The Decred blockchain is designed to facilitate peer-to-peer payments and claims to solve the problem of blockchain governance.
Although the decred (DCR) is similar to bitcoin, take note that it is not one of its hard fork. Its developers are the same people that engineered BTCsuite in Go programming language. As of this writing, DCR is not available directly in the Philippines and enthusiasts have to purchase it via cryptocurrency exchanges. In this article, we will teach you how to buy Decred in the country.
What is Decred?
Table of Contents.
Founded on February 7, 2016 DCR focuses on governance through proof of work and proof of stake hybrid architecture. With this, all stakeholders, users, and miners have a voice in making changes in its open source blockchain technology. According to its website:
“Since 2016, Decred has striven to solve blockchain governance. Our innovative consensus voting model empowers stakeholders and allows for the seamless transition from one set of rules to another. Decentralized decision-making and self-funding have enabled us to build a robust, evolving digital currency, free from third party influence.” – Decred
Decred claims to be the world’s first “direct on-chain user-activated consensus vote”. By having this consensus vote, the technology was able to achieve governance where its community has a voice and can direct a project and make decisions together.
Where to buy Decred DCR in the Philippines?
DCR is not readily available in the country. If you want to own a decred token, you have to purchase it on cryptocurrency exchanges such as Changelly or through traditional trading platforms.
You can purchase DCR by using Changelly, a cryptocurrency broker. Cryptocurrency brokers work just like a money changer. You put your BTC in and exchange it to your token of choice, this time to DCR. Since it is a crypto broker, you can not set your own price because its price is set on the market price. It has over 100 altcoins that you can exchange and will let you buy bitcoin with a credit card/debit card. Transactions using Changelly is easy and quick as it can only take 10-30 minutes.
In order to use Changelly, you will need to have BTC funds first. You can use Coins.ph, Abra, bitbit.cash, or other cryptocurrency wallets to transfer your BTC to the exchange. After doing so, you can now exchange your BTC to DCR. Don’t forget to withdraw your newly exchanged DCR to your Decred Wallet.
Traditional Cryptocurrency Exchanges
Traditional cryptocurrency exchanges are your open book trading platform. Users can set their own buying or selling price or even use the market price to purchase cryptocurrency. In buying DCR, trading platforms have trading pairs that will let you exchange your token to DCR. Available DCR pairings are as follows: DCR/BTC, DCR/ETH, DCR/KRW, DCR/USDT, DCR/DOGE, and DCR/NANO. For the sake of this article, we will choose DCR/BTC trading pair.
- Cryptopia – How to Buy, Sell, Trade in Cryptopia with Bitcoins for Altcoins
- KuCoin – How to Trade for Bitcoins for Altcoins using KuCoin
- Bittrex – Beginners Guide on How to Buy Altcoins from Bittrex
- Poloniex – How to Buy Altcoins Using Poloniex From the Philippines
These three are just some of the cryptocurrency exchanges that trade DCR. Other trading platforms are Huobi, Upbit, Bleutrade, etc.
Using these cryptocurrency exchanges usually starts with registration and verification of your email address. Once done, make sure to fund your account with BTC by going to deposit. Copy the BTC address and transfer your BTC funds to your exchange account. After successfully putting funds in, go to Exchange and search for BTC/DCR pair. You can choose as to whether to purchase it using the market price or you can set your own price. Don’t forget to validate the transactions. Once you’ve traded your BTC to DCR, go to withdraw and have your decred wallet ready. Make sure to withdraw your DCR for safekeeping.
If you don’t have BTC funds ready, you can use the country’s top crypto wallet, Coins.ph. You will need to register your phone number or email address and have your identity verified. After completing all the necessary KYC steps, you can now fund your account by using fiat currency and going to a nearby 7-Eleven store. You can also make a deposit using your bank account. After funding your account with PHP, you can now convert it to BTC.
You will then use this newly converted BTC to fund your crypto exchange account by entering your exchange account’s BTC address or scanning the QR code. You can see the address by going to the Deposit page of your exchange account.
- Get your Coins.ph app (Register here!)
Decred (DCR) has its own wallet called Decredition. It is downloadable on its official website.
Lifetime Decred Price Chart
Decred’s first recorded price was on February 11, 2016 for 0.953412 USD a token and it easily reached 1 USD on the same day. It got to 2 USD after nearly a month and its price was moving around 2 USD to 1 USD a piece until October 2016 where it dipped until December 2016. By March 2017 it tasted the 10 USD mark and it slowly marched on to reach its peak price at 126.81 USD on January 9, 2018.
As of this writing (September 25, 2018), the token is dancing around 30 USD to 40 USD mark.
Decred – Difference with other Coins
Although its use is almost the same as bitcoin, the decred bitcoin technology is different. It gives all its users, stakeholders, and miners, the ability to choose the path of the technology. It is open to anybody who wants to pitch and wants their voice to be heard. You can check Decred’s website HERE.
Decred Key People
- Joshua Buirski, Founder, Decred
- Clarissa Peereboom, Director of Sales & Marketing, Decred (LinkedIn)
Decred focuses on governance and is the world’s first “direct on-chain user-activated consensus vote”. Its token works like bitcoin in terms of being a peer-to-peer payment system.