how to buy decred

Decred (DCR) is a highly adaptive, multi-functional blockchain network with a stable governance system. Due to the effectiveness of Decred, many users have started asking questions like “how to buy Decred (DCR)” and “where to buy DCR.”

If you want to buy DCR but don’t know where to start, you’ve come to the right place. This article will cover the basic steps of buying DCR, as well as other important topics.

Decred (DCR) Buying Guide

Step 1: Find An Exchange That Supports DCR

To start buying DCR, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support DCR.

Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

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  • Available in North America, South America, Europe, Asia, Oceania, Africa
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  • 10% reduced trading fees & up to $170 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying DCR, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy DCR Officially?

Learning how to buy DCR is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the DCR ticker. You can also look directly for DCR trading pairs to save time. Afterwards, just enter the amount of the DCR tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About Decred (DCR)

Decred is one of the most adaptive and sustainable blockchain networks that you’d encounter today. The platform offers advanced cryptocurrency features supported by progressive governance and strong community support.

These are some of the best qualities of Decred:

  • A combination of Proof-of-Work and Proof-of-Stake
  • Decrediton wallet for Windows, MacOS, and Linux users
  • Full decentralization over the network
  • Straightforward and essential voting through Politeia
  • Decred mining pools
  • Contractor program (contribute to the ecosystem and get paid in DCR)

The Decred blockchain is highly popular among large companies and organizations with superior mining capabilities. However, Decred’s new features made the ecosystem friendlier to regular users and traders.

How Does DCR Work?

DCR, the utility token of Decred blockchain, can be used for staking, trading, and asset exchange. Once you’ve acquired a huge stash of DCR tokens, you can now buy a voting ticket for community governance. The amount of tickets that you can buy depends on your DCR stash and the current limitations set by Decred. By setting limitations, the Decred ecosystem prevents whales from dominating the governance process.

What Makes Decred (DCR) Unique?

The Decred blockchain (DCR) is unique because it managed to create a solution to prevent the common monopoly problems among decentralized governance systems. This solution comes in a combination of Proof-of-Work and Proof-of-Stake consensus protocols.

Basically, voting in Decred is accomplished through Proof-of-Stake. However, it’s not enough to stake the tokens and earn direct voting rights. You must buy lots of tickets using DCRs in order to gain voting rights in the Decred ecosystem.

Just like other blockchains, Decred relies on the Proof-of-Work consensus when it comes to mining. Miners will eventually gain block rewards for their contribution to the system

Also, Decred has a separate voting platform called Politeia. In this platform, DCR holders can submit proposals and vote on the developmental upgrades they want.

Who Are the Founders of Decred (DCR)?

The founders of Decred (DCR) are Jake Yocom-Piatt and Marco Peereboom. These individuals have collective experience in cryptocurrency, blockchain development, infrastructure creation, and technological development. Jake Yocom-Piatt is also the CEO of Company 0 – the entity responsible for overseeing the development of Decred. Peereboom is the current CTO of Company 0.

What Are the Use Cases of Decred (DCR)?

The Decred blockchain (DCR) has numerous use cases related to service payments and a medium of exchange. Understanding DCR’s use cases will help you determine if the token is aligned with your trading preferences.

Here are the common use cases of DCR:

  • Speculative trading
  • Long-term investment`
  • Service payments
  • Governance and rewards
  • Medium of exchange

Who Builds on Decred (DCR)?

The Decred blockchain (DCR) is meant for traders and investors who are looking for a reliable platform with a fair governance system. Developers can also use Decred to fund their projects continuously.

Official website: https://decred.org/

Essential Points of the Decred (DCR) Whitepaper

The Decred Whitepaper explained the platform’s architectural design. Additionally, the paper covered the technical and governance aspects of the Decred blockchain.  

These are the strong points of the Decred (DCR) Whitepaper:

  • Proof-of-Work and Proof-of-Stake protocols
  • Technical specifications
  • Security metrics
  • DCR tokenomics
  • Decred contractor program
  • Decred governance system

The Best Cryptocurrency Wallet for DCR

After knowing how to buy DCR, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for DCR?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of DCR wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade DCR right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors

Now that you already know how to buy DCR, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for Decred  (DCR)

Do you want to learn more about Decred (DCR) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!

Additionally, here are some important topics in our blog:

  • Trading speculation about Decred (DCR)
  • The current market prices of cryptos
  • Detailed price charts with comprehensive histories
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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