DigiByte ($DGB) is one of the older altcoins. It was the first major altcoin to activate segwit, the fast transaction speed doubles every two years, and it is mined with 5 separate algorithms making it practically immune to PoW attacks.
But should you buy it if you don't have it, or hold or sell if you do?
Unlike most new coins with slick websites and not much else, DigiByte has active devs and community, and many projects on the horizon. The flip side is that many past projects seem to have failed to pan out. In the news recently has been the DGB Minecraft server, where you can basically mine DigiByte by mining ore and converting it to DGB.
Also helping the coin pump both in market capitalization and public consciousness was the Reddit meme contest. (dropbox of memes)
NOTE: I'm not a big "hodler" of any coin, and I barely have any DGB. I actually owned zero when I first mentioned it, before the big pump. Even at less than $0.04 cents a coin, I don't have any spare funds to be throwing at every altcoin I hear about in a trollbox (R.I.P. Poloniex Trollbox). So, I'm not trying to pump the coin for my own benefit. It's just worked out that since I've joined Steemit, it has been my most mentioned coin. I wrote about the DGB dip/correction as a buy opportunity, as DGB continued to fall. It seems the fervor had worn off as fickle investors moved their money over to BTS.
Now the big news for DGB lately is of course the Citi Group bank presentation in Singapore. DigiByte did not win that contest, which caused the excitement to fade from the recent DGB pump. A facial recognition company got the award (it's a big technology in Asia right now), however it's an on-going contest with $5mil in awards yet to be given.
DigiyByte, aka: DGB Holdings, presented its DiguSign technology.
DiguSign allows you to securely store, notarize, validate and secure any document in a public, worldwide decentralized blockchain. By taking the secure cryptographic SHA256 hash of a document and embedding it in a DigiByte blockchain transaction that is then broadcast to thousands of servers across the planet in a decentralized manner.Which sounds like most any blockchain company out there. It's an exciting technology, but not unique anymore. The plus side is that DGB has history, and with that history is the same security found in heavily tested blockchains like Bitcoin. It's also faster and safer.
What people seemed to have missed during the hype pump and fizzle around the Citi Group presentation is that an established altcoin was actually in front of not one but many successful forward thinking financial institutions. From Jared, head DGB dev:
"Hello everyone! So a great company with advanced facial recognition was selected today. However we are still in the running for over 30 awards in July presented in Washington DC.
We have made several great connections with several people at Citi, MasterCard, PwC and Microsoft. As well as some government authorities. We have several meetings setup.
They will continue to introduce us to new clients and future partners. All the main major global awards have not been announced yet. These will be announced in July.
A huge thank you to the community for your support for this event! We have had a tremendous outpouring of support! Remember we are still in the running for the Global awards and we think our chances are good! We are starting to actively talk and work with several of these big companies! We are looking forward to the future of DigiByte!"
The important thing to remember here is that cryptocurrency is still new, even if it has been around for years at this point. Early adopters are buying lambo's, yes, but you are an early adopter compared to the billions of people yet to enter the market as investors, businesses, and nations who will utilize blockchain technology in the near future. Considering the amount of money entering the market, and the current pump in public consciousness, any collapse will surely be short lived.
DigiByte might still be looking for a niche, going after banking and gaming at the same time. And both sectors have a lot capital yet to fully enter the market. DigiByte is down now, but given that it has been mentioned on the news alongside Bitcoin, there's a good chance it come up and stay up.
My recommendation is to buy & hold now while it's down (-20%). The volatility has moved to other coins, so playing the markets for short term gains may not be the way to go here. If you want to sell, wait until July when the results of the Citi Group challenge are finalized and the prize money has been awarded. There will likely be a spike in anticipation and it will be a good time to exit if you don't think DGB will emerge on top of its altcoin competition.
Shoutout to @cryptohustler and @cryptohype and others who have added their voices to the DGB news on Steemit.
Good analysis. Thanks.
That would explain the overnight dump, I bought some yest. at 1660sats, now I will probably more sense it dumped even more to 1300sats. Interesting that it did get mentioned with btc though, I'm with you that it will probably go back up and stay there.
i really believe that digibyte will be the future top coin... we have to wait and hold... be calm hahah
Good points in this blog. I was about to post a similair thread. The decision to buy a coin should be based on real analysis of the coin. I found that people keep buying coins without have any knowledge of them. This is considered high risk. I found this great website: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. On: https://www.coincheckup.com/coins/DigiByte#analysis For a complete DigiByte Investment research report.