Most crypto tokens are built around a community, and it is this community that makes them prosper or fail. For a coin like Bitcoin, it has gained global support and is still gaining widespread usage. In this guide, we will be looking at how to buy Decred. Decred is a fork of the original bitcoin code and focuses on On-Chain governance and consensus Mechanism.
The Decred community is built on governance systems that empower the community with formal rights to make and manage consensus and project-level decisions. Launched in 2016 by Company O, Decred has experienced impressive growth as compared to some of the tokens with similar origins.
Decred combines both the Proof-Of-Work and Proof-of-Stake consensus algorithm to create a community for making fairer decisions. In this guide, we will be looking at how to buy Decred, the best wallets to hold the token, and the best exchanges to buy DRC from.
Where to Buy Decred DCR – Top 5 Exchanges
One of the least asked questions when buying a token is—Why are you buying the token? Most people buy a token because they believe in the project; for others, it is strictly for-profit/investment purposes, while for some, they aim to stake such tokens.
However, regardless of the reason you want to buy a token, you have to go through an exchange. Crypto exchanges provide you with the ease of gaining access to buy and sell a token of your choice. When choosing a wallet to buy a token, you have to put into consideration certain factors such as the currency to buy with and the crypto pairs supported on the exchange.
Step-by-Step Guide to Buying Decred
One of the things buyers look into before purchasing a coin is its historical data. For Decred, its ICO was held in Feb 2016, and the price moved from below $1 to $2.39. During the bull run of 2017 and 2018, it suffered a setback with the price falling as low as 70 to 80 cents, and then it went as high as $110 to $120. For months in 2020, the price stayed below $20, and towards the end of the year, the price rose past its $20 mark to its current price. So far, its price trajectory from its initial increase, drop in price, bull run, and crash right down to its current rise is similar to the growth pattern of growth of most tokens launched toward the end of the last decade. DCR has shown a steady growth pattern, and here's a guide on how to buy Decred on some exchanges.
How to buy Decred on Huobi
Step 1: Create an account on Huobi Global and verify your account and do your KYC
Step 2: Click on “Balances” at the top of the Huobi page and then scroll to “Exchange Account” to deposit your USD. Convert your USD to BTC
Step 3: Search for DCR and click on the DCR/BTC pair.
Step 4: Check your balance first to ensure that you have made your USD or BTC deposit, then input the amount of DCR you want to buy and then click on buy.
NOTE You can either use market order or limit order to buy your DCR. You can also use the stop-loss order if you decide to trade on a short term basis to prevent a loss.
Here’s How to Buy Decred on YoBit
Step 1: Create an account on YoBit, verify your account, and then go to settings to set your 2FA.
Step 2: Click on “Balances” at the top of the Yobit website, click on BTC and deposit your BTC. You can also choose to deposit fiat by choosing from the list of deposit methods. You can scroll to the bottom of the page to “Pending Deposits” to verify if your transaction has gone through.
Step 3: Navigate to “Trade,” which is at the top left corner of the page search for DCR, select the right pair, and type the amount you want to buy the system will calculate the trading fees automatically. You’d have to refresh the page to check your purchase in the balance section.
Step 4: You can also use the YoBit chat section to communicate with other traders for a better bargain. You can now transfer your DCR to your desired wallet.
Best Wallets to Hold Decred DCR
It has taken DCR months to move from a position below $20 to a position above $100. Holding a coin for long periods on an exchange can be a bad idea. If you are thinking long term, it is safer to hold your coins in a wallet. In this ‘How to buy Decred’ Guide, we will look at some of the best wallets to store your DCR. Decred is supported by hardware wallets and has its own official wallet, Decrediton, a GUI wallet for Windows, macOS, and Linux. Most crypto users prefer Mobile wallets for Android and iOS as it enables them to gain access on the go. Here are some wallets that can allow you to store DCR.
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More Information About Decred [FAQS]
What is Decred?
Decred was launched in February 2016 by Jake Yocom-Piatt under Company 0. Decred is a fork of bitcoin and has a lot of influence from it; however, it is designed to solve some of the issues related to blockchain governance. Decred operates with a combination of two consensus mechanisms Proof-of-Stake (PoS) and Proof-of-Work (PoW). The unique combination of PoW and PoS is managed in a public platform called Politeia. Since Decred focuses on blockchain governance, it creates a democratic consensus instead of the centralized mining plaguing bitcoin. Since the governance is community-based, proposal submission, screening, vetting, and voting for the Decred ecosystem's development is done by community members. To enable the ecosystem to focus on decentralized governance, the DCR token is used to carry out transactions on the system.
Is Decred a good investment?
Having experienced months of slow growth in 2020, DCR has risen in price astronomically in the past month and has managed to stay there. There are many variables that influence whether a coin will be a good investment, and most often, investors have to carry out research to find them. Dered has, however, proven to be a fair investment with more improvement and more partnerships. Decred will likely hit and surpass its initial ATH.
About Decred (DCR) Token
There’s a Maximum Cap of 21,000,000 DCR tokens, and about 60% of these tokens are currently in circulation. As of the time of writing, the price of Decred is $105.63 with a 24-hour trading volume of $54,214,792. On Binance alone, DCR/BTC has a trading volume of $2,493,254. Since there are 21 million DCR tokens, about 8% of the token were mined before the token launch, 4% were distributed as airdrops. In contrast, the other half was distributed to cover costs acquired by Company 0 during the development of the protocol.
Decred is an outsourced and community-focused project. This means it has a great deal of support to ensure its growth and sustainability. However, those at the helms of affairs of Decred include;
Jake Yocom-Piatt, serves as the project lead for Decred. He is also the founder and CEO of Company 0 and has been involved with several cryptocurrency and blockchain projects, including Lightning Network Daemon's creation.
Marco Peereboom serves as the direct supervisor of several teams working on the Decred project. He is also the chief technical officer of Company 0 and was previously a senior Architect at Dell.
Decred is focused on solving the problem of decentralized governance on the blockchain. If the project can successfully maintain its governance infrastructure and go mainstream, the price of DCR will rise. As it is, the token is doing relatively well on the market and may hit new ATH as more developments take place. Since it is open-source, it is free and easy to contribute and be a part of the Decred growth process. Through this guideline, you can learn “How to buy Decred” and become a Decred community member.