Decred Coin (DCR) Review: Other Kind of Hybrid
Coming in at # 23 on the CoinMarketCap Top 100 Cryptos is Decred. This obscure little coin boasts an impressive value of $ 40 USD/Decred at the time this article is being written.
Aside from that impressive price tag, what is it that gives Decred such a lofty position on the CoinMarketCap Top 100?
Innovation is the answer
Innovation that drives people to want to use a cryptocurrency.
Unlike some coins on the CoinMarketCap list, Decred was not built to compete with any other crypto. It wasn't meant to be a clone of something else. And there is no hidden usefulness in its code that brings developers to use this coin by the thousands.
Decred is a simple, straightforward currency. That is right, it is a money. Just like the dollar bills (or, insert your local fiat currency here) in your pocket. It is meant to conduct transactions. And this simple usage is what makes Decred so great.
While everyone knows that we here at CryptoDetail love massive innovation and platforms that give us a place to exercise our imaginations; what we love most is a coin that fulfills the Satoshi Vision. That vision, born nearly a decade ago with the release of the Bitcoin Whitepaper, is clear. A cryptocurrency should be all-inclusive, open source and well built. Decred meets all three of those stipulations in a big way.
The Satoshi Vision Fulfilled Through Decred
"A cryptocurrency shall be all-inclusive." - Decred, as a simple currency, has a value that anyone can afford. The Decred team designed this coin to be affordable and that affordability proves the all-inclusive nature of this cryptocurrency.
"A cryptocurrency shall be open source." - Decred's GitHub repositories are listed here.
As you can see, each piece of this code in every one of those repositories is presented in plain, easy to read (if you understand GoLang and a few other coding languages) manners in every piece of this open source code. Once all of those are put together you have your own node, wallet and mining operation.
Not only does that collection of code repositories fulfill the second part of Satoshi's Vision concerning open course code; it also fulfills the third part as this coin is indeed designed to meet the criteria that "A cryptocurrency shall be well built".
In fact, this Proof of Work /Proof of Stake hybrid coin is so well built the coders on staff here at CryptoDetail became fascinated with the code. GoLang is one of the most useful and powerful coding languages in use throughout the cryptosphere today. And the Decred repositories have impressed even Ralph or resident coding curmudgeon.
And, when Ralph starts spouting the details of a code to us in a meeting; well, we can either take notes and learn something or listen to his speech anyway. The point is if that guy is impressed we think it would be worth it if you take a look too.
What Does All Of This Mean?
So, with the stipulations of Satoshi's Vision being met within this coin and project, we here at CryptoDetail do hereby declare Decred to be an official and viable cryptocurrency. (Like how we just assume the authority to make proclamations?)
As such, Decred can, and (in our assessment) should be used in everyday commerce just like any other currency.
Now, with that said, another requirement we here at CryptoDetail have to determine the true usefulness of a cryptocurrency is its liquidity.
Decred can currently be exchanged for other cryptos on Poloniex, OKEx, Huobi, and Bittrex. Unfortunately, these are larger exchanges with all of the red tapes we prefer to avoid (Dear Changelly...). However, the liquidity is there to easily transform your Decred into cash (by way of Bitcoin or Ethereum) in a reasonable amount of time.
So, with only this single potential pitfall, we here at CryptoDetail maintain our stance (and our plea to Changelly to add this coin soon) that Decred is a useful store of value that is easily transmitted in any active commerce with any individual on the planet. And, that is what money (currency) is for when it all comes down to it.
What the doctor ordered
With that usefulness in mind and the quickly growing pool of Decred users around the planet we recommend getting some of these coins, HODLing and using them in your own transactions. We have our Decred and we are ready to do business with you.
And, with $ 988,913 in transaction volume over the past 24 hours (this amount only includes those done on reporting exchanges and does not include any person to person trades) there are tens of thousands of other people waiting to do business with you using Decred too.
With such a young coin doing such impressive daily exchange trades it is only a matter of time before this coin explodes to the proverbial moon. So, if you are looking for the "next big thing" this may be just what the doctor ordered.
While we here at CryptoDetail always say, "Currencies are not intended to be investments", we are not fools. Any coin that is already up to # 23 on CoinMarketCap's Top 100 list is sure to reach the aforementioned moon. So, not only are we now using those coins, we are HODLing away. And we think you should too.
Nothing in the above article is intended or presented as "financial advice". We here at CryptoDetail are not CPAs. Before buying any coin or token, or before making any financial decisions it is up to you to do your own due diligence. Then, once you are well informed, it is up to you to discuss your situation and strategy with a reputable, local, crypto friendly CPA in order to protect yourself and your money to the fullest extent possible in such ventures. Anything you have read here is merely our assessment and opinion from the facts we have uncovered through our own research.
Thanks for joining us for this exploration! Good luck on your own crypto journey!! Happy HODLing!!!