buy HBIT”. Now you own your HBIT!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
Bilaxy
OKEx
Huobi Global
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever HashBit BlockChain gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store HashBit BlockChain securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your HashBit BlockChain for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy HashBit BlockChain with cash?
The answer is No. Because there is no way you can directly buy HashBit BlockChain with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy HashBit BlockChain while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase HashBit BlockChain or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
About HashBit BlockChain (HBIT)
Product Overview
HBIT is a 100% proof-of-stake cryptocurrency, constructed in open-source Java. HBIT unique
proof-of-stake algorithm does not depend on any implementation of the coin age concept used
by other proof-of-stake cryptocurrencies, and is resistant to so-called nothing at stake attacks.
A total quantity of 50 billion available tokens were distributed in the genesis block. Curve25519
cryptography is used to provide a balance of security and required processing power, along
with more commonly-used SHA256 hashing algorithms.
Blocks are generated every 30 seconds, on average, by accounts that are unlocked on
network nodes. Since the full coin supply already exists, HBIT is redistributed through the
inclusion of transaction fees which are awarded to an account when it successfully creates a
block. This process is known as forging, and is akin to the mining concept employed by other
cryptocurrencies. Transactions are deemed safe after 10 block confirmations, and HBIT
current architecture and block size cap allows for the processing of up to 1,101,600
transactions per day.
HBIT transactions are based on a series of core transaction types that do not require any script
processing or transaction input/output processing on the part of network nodes.
These transaction primitives allow core support for:
Transfer Coin.
Mining.
Discussion Board.
User to User Encrypted Messages.
Merchants Tools.
Issue Assets.
Asset Exchange.
Online and Offline Payment Gateway (HBIT Pay).
Developers Tools.
By leveraging these primitive transaction types, HBIT core can be seen as an agile, base-layer
protocol upon which a limitless range of services, applications, and other currencies can be
built. This version of the whitepaper documents features and algorithms that are implemented
in HBIT as of version 1.00.00.
Future revisions will be made to reflect additional planned features and algorithm changes.
HashBit Blockchain (HBIT) is a Java-based Blockchain, extremely light, fast and simple for any
type of integration, be it applications, games, online stores but above all we are working to
make it perfect for everyday use, allowing everyone to day to be able to use it quickly and
easily, when buying in a store or a simple transfer of coins between two users via their
smartphone.
HBIT is used through a normal browser, using all available tools, simplicity must be the basis
for easy mass use, speed for practically instant transactions and the safety of each user is our
priority.
Business Case
. Daily use via POS, fast transfers, decentralized applications, such as discussion forums,
instant messages, creation of own assets and much more.
. Anyone can create any kind of program, application, game using HBIT technology
effortlessly, in no time and safely.
The limit is your imagination!
Coins
The total supply of HBIT is 50 billion coins, divisible to eight decimal places.
All tokens were issued with the creation of the genesis block (the first block in the HBIT
blockchain), leaving the genesis account with an initial negative balance of 50 billion HBIT.
The existence of anti-tokens in the genesis account has a couple of interesting side effects:
the genesis account cannot issue transactions of any kind, since its balance is negative
and it cannot pay transaction fees. As a result, the private passphrase for the genesis
account is free for anyone to use.
any tokens sent to the genesis account are effectively destroyed, since that accounts
negative balance will cancel them out.
The choice of the word tokens is intentional due to HBIT intention to be used as a base protocol
that provides numerous other functions. HBIT most basic function is one of a traditional
payment system, but it was designed to do far more
Proof of Stake
In the traditional Proof of Work model used by most cryptocurrencies, network security is
provided by peers doing work. They deploy their resources (computation/processing time) to
reconcile double-spending transactions, and to impose an extraordinary cost on those who
would attempt to reverse transactions. Coins are awarded to peers in exchange for work,
with the frequency and amount varying with each cryptocurrency’s operational parameters.
This process is known as mining. The frequency of block generation, which determines
each cryptocurrency’s available mining reward, is generally intended to stay constant. As a
result, the difficulty of the required work for earning a reward must increase as the work
capacity of the network increases.
. As a Proof of Work network becomes stronger, there is less incentive for an individual peer
to support the network, because their potential reward is split among a greater number of
peers. In search of profitability, miners keep adding resources in the form of specialized,
proprietary hardware that requires significant capital investment and high ongoing energy
demands. As time progresses, the network becomes more and more centralized as smaller
peers (those who can do less work) drop out or combine their resources into pools.
. In the Proof of Stake model used by HBIT, network security is governed by peers having
a stake in the network. The incentives provided by this algorithm do not promote
centralization in the same way that Proof of Work algorithms do, and data shows that the
HBIT network has remained highly decentralized since its inception: a large number of
unique accounts are contributing blocks to the network.
Network Nodes
. A node on the HBIT network at the moment it is only the Official one, monitored and
guaranteed by the development team, this allows greater security, 99.9% uptime and
guarantees access from all over the world without any problem.
. Official node features a built-in DDOS (Distributed Denial of Services) defense mechanism
which restricts the number of network requests from any other node to 30 per second.
Blocks
As in other crypto-currencies, the ledger of HBIT transactions is built and stored in a linked
series of blocks, known as a blockchain. This ledger provides a permanent record of
transactions that have taken place, and also establishes the order in which transactions have
occurred. A copy of the blockchain is kept on every node in the HBIT network, and every
account that is unlocked on a node (by supplying the account private key) has the ability to
generate blocks, as long as at least one incoming transaction to the account has been
confirmed 1440 times. Any account that meets these criteria is referred to as an active account.
In HBIT, each block contains up to 255 transactions, all prefaced by a block header that
contains identifying parameters. Each transaction in a block is represented by common
transaction data, specific transaction types also include transaction attachment, and certain
transactions may include one or more additional appendices. The maximum block size is 42KB.
All blocks contain the following parameters:
A block version, block height value, and block identifier
A block timestamp, expressed in seconds since the genesis block
The ID of the account that generated the block, as well as that accounts public key
The ID and hash of the previous block The number of transactions stored in the block
The total amount of HBIT represented by transactions and fees in the block
Transaction data for all transactions included in the block, including their transaction IDs
The payload length of the block, and the hash value of the block payload
The block’s generation signature
A signature for the entire block
The base target value and cumulative difficulty for the block
Staking
Blocks in the HBIT Blockchain are created with Staking, you can generate blocks using any
amount that has at least 1440 blockchain confirmations in your account.
The staking person receives the fees for each transaction included in the block that is created.
The greater the number of HBIT, the greater the number of blocks generated in the blockchain,
and the greater the HBIT of Fees earned.
HBIT are always available even if they are in Staking, you can send them at any time without
having to unlock them.
Staking is currently managed by the Development Team, to keep the Blockchain safe, soon
staking will be available to everyone, initially directly on the main node, then on the nodes of
users who use the HBIT software.
Mining HBIT
The HBIT distribution is done at 99.5% by Mining.
Directly in the frontend of the blockchain (currently https://chain.hashbit.org) the mining
section allows you to mine HBIT with your computer, using the power of the CPU.
It is also possible to undermine HBIT via smartphone.
The distribution is divided as follows:
0 to 1B HBIT Mined: 1 Accepted Share = 0.1 HBIT
1B to 10B HBIT Mined: 1 Accepted Share = 0.01 HBIT
10B to 20B HBIT Mined: 1 Accepted Share = 0.001 HBIT
20B to 40B HBIT Mined: 1 Accepted Share = 0.0001 HBIT
40B to 49.5B HBIT Mined: 1 Accepted Share = 0.00001 HBIT
500M HBIT are reserved for developers.
49.5B HBIT is for Mining
for more details visit – https://chain.hashbit.org/HBIT_white_paper.pdf