The key difference between Digibyte and bitcoin
If you’ve made a decision to change DGB to BTC we recommend to learn the differences between these two currencies first.
Digibyte is the digital currency based on Bitcoin, but with many improvements. It operates on the blockchain UTXO (unspent transaction output) with faster blocks and higher throughput.
The mining algorithm that underlies Digibyte is more centralized than the one used on Bitcoin. Also, in order to prevent centralization, Digibyte Algorithm may be altered in the future.
Digibyte allows to process more than 280 transactions per second and doubles this amount every 2 years with the help of the hard fork while Bitcoin can only handle 7 at the maximum.
All-in-all, Digibyte is a really better solution for daily payments than Bitcoin and has huge potential, so think twice before you exchange Digibyte to BTC.
What is Bitcoin mining algorithm?
Before you exchange BTC to DGB it’s worth to learn more about the mining algorithms that underlie these currencies. The algorithm called Proof-of-Work (PoW) stands behind Bitcoin production. The main idea of this algorithm is that special machines called ASICs consume electricity in order to solve computational problems and find the new blocks where the data such as information about transactions can be stored. These blocks are connected with each other and form a single block chain. The miner who finds the new block gets a reward for the work performed in Bitcoins.
The problem with Bitcoin mining is that it gets more difficult to find every new block and more electricity should be spent. Now that Bitcoin has gained so huge popularity the mining of this cryptocurrency has become unprofitable.
What is Digibyte mining algorithm?
Like Bitcoin which can be mined using only one algorithm, Digibyte utilizes five of them. You can mine Digibyte using any o the following algorithms depending on the hardware you use:
- Sha256 (ASIC friendly)
- Scrypt (ASIC friendly)
- Groestl (GPU friendly)
- Skein (GPU friendly)
- Qubit (CPU friendly)
Search approach allows to achieve a bigger level of decentralization and thus increase the network security.
The circulating supply of Digibyte equals to 12,164,447,175, while its maximum supply equals to 21,000,000,000.
For Bitcoin, the circulating supply equals to 17,884,862, while its maximum supply equals to 21,000,000.
If you want to convert Digibyte to Bitcoin, the market capitalization is a very important index that you should pay attention to.
For Digibyte, the current market capitalization equals to $113,595,281.00. Bitcoin’s capitalization equals to $191,529,830,923.00.
Volume of transactions
During the last 24 hours, Digibyte ’s volume of transaction equals to $963,277.75. For Bitcoin, this index equals to $15,079,284,549.20.
Average transaction speed
Bitcoin was the first cryptocurrency in the space and this is what has many limitations. The small block size is one of them which leads to a prolonged time to confirm transactions. With the beat coin, the maximum throughput is only 7 transactions per second and the confirmation time in usual condition varies between 5 and 30 minutes. Also, the problem is that when many people try to make a transaction at once the transaction fees may be really high.
Digibyte was created in order to resolve this issue. With Digibyte you can process more than 280 TPS and the transaction confirmation usually takes no more than 2 minutes.