If you’re interested in purchasing CyberVein (CVT), you will need to have Bitcoin (BTC) or Ethereum (ETH) to trade with. In this guide, I recommend the largest cryptocurrency exchange Binance where you can buy crypto using your bank account or credit card.
Step 1: Setting up your Binance account:
1.1 Go to Binance’s website (https://www.binance.com/en)
Note: There have been many cases of phishing sites that mirror the actual site, so make sure you examine the URL carefully and look out for the ‘Secure’ certificate in the address bar to confirm the authenticity of the site. For security, make sure to bookmark the original site to avoid future mix-ups.
1.2 Complete the signup process
Click on the “Register” tab in the right-hand corner of the webpage and fill in your details. You can either signup with your mobile number or your email address. If you decide to use the email option, please MAKE SURE that the email address you enter is the one you have access to and is your most secure email as this is how you will always sign in to your Binance account.
After filling in your email address and choosing a password (When creating a password, use a mix of numbers, symbols, upper and lower-case letters), use the 6-digit verification code sent to your mail to verify your account and complete the registration process.
1.3 Enable two-factor authentication (optional)
Once your account is created, even though optional, two-factor authentication (2FA) is recommended to make it more secure. When you log in for the first time, you’ll be asked if you want to set up 2FA. Believe me, you DO want to set up 2FA because it’s very important!
With 2FA, you will be asked for a special code to type in after you’ve logged in with your e-mail and password. This code is generated through an app on your smartphone called Google Authenticator. You will need to download it on your mobile phone in order to generate the code.
Step 2: Making your first purchase of Bitcoin
To fund your crypto wallet on Binance, you can fund it directly from your bank account using a SWIFT transfer or you can use your debit/credit card. (In this section, we’ll focus on the credit card option).
Previously, the option to use a credit or debit card was not available on Binance, but recently that has changed. Due to Binance’s partnership with Simplex, Binance users can now use their credit or debit cards to purchase Bitcoin or Ethereum. Benefits of using credit or debit cards to make a purchase on Binance include fast delivery speed, low fees, and increased convenience.
As I said earlier, it is recommended that you should purchase Bitcoin first and then later on you can trade it for the desired amount of CyberVein (CVT).
Purchasing using your credit card is not a complex process but I will still provide you with the steps involved to make sure that you get it absolutely right.
- Move your mouse up to “Buy Crypto” button on the top bar. Once you activate the dropdown menu, choose your currency, i.e., USD nd click on “Credit/Debit Card” to be directed to the next step.
- On the next page, you will be able to select which coin you wish to buy (Select BTC), as well as the order amount. The total charge will be displayed according to the order amount and current market price (all fees are included). If you prefer, you can set the total charge first and the order amount will be calculated automatically.
- Next, you will be required to fill your credit card details along with your personal information. When you are done, click “Pay now” and wait for your card to be verified
- If this is your first Simplex payment, you will be required to verify your email and phone number. You will receive an email and an SMS with a verification code. To finish the verification process, you need to open the link sent by email and insert the code received by SMS. Once you are done, click “Continue.”
- Next, you will be required to verify your identity using an official document. Please upload a picture of your document along with your personal data and click “Upload Document.”
- Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase has been confirmed. Your Binance account will be credited shortly with the purchased Bitcoin/Ethereum.
Step 3: Transfer Your Cryptos to an Altcoin Exchange
Now it’s time to purchase CyberVein (CVT) using your investment from Binance.
Since every crypto can not be traded in Binance we need to transfer our coins to an exchange that CyberVein (CVT) can be traded. So I will guide you to Bittrex which is a well known exchange to trade altcoins. Use the link below to register your new account.
After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Deposit BTC to Exchange
Once you have your trading account setup at one of the exchanges that trades CyberVein (CVT), you will need to transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
Click to “Holdings” on the top right menu.
Find “BTC” from Token section and copy the given “Deposit Address”
This part might seem a little bit complex but don’t worry, it is easier than a bank transfer.
Once you copy your unique BTC wallet address go back to Binance.
Move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”.
Search for BTC in the list and click on “Withdraw” on the right hand side.
Paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Write down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s it, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade CyberVein (CVT)
Now you can go back to Bittrex to buy CyberVein (CVT) with the Bitcoins you sent.
Click “Markets” and you will see altcoins list.
In the left column make sure to select “BTC” pair and in the search bar type in “CVT”. Once you move your coin click on it and now you will see a price chart of SIF/BTC in the middle of the page. Choose the “Market” tab as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click “Buy CVT”. Now you own your CVT !
Other Exchanges to Buy
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once CyberVein (CVT) gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Safety Tips for Trading on Binance:
- Sadly, we don’t live in a perfect world and there are a lot of hackers and scammers out there. When trading altcoins on Binance, safety is paramount. There are several ways you can protect yourself from hackers and thieves. Let’s take a look at the best ways.
- Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! (Look out for the “secure” tag on the address bar). Also, if you need to contact the Binance team, ensure you use the contact information found on its secure homepage.
- Always use two-factor authentication. While you will be allowed to complete setting up your Binance account without 2FA, I strongly advise that you don’t. It is a very important step in securing your account and it will help protect your account from hackers and scammers. Binance currently offers two options for 2FA: SMS and Google Authenticator. However, they recommend using Google Authenticator.
- Use a strong password for your Binance account and you can change it regularly.
- Always regularly check the list of devices that have been authorized to access your Binance account. If you see any devices that you don’t recognize or no longer use, simply remove them
- Allow withdrawals only to addresses you trust and check the whitelist regularly.
- Use strong anti-virus software: Your Binance account is only as safe as the device you’re accessing it from. Make sure all the devices you use to access your Binance account are free from bugs and viruses.
Frequently Asked Questions
Can I buy CyberVein (CVT) with cash?
There is no direct way to buy CyberVein (CVT) with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any alternative platforms to buy CyberVein (CVT) or Bitcoin with credit cards?
Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.
What Is CyberVein (CVT)?
CyberVein’s big-data solution is based on the PISR (private, interlink, secure, robust) distributed database, database operations are stored on CyberVein blockchain network which runs on a Proof-of-Contribution (PoC) consensus mechanism. The solution is focusing on enterprise-level “blockchain + big-data” customized services.
CVT is the native utility token that is used for:
- Storage payment: The data owner pays the corresponding storage fee based on the file size and bandwidth consumed in such a process.
- Computing power payment: Payments from user to owner for usage, and remuneration for software developers is going to be exclusively conducted in CVT.
- Data exchange: On CyberVein’s federated learning platform, the data acquirer trades the data at a price contracted between the two parties for distributed modeling applications.
- CROSS NFT issuance payment: Dapp businesses are obligated to pay for Storage and Data Exchange in light of network resources occupied, and may set up CyberVein token as a means of payment to issue NFT or conduct business in accordance to their desired business model.
CyberVein tools include:
- PISR Consortium database, creates better data management: through safe and reliable virtual machine operation and maintenance of user data, data is efficiently aggregated for upstream data, and data traceability and tracking are realized to ensure the reliability of data sources and outputs, and achieve cross-level, cross-departmental data sharing to improve the timeliness, diversity, stock and density of data to realize the commercial value of data, and truly solve the problems in data flow.
- DAG storage chain, creates safer data storage, with better efficiency, no block confirmation, low transaction fees, and also eliminates miner, supports asynchronous verification and parallel processing of each node, the more nodes, the faster the speed, the stronger the scalability, which leads to better scalability. The database backup on DAG storage chain provides an extra layer of security for businesses.
- Cytrix, allows GPU to be shared. Nodes can contribute part of their GPU to the network, in return for compensation through the Proof of Contribution mechanism. The contributed GPU can aid enterprises or individuals in data modeling with federated learning.
- Federated Learning Platform, enables data to be monetized. Federated Learning is a distributed machine learning workflow. The datasets are first trained locally, and the data of all parties is kept locally, without revealing privacy or violating regulations. Individual terminals return trained models to the server to create a shared model. Effectively protect data privacy and security, solve the problem of information silo, and thus realize the value of data. The platform will also provide algorithms to support data modeling operations by enterprises and individuals.
How Many CVT Coins Are There in Circulation?
CyberVein launched its project on March 26, 2018 with 2,147,483,648 (~2.1 billion tokens) CVT tokens created at genesis.The token is pre-mined and has a fixed supply. CyberVein avoids creating inflation in the supply of tokens, a technique used in some token economies, as this method implies that the token holders subsidize the applications’ activity on the network. Instead, CyberVein is designed to operate in the long term in a sustainable fashion relying on big-data service fees from DAVE alliance.
To subsidize network activities during the network’s bootstrap phase, a capped pool was allocated (see “Long-term Reserves” below) and dedicated for both expanding the ecosystem and for providing proof-of-contribution token rewards.
50% Pool 1 – Long-term Reserves
30% Foundation Funds for Long-Term Reserves
15% Technology Development
5% Marketing events
36% Pool 2 – Private Sale
10% Pool 3 – Team and Founding Partners
4% Pool 4 – Advisor
Who Are the Founders of CyberVein?
CyberVein big-data solution was created by CV Technology Foundation, and it’s whitepaper was authored by Arthur Yu and Jack Ge.
Both will continue to be members of CyberVein’s executive team, with Arthur serving as Global Director and Jack as Global Ambassador.
Where Can I Buy CyberVein Token (CVT)?
CVT is available through Poloniex, Bittrex Global, OKEx, MXC, Bitbns and many other exchanges. Some services will allow you to use fiat currencies to make a purchase, either through a bank transfer or a credit card.
What Makes CyberVein Unique?
Rather than a blockchain project, CyberVein is more of a blockchain based big-data solution, therefore CyberVein is more focused on securities concerns on enterprise level database usage, as well as feasibility of standardized and legalized data monetization. Since nowadays there’s growing concerns over data privacy breach and data losses due to database failure.
With PISR database installed on the server, a consortium database will be formed around servers where only the client have access to (no different than any other databases), the database create enough distributed redundancies, and the states and actions of databases will be recorded on the blockchain, which acts like a time machine. This leads to:
A single point of failure will not cause loss of data on the database.
Databases could rollback in accordance to the blockchain hash.
Any malevolent actions will be recorded and visible within the consortium database, and denied.
Provides a functional interface for supervisory audits, supports supervisory audit access, and supports comprehensive blockchain index monitoring to ensure operational quality
On the other hand, the DAG storage chain mirrors a sharded copy of the database, which is not limited to the consortium database, but stored globally, as an extra layer of safety.
The federated learning platform is not a product, but rather an innovative workflow that allows machine learning training to be done locally on the terminal instead of a centralized server. This means sensitive information never leaves the server or seen by anyone.