About Decred (DCR）
Bitcoin is the first cryptocurrency in history, followed by a reliable blockchain technology loved and appreciated by all cryptocurrency lovers. However, for early Bitcoin adopters, the technology has some inefficiencies. As the mining business grew, the decision-making process fell into the hands of large mining companies.
This improved hashing power of Bitcoin held by miners and institutional users is quite counterproductive. Some developers studied the code base of Bitcoin and modified it to create the Decred cryptocurrency. However, what is a Decred cryptocurrency? Let’s take a look.
What is a Decred Cryptocurrency?
Decred (DCR) is a cryptocurrency that emphasizes the decentralization of governance and decision-making on the blockchain network. The ultimate goal of Decred is to create an autonomous ecosystem, which can be improved and directly implemented by the vote of currency holders and miners.
Officially launched on February 8th, 2016, Decred received many mixed comments from the cryptocurrency community. Some people believe that Decred accurately represents what Bitcoin should be from the beginning. These supporters believe that it is the pinnacle of a point-to-point network for decentralized decision-making, which can quickly respond to attacks and accept the community’s requirements for new functions.
How to Purchase Decred (DCR)?
Because Decred is a well-known and ubiquitous cryptocurrency, it can be bought in almost all cryptocurrency exchanges. If you want to buy DCR, here are 3 simple steps.
Step 1: Open an online account
Now that you understand what the Decred cryptocurrency is, you can buy it after a comprehensive analysis of the market. Although it is a popular coin, it is not applicable on coinbase. If you only have one coinbase account, you need another cryptocurrency exchange account. Binance and bittrex are the two best exchanges to support DCR. Provide your details, such as full name, age, address, government issued ID card, and other details to verify your identity.
Step 2: Buy a wallet
In order to prevent your coins from being stolen by hackers invading the cryptocurrency exchange, you should buy a cryptocurrency wallet. You can choose software wallet (free desktop and mobile applications) or hardware wallet (offline physical devices) to store your coins. In both cases, hardware wallets are more secure because they are not connected to the Internet.
Step 3: Purchase DCR
After opening an online account and selecting a wallet, you can buy DCR by adding enough funds to the cryptocurrency exchange. After purchase, keep your coins safely in your wallet.
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