Disclosure: The publisher of CSP owns DIG, Bitcoin, Bitcoin Cash, Etherum, Litecoin and 4-5 other cryptocurrencies. Cryptocurrencies are a speculative investment. Do not buy/invest more money than you are willing to lose. You may experience great gains, or the loss of everything. Part of the risk of trading cryptocurrencies is the security of the exchanges which presently are less regulated than banks or brokers. Even if you follow the security recommendations offered here, recognize that risk of hacking or other security breaches still remains. The Livecoin site appears to be a Russian or Russian/Ukranian operation. The buyer should understand that opening any crypto exchange account is done at their own risk. The opinions offered here are for informational purposes only. Consult a financial advisor for investment decisions.
This is the general procedure to follow. If you have problems, check back for updates to specific steps.
Updated 5/03/18, 5/04/18, 5/05/18, 5/28/18, 6/03/18, 6/13/18
The Dig crypto is beginning to rise and some analysts believe it could rise as much as 1000% or more in the next few months. May 11th was supposed to be a key date for a major DIG announcement, but the major announcements were delayed until the end of May and the first of June. Key dates were then supposed to be May 30th and June 1st. These dates have also been missed. At that time the Arbitrade exchange was supposed to be up and running online – created by the same company – and DIG as well as other company tokens were supposed to be open to trading on up to 14 exchanges. The market is still looking towards these events. Though the company appears to be legitimate, well-financed, and moving forward (For example, see this article) it is clear they have been overly-optimistic about meeting deadlines.
In the opinion of CS, there are several events that must happen at this juncture to drive the price of DIG up significantly and permanently past the $.10 – $.17 range. They are listed here:
- Bermuda licensing completed and publicized
- ICO initiated
- Arbitrade Exchange online and functioning (slated now for August – September 2018)
- DIG released to the 12 -14 other exchanges that the company has promised
- Evidence that the DIG token and volume are linked to and backed up by $1 in gold bullion
Any one of these events, which could occur in a slightly different order, could drive the price of DIG higher, up to its all time high or even higher (its all time high is about $.28). Further delays could result in a lower price.
As of present DIG can only be purchased on the Livecoin exchange. If you plan to purchase DIG you should sign up for company updates on the Cryptobontix or Arbitrade websites. For moment by moment updates of the DIG price in Bitcoin and US dollars, see here.
When this was initially written on 5/02/2018 DIG was at approximately 16.5 cents US, and .00001818 BTC. As of 5/28/18 DIG is trading in the $.11-$.15 range. As of 6/03/18 DIG is trading again around $.165. As of 6/13/18 DIG is trading close to $.10
Currently, the easiest way to purchase DIG is with Bitcoin (BTC) or Ethereum (ETH). Purchasing this way will probably take up to 11 days before you can use Bitcoin or ETH or some other crypto in your Coinbase account* to purchase DIG on Livecoin. Delays may depend on how long your account has been open and the total balance in your account. Consult Coinbase for details. For a speedier process, see Part 2 on Livecoin below. Fulfilling each Part of the process of setting up accounts should take about 30 minutes.
*There may no longer be a 7 day delay for the reception of Bitcoin or other cryptos after your purchase on Coinbase, though this may only be for established clients, not new ones. Or it may be that trading and transfers – and the amount available for transfer – are dependent on the amount in either or both of your checking and Coinbase accounts. Check the Coinbase site and the Deposit process to confirm.
Part 1 – Setting Up A Coinbase Account (7 Day Delay to Purchase DIG)
This is the procedure for purchasing DIG as well as four of the top crypto’s held by Coinbase:
- Open an account using your personal computer (important) on the Coinbase Exchange here
- Once you are signed into the Coinbase Exchange set up Google Authentication as a security measure. This is important to do on all of your crytocurrency exchange accounts, including the Livecoin Account you will open to purchase DIG. To begin this process go to Settings, then Security.
- To set up Google Authentication follow the procedure when you go to this link.
- In general:
- Download the Google Authenticator onto your Iphone or other mobile device (Go to Apps, search, then download)
- Scan the Iphone to the appropriate place on the Coinbase account, which you will need to open on your personal computer
- Once it is scanned it will prompt you through the rest of the set up
- You now have 2 Factor Identification on your account – a security safeguard
- When you Log In from now on you will enter your Username and Password, then you will be directed to fill in a Google Authentication number. You will get this 6-digit number from the Google Authenticator that you downloaded onto your IPhone or mobile device.
- Now, on the Coinbase account, link your checking account to your Coinbase account, following the prompts as shown on the Coinbase account
- You may also need to set up wallets for each crypto you purchase – follow the prompts on Coinbase to implement
- If you want to have a well-diversified holding of cryptos (recommended) you may want to buy equal amounts of all 4 cryptos on Coinbase: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. When the purchase is made it will draw directly from your bank account.
- Coinbase has a good reputation thus far for integrity, reliability, and security, but no crypto exchange is as well regulated as a bank, or a broker like TD Ameritrade at the present time. This is another risk of trading crypto’s.
- For this reason, you may want to establish a dedicated checking account to link to the Coinbase Exchange. At a minimum, limit the funds you hold in the checking account that you link so that, in the rare event someone hacks your account, only a small amount of bank funds will be stolen.
- Coinbase presently only offers these 4 primary cryptocurrencies. Other sites like Livecoin, Kraken, and Binance offer more choices, but may, or may not, have quite as good a reputation for efficiency and safety as Coinbase. The perspective here depends on which source you consult to a large degree. More than one source places Binance in the top level of crypto exchanges; and Kraken was chosen by regulators to sort out the Mt Gox failure.
- If you are going to use Bitcoin, or Litecoin, or Ethereum to purchase DIG (all valid options on Livecoin), you may want to buy more of that particular crypto.
- When you buy a crypto on the Coinbase site, it usually takes 7-9 days for it to arrive in your account so that you can send it to an external account or exchange, but this may be dependent on how long your account has been open and the balance in your account. Consult Coinbase for details.
- Go to the Livecoin website and open a Livecoin account (see Part 2, below, for process) so that you will be prepared to transfer Bitcoin and Buy DIG when your Coinbase crypto arrives
Part 2 – Setting Up A Livecoin Account To Purchase DIG Immediately, Or After Crypto Arrives in Coinbase Account
- Go to the Livecoin website and sign into your Livecoin account on your personal computer. You will need your phone to download the Google Authenticator. For procedure go to this link.
- Once you are signed into the website, go to Account, then to Security to set up your Advanced 2 Level Security with Google Authentication
- Follow the prompts on the site and the procedure on the above link to set up Google Authentication on your Livecoin account
- Once security is set up, click on Deposit in the black strip at the top of the website page – you will be taken to a page that lists the cryptocurrencies
- If you want a speedier process of making a purchase on Livecoin than waiting the 7 day period on Coinbase for your crypto to appear, scroll to US dollar on this page and click Deposit
- To deposit in US dollars you will either have to already be enrolled or enroll in one of the 4 payment services you see listed.
- Google these payment services, choose the one you are most comfortable with, and sign up and try to work through the process. Warning: You might not be able to fund the Exchange account with US dollars or if you are a US customer. Livecoin is rumored to be a Russian run website and apparently uses Russian/Ukranian and other foreign money changers. Let the buyer beware!
- If you can figure out how to deposit US dollars on an exchange, then you should be able to proceed thru a similar process as below in setting up a deposit. In several attempts to try this we failed – but maybe someone else out there will have more success.
- Scroll down to Bitcoin/BTC on this page and click Deposit – this will bring up a window with a Deposit Address, a series of letters and numbers
- Copy this Deposit Address (sometimes called a key)
- Now return to your Coinbase account webpage
- Once there, click on Accounts
- A page will show with your wallets for each crypto that you own
- Click on ‘Send’ under BTC (Bitcoin) Wallet
- Fill in the amount of Bitcoin to send then follow the prompts
- Paste in the address you copied from Livecoin when prompted and confirm the send
- Within about 4 hours or so you should receive a confirmation from Livecoin in your email account that you have received Bitcoin funds – though exchanges appear to be improving on this score and you may receive confirmation of the sale and confirmation of the reception of funds within the half hour
- Once confirmed on Livecoin, proceed back to your Livecoin site and buy DIG
- Buy DIG on Livecoin by clicking on Buy/Sell – Trading.
- When the Trading page appears scroll to the DIG/BTC pair on the left and click on that – the DIG/BTC chart and prompts for trading should appear.
Part 3: How To Sell DIG And Liquidate Funds
It is recommended that, as you have gains in DIG or any other cryptocurrency, especially on the Livecoin website, you sell a portion of those gains and liquidate the funds into a secure banking account. Again, this is a speculative investment and assumes investing only what you can afford to lose. A good policy is to liquidate shares equal to your initial investment once you have experienced 3x the gain of the initial investment, letting the rest ride to acquire more gain, if possible.
- Sign on to your Livecoin account
- Go to Buy/Sell – Trading
- Sell DIG for BTC or ETH one of the other major cryptos on Coinbase
- Transfer BTC or other crypto from Livecoin to your Coinbase account
- Sell BTC on your Coinbase account and liquidate it to your linked bank checking account
Also see, Analysis And Update On DIG
See the Common Sense Money Home Page and this link for Updated posts and information on DIG/Arbitrade.