How & where to buy Decred (DCR) online
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Decred was created as a modification of Bitcoin and it was one of the earliest cryptocurrency projects to get started. Here we take you through everything you need to know about it, including a step-by-step guide on how to buy your first coin.
What are the best exchanges to buy Decred on?
Copy link to sectionThe fastest way to get your hands on cryptocurrency is through an online broker. These are beginner-friendly platforms that you can create an account with in just a few minutes. Sign up to one by clicking on the links below, or keep reading to learn more about Decred.
How to buy Decred online – a step-by-step guide
Copy link to sectionStep 1. Find an exchange
Copy link to sectionTo get Decred, you need to use an exchange platform. An exchange brings buyers and sellers together, and the market rate for each coin is set according to supply and demand. That means you normally get the best price on an exchange and you can find a wider range of coins than is available through a broker. Here are two of the best exchanges that offer DCR:
- Binance: Binance is the largest exchange in the world in terms of trading volume and it offers a wide range of coins on the platform. You can access lower trading fees if you own its native Binance Coin. Join Binance today >
- KuCoin: KuCoin is a beginner-friendly exchange that’s easy to use, so it’s ideal for someone just starting out in cryptocurrency. It offers lots of altcoins along with the leading cryptocurrency coins. Sign up for Kucoin >
Step 2. Sign up and fund your account
Copy link to sectionYou have to create an account to be able to use an exchange. The process of doing so varies by platform, but normally involves supplying some personal information, like your contact details and a form of photo ID.
Once the verification process is complete, you need to transfer some money into your new account. Most platforms accept a bank transfer or card payment, although both often come with a fee of between 1-5% and the former tends to be the cheapest way to go.
Step 3. Purchase
Copy link to sectionSearch for the coin you want to buy by typing its ticker symbol, DCR, into the search bar. The list of ‘pairs’ that show up as results represent the different ways you can pay for the coins. The DCR/USD price, for example, shows how much one coin costs in US Dollars.
Simply select the pair that suits you, enter how much you want to spend, and execute the trade. As soon as the transaction is complete, you’ll be able to see your new coins in your account wallet.
Step 4. (Optional) Get a suitable wallet
Copy link to sectionMany people choose to leave their coins in their exchange wallet but there is another option. That is in the form of a dedicated crypto wallet, which is like a secure banking app that protects your money behind a unique username and password. It’s safer than an exchange because you have total control over the details that allow access to your wallet.
Wallets come in a couple of different forms, and here are two of the best ones available right now:
- Freewallet: Freewallet is an online wallet that you can use for free. You can store and manage your coins through your web browser, or by downloading an app onto your smartphone. Get Freewallet now >
- Ledger Nano S: The Ledger Nano S is a hardware wallet, which means it stores your coins on a physical device that lives entirely offline. You have to pay a small fee for the device itself and then you access the money by plugging it into your computer. Get the Ledger Nano S >
How to trade Decred – a step-by-step guide
Copy link to sectionStep 1. Find a broker
Copy link to sectionTo trade Decred you need to find a broker that charges low fees. Trading is an intensive strategy that means you have to make a lot of trades over the course of a day, and if you have to pay a high fee every time that can eat into your capital quickly.
Decred isn’t available through any brokers right now. That’s normal for an altcoin like this; as a coin grows in popularity it is more likely to be added. You should check the likes of eToro or Plus500 regularly, as they are normally two of the earliest platforms to add a new coin.
Step 2. Create an account and deposit money
Copy link to sectionIt only takes a few minutes to create a broker account. Like with an exchange, you have to provide some contact details and ID in order for the account to be verified, and then you can add money into it. Most common payment methods are available, so you can use a bank transfer, card payment, or PayPal, although it’s worth checking the rules of each platform if you want to use any other method.
Step 3. Learn how to perform technical analysis
Copy link to sectionTo be successful at trading cryptocurrency you need to learn about the indicators that tell you when to buy and sell a coin. This research is collectively known as technical analysis, and it is an important part of any trading strategy.
Step 4. Decide whether to go long or short
Copy link to sectionYour analysis allows you to predict which way a coin’s price is going to move in the immediate future. You can use this information to either buy (go long) or sell (go short) a coin, and most traders do this many times a day to take advantage of small changes in price.
Step 5. Make the trade
Copy link to sectionSearch for Decred coin using its symbol, DCR, and then pick either the instant buy or sell price to get started. Enter the details of the trade, such as how much you want to spend, and execute the trade.
Should I invest in Decred?
Copy link to sectionDecred is ideal for anyone who wants to pivot away from Bitcoin and to one of its many competitors in the hope of finding better value. Decred is significantly cheaper than Bitcoin and offers many of the same features.
Despite that fact, it’s unlikely that Decred will ever hit the price levels that Bitcoin has achieved. What it does offer is a chance to make a bigger speculative investment than would be possible with its more famous alternative, as there’s the potential for its price to increase by many times over.
There is a risk associated with this type of investment, however. Altcoins like this tend to be volatile, and their price can fluctuate based on forces outside of anyone’s control, such as a tweet or a message board post. You should familiarise yourself with the factors that affect Decred’s price before you invest.
Still undecided?
Copy link to sectionTo help you reach a decision about whether Decred is for you, here is a list of the coin’s pros and cons. After that there is some more discussion to give you an insight into how to time an investment and whether it suits a long or short term approach.
Pros
Copy link to section- Decred offers many of the same features as Bitcoin
- DCR holders have the power to influence the coin’s future development, in terms when and which new features are added
- You can earn more DCR by investing it in the platform
Cons
Copy link to sectionFinally, here are three more questions to consider before you invest in Decred.
1. Is now a good time to buy Decred?
Copy link to sectionThat depends on what you want to do with it, and whether you are a long term investor or a short term trader. Decred is designed as a long term store of value, so it incentivises users to get and hold the coin by offering them the chance to earn extra coins for doing so. If that appeals to you, then it’s best to buy it sooner rather than later and invest it in the platform.
For those with a more short term focus, the decision rests on what your technical analysis tells you. You should wait until the price hits a level that your research suggests you should buy at. Alternatively, you can use our analysis to help you, and that is available below.
2. What problem does Decred solve, and what are its investment prospects?
Copy link to sectionIt was designed to create a cryptocurrency that can evolve and adapt to new technology by democratising its development. The context for doing so was a contentious disagreement over the future of Bitcoin that eventually led to the creation of Bitcoin Cash, and a big falling out between everyone involved.
Decred’s entire model is built to avoid that kind of situation happening again. It makes decisions by a vote of its users, and it means it can quickly change the way it works to deal with threats or add new features. While this is all good in theory, in practice the coin is dealing with a problem that is only known to people inside the crypto community.
There are lots of other cryptocurrencies that were designed to deal with Bitcoin’s problems, most notably Litecoin and Zcash, and they offer more clearly defined benefits as an actual means of payment. Decred’s adaptability means it can change to offer more benefits quite easily, but you should keep tabs on the latest news to see how it does so.
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Decred launches new social media platform Bison Relay
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3. Do you want to hold Decred for the long term?
Copy link to sectionIt depends on your thoughts about the future of the platform. The more bullish you are, the more you want to hold for the long term, while traders or sceptics might want to take a much more short term focus. Here are some final thoughts to help you, regardless of your chosen approach.
Considerations for a long term investment strategy
Long term investors should use an exchange to get your coins. Once you have them, think about signing up for a dedicated crypto wallet to store them safely.
Considerations for a short term trading strategy
A short term strategy is built on top of technical analysis. Study price charts to identify opportunities, and then find a broker with low trading fees to exploit them.
More altcoins to buy
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