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A step by step guide on how to buy & store the Bytecoin (BCN) cryptocurrency

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What is Bytecoin?

Bytecoin is a private and untraceable cryptocurrency launched in 2012.

What are BCN coins?

BCN coins are used to make anonymous payments that confirm in only 2 minutes.

Important note

This guide is not, and should not be regarded as 'investment advice' or as a 'recommendation' regarding a course of action.

How to buy Bytecoin
Important: Be wary of scammers trying to steal your crypto coins - get into the habit of double checking that URL's look correct in your browser address bar when moving / purchasing / selling cryptocurrency.

Notes: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.

1

First we need to set up a wallet to store the BCN coins you're about to buy.

You can see all the wallets available from the Bytecoin official wallet page.

Under the 'Bytecoin wallet' heading choose the correct download for your computer and click it to download the file

Download Bytecoin wallet
2

Once the file has downloaded, open it. It may be a .zip file, which means you should unzip the contents wherever you'd like to store the wallet, such as your desktop.

Bytecoin wallet
3

In your new wallet folder, open the file named 'bytecoinwallet'.

You may be given a warning that 'The publisher could not be verified.' Click 'Run'.

Bytecoin wallet
4

Your computer's firewall may ask for permission for the Bytecoin wallet to access the internet.

You must allow access for the wallet to work correctly.

Bytecoin wallet
5

The Bytecoin wallet is now open and syncing to the blockchain for the first time.

This will take some time, but fortunately you can still receive coins to your wallet during this process.

But first, we'll protect your new wallet with a password. Click the 'set password' button on the top left.

You will be asked to input a password. Enter a password that would be hard to guess (that you won't forget!).

Important Note: if you lose this password you lose access to your wallet and coins.

Bytecoin wallet
6

Now we'll backup your wallet file, just incase something happens to your computer. You wouldn't want to lose your coins because your hard drive failed.

On the top menu select file > backup wallet.

Choose where you want to save this wallet file and give it a name.

It's important that you back this file up somewhere safe (think multiple external hard drives and/or USB drives that you put somewhere secure).

Bytecoin wallet
7

In the Bytecoin wallet, along the top banner, click the button 'copy address'. This will copy your wallet address onto your clipboard.

Paste this address somewhere safe as we'll need it soon.

Bytecoin wallet
8

Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Bytecoin (if you already own Ethereum you can skip ahead).

Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:

#
Coinbase
Operates in 32 countries.
#
Cex.io
Worldwide coverage, 99% of countries.
There are also some other exchanges listed here.
9

If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).

Coinbase
10

Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email, password and location.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

Signing up to Coinbase
11

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Using a credit/debit card means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).

Signing up to Coinbase
12

Once your payment details are verified, click 'buy/sell' on the top menu.

Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.

Once you're happy with the amount, click the big 'Buy' button.

Buying Ethereum on Coinbase
13

You'll be asked to confirm your purchase.

Press the 'Confirm Buy' button.

Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.

Confirm buying Ethereum on Coinbase
9

Click here to go to Cex.io

Click the 'Register' button along the top menu.

Cex.io
10

Enter your email address and a secure password. Click the checkbox to agree to the terms.

Click 'Register'.

Signing up to Cex.io
11

You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.

We recommend using the 'Smartphone App' option.

Signing up to Cex.io
12

Once your security has been set up, you'll be taken to your account dashboard.

Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.

You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.

Signing up to Cex.io
13

Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.

Signing up to Cex.io
14

Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.

Complete the Cex.io verification process by supplying your personal information and uploading your ID.

Signing up to Cex.io
15

Once you're verified, click the 'Deposit' button along the top menu.

You now get to choose how you'd like to deposit money:

Via credit/debit card

If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.

Via bank transfer

This option takes a few days for the transfer to arrive but has no commission fees.

Choose the method you prefer and follow the instructions to deposit your money.

Signing up to Cex.io
16

Once your money is in your account, click 'BUY/SELL' on the top menu.

Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).

You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.

Once you've decided, click 'Buy'.

Signing up to Cex.io
17

You'll be asked to confirm your buy.

Check everything looks correct and click 'Confirm the order'.

Signing up to Cex.io
18

Congratulations- you now own some Ethereum!

Press 'Ok'.

Signing up to Cex.io
14
19

Now we'll use the site Changelly to exchange your Ethereum for Bytecoin. 

Click here to go to the Ethereum / Bytecoin exchange page.

Choose how much Ethereum you're going to exchange.

In the box marked 'You get' it will now display how many Bytecoin you will receive.

Once you're happy, click the big green 'Exchange' button.

Go to Changelly
15
20

You will be asked to register with Changelly using your social media or - and this we recommend- simply your email address.

They won't ask for your name, address or anything like that.

Signup with Changelly
16
21

A confirmation screen will ask you to look over the transaction to be sure everything looks correct. Click 'Next'.

Confirm transaction on Changelly
17
22

You will be asked for your BCN address.

This is your personal wallet address we saved earlier from Bytecoin wallet in step 7.

Paste that address into the box marked 'BCN ADDRESS'.

Press 'Next'.

It will warn you that you're not providing a payment ID. That's fine, your wallet doesn't need one to accept coins.

Press 'Next' again.

Enter wallet address
18
23

You will be asked to look over the transaction one more time. Take your time, make sure it all looks correct, and then press 'Confirm and make payment'.

Confirm transaction on Changelly
19
24

You will be presented with an address to send your Ethereum to. Copy it.

Confirm transaction on Changelly
20

Now, return to Coinbase.

Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.

Click 'Send'.

Sending Ethereum on Coinbase
21

In the 'Recipient' box, paste the Ethereum wallet address we just copied from Changelly.

In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).

Click 'Continue'.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.

Sending Ethereum on Coinbase
25

Go back to Cex.io

Press 'Withdraw' on the top menu.

Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.

Input the amount of Ethereum you're sending.

In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Changelly.

Once you've looked everything over, click the check box to confirm you've double checked everything is correct.

Press 'Withdraw'.

Signing up to Cex.io
26

You will be asked for a 2-factor authentication number.

Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.

Signing up to Cex.io
27

You will be sent an email to confirm the withdrawal.

Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.

Signing up to Cex.io
22
28

Now we've got to wait a few minutes for the coins to move across the network.

Unless there's an unusually large network backlog, the coins will take between 5 and 30 minutes to arrive at Changelly. The Changelly page will update automatically so there's no need to refresh it.

While you're waiting, consider sharing this guide with your friends and followers to spread the word about Bytecoin, encouraging its popularity and value to grow.

Here's some share buttons to make it easy:

23
29

Once your Ethereum arrives at Changelly it will automatically refresh to keep you updated on the three steps of conversion:

1) Waiting for payment

2) Exchanging

3) Sending to your wallet

Exchange process
24
30

Once the transaction is complete a confirmation screen will appear. Do not close this page yet.

Exchange process
25
31

Go back to your Bytecoin wallet.

Once it has synchronized with the blockchain (this can take hours so feel free to leave it running on your computer) you will see your coins appear in your wallet balance.

If, once you're fully synchronised, the coins don't appear, go back to the Changelly exchange page and scroll to the bottom, then click the 'Having troubles?' box and follow the instructions.

Links

Other buying guides
Further reading

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