For the purpose of this live demonstration I bought at least a unit Dogecoin from Blocktrades. Thanks a lot Blocktrades for making this demonstration possible. I used a Dogecoin Segwit address to receive the funds from Blocktrades. The diferrence from your legacy Dogecoin address is the presence of a redeem script a legacy address doesn't have one.
Last April I purchased the funds using Hive tokens. We really need real main network Doge Coins or else it will show us some unpleasant error messages which will short circuit our demonstration into a source of eternal humiliation.
Now let us make use of Coin Bin. The tabs at the uppermost part is our main concern. We are going to create a transaction and eventually broadcast the transaction into the Dogecoin network.
Now we have to go and click the Broadcast tab and click the mini cogwheel or gear wheel at top right most portion of the Broadcast transaction form. You have to click the submit button to finally have the exclusive option to use the Doge Coin main network.
At the bottom of the page you see all green fonts which states that you have successfully changed from the original setting into a Doge Coin setting which shall be used for the purpose of this important live demonstration.
The NEW tab once clicked will reveal several options but all you have to do next is click the item TRANSACTION. Voila, we have a form which will create a new transaction hash. This transaction hash is created after placing certain information which includes WIF and Redeem Script among others.
Let us zoom in for all the world to see. Since I am assuming that this is your first time seeing this I have to make it a point to take a clearer and larger snapshot.
Now we are finally looking at the new transaction view. This is where the real transfer of funds takes place. Well, no transfer will actually take place after this but the most important transaction hash is created after loading the Redeem Script of the Segwit Doge Coin wallet and the rest of the operations will be successful only after placing the right Redeem script for the wallet which has the Doge Coin in it.
I am not suppose to suppose to reveal my Segwit Redeem Script but for the sake of the newcomers and the difficulties that they face in the ever changing world of cryptocurrency I have to do this. In the name of practical knowledge in field of Future technology I surrender my Redeem Script. So please do not make me regret this important decision as I might lose a unit of Doge which could be worth a thousand dollars in the coming months.
Click the LOAD button located in the rightmost portion of the input field. Then wait if the Redeem Script is for real and not a corrupted one.
The zoom in snapshot at your service. This is unnecessary but for dramatic effect you need this.
The result of all this action is scene above. If you try my Redeem Script for yourself you will definitely see this.
Click the INPUT tab and you will see
the raw transaction of the unspent input.
Click the SUBMIT button to generate the all important transaction hash. Although it says that it can be BROADCASTED, this is not necessarily correct. You still have to verify and then sign it with your private key.
Click the VERIFY tab to see this view. This operation can be performed even without any Internet connection. It allows you to verify if the generated transaction hash is corrupted or uncorrupted. If it is uncorrupted it is ready for signing using your private key.
It says here that the transaction size 118 bytes which the average and this incidentally is the basis for computing the miner's fee. The rate will defend on certain conditions including bandwidth.
I placed my Dogechain wallet from my last post as my output address this is the receiving address of the thought experiment as I am not going push this exercise that far.
Click the SIGN tab and place your complete transaction hash and your private key and then click the appropriate button. The transaction is now ready to be broadcasted to the Doge Coin network. It will picked up immediately by miners and the transaction will be confirmed within a minute.
This were you place the signed transaction hash make sure it has been verified and signed.
This whole exercise is an attempt to simplify this concept of transferring funds from one Doge Coin wallet to another. The current price of unit Doge Coin is nearing half a Dollar. This is not a fluke but instead this is the start of a new era in cryptocurrency markets. The era where supply cap is none of our concern. Instead the Doge Coin with replenishing supply can be rightfully considered as a legitimate coin. There is a perception that this is just a joke coin but if money is involve there is no such thing as a joke. Perception is after all just a perception. Do not put any bearing on it. This is the power of the mainstream media. They attack you with a barrage of lies everyday. In
real life there is no villain and hero. Those are reserved for reel life. If they say that Doge Coin is a villain. Ask yourself if you are in a movie. The answer is no. Doge Coin is not a villain and your favorite coin is not a hero. They are being deceptive all the time and they are winning because you cannot get over it. The eternal psychological war will end once you wake up that you are in a psychological war. They know that you are creatures of habit and they will use that against you. Doge Coin is not a joke and you know it. If it is mineable it is not a joke. Mining takes a lot of resources and they are complaining about it. The green advocates that kept on forgetting that banks are electricity consumers themselves. From money counting machine to electronic vault lock to ATMs. It is an environmental disaster.