How To Buy eCash (XEC)?
A common question you often see on social media from crypto beginners is “Where can I buy eCash?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports eCash (XEC)
First, you will need to open an account on a cryptocurrency exchange that supports eCash (XEC).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase eCash (XEC) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy eCash (XEC)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for eCash (XEC) or eCash (XEC) trading pairs. Look for the section that will allow you to buy eCash (XEC), and enter the amount of the cryptocurrency that you want to spend for eCash (XEC) or the amount of fiat currency that you want to spend towards buying eCash (XEC). The exchange will then calculate the equivalent amount of eCash (XEC) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of eCash (XEC) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is eCash (XEC)?
eCash (XEC) is a cryptocurrency that’s designed to be used as electronic cash. Just like the invention of emails made it possible to send direct messages online, eCash makes it possible to send money directly to other people online. This includes being able to use eCash to pay for goods and services.
eCash (XEC) is a cryptocurrency based on the Bitcoin Cash ABC network. eCash was also named Bitcoin Cash ABC (BCHA), but its value was redenominated to 1:100000 and was rebranded as eCash in July 2021. The history of Ecash and the Bitcoin Cash ABC network is somewhat controversial as their teams split due to disagreements among the technicalities of the block size or the size cap of 1 MB. They finally split when the two teams could not find an agreement on the method of payment.
As per the official website, the goal for eCash is to become sound money that is usable by everyone in the world. This is a civilization-changing technology that will dramatically increase human freedom and prosperity.
The roadmap provides a high-level technical direction overview of the eCash protocol which enables different technical teams to work together toward the common goal of advancing the project. eCash developers produce high-quality professional software that serves the needs of its users, miners, and merchants. Continuous technical improvement is the eCash standard.
Software advances through constant incremental improvements. The optimizations and protocol upgrades outlined in the roadmap allow eCash to scale by orders of magnitude.
There are three main categories of improvements:
1) Scaling transaction throughput (from about 100 transactions per second to more than 5 million transactions per second).
2) Improving the payment experience. Instant and reliable is the baseline. All transactions should arrive instantly and be secure within 3 seconds.
3) Extending the protocol & establishing fork-free future upgrades to support tomorrow’s economy.
eCash (XEC) uses ”bits” which make it easy to send small payments because you no longer have to handle unwieldy decimal places. For instance, instead of sending 0.00001000 bitcoins (which was the base unit used by BCHA), you’ll simply send 10 bits!
Official website: https://e.cash/
Best cryptocurrency wallet for ecash (XEC)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for ecash (XEC)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).