A beginner’s guide to buying, selling and storing Dentacoin in Canada.
If you want to know how to buy or sell Dentacoin (DCN), the digital currency designed for the global dental industry, you’re in the right place. Keep reading for step-by-step instructions on how to buy and trade Dentacoin.
Quick guide: How to buy Dentacoin in Canada
- Visit the Changelly website.
- Select USD in the “You have” box and enter the amount you want to spend.
- Select DCN in the “You get” box and click “Exchange!”.
- Register for a Changelly account.
- Enable two-factor authentication.
- Enter your DCN wallet address.
- Review transaction details.
- Click “Confirm and make payment”.
- Click “Pay with Visa/Mastercard” and enter your phone number.
- Enter your credit card details.
- Wait for your phone to ring and then enter the four-digit code provided.
- Obtain the three-digit transaction code from your credit card statement and enter it on Changelly.
- Changelly will complete the purchase for you.
This is our quick guide to just one way to buy Dentacoin. Compare some other options in the table below.
A step-by-step guide to buying Dentacoin
There are two options to choose from when buying Dentacoin:
- Buying DCN with fiat currency. While there’s currently no way to directly buy Dentacoin with Canadian dollars (CAD), it is possible to purchase DCN with your credit card through a crypto exchange that accepts USD payments.
- Buying DCN with another cryptocurrency. The second option is to acquire a cryptocurrency listed in a trading pair with DCN, such as bitcoin (BTC) or Ethereum (ETH), and then exchange it for Dentacoin.
Keep reading for step-by-step instructions on how to purchase Dentacoin using both of these methods.
Buying Dentacoin with fiat currency
Here’s an example of how you can buy DCN with fiat currency (USD) on Changelly:
Buying Dentacoin with another cryptocurrency
If you want to exchange another digital currency for Dentacoin, here’s an example of how to do it:
How to sell Dentacoin
If you decide you want to sell your Dentacoin holdings, you’ll need to click through to the “Exchange” page and search for your desired trading pair just like you did in step 4. However, make sure you use the “Sell” box this time around when entering your transaction details.
Remember too that DCN is only listed in a small range of trading pairs, so you may not be able to directly trade your coins for the currency you want.
Which wallets can I use to hold Dentacoin?
Dentacoin’s DCN tokens are ERC20 tokens on the Ethereum blockchain. This is good news when you’re looking for somewhere to store your DCN, as there are plenty of ERC20-compliant wallets available.
Dentacoin lists a range of wallets that support DCN on its website. Some options you may like to consider include:
- Jaxx (desktop, mobile and web browser extension wallet)
- MyEtherWallet (web wallet)
- MetaMask (web browser extension)
- Coinomi (mobile wallet)
- Exodus (desktop wallet)
How Dentacoin works
Your pearly whites may not be the first thing that comes to mind when you think of cryptocurrency, but maybe one day they will. Dentacoin is an Ethereum-based blockchain platform that wants to become “the blockchain solution for the global dentistry industry”.
The Dentacoin platform is designed to support the dental community by creating a range of tools devoted to improving the quality of dental care worldwide. People who use and implement these tools will receive Dentacoin tokens as a reward, which they can later use to pay for their dental treatment or to purchase dental products.
Dentacoin’s features will include:
- Reviews. Using a cryptocurrency reward system, customers can be properly incentivized to leave honest, verified reviews of their dentists, while practitioners can have the quality of their work verifiably recognized.
- Database. A centralized warehouse for people’s dental history.
- Gamified mobile app. A system to help people engage with the Dentacoin app, play tooth-hygiene-related mobile games, improve dental care habits and reward people with DCN for doing the right thing.
- DentaVox. A market research hub, where a machine learning algorithm identifies high-quality answers from participants and rewards them with DCN.
- Dental insurance. Smart contract dental insurance policies negotiated directly between an individual and their dentist. These will be backed up by connection to the wider Dentacare network, ensuring it still holds its purpose in the event of a dentist’s insolvency, death or other “contract default.”
- Trading platform. A complete dental trading platform, bringing together manufacturers, distributors, practitioners and patients.
What to consider before you buy Dentacoin
Before buying Dentacoin or any other digital currency, make sure you research how the coin works and what factors could potentially affect its price. Cryptocurrencies are volatile and also complex assets, so you need to carefully assess the risks involved before purchasing.
If you’re thinking of buying DCN, consider the following factors:
- Supply. According to CoinMarketCap, at the time of writing in September 2018, the circulating supply of Dentacoin is 325,226,613,094 DCN, out of a total available supply of 1,963,173,416,170 DCN. Maximum supply is capped at 8,000,000,000,000.
- Distribution. Approximately one-quarter of this maximum token supply was distributed in the project’s 2017 ICO and other pre-sales. The remainder are held by timelock smart contracts for gradual distribution from 2018 to 2042. Inflation will be 1.9% in 2018 and will increase year on year to a peak of 9.5% in 2024, after which it will start decreasing again. From 2030 onward, it will sit at 1.9% a year.
- White paper. If you want more info about what Dentacoin aims to achieve and the technology behind the platform, check out its white paper.
- The battle for adoption. At the time of writing in September 2018, there are more than 4,000 dentists in the Dentacoin ecosystem and dental practices, labs and shops in 16 countries that accept Dentacoin – a long way off global adoption, but it’s a start.
- No dedicated competition. While there are other crypto projects focused on adoption across the health care industry, there are no other competitors specifically focused on dental care. That said, it’s up to you to decide whether there’s a real-world use case for DCN tokens.
Considering these and other factors will help you make an informed decision about whether or not you should buy Dentacoin.Back to top
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.