Byteball, a rather recent virtual currency, has been popping up everywhere on the web and in transactions. But how is it different from other cryptocurrencies?
Since the early 2000’s, cryptocurrency has been used for digital transactions all around the world. Although the original cryptocurrency was Bitcoin, which is still the most widely known today, there are over seven hundred other currencies – all of which have their own unique characteristics. Byteball, a rather recent virtual currency, has been popping up everywhere on the web and in transactions, and the question remains – what is Byteball and how is it different from other cryptocurrencies?
Basic Information about Byteball
Essentially, Byteball is built on “peer-to-peer” relations. While the same is true for many other cryptocurrencies, there is one major difference here – conditional payments. One of the problems that many have found when dealing with these digital currencies is that the other party can’t always be trusted to fulfill their end of the deal, and with an irreversible payment, this can have consequences. Byteball eliminates this problem by setting allowing parties to make a condition, that if left unfulfilled, will allow them to get their money back in a set period of time. An example of this would be setting the condition that in order for the other party to receive payment, they must first send a certain amount of bytes, and if they do not within the timeframe of four hours, your money is returned. For individuals who are exchanging bytes and want to make sure the other partner fulfills their part of the “contract”, Byteball has stood out against other cryptocurrencies with this idea. Although the conditional payments may be the main attraction, Byteball also features no-fee crypto-exchanges, and blackbytes – which are for more private payments which won’t appear on a public database. There is also no central system that stores the payments with Byteball, but after a new transaction is made, it is cryptographically linked to other transactions – making a chain-like effect.
How To Obtain Byteball
Perhaps the most straightforward way to deal with Byteball is though their own website: https://byteball.org/. For many users who already have Bitcoins, they are finding it easy to just download the Byteball Wallet from the website, and send in their balance of bitcoins. The actual markets of Byteball though are Bittrex, Cryptox, and Cryptopia.
Despite the numerous cryptocurrencies out there and the rather recent invention of Byteball, the virtual currency has proved that it can stand out against competitors through the use of conditional payments. Many users feel secure knowing they aren’t just relying on the other party’s morality in exchanges, but an actual system that prevents a breaking of the contract.