This is a detailed guide to buy DeepBrain Chain which goes by the symbol DBC. Apart from learning how to buy DBC, you will also learn where to buy DBC. The guide will also explain where to store DBC and how to setup DeepBrain Chain Wallet.
About DeepBrain Chain
DeepBrain Chain is tapping into the Artificial Intelligence. The DeppBrain Chain team wants to cut down the costs involved in the Artifical Intelligence Computing by taking it to the Blockchain. DeepBrain Chain will provide the network power to the users at a cheaper cost. DeepBrain Chain utilizes the resources of the miners to supply computational resources to the users who need it for the AI products. As a result, the miners are given DBC as compensation.
DeepBrain Chain also makes the computing flexible. If the computational demands increase, it handles the load by utilizing the idle nodes on the network. DeepBrain Chain takes strict security measures to protect its nodes from hackers. DeepBrain Chain originates out of China. The DBC token is based on NEP-5 protocol which is basically the NEO protocol.
How to buy DeepBrain Chain (DBC)
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 DBC (BTC -> DBC)
- Now that we have got the Bitcoin in Kucoin wallet, it’s time to trade it for DBC.
- Open Kucoin and log in.
- Now click on Market.
- In the search box, type DBC.
- DBC will appear now, click on the coin to open it in exchange.
- By default, the trade will be set as DBC/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 DBC 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 DBC in your DBC wallet at Kucoin.
Step#4: Store DBC in DeepBrain Chain Wallet (Neon Wallet)
Now that we have purchased DBC, 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. Fortunately, DBC has its official wallet named as the NEON wallet. This is because DBC token belongs to NEO, so the NEO wallet can store GAS as well. There are web wallets, desktop wallets, Android and iOS wallets and even hardware wallets. For DBC we will go with the desktop wallet.
- Go to NEON Wallet page.
- Scroll down and click on the Windows icon. If you want any other wallet, you can choose that as well. For the tutorial, we are using the desktop Wallet for Windows.
- The Windows link will take you to their Github page. Download the latest version of the wallet now.
- Unzip the wallet zip file on your computer now.
- Launch the NEON.Setup.0.1.xxxx.exe file.
- It will open your NEON wallet.
- Now click on “Create a new wallet”.
- Enter the passphrase for wallet and then name your wallet.
- Now save the private key and other details. It’s suggested to print them. You will also get your Public Address right after creating the wallet. This address will be used to receive all the NEP-5 Tokens.
- Now open Binance > Funds > Withdrawals > Select DBC > Paste your Wallet address and send the tokens to your desktop wallet.
- If you want to access your funds, simply open the NEON Wallet and then click on Login using a saved wallet. From the drop-down, select the wallet you just created and enter the passphrase to log in. After logging in, you will be able to see your balance. There’s a send tab that can be used to send the tokens and there’s a receiving tab that shows your public address with a QR code.
More information on DeepBrain Chain:
- DeepBrain Chain Price Tracker – CryptoPit Coin Price Tracker
- DeepBrain Chain Official Website – deepbrainchain.org
- Reddit Community – r/DeepBrainChain/
- DeepBrain Chain Wallet – Neon Wallet
- White Paper – White Paper Link
- Github – Github Repository
- Exchanges – Kucoin | Huobi | Lbank | Gate.io
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.