Decred (DCR) is a platform that uses blockchain technology and is suitable for transferring peer-to-peer values. The technology behind the platform shows great similarities with the technology behind Bitcoin, which is not surprising now that Decred was started by a few developers who previously contributed to Bitcoin. The main difference is that Decred does not use the Proof-of-Work consensus mechanism, but a combination of Proof-of-Work and Proof-of-Stake. Decred believes it has developed a fairer system for making decisions within the community.
Decred is a platform that can be used to transfer peer-to-peer values to each other. Decred uses a consensus mechanism for this, which is a combination of Proof-of-Work and Proof-of-Stake. This has been chosen to ensure that both the miners and the owners of Decred have a say in the choices that are made. The votes of the miners together weigh a maximum of 60% and the votes of the other stakeholders in all cases at least 40%. With this solution, Decred believes to have developed a fairer consensus mechanism.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Decred. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Decred and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Decred without any technical knowledge. Here is a brief overview of the existing wallet options to store your Decred:
Hosted Wallet
Hosted wallets are wallets where the private keys to your Decred are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Decred online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
Software wallet
A software wallet is a program installed on your computer or other device in order to use and manage your Decred. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Decred, and if malicious parties have access to your device, your private keys (and therefore your Decred) can be stolen.
Hardware wallet
A hardware wallet is a physical device on which you can store your Decred offline. It is one of the safest ways to store your Decred, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Decred is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Decred. Once you have purchased Decred on Bitvavo, you can choose to send your Decred from your Bitvavo wallet to your own software or hardware wallet.
