This is a detailed guide to buy DragonChain which goes by the symbol DRGN. Apart from learning how to buy DRGN, you will also learn where to buy DRGN. The guide will also explain where to store DRGN and how to setup DRGN wallet.
DragonChain is a business ready blockchain platform and also an ecosystem. It uses a serverless platform to power up the businesses. DragonChain makes the use of programming languages like Java, Python, Node and C#. DragonChain was originally launched by Disney. Apart from being a Platform, DragonChain is an incubator and a marketplace as well. The DragonChain tokens are called DRGN. The DRGN is an ERC-20 Token and it runs over the Ethereum Blockchain.
How to buy DragonChain (DRGN)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Kucoin
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Kucoin now.
- First of all, open Kucoin website and sign up. Use this link to sign up on Kucoin to earn a little bit of reward. Verify your identity as per the requirements of Kucoin.
- Now on Kucoin, click on Assets > Deposit > Select Bitcoin in the Coin drop-down.
- Copy the Bitcoin deposit address from the deposit menu and look at the next step now.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Kucoin Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Kucoin wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Kucoin Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Kucoin wallet in a few minutes.
Step#3: Trade Bitcoin for DRGN (BTC -> DRGN)
- Now that we have got the Bitcoin in Kucoin wallet, it’s time to trade it for DRGN.
- Open Kucoin and log in.
- Now click on Market.
- In the search box, type DRGN.
- DRGN will appear now, click on the coin to open it in exchange.
- By default, the trade will be set as DRGN/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of DRGN you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get DRGN in your DRGN wallet at Kucoin.
Step#4: Store DRGN in MyEtherWallet
Now that we have purchased DRGN, it’s time to store them in a wallet. It’s very common for exchanges to get hacked. It is always recommended to store your tokens in a wallet. The official wallets of the tokens are secure as the developers use cold storage to store them. There are web wallets as well. Since DRGN is basically an ERC20 token and it runs on Ethereum Blockchain, we can store it on MyEtherWallet as well. Here’s how you can store it right now.
- Open MyEtherWallet and sign up.
- Save your private key and the KeyStore file somewhere safe.
- As you are done making a wallet on MyEtherWallet, click on view wallet info.
- Choose your method of login. In the screenshot, I used the KeyStore file method.
- As soon as you get into your MEW, you will see your wallet address.
- This wallet address is the same for all ERC20 tokens. You do not need a specific address for DRGN, the address displayed on the homepage of MyEtherWallet will work.
- Now open Kucoin > Assets > Withdraw > Select DRGN > Paste your Wallet address and send the tokens to your desktop wallet. That’s all.
- Your deposited DRGN tokens will appear under the Token Balances tab.
More information on DragonChain:
- DragonChain Price Tracker – CryptoPit
- DragonChain Official Website – Dragonchain.com
- DragonChain Reddit Community – r/DRGN
- DragonChain Wallet – MyEtherWallet
- DragonChain White Paper – White Paper Link
- DragonChain Exchanges – Kucoin | EtherDelta | Gate.io | CobinHood
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.