When it comes to cryptocurrencies, our only options don't have to be Bitcoin (BTC) and Ethereum (ETH), although they are certainly the most popular. There are more alternatives that are used in the country to save, trade and serve as payment instruments. One with these functions is eCash (XEC), being conceived to be used as cross-border “electronic cash”.
How to send and receive XEC funds to and from abroad? Where can you buy this cryptocurrency with bolivars? We share a guide on eCash (XEC) that you can even replicate with other altcoins of your choice.
What is eCash?
This blockchain project first emerged as Bitcoin Cash ABC (BCHA), a fork of Bitcoin Cash. To better understand this concept of crypto language, a fork is the creation of a project –in a different direction– from another existing project.
That is, imagine that someone creates a new banking platform that takes part of the code of a certain bank in Venezuela and that improves certain aspects, such as faster transactions, lower commissions, greater security protocols, etc.
That's exactly what you're looking for eCash, bring improvements that Bitcoin has not yet been able to solve. According to its developers, eCash It emerged as a digital currency that could be used instead of common money (dollars, euros, bolivars, etc.) as a way to pay for products and services.
This digital asset seeks to resemble common currencies a little more, and it is for this reason that it intends to reduce the number of decimals. For example, instead of sending 0.0000100 BTC, you will be able to send 10 bits. It is a way to facilitate operations.
By combining some of the core Bitcoin technology, eCash presents itself as a convenient e-money solution with very fast transactions and low fees. It can be purchased at cryptocurrency exchange houses (exchanges) and stored in digital wallets (purses).
Currently (February 2) the price of eCash (XEC) is $0.00003745 per unit.
Can I use eCash if I am from Venezuela?
Cryptocurrencies were created in order to eliminate the figure of intermediaries and to give access to a decentralized financial system that is not controlled by institutions, banks or companies.
For that reason, eCash is open to all Venezuelans and people in the world who wish to invest in cryptocurrencies. It is enough to purchase it on an exchange or receive a payment with XEC.
Who created eCash?
Unlike many crypto projects where the founders are unknown, in eCash Amaury Sechet, a former Facebook engineer and founder of Bitcoin Cash (another Bitcoin fork), is known to be the person responsible for this project.
As stated by Sechet, cryptocurrencies with a lower unit price such as eCash enjoy greater appreciation when there is a bullish effect on the market.
Sechet and part of his work team believe that eCash can provide its contribution on these points:
- anonymous transactions
- immutable transactions
- Low-cost and secure operations
- All operations must be done in less than 3 seconds.
How to buy eCash in Venezuela and trade?
If you have bolivars and are looking to buy cryptocurrencies to save, invest or trade, the first thing you should do is create an account on an exchange. Being the most popular in Venezuela, let's see how you can do it in Binance:
How to create a Binance account in Venezuela
- Enter the Web page from Binance or download the app from the Play Store or Apple Store.
- Within Binance select the registration option.
- You must provide your email, define a password and accept the terms and conditions.
- You will have to put a code that will arrive in your email and later you will have to write your name, address and other information.
- Binance will ask you to validate your account so that you can operate in the p2p market and be able to trade more funds daily.
- Therefore, take a photo of both sides of your identity card or passport, and take a video from the Binance app turning your head to the sides.
- When the account is validated, you will be ready to operate.
Steps to buy in the Binance p2p market in Venezuela
With all this clear, the next step you must complete will be to go to the option "P2p commerce" (sometimes it appears as p2p trading) and add a payment method. Since in theory you have bolivars, you can register your bank account or mobile payment. These are the next steps:
- Go to the "Purchase" section and choose the payment method that you have already configured. To make it easier for you, choose that you buy the currency "USDT", which has a value 1-1 with the dollar.
- You will see many sales orders online, you will have to choose the one that you think is most convenient. Make sure it is from a verified user.
- Binance will connect you directly with the user. You will be able to see your bank details and proceed to pay, either with mobile payment or transfer.
- Once you make the payment, you will have to notify Binance that you have already paid.
- The user will proceed to open his bank to verify the amount and will then proceed to release the cryptocurrencies.
eCash Trading (XEC)
Already with funds in your Binance account and as your intention –in theory– is to make trading with eCash, you will have to send the USDT from the general wallet to the Spot wallet. You just have to locate the 'Transfer' option and approve the operation.
- To start trading, select the “Trading” option, located at the top left of the Binance menu, and then click on “Spot”.
- You will see how the trading section opens. Now go to the bottom where it asks you to "Load an order".
- Enter the amount of USDT you want to exchange for eCash.
- Once this is done, you will have to monitor the candlestick chart so that you can evaluate the behavior of eCash.
- You have to sell when you consider it appropriate and, if possible, make that trade several times so that you add up small fractions of profit.
- Please note that trading eCash or any other currency is a high-risk activity.
In which wallets can you store your XECs?
The wallets that eCash recommends to store the XEC are the following:
- cash tab
- Electrum ABC
Advantages and Disadvantages of eCash
Every cryptographic project is subject to market fluctuations and is the subject of speculation. Without further ado, let's look at the pros and cons of eCash.
- Guarantees anonymous transactions on the blockchain.
- They run fast.
- It has proven technology coming from the Bitcoin fork.
- It is in the global top 70 of CoinMarketCap
- It is listed on Binance and on other exchanges such as OK and Bitby.
- Not as well known as other Bitcoin forks
- Your project is still under development to make it compatible with other networks
As well as eCash, there are many cryptocurrencies that you can acquire from Venezuela to save, trade, stake – block them for a while to receive rewards – or simply to send and receive cross-border payments.
The Venezuelan freelancer community uses cryptocurrencies as a payment instrument for their services, as do those who use it as remittances.
In future articles we will show you more payment alternatives, exchanges, cryptocurrencies and fintech that you can use in Venezuela.
It guarantees anonymous transactions in the blockchain, that is a lie because when asking for all your data including address, photo, video, identity documents, it is absurd that they say that the transactions are anonymous. .
Excellent explanation, I loved it. Thank you