Dent Coin Withdrawal Processing
- Rapidly becoming known as “the 1st Global Mobile Data Marketplace”, Dent is a mobile app and currency exchange service that allows users to buy and sell unused mobile data.
- Mobile data is purchased with a currency called a dent coin, the signature digital currency of Dent Wireless, Limited.
- This article aims to better explain Dent, dent coins, and the dent coin withdrawal process. Read on to learn more.
What are Cryptocurrencies and Digital Currencies?
Digital currencies are also referred to as cryptocurrencies, a term which remains a bit nebulous and misunderstood by many users.
Basically, digital and cryptocurrencies are “a peer-to-peer electronic cash system.” In this case, a dent coin is the exclusive digital currency used within Dent to buy mobile data from other users.
The concept of digital and electronic currencies is fairly new, but growing weekly in prominence and usage.
The most prominent digital currency is likely Ven, which is traded in a number of floating financial markets.
Dent Coin Alternatives
While dent coins (otherwise known as DENT) can only be used within the Dent system, they are far from the only digital currency traded today.
Following Ven and dent coin, the most well-known digital currency is likely Bitcoin. Other digital or cryptocurrencies include Zcash, Litecoin, Ripple, Monero, and Vertcoin.
All of these cryptocurrencies are utilized in different ways, and not all of them are the same as cash. In the case of dent coin, the currency can only be used within the Dent exchange to purchase mobile data.
What is Dent?
Dent is a cryptocurrency exchange service that is attempting to “hack” or revolutionize the way that people use mobile data. Mobile data itself has become a commodity, with a limited number of entities – such as wireless service providers – controlling the cost and how data is dolled out. Dent attempts to remove the middleman from the equation by opening up a peer-to-peer mobile data exchange.
Dent Wireless LTD, the company behind dent coins, launched a crowd-sale of Dent on July 12th, 2017, which lasted for two weeks. Dent Wireless created 100 Billion DENT tokens as a way of launching the dent coin economy.
Today, Dent users use an Ethereum-based blockchain to donate and exchange mobile data. Dent coin currency is used to buy and sell mobile data within this exchange. The developers behind Dent hope to eventually make dent coin a global currency not unlike Ven. To say that this undertaking is ambitious is a massive understatement, but the Dent development group is committed to seeing the exchange reach international scale usage.
One of Dent’s primary selling points is that their exchange is very transparent, and that the mobile data bought and sold on Dent is priced very fairly. This makes the Dent exchange an appealing alternative for those that feel gouged by their mobile provider or handcuffed to mobile data restrictions.
Dent likes to use the term “democratizing” to describe their exchange. Dent’s view is that mobile data is extremely regulated and restricted, and their creation of an open exchange and mobile data economy is a revolutionary solution to a pressing problem.
The currency used in the exchange forum is known as DENT, or dent coin. The withdrawal and use of dent coins will be discussed in detail below.
To their credit, Dent is currently the gold standard for open mobile data exchange in the world. This particular market is still emerging, but Dent has cornered the current market for person-to-person mobile data exchange. Dent hopes to eventually use the data amassed from their exchange to help set the floating exchange rate for mobile data internationally. Again, their goal is to “liberate” mobile data from the select few that sell and maintain it – mainly those who sell and service mobile phones – and make it a prominent, freely-traded electronic currency.
Lastly, Dent’s end goal is to increase market competition for mobile data, and thus help drive down the cost of mobile data and data plans. Their plan to accomplish this is built on better transparency, as well as superior mobile data usage and utilization.
In addition to being the name of the exchange itself, Dent is also the name of a mobile app available for iOS and Android. Dent users primarily use the mobile app to complete exchanges.
How to Purchase and Use Dent Coin
DENT (dent coin) can only be purchased with other cryptocurrencies. So, for a user to obtain DENT, she or he needs to first purchase a universal digital currency such as Bitcoin or Ethereum.
This initial exchange needs to take place in a certain type of digital currency exchange forum. One of the more notable such forums is Qryptos, which interested parties can read more about via the link.
At an exchange such as Qryptos, your bank information will be securely taken, and actual cash can be exchanged for one of the virtual currencies noted above. Users will have to create an account.
Bitcoin and Ethereum are two of the most commonly used, but there are a number of different digital currencies to choose from on these exchange forums. Once a registered user has ample digital currency, he or she can then exchange this currency for DENT or dent coin. DENT will then be deposited to the user’s account on the exchange, or dent coin will be sent directly to the user’s specified wallet address.
How to Withdraw DENT
Once you have purchase DENT, it will likely be stored in a virtual wallet such as Ethos.
To withdraw DENT, from your Dent user account, simply key in the amount of dent coin (DTC) you would like to withdraw, and click “SUBMIT”. The dent coin will then transfer to your Ethos virtual wallet, where you can use dent coin to purchase mobile data from other Dent users.
Dent Coin Considerations
There are two main considerations when determining how investable the currency can potentially be. The first consideration is the need for mobile data. Most people probably purchase data plans through carriers such as Verizon Wireless or AT&T, and may or may not run out of mobile data on a regular basis.
Many users, particularly those who are not overly dependent on tech, likely do fine with a standard data plan from their wireless provider. While Dent would chafe at the idea of someone being content under an “oppressive” or restrictive data plan, the fact remains that many people have a level of comfort with their wireless provider and simply don’t need or want to treat excess mobile data like currency.
While the market may eventually shift as people become more and more dependent on mobile data and devices, at the moment the bulk of the population – particularly the less tech-savvy portion – would not seem to be interested in participating in a mobile data exchange.
Putting aside all other issues with digital currency, the other issue is that dent coin currency can only be used to purchase a single commodity, that being mobile data.
While there is certainly a demand for mobile data, and many might be keen to the idea of selling their unused excess data, the fact that dent coin currency can only be used for one commodity in one exchange puts a ceiling on how much people may want to invest into it.
Dent and Cryptocurrency Long-Term Outlook
There is some concern that the novelty of cryptocurrency may have worn off to a degree, based on how rapidly dent coin currency has crashed since its initial offering. As noted above, Dent originally emerged in July 2017, with an initial offering of $0.000628 per dent coin. This figure is low even by virtual currency standards, but the offering price was set in order to drum up interest and establish a virtual economic system.
Initially, there was very little dent coin trading. For the first five months following the initial offering, DENT traded at a very low volume, with average days consisting of $10,000 or less in dent coin being traded internationally. This figure is quite low within the cryptocurrency trade market.
The price of DENT rapidly ascended, eventually hitting a price of $0.082 per dent coin in June 2018. On June 6th, dent coin reached an all-time high trading volume of $97 million in one 24-hour period – an astronomical leap over $10,000 trading days.
Unfortunately, DENT crashed almost as rapidly as it climbed. As of this writing in August 2018, the DENT exchange rate is currently $0.0019. That’s a drop of over 98% against the all-time high in June.
Cryptocurrencies as a whole have been wildly volatile since their inception, as even seasoned investors do not know how to properly assess their long-term value. But those interested in purchasing or investing in DENT are currently about to purchase dent coin at an incredibly low rate.
The Future of Dent Coin
Cryptocurrencies as a whole are very likely to be a big part of commerce moving forward. But digital currencies such as dent coin are so new in the grand scheme of finance that accurately projecting their future is difficult to do.
That said, mobile data is likely to grow more valuable as a commodity, and Dent Wireless has a grandiose vision for the peer-to-peer exchange of mobile data. Even if you opt not buy into Dent today, digital currencies and the future of mobile data exchange are both topics worth monitoring.