How to buy Dentacoin
A beginner’s guide to buying, selling and storing Dentacoin in Australia.
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Dentacoin is a blockchain and token that focus on the global dental industry, and has labeled itself the "Bitcoin of Dentistry." Dentacoin was launched in 2017 and has a maximum supply of about 8 trillion DNC coins.
Where to buy Dentacoin
DCN is available on a limited number of cryptocurrency exchanges, including:
A step-by-step guide to buying Dentacoin
Want to buy Dentacoin? Follow these simple steps:
Step 1. Create an account on a cryptocurrency exchange that supports DCN
Depending on the exchange you choose, DCN can be traded with Australian dollars (AUD), Bitcoin (BTC) or Ethereum (ETH). You'll need to provide your email address and create a password to register for an account, while it's also recommended that you set up two-factor authentication to provide an extra level of security.
Step 2. Deposit funds into your account
Many cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you'll usually need to own or buy BTC or ETH first.
The exact process for depositing funds into your account varies depending on the exchange you choose.
Step 3. Buying DCN
The final step is to trade your chosen currency for DCN on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
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 2. However, make sure you use the “Sell” box this time around when entering your transaction details.
Remember 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 incentivised to leave honest, verified reviews of their dentists, while practitioners can have the quality of their work verifiably recognised.
- Database. A centralised 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:
- 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.
- 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.
Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.
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