How and Where to Buy eCash (XEC)
ecash (XEC) is a rebrand of Bitcoin Cash ABC (BCHA), which was a fork of Bitcoin Cash (BCH) and Bitcoin (BTC). Amaury Sechet, an ex-Facebook software engineer, was Bitcoin Cash’s lead developer. In November 2020, he established eCash as a rebrand of Bitcoin Cash ABC. His reasoning was to increase mainstream adoption by reducing decimal places.
“No other money has eight decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivized by both tech and price improvement, this improvement was a no-brainer.” – Amaury Sechet
What Is ECash (XEC)?
eCash was created to use electronic cash similarly to fiat currencies. However, the primary difference is that eCash promotes low fees, fast transaction times, and user anonymity without relying on traditional banks. In addition, transactions are securely encrypted and virtually untraceable.
eCash is not pegged to another currency, the same as a stablecoin like $USDT is pegged to the dollar. So, the eCash (XEC) price fluctuates with market supply and demand. eCash uses “bits” as the base unit of currency. So, by reducing the decimal places, you might send 20 bits with eCash instead of, say, 0.000002000 Bitcoin (BTC), though realistically, the benefits of reduced decimal places are debatable.
eCash uses a proof of stake (PoS) consensus protocol called “Avalanche.” However, it’s important to note that the layer protocol is not the Avalanche (AVAX) blockchain, a fact not immediately made clear on the eCash website.
eCash developers propose to target several areas for improvement: –
1. Increasing transaction speed – improve 100 TPS (transactions per second) to 5 million TPS. 100 TPS is significantly slower than many other blockchains
2. Reduce finality time – the transaction time from start to finish
3. Fork-free upgrades and extending the eCash protocol
4. Supporting EVM (Ethereum Virtual Machine) compatibility
5. Improve interoperability
$XEC is the native utility token for eCash. It pays for network fees and smart contract execution. As an incentive for helping to secure the network, if you stake your $XEC tokens, you receive $XEC rewards proportionate to the level of your holdings. It also gives you a governance to vote on network proposals for the future of the eCash protocol. eCash invests the revenue back into the ecosystem to develop the eCash infrastructure.
What Makes eCash (XEC) Unique?
There’s nothing incredibly unique about the eCash protocol because many other blockchains have similar offerings. Still, we’ll highlight the essential points below.
eCash combines the anonymity of a blockchain with an EVM subchain, which means that developers can send their DApps to the eCash network without the need for project reprogramming.
Using the eCash protocol, anyone can easily create individually customized tokens, even without technical experience.
The network has an adaptive block size, meaning that it’s scalable over time which eCash suggests can grow to 1TB.
The Avalanche consensus algorithm enables $XEC holders to engage in the network validation process without needing expensive mining equipment.
How and Where to Buy eCash (XEC)?
It’s quick and easy to buy eCash (XEC) with a reputable exchange like Binance, the leading crypto platform globally by trading volume: –
2. Have your identity documents ready, passport or driving license, and utility bill. Fill in your details
3. When your Binance account is approved, you can deposit funds. Your options are wire transfer, Visa, Mastercard, or supported cryptocurrency
4. Click on the “Exchange” tab and search for an available $XEC pair: XEC/USDT & XEC/BUSD
5. The final step is to send your $XEC tokens to your secure wallet
How do I Sell eCash (XEC)?
- If you have the Trust Wallet mobile app, open it and find the “trade” tab. Alternatively, log in to whatever wallet you have for your $XEC tokens
- You can now sell your $XEC tokens for a stablecoin like $USDT
- Transfer the $USDT to an off-ramp wallet like Gemini
- Once the $USDT is in your off-ramp account, sell it for a fiat currency and then request a bank transfer
Should I Buy eCash (XEC)?
Nobody except you should decide whether to buy eCash (XEC) or not. You may seek independent financial advice, but, unfortunately, we aren’t qualified to assist. So instead, we recommend that you only use an established, trustworthy exchange, like Binance, for purchasing your cryptocurrency tokens.
We also recommend the following exchanges: –
- Gate.io – a popular exchange with crypto newbies and experienced investors and traders. Gate.io is one of the few exchanges that provide a secure cold storage wallet
- KuCoin – Known as the People’s exchange, KuCoin has over 1,200 markets and more than 600 coins. The platform offers non-custodial and custodial services
How do I invest in eCash (XEC)? Safely?
Although this post has provided a guide to the eCash project, we advise you to do independent research before buying $XEC coins. That way, you gain extra confidence in the project’s longevity and an understanding of the potential growth of your investment.
Accept that you may have to ride through the inevitable swings we regularly see in the cryptocurrency market. Always ensure your eCash (XEC) tokens are securely stored in a crypto wallet.