How to Convert DCR to BTC
If you want to convert your Decred (DCR) coins into Bitcoin (BTC), you can either use a cryptocurrency exchange like Rubix or look for someone accepting them for Bitcoin. The latter option is inconvenient and time-consuming. Finding a Bitcoin seller who also needs DCR is challenging. Not to mention the security of such transactions isn’t guaranteed.
Cryptocurrency exchanges like Rubix provide a quick, convenient, and on-demand way to convert DCR to BTC. This is what you need to do to exchange your DCR for Bitcoin on Rubix:
– Create a user account and access the dashboard.
– Transfer DCR coins you want to convert to your Rubix exchange wallet.
– Choose the DCR/BTC trading pair.
– Indicate the DCR amount you wish to convert and check out the current exchange rates.
– Convert your DCR to BTC.
About DCR & BTC
What is Decred?
Inspired by Bitcoin, DCR is a community-based crypto coin with a decentralized autonomous structure. Its most notable feature is the hybrid-consensus mechanism, which employs Proof-of-Stake and Proof-of-Work. This makes the network secure and less vulnerable to attacks. DCR creators came up with the project to address issues relating to Bitcoin’s consensus mechanism, mining/development centralization, scalability, and governance.
DCR uses the Lighting Network, which is the continued development of Politeia, a decentralized governance platform. Unlike most crypto coins, DCR did not have an initial coin offering. Instead, in 2016, 8% of the coin’s fixed supply of 21 million got pre-mined and supplied.
DCR developers received 4% of the pre-mined coins, while the other 4% got airdropped to nearly 3,000 early supporters of the DCR project. When it first got issued, Decred cost slightly under $1 per coin. Even though Bitcoin inspired DCR, the digital currency is neither a fork of Bitcoin nor a token of any other network. Instead, it is an independent blockchain.
DCR seeks to be an alternative to Bitcoin. It is primarily used within the Decred system for staking, voting, and powering platforms like Decred’s decentralized exchange (DEX). DCR’s development is essentially community-driven. As a result, whatever the coin is and will be used for may change with time.
DCR’s inner workings are complex, but the developers have done an excellent job explaining the coin by outlining the project’s six core principles. All aspects of the Decred project revolve around the six principles. They give DCR its unique consensus mechanism, governance control, privacy protocol, and staking incentives. The six principles are:
– Open source and free software
– Free consideration and speech
– Multi-stakeholder inclusivity
– Incremental security and privacy
– Universal fungibility
– Fixed finite supply
What is Bitcoin?
Bitcoin is the world’s first and best-known cryptocurrency. It is a decentralized digital coin, which you can transfer without intermediaries. The digital currency’s creator, Satoshi Nakamoto wanted to establish an electronic payment system founded on cryptographic proof rather than trust. All Bitcoin transactions that have ever been made exist on a ledger accessible to everyone.
By design, transactions on the Bitcoin network are difficult to fake and reverse. True to their decentralization policy, Bitcoins are neither backed by governments nor issuing institutions. For this reason, there is nothing to guarantee the coin’s value other than its inherent proof system. Since its launch, Bitcoin has grown impressively in popularity and market cap. As of October 2021, one Bitcoin was worth more than $60,000.
Like DCR, Bitcoin’s supply is limited to 21 million coins. As such, most crypto enthusiasts expect the coin’s value and price to keep rising with time. The fact that institutional investors are starting to treat it as a digital currency immune to inflation and as a store of value asset attests to Bitcoin’s stature.
Bitcoin is built on a blockchain like other cryptocurrencies. Blockchains are decentralized, which means they are not controlled by any organization. Bitcoin mining entails adding new transactions to the blockchain. Miners use a process known as Proof-of-Work, which involves deploying computers to solve mathematical problems that verify transactions.
The Bitcoin code often rewards miners with new coins to entice them to solve complex mathematical puzzles and thus support the network. Most people consider Bitcoin an alternative investment designed to help them diversify from bonds and stocks. Some merchants allow Bitcoin payments. Users can also connect their crypto accounts to debit cards and use Bitcoin as they’d use a credit card.
Convert DCR to BTC using Rubix
Rubix is a global trading platform that allows you to trade tens of cryptocurrency pairs. It offers secure and fast exchange of DCR to BTC. Rubix also has an easy to navigate and intuitive interface that makes your trades effortless. All you need to do is create a Rubix account and load it with the DCR coins you want to convert to BTC. After converting the coins, you can send them to your Bitcoin wallet.