Decred is a digital coin that is based on Bitcoin and blockchain technology. You can perform Decred exchange at BestRate.org. It uses a combination of PoW and PoS consensus voting system which helps it prevent small groups from dominance and create a more stable cryptocurrency, that is much more easy to mine as it doesn’t require expensive mining equipment.
Launched in 2016, Decred is built on open-source technology that is powered by its community. Its stakeholders are rewarded by the Decred coins for their efforts.
The Decred coins (DCR) are kept on specific cross-platform wallets that can also be used for mining.
In order to exchange Bitcoin to Decred you need to set up a wallet for both of these currencies first.
For Decred, we recommend to use the wallet named Exodus.
Check how to get started with Exodus on their wiki page.
For Bitcoin, we recommend to use the wallet named Jaxx.
Set up Jaxx wallet on your PC
1. First, you need to install the Jaxx application on your PC. You can do it by the link below:
2. If you have multiple alternative currencies select the custom wallet:
3. Select the virtual currencies you possess:
4. Select the fiat currencies you possess:
5. On the next step, Jaxx will ask you if you want to backup your wallet. Agree, as this is very important in terms of security of your digital funds.
6. Jaxx will generate a mix of 12 words that are not related with each other, which makes it really difficult to remember. Write down this word set somewhere in a paper notebook or any other item that can’t be hacked via internet.
7. Type this word mix on the next step:
8. Then Jaxx will ask you if you want to set up a security PIN. Agree and proceed to the next step. Set up your 4-digit PIN-code and verify it:
That’s it, now you have a Jaxx wallet on your PC.
How to buy Decred
Having selected the cryptocurrency that you want to exchange for Decred, type the amount to be exchanged.
Select the best Decred rate to make the digital currency exchange.
Type your Decred wallet address and copy the address generated by BestRate.org. After that the transaction will be created and processed. Its status will be displayed on your screen.
How to sell Decred
In order to change Decred for some other digital currency, first select the currency you want to buy and then put in the amount and repeat the procedure described above.
BestRate.org provides you with the best Decred exchange rates so that you could maximize your profits.
Advantages of using Decred
Decred is based on the Blake-256 hashing algorithm which is less vulnerable than the one used by Bitcoin (SHA-256).
Most of cryptocurrencies use either PoS or PoW algorithm to reward miners and holders. In case of PoW, miners spend more and more power to mine new blocks and their reward gets less. With PoS, early holders of coins get the biggest chances of reward. Decred combines these two algorithms and gives its users a perfect balance and allows to create a community-governed platform.
Decred is based on the programming language Go that was designed by Google. All the participants can build new and improve existing features of this language. The development team that stands behind this language has experience with cryptos which is a big advantage as well.
Decred can be named a cryptoasset as it is secured by cryptography and based on blockchain technology.
This is a platform where you can exchange Decred for Bitcoin or any other cryptocurrency and get your profits.
A Decred node is a public ledger where all the Decred transaction history is kept.
This is an index that is used for estimating crypto assets, It can be calculated by multiplying the total value of the coin supply by the price per coin.
Decred investment strategy
Decred can be a very good coin for the long-term investment portfolio. If the technology that the platform offers takes its market share in the future, Decred price will rise significantly.
The strategy that you can use here is called “buy and hold”. You buy Decred, wait for several months until its price rises, sell it off and count your margins.
The service TradingView can help you to monitor Decred price. Also, you can set up email notifications there for its price reaching some certain levels.
Note, that this article is written for information purposes only and we don’t give any financial advice here.
Where to keep Decred coin
If you’ve decided to include Decred into your long-term portfolio then you should find a way to keep it securely. If a hacker gets access to your wallet and steals your funds there will be no one to give you money back.
Decred team has developed their own wallet that can be downloaded on their official website.
Also, Decred is supported by a software wallet Exodus.
How to transfer Decred securely
Cryptocurrencies give you the freedom of sending your points to anybody in the world with the minimum transaction fees and no central authority to govern the money transfers. You are the only one to watch over your funds.
This is a very good feature but it has its downturns as well. There is nobody to give you money back in case you send them to the wrong address or if a hacker breaks into your wallet and steals your funds. That’s why you should be very attentive when making transactions with Decred.
Here are some security best practices for making payments with DCR.
Never type a wallet address manually
Usually, cryptocurrency wallet addresses represent a huge mix of numbers and letters and are very hard to memorize. Also, such a mix makes it very easy to slip if you type it manually. That’s why you should always copy and paste the address and never type it by hand. Remember, if you send the coins to the wrong address, you will never see them again.
Look up the transaction fee
When you make a transaction with Decred coin you should also pay a small transaction fee. Typically, these fees are much lower than those that banks and other traditional financial institutions charge you with. But still, you should always check the fee and make sure that it is reasonable before you send your coins to somebody else.
Double check the address
This is the most tricky thing about sending your Decred coins to somebody else. On the web, there are many viruses that are designed to steal your Decred coins. Some of them change the recipient’s address to the one that belongs to hacker if they get a chance to get into your PC.
Before you make a transaction make a double check of the address. Look up the first and the last few items of the address and make sure that they correspond.
Test before sending
If you are about to send a huge amount of Decred coins to your recipient you should make a test transaction first.
Send out a small amount of your Decred coins and if everything works smoothly and your recipient gets them repeat the transaction with the rest of the amount.