What is Decred?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Decred?
  • Where did Decred come from?
  • What are the advantages of Decred?
  • What are the disadvantages of Decred?
  • How to buy Decred on SimpleSwap?

What is Decred?

Decred (DCR) is a coin that may interest you because it is open, progressive, and self-financing cryptocurrency.
Decred is an altcoin that was created by Bitcoin developers. They corrected the most important flaws of BTC such as block scalability, incomplete privacy, mining complexity. At the same time, Decred coin managed to preserve the best technical characteristics of Bitcoin.
The creators of Decred implemented its voting protocol using a hybrid system that combines Proof of Work and Proof of Stake mechanisms. Such a mixed system compensates the shortcomings of PoW and PoS: miners still receive a reward for generating blocks, and verifiers – for confirmations. As a result, the high reliability of the network and the consent of its participants were achieved.

Where did Decred come from?

As it often happens in the Crypto World, a participant of the project, who does not agree with its policy, breaks down with the team and creates, according to his/her version, an improved product. The situation with the Decred cryptocurrency turned out to be the same: in 2014, the part of the team working on the btcd platform began developing its own project. The main task of this project was to fix the shortcomings of Bitcoin.
The Decred project was released in 2016. As a result, it was Decred that appeared as the most interesting project of that period.
By the way, for the sake of their “brainchild” popularization, the developers started their project from the free distribution of a small amount of DCR, using the so-called landing method. The first 5000 participants could get Decred coins for free.

What are the advantages of Decred?

  • Full network decentralization
    Bitcoin is increasingly losing this characteristic (and the expected increase in blocks will only aggravate the situation).
  • Simple mining
    Cost-effective Decred mining is available on video cards.
  • The network continues to improve
    The developers working on the DCR cryptocurrency are trying to take into account the opinions of users, and thus solve some issues.
  • High confidentiality
    This is provided by the Schnorr program, which does not overload the blockchain and allows users to cancel the operation, return incorrectly transferred funds in manual mode.

What are the disadvantages of Decred?

  • Low exchange rate
    At the same time, the dynamics of DCR cost growth is lower than the dynamics of Bitcoin. This fact may discourage potential investors.
  • Skepticism of some market participants
    There are members of the crypto community who do not take Decred seriously.
  • Transaction time is relatively high
    It can take roughly 5 minutes to confirm a transaction.

How to buy Decred on SimpleSwap?

Have you read about Decred and found potential in this coin? How to get it? There is a detailed instruction on how to buy Decred in the most profitable way using the SimpleSwap platform:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select DCR in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. Decred coins will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy Decred.

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