A Guide To Buying Dragonchain DRGN
In this guide we will be explaining what is and how to buy Dragonchain, a virtual currency that has captured the attention of several investors from all over the world.
What is Dragonchain?
DragonChain (DRGN) is a blockchain and cryptocurrency that that was originally developed by Walt Disney Inc. back in 2014. At the beginning it was known as the ‘Disney Private Blockchain Platform,’ but later it became open source.
The network allows companies to start using blockchain applications securely, easily and privately. Additionally, they aim to create a product that is compatible with the development stack that companies are used to such as Java, C++ or Python.
The platform uses the Dragons cryptocurrency (DRGN) to operate an incubator, a marketplace, a blockchain and a business platform.
If you’re interested in purchasing or trading for DRGN coin, the following will show you how you can begin.
Create a Wallet
In order to start you will have to create a wallet to store your coins. You can use MyEtherWallet, a very important and known wallet in the market that is used by many investors to store their different tokens.
If you want to create the wallet, you need to enter here and write down a secure password that you would remember. After it, you will have to press ‘Create a New Wallet.’
In the second step, you will have to ‘Download Keystore File,’ and understand all the warnings. It is very important to have a backup of this file in several other devices such as USB drives.
After it, you will have an unencrypted private key to your wallet. It is very important to have the private key stored somewhere safe. For example, you can write it down or print it. If you save it in your computer or telephone, you may lose your coins if your device is infected.
The private key is very useful. Why? Because if you lose your device, if you do not have access to it, or if it just got destroyed, then you can recover your funds using the private key.
The best way to store your coins is in hardware wallet. This is a device similar to a USB and that allows every single user to store their private keys in a small device that is never connected to the internet.
Hardware wallets made by Ledger and Trezor support Dragonchain, meaning that you can have the coins properly stored.
If you have already completed the last steps, you will have now to open your new wallet. You need to select the ‘Keystore File’ option and upload the keystore file saved before. After it, enter your password and scroll down to see your open wallet.
In this screen you will see your personal wallet address, this is where you will be able to send the Dragonchain coins that you will purchase.
If you’ve created your wallet, the next step is purchasing Ethereum, in order to exchange it for for Dragonchain on another exchange. At this point, DRGN does not have a path to buy it with “fiat” or nationalized currency; so you’ll need ETH (or BTC, or USDT) to do this. We recommend ETH for this.
If you have Ethereum, you do not need to do buy more, but you will need to send it to an exchange to turn your ETH into DRGN. Ethereum can be bought in many different exchanges including Coinbase Pro or Cex.io.
To start exchanging for Dragonchain, we will be using the Kucoin exchange that lists both Ethereum and Dragonchain. If you do not have an account in Kucoin, you will have to create one and start operating there.
Once you have your account ready to use, you will have to deposit the Ethereum bought before in Coinbase or another exchange. Go to your Kucoin account, search Ethereum, and press ‘Deposit,’ copy the address shown and send the ETH from your other exchange.
You will see that you will have the ETH already deposited in your Kucoin account, and you are ready to purchase Dragonchain coins.
In Kucoin, search for DRGN, select the amount you want to buy. Once you have selected all the parameters, you can press the ‘Buy’ button and have your own DRGN coins. As mentioned before, the best place to save and store your coins is a hardware wallet.
If you want to withdraw your coins from the exchange you will have to go to ‘Assets,’ select Dragonchain, and then press ‘Withdraw.’ In the ‘Address’ field, you will have to paste the address of your hardware wallet. Once the amount of DRGN tokens is selected, then you have to press ‘Confirm’ and follow the steps the exchange displays.