A complete guide: Trade Blackbytes (GBB) against fiat and other coins

Nowadays, privacy has emerged as a paramount concern for many users. One useful solution to this concern is Blackbytes, a privacy-focused digital asset built on the Obyte platform. Blackbytes offers users a unique opportunity to transact securely and confidentially, shielding financial information from prying eyes.

However, the question arises: how can one exchange these privacy coins for other cryptocurrencies or traditional fiat currencies? We’ll show you ahead the details of exchanging Blackbytes inside and outside the Obyte ecosystem, exploring the methods, platforms, and considerations that come into play when transitioning between the world of privacy and mainstream finance.

It’s important to note that GBB is currently traded only against GBYTEs. We already talked about how to exchange GBYTEs to fiat money and other coins (and vice versa) in a previous article.

Exchange Blackbytes P2P

Blackbytes (GBB) is a decentralized and private form of cash in Obyte. Unlike the traditional (and transparent) GBYTEs, this asset divides the internal data of its transactions into two parts. One part is publicly available and registered in the DAG as an undecipherable hash, while the other is safely kept by the user in their wallet/device.

If anyone tries to find any evidence about Blackbytes transactions in the public Obyte explorer, they’ll just find a wall. Only the involved users have this data on their own devices (in the form of a digital file). However, the private data shared with the involved parties include preceding transactions, so the last users could actually learn some data from the previous users and their activities with this asset.

Therefore, Blackbytes isn’t listed in centralized exchanges (CEXs). They would handle large amounts of it and find out a lot about its history. Instead, Blackbytes was designed to be used in a fully decentralized manner, and it’s essentially a true peer-to-peer (P2P) coin. Its data can only be shared from individual users to other individual users, and it’ll always be available just for them. The digital file containing their transactions is stored on their devices and can’t be reached by anyone else.

Exchange GBB with a chatbot

To buy GBBs, you can go to the “Chat” section of the wallet, proceed to the “Bot Store,” and add the “Blackbytes.io Exchange.” This chatbot will guide you in the process, and you’ll only need to follow the instructions. Usually, the only thing you will do is type “Buy [amount] [address]” to view the current open orders. You select the most convenient order, confirm the payment in GBYTEs, and just wait for the new GBB balance to appear in the wallet — which is almost immediately.

Selling to GBYTEs is the same process with the bot.

Sending to someone else

You can also send your Blackbytes directly to someone else. The first method is pairing wallets (and devices) with your recipient. In the same “Chat” section, select “Contacts” and click “Add a new device”. You can either send them an invitation or accept an invitation yourself. Once accepted, the new device will appear in the contacts list, and you’ll be able to talk with each other privately.

The recipient can send you a payment request with the amount in Blackbytes or simply share their wallet address. Either way, you click on the request or address, select the payment to send, and that’s it.

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Another way to send Blackbytes is to make a textcoin (12 secret words) in the “Send” section of the wallet. After setting up the asset and amount, select “Share via message” to produce a digital file to directly share with your recipient via email, chat, etc. The transaction will stay on the DAG forever, impossible to change, steal, censor, or freeze, but the details will only be kept by the involved parties.

Exchange GBB with a conditional payment

Bound or conditional payments in Obyte enable users to establish specific conditions for money transfers. If the payee fails to fulfill their end of the agreement, the payer can securely reclaim the funds after a user-defined waiting period. This process operates in a peer-to-peer manner without intermediaries or escrows, relying on the cryptographic principles underlying the Obyte platform.

Essentially, it's a simple smart contract between two parties, ensuring trust without needing to rely on middlemen or additional systems. This way, you don’t need to trust others to trade GBB with them. You’ll only need to pair your wallets (Chat tab – Add a new device) and share your Obyte addresses via encrypted chat. The seller is in charge of sending the GBB first (and creating the contract). They can click on the counterpart’s address in the chat and choose “Pay to this address.”

Then, select the token used to pay (Blackbytes, in this case), set the amount, and click “Bind the payment to a condition.” In the blank section after “The peer receives this payment if,” select “I receive another payment of,” and set the amount and the token (only public tokens like GBYTEs). Finally, choose how long you can wait for the payment before you can claim the money back, and press “Bind payment” to start the trade.

If your trading partner doesn't send the expected funds within the time agreed, your previous payment can be claimed back from the contract without further issues. It’s important to note that this doesn’t work in single addresses accounts but only in multi-address accounts. They can be quickly created in the wallet (Home menu – Add Account).

After this exploration, we can see there are multiple paths to exchange GBB for other digital coins or even traditional money. Each option comes with its own benefits and considerations. As you explore these avenues, remember to factor in market trends, risk tolerance, and your individual goals to make informed trading decisions.

*Featured Vector Image by Freepik*