There are numerous reasons to invest in Digixdao DGD, many of which are not properly understood in the market at large. First of all, Digixdao DGD isn’t actually the token that’s linked to gold price. That’s the forthcoming DGX token which will be released with the Digixdao mainnet in the (hopefully) near future.
Digixdao is a project that has created digital gold. Each Digixdao DGX coin is equal in value to one gram of real, physical gold. The gold can be exchanged for DGX coins, 1 DGX/1 gram, by mail or in person.
Digixdao gold is purchased through the finest accredited gold suppliers in London, and the reserved gold supply is audited by trusted third parties. You can even tour the storage facilities to see for yourself!
Unlike banks, which may have only 10% liquidity onhand, the Digixdao price is steady because there is 1 gram of gold in storage for every coin in the entire network. This will never change, and it’s Digixdao’s key to success.
DGX has obvious uses. Because it is tethered to the price of gold, the digixdao price will not be as vulnerable to market turbulence as nearly every other coin. Like Tether (the coin linked in value 1:1 to the US Dollar), Digixdao will be a safe haven store of value, without having to cash out to fiat currencies.
Practically speaking, this will be a great way for crypto investors to “take profits”, without making their digital currency illiquid for future trading. It will also reduce dependence upon traditional banks, because meatspace gold (the most fundamental money of all) will have a digital equivalent anyone can buy.
People who want to invest in gold, but who are afraid to store it themselves, will be able to trust in the audited, transparent practices of Digixdao. This will increase access to the world’s oldest asset class for people who might not otherwise be able to realistically take on the responsibility of owning gold.
That’s DGX. DGD is something different. On sale now, Digixdao DGD entitles the holder to quarterly returns, which are made up of percentage distributions of transaction fees on the Digixdao network. Once the mainnet is released, Digixdao DGD will have more utility and the Digixdao price will also rise.
Only 2,000,000 Digixdao DGD will ever exist. That’s less than 10% of the Bitcoin supply! Scarcity is a major factor in the current and future Digixdao price. Get them while you can!
There are many ways to buy Digixdao and other Altcoins, with easy to use platforms such as eToro, Coinbull and 24option however we will go through the steps on Binance exchange to give you an idea of how simple it is to purchase Digixdao.
How to Buy Digixdao on Binance
If you want to buy Digixdao DGD on your own, perhaps because you wish to buy at a specific price potentially lower than the market order that would be completed by a third party broker, a Digixdao exchange like Binance is your best bet. Digixdao DGD is no longer traded at Bittrex, which formerly had the highest trading volume of Digixdao DGD in the world. As runner up, Binance is now the largest trading site of DGD.
Before you can buy DGD on Binance, you’ll have to have some Bitcoins. We recommend buying Bitcoin with Coinbase. Coinbase is trusted, serving millions of people who wish to trade basic currencies like the US Dollar for digital currencies like Bitcoin and Ethereum. Making an order with Coinbase is as easy as setting up a Facebook account. Link your bank account and make your order. Then go to Binance.
When your Bitcoins have arrived in your Coinbase digital wallet, they’ll be ready to trade. But first, you’ll need an account with Binance. Here’s how to do that.
Go to Binance.com and make an account. This will require you to input various kinds of personal information. Fortunately, Binance does not require you to put in as much detail (SSN, passport) as an exchange like Poloniex, at least for basic trading. Check your email for messages from Binance which will confirm and verify your account. If you don’t see them, check spam.
Once you’ve confirmed your new account, set up 2 factor authentication for your account. This is a way to greatly increase the security of this sensitive financial portal. The way it works is this: download the “Google Authenticator” app. This app gives you a 6-digit code, a new code every 30 seconds. When you log in to Binance henceforth, you’ll have to input your password and the 6 digit code. Someone who has your password but doesn’t have your phone to access the new secret code will not be able to get into your account.[/su_note]
How to Send Bitcoins to Your New Binance Account
In your new Binance account, hover you mouse over “Funds” and click “Deposits Withdrawals”. This will take you to a screen that contains your personal wallets for every coin supported on Binance. All of these will be empty to start. Go to the BTC wallet and click “Deposit”. This will show you the address for this wallet.
Copy this address and head back over to Coinbase (or wherever your Bitcoins are held). Click “withdraw” on your Bitcoin wallet that currently holds you Bitcoins. Paste your Binance Bitcoin wallet address into the necessary field. Perform your withdrawal and wait the few minutes or hours it usually take for the transfer to be confirmed and for the Bitcoin to be tradable in your Binance account. You can watch your transfer in progress via “Funds” > “History”.
How to Trade Bitcoins for Digixdao DGD on Binance
Now that your Bitcoins have arrived on Binance, it’s time to trade them for Digixdao. We do this by clicking on the “Exchange” tab and selecting “Basic”. This takes us to the primary trading platform where all coins supported by Binance are bought and sold.
On the right side of the screen you’ll see a list of all trading pairs. Type “DGD” for Digixdao coin into the little text box and this will get rid of all of the options except for DGD/BTC. Click this trading pair, then focus on the bottom of the screen in the portion we have squared in red in the image above.
Here, the present market price of Digixdao coin will be listed in price. All you have to do is put the amount of Digixdao Coin DGD you wish to buy right now, then hit “Buy DGD”. If you made a buy offer at the present Digixdao price, your Digixdao coin order will likely be filled in seconds.
But lets say you don’t want to pay the current market price. If instead you think you might soon have a better deal when the Digixdao price goes lower, you could specify a lower amount, hit “Buy DGD”, and wait for the market to turn your way and for your order to be filled. This is a Limit order.
Limit orders may take minutes, weeks, or years to be filled. Or they may never be filled because the price never goes as low as the one specified in the order.
How to Send Your Digixdao Coins to MyEtherWallet for Safekeeping
Digixdao DGD (Digixdao Coin) is an ERC20 token, meaning that it was released on the Ethereum blockchain. Like all ERC20 tokens, it is storable on MyEtherWallet, a free multipurpose digital wallet that lives online. Go to MyEtherWallet.com and create your first wallet.
When you’re creating your wallet, make sure to write down the secret/private keys and recovery phrase given by MEW. These are the only way you’ll ever recover your account if you lose your password or get locked out some other way. Make multiple copies and store in different spots.
Now, find your wallet address at the top right of your MyEtherWallet. It’s an alphanumeric code, the same code that you’ll send all ERC20 and Ethereum tokens in the future, providing this is where you wish to store them. Once you’ve coped it, head back over to your Binance Digixdao coin wallet.
Go to your Binance Digixdao Wallet. Click “withdraw”. Paste your copied MyEtherWallet address into the address line, specify how many Digixdao coins you wish to send (likely max), and then submit your withdrawal. You’ll be asked to confirm with an email sent by Binance. Do this and your withdrawal will be complete!
Check MyEtherWallet in a few minutes to an hour to make sure that your coins have arrived. When you see them, log out and know that with MEW your coins are much safer than they could ever be stored in an exchange like Binance.
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