Buy DigixDAO or DGD Crypto currency meaning by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about what is Buy DigixDAO or DGD Cryptocurrency.
What Is DigixDAO or DGD Cryptocurrency?
DigixDAO (DGD) is one of the many peer to peer open-source cryptocurrencies which runs on the Ethereum network using the smart contract technology. What makes DigixDAO really stand out is the fact that it is issued against real gold, similarly to the traditional currencies. DGD coins represent gold bars that have gone through a Proof of Asset (PoA) protocol such that they can be proven to exist on the Ethereum Blockchain.
Besides DGD, Digix has created another Ethereum token, DGX. DGD token holders receive a pro-rated reward on the transaction fees of the DGX gold network on Ethereum.
Incorporated in Singapore in Dec 2014, Digix collaborated with Ethereum foundation to bring the network on Ethereum blockchain and DigixDAO was launched in Jan 2016.
How to buy DigixDAO (DGD)?
If you are new in the crypto-verse, you are probably wondering whether you can buy DigixDAO with your local currency via popular payment methods such as credit cards. Unfortunately, DGD currently cannot be purchased directly with credit card.
It seems that you can only buy it directly with fiat money on Livecoin – an exchange that does not provide any information about the company behind it. Besides, its customers complain about slow customer service and the slow payment processing. It supports bank transfer, as well as other payment methods, most of which, however are not very popular outside Russia.
That is why we suggest that you buy Bitcoin or Ethereum first and later exchange it for DGD. Here are the exact steps:
1. Buy some Bitcoin or Ethereum (we suggest the latter, as DGD is a ERC-20 token).
You can do that on quite a few exchanges, yet we recommend Coinbase. It is a reliable entry-level service, as it holds a NY BitLicense and accepts credit card and bank wire payments. Besides, it operates in more than 30 countries and also accepts clients from the EU.
As Coinbase supports only BTC, ETH, and LTC, you need to open an account with some of the platforms that allow you to exchange your newly acquired ETH for DGD.
2. Sign up with another exchange that supports DGD.
It is listed on many cryptocurrency exchanges, but it seems that it is mostly traded on Binance, Huobi, and OKEx.
3. Transfer your ETH from Coinbase to the other exchange of your choice.
4. Exchange it for DGD.
5. Store your newly acquired DGD coins in a secure wallet.
As DigixDAO is an ERC-20 token, you can use MyEtherWallet (which can store any coin on the Ethereum blockchain, including DigixDAO), Mist, MEW, as well as hardware wallets such as Ledger or Trezor.
If all that crypto hassle sounds too complicated to you, you have yet another alternative – trading in cryptocurrencies without actually owning a coin (which involves wallets, private keys, accounts in different exchanges, etc). You can trade in Bitcoin and other popular coins with forex brokers, some of which are more reliable than most exchanges, because they are properly licensed and monitored by the respective governmental agencies. Sadly, none of them supports DigixDAO (DGD) yet.
How to Buy DigixDAO or DGD Cryptocurrency Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about how to Buy DigixDAO or DGD Cryptocurrency.