The Good Tech Companies - Educational Byte: How to exchange GBYTEs for USDT on Biconomy?

Starting point is 00:00:00 This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Educational Byte. How to exchange GBYTEs for USDT on Byconomy, by Obyte. The main currency of the Obyte ecosystem, GBYTE, has a nice set of liquidity options for all users worldwide. One of them is the global cryptocurrency exchange Byconomomy, where it's possible to trade GBYTEs against Tether, USDT, on the Polygon, Modig, network. To go further after that, Biconomy is known for its trading ecosystem, which includes over 140 popular currencies and a suite of services such as Spot, Futures, Earn, Kickstarter, and third-party payments. As for GBYTE specifically, they offer a trading fee of 0.2% for makers and takers and a small withdrawal fee of 0.3 GBYTE, around $2. Besides, they have a 24x7

Starting point is 00:00:56 customer support system and claim to have a secure multi-tier platform. So, if you want to trade some GBYTEs on Biconomy, follow these simple steps. How to buy GBYTEs? Step 1. Security and verification Take into account that Biconomy is a centralized exchange, so, depending on the amount involved, it may ask for ID verification to trade and withdraw. The best way to avoid any issues is to complete the verification and security process before depositing your assets there. Of course, you'll need to create an account with email and password first. Then, log into your account and go to the Identification section on the avatar menu. There are three verification levels. The first one is unverified, which only allows for 0.05 BTC in daily withdrawals.

Starting point is 00:01:46 The second one is primary verification, with a daily withdrawal limit of 20 BTC. For this one, you are required to share your national ID card or passport, almost all countries are accepted. The third level is advanced verification, with unlimited withdrawals. Besides the ID card or passport, a selfie holding a note with your Biconomy ID is also required on this level. Once you've completed the most convenient verification level for your needs, you'll need to go to the Security Center, also on the avatar menu. All security items will be required to be filled before making withdrawals,

Starting point is 00:02:20 so complete the min-full, email verification, phone verification. With an SMS code, Google Authenticator, you'll need to download the app, fund password, and anti-phishing code. Step 2. Deposit and trade After completing security and verification on Biconomy, you're ready to transfer USDT to your Biconomy account to buy some GBYTEs with it as a payment. The option is available on the wallet menu, deposit crypto. Just select the token, USDT, and the network you're using. A deposit address will be generated immediately. It's important to consider here that Byconomy only handles USDT on three networks. TRON, as a TRC20 token, Ethereum, ER-20, and Binance Smart Chain, BEP-20. So, it could be from the

Starting point is 00:03:09 Metamask wallet or any other Tron or Binance-compatible wallet. With the deposit confirmed after some minutes, you can proceed to the Spot section and select a trading pair, GBYTE, USDT, in our case. This way, you can buy GBYTEs with USDT. There are two methods available, market, immediate transaction, with a flexible price rate, and limit, conditional transaction, with a fixed price rate. However, be mindful that even a market order won't be filled immediately if there aren't enough traders at the moment. In that case, you'll just need to repeat your order. And that's it, you must be able to trade or withdraw your new GBYTEs at this point. But wait, you can't just do that directly into your Obite wallet, but only back to Metamask.

Starting point is 00:03:55 They're Polygon-based GBYTEs and not Obite-based GBYTEs. If you want to use them inside the Obite ecosystem, there's a step left for you. Step 3. C-O-U-N-T-E-R-S-T-A-K-E Bridgelets Remember that, at least for now, it's only possible to trade GBYTEs on the Polygon network on Byconomy, not yet on the Obite network. In case you're not sure what that's about, if your coins are stored in a regular Obite wallet, they're Obite-based. If they're stored on Metamask or any other Polygon-compatible wallet, they're Polygon-based. It's not possible to just send them across wallets because, beyond what you can see, they're in different and non-compatible ecosystems. You'll need the CounterStake Bridge to do the job. This is a user-friendly platform,

Starting point is 00:04:41 available ASO website, that lets its users exchange Obite-based assets with other networks and vice versa. For example, ETH on Ethereum to ETH on Obite, BNB on the Binance Smart Chain to BNB on Obite, or, of course, GBYTEs on Polygon to GBYTEs on Obite. The process is quite simple. Only open Counterstake, select GBBYTEs on Polygon to GBYTEs on Obite, set the amount in your Obite wallet address, and presses Transfer. The status of your order will appear below. Sent, Confirmed Claimed, Claim Confirmed. Once the final status is achieved, your new Obite-based GBYTEs must be in your Obite wallet, ready to use. How to sell GBYTEs? You can take this route after the security and verification step on Viconomy.

Starting point is 00:05:37 If you want to sell Obite-based GBYTEs directly from your Obite wallet, then you'll need to go first to Counterstake and bridge them from GBYTEs on Obite to GBYTEs on Polygon. Pretty much as we described before, just the reverse direction. Instead of typing your Obite wallet, you'll be typing in your Metamask wallet to receive the Polygon-based assets. Once they're available on Metamask, you're ready to deposit them on Byconomy. The route is the same, wallet menu, deposit crypto. Just select GBYTEs as an asset and Polygon as the network. After the deposit is confirmed, you can go to the Spot section, select the trading pair, and sell GBYTE to get USDT on a market or limit order. Next, you should be able to trade and

Starting point is 00:06:17 withdraw your new USDT in the offered networks, TRON, Ethereum, or BNB. Now, all things considered, enjoy your GBYTE trading experience on Byconomy. However, remember that depositing and trading coins in centralized exchanges always entails a certain level of risk for your assets. Try exchanging only the amount you need, and don't use these centralized platforms as long-term cryptocurrency wallets. Featured vector image by Vector Juice, Freepik Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.

The Good Tech Companies - Educational Byte: How to exchange GBYTEs for USDT on Biconomy?

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