How To Buy ConstitutionDAO (PEOPLE)?

A common question you often see on social media from crypto beginners is “Where can I buy ConstitutionDAO?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports ConstitutionDAO (PEOPLE)

First, you will need to open an account on a cryptocurrency exchange that supports ConstitutionDAO (PEOPLE).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase ConstitutionDAO (PEOPLE) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy ConstitutionDAO (PEOPLE)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for ConstitutionDAO (PEOPLE) or ConstitutionDAO (PEOPLE) trading pairs. Look for the section that will allow you to buy ConstitutionDAO (PEOPLE), and enter the amount of the cryptocurrency that you want to spend for ConstitutionDAO (PEOPLE) or the amount of fiat currency that you want to spend towards buying ConstitutionDAO (PEOPLE). The exchange will then calculate the equivalent amount of ConstitutionDAO (PEOPLE) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of ConstitutionDAO (PEOPLE) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is ConstitutionDAO (PEOPLE)?

ConstitutionDAO formed with one big goal in mind: Buy a rare copy of the U.S. Constitution from an auction at Sotheby’s.

The idea started up thanks to an exchange of semi-joking Twitter messages about making a bid on the 1787 first-edition printing. It is the first time in 33 years that one of the thirteen surviving copies of the historic document has been up on the auction block. The copy was previously owned by New York philanthropist Dorothy Tapper Goldman.

The idea to pool Ethereum (ETH) from thousands of crypto investors in order to make a group bid on a historic artifact was an instant hit.

After five days, the DAO had collected more than $4 million. One week on, and the crypto clan had pooled over $47 million worth of Ethereum, ahead of the auction. Everyone who buys in, they get a portion of the governance token of the DAO, and they can then use that token to vote on where the Constitution should actually be custodied.

There are 13 surviving copies of the original print of the U.S. Constitution. While the ConstitutionDAO coffers swelled with Ethereum, organizers were performing logistical acrobatics to find a legal path to make a legit bid.

DAOs don’t rely on banks to store their cash but are instead governed by smart contracts. These contracts are self-executing agreements that live on the blockchain, which is the name for the digital ledger that underpins cryptocurrencies. DAOs also lack a central governing authority and are led by decisions determined by votes made by its collective membership. The organizational structure runs contrary to many of the eligible bidder stipulations detailed by Sotheby’s.

According to the group’s FAQ, Sotheby’s does not allow DAOs to bid directly, nor did the auction house accept anything other than government-issued currencies for this lot, although it accepted the cryptocurrency Ethereum (ETH) for the first time ever for two works by renowned street artist Banksy earlier in the evening. Know-your-customer compliance is also required, which is hard for a collective comprised of thousands of investors.

To meet the criteria, ConstitutionDAO teamed up with a crypto exchange to convert its Ethereum to dollars, as well as a non-profit that made bids on the DAO’s behalf. The group also formed a corporation to help facilitate the transfer.

Unfortunately, as of the 19th of November the group, ConstitutionDAO, said in an update on Discord that they did not win the auction at Sotheby’s, which sold for a total of $43.2 million. The DAO’s organizers believed they would not have enough money to “insure, store, and transport the document” if they had made a higher bid.

Following this another statement was issued on their website, leaving it up to the collective to decide what happens next.

“ConstitutionDAO (2021-2021) was a beautiful experiment in a single-purpose DAO. We now believe this project has run its course.

The community has taken all actions that it was organized to accomplish: we raised capital, we bid at Sotheby’s, and upon losing, we made full refunds available to the community as promised.

Having lost the auction and following the core team’s choice to wind down, we would like to remind you that the tokens possess no rights, governance, or utility other than redeeming them for Ethereum from the smart contract held in Juicebox at a ratio of 1,000,000:1—the same ratio at which contributions were made to the initial crowdfund to buy the Constitution.

It is also an option to keep your $PEOPLE tokens and do with them as you please—it is clear that there are parts of the community who wish to incorporate them into future rojects. ConstitutionDAO cannot and will not endorse any future plans for the token. Nothing in here is financial advice. Do your own research.” 

ConstitutionDAO development updates in 2023

Constitution DAO (PEOPLE) cryptocurrency has experienced a notable journey in 2023. Despite the initial aim of the DAO to purchase a copy of the U.S. Constitution, the PEOPLE token has continued to be actively traded even after the DAO decided to wind down following their unsuccessful bid. Here are some key updates and projections for Constitution DAO in 2023:

• Current Market Status: As of April 2023, PEOPLE was trading at approximately $0.02062, with a market capitalization of about $104.3 million, ranking it #263 amongst all cryptocurrencies​​.

• Price Predictions for 2023: Predictions suggest that by the end of 2023, PEOPLE could reach a maximum price of around $0.032, with a possible minimum of $0.026 and an average price near $0.027​​.

• Long-term Projections: The price of PEOPLE in 2025 is estimated to potentially reach a minimum of $0.056 and a maximum of $0.065. Further ahead, in 2030, the token is forecasted to trade between $0.38 and $0.42, with an average price possibly around $0.39​​.

• Correlation with Other Cryptocurrencies: PEOPLE’s price has shown a positive correlation with major cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, NEM, and EOS, indicating its price movements may be influenced by these major market players. It has shown negative correlations with cryptocurrencies such as IOTA and Maker​​.

• Historical Context and Current Utility: Originally, the PEOPLE token was intended as a governance token for the ConstitutionDAO, providing voting rights on decisions related to the placement of the Constitution copy. However, after the DAO’s dissolution, the token’s utility has been limited to the option of redeeming it for Ethereum at the original contribution ratio​​.

Official website: https://www.constitutiondao.com/

Best cryptocurrency wallet for ConstitutionDAO (PEOPLE)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for ConstitutionDAO (PEOPLE)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).