How to buy DECENT (DCT)
The DECENT network is aiming to liberate access to online content through the use of its decentralised blockchain. Read on to find out how you can obtain its DCT coin.
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Depending on where you are in the world, you might be restricted from accessing certain content – whether it’s news, social media or movies. DECENT plans to remove domestic, national and government censorship through its custom-built blockchain. As the DCT coin is still in its infancy, you will need to trade bitcoin in order to acquire some. Read our step-by-step guide below to find out how.
Where to buy DECENT (DCT)
A step-by-step guide to buying DECENT (DCT)
Buying DECENT for the first time requires an extra step, insofar as there is no direct fiat currency pairing such as AUD/USD/GBP. Furthermore, bitcoin is the only coin that can be used to purchase DCT. As a result, we will guide you through the buying process using Bittrex, as it had the majority of trading volume on the DCT/BTC markets at the start of 2018.
Step 1. Create an account at Bittrex
You’ll need to visit the Bittrex website and open a new account. Enter your email address, a strong password and set up two-factor authentication for added security.
Step 2. Deposit funds into your account
The only currency pairing available against DCT is bitcoin (BTC), so you’ll need to fund your account using it. If you don’t currently hold bitcoin, or you don’t know how to buy it, click here to follow our step-by-step guide.
Once you’ve obtained some BTC, click on "Wallets". Look out for the BTC icon, and click on the "+" sign displayed next to it. You should be able to see a long set of alphanumeric characters – this is your personalised wallet address, so copy it to your clipboard. Now head over to your bitcoin wallet, paste in the Bittrex address and transfer the required amount over. It should only take a few minutes for the funds to reach your newly created account, so refresh the page until you see the funds in your “Wallets” page.
Step 3. Buying DCT
Once the BTC funds have arrived, click on the "Bittrex" button at the top of the page, and look for the search box which is displayed to the right hand side of the "Bitcoins Market" section. Search for "DCT", and then click on BTC-DCT. You will now be presented with the trading box.
When you enter the amount of coins you want to buy, the box will update with the equivalent BTC amount. Finally, click "Buy DCT", and your trade should be filled immediately. To check that the trade went through, go back to the “Wallets” section and check your DCT account balance.
How to sell DECENT (DCT)
If you want to sell your DCT coins, the only currency pairing available to do this with is bitcoin (BTC). The selling process is the same as the above buying guide, however please ensure that you click on “Sell DCT”.
Which wallets can I use to hold DECENT (DCT)?
The DCT coin is not compatible with the ERC20 standard, which means you will be limited in how you can store them. The only wallet that has the capacity to hold DCT is Freewallet, which is only available for download on Android. It’s important that you have access to this wallet, as storing your coins on an exchange doesn’t give you total control over your DCT.
How DECENT (DCT) works
Matej Michalko and Josef Sevcik, the duo behind the DECENT project launch in 2016, wanted to create a decentralised, independant network that would allow anyone to share or publish digital data on the Internet. The founders claim that, ordinarily, authors looking to publish their material have to do so through an intermediary – essentially handing over control of their content. In response, the DECENT blockchain will provide users from all over the world with access to the data in a secure and transparent format.
The currency that will fuel the project will be its DCT coin, which will allow artists to set their own pricing structures for music, books and videos, and buyers will be able to purchase them. To support the regulation and integrity of the market, the DECENT network utilises the delegated Proof-of-Stake (DPoS) consensus, which relies on the mining community to generate new blocks every 5 minutes. This will ultimately ensure that transactions can be validated, and remove the threats of cyber malpractice.
Real world applications for DECENT (DCT)
The primary focus of the DCT coin is to allow content owners to sell their material, and for consumers to purchase it. The coin will also act as an incentive for the mining community, as they will be rewarded for using their excess computing power to keep the network safe, operational and transparent. Outside of the DECENT network, the coin has limited usage, not the least because of the scarcity of compatible wallets.
What to consider if buying DECENT (DCT)
If you’re considering buying into the DECENT project, it’s important that you understand the risks. The Cryptocurrency markets are extremely volatile, and there is no guarantee that you will make any money.
The first major issue that buyers need to consider is the availability of supported wallets. For a project that had its initial coin offering back in September 2016, it’s curious that the developers have not yet released a user friendly way to hold coins across all of the key device types.
Nevertheless, the diverse backroom team at DECENT have secured a partnership with gaming platform Dragonfly, who claim to have more than 100 million active users per month. Furthermore, their roadmap targets for 2018 include the release of the DECENT app store, and a voting system for the community to suggest ongoing improvements.
Finally, by the end of 2019, the DECENT team hopes to be manufacturing its own devices that will enable its network to be plugged directly in to any Smart TV. Only time will tell whether these objectives can be met.
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