Table of Contents
eCash (XEC) is a cryptocurrency intended to be used as electronic cash. It aims to be used as a payment mode for transactions for goods and services and envisions redefining wealth altogether.
Transactions in eCash are made directly between the user and the person they are paying or receiving money from; hence, there is no need to possess a bank account; only an electronic wallet is needed. Anyone can receive an eCash token once they have a wallet.
Want to know more about XEC? We have got you covered. Read on more about how to buy XEC in INR, XEC coin prediction in INR, and where to buy XEC in INR.
What is eCash (XEC)?
Ecash combines the core functionalities of Bitcoin – fixed supply, genesis block, and halving schedule – with the energy-efficient Proof-of-Stake (PoS) consensus and protocol governance. The platform uses the Avalanche consensus algorithm to avoid the chances of forks that have, in the past, removed large amounts of value from many projects. The XEC team promises to incorporate both the Proof-of-Work and Proof-of-Stake consensus to improve XEC.
ECash (XEC) is led by Amaury Sechet, who was the lead developer of Bitcoin Cash (BCH) and forked that blockchain to create Bitcoin Cash ABC (BCHA) on November 15, 2020. Bitcoin Cash is itself a fork of Bitcoin. Sechet chose to rebrand Bitcoin Cash ABC on July 1, 2021 and renamed it eCash with the token ticker XEC. The rebranding was done to build a new brand identity for eCash distinct from Bitcoin and Bitcoin Cash.
Users were allowed to exchange 1 BCHA token for 1 million XEC. eCash tokens are of smaller denominations to facilitate easily measurable transactions. Sechet was of the belief that reducing the number of decimal places would aid in the coin’s adoption.
Sechet said, “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.”
It’s available in every country and can be used to send and receive cross-border payments from anywhere without the need for a bank account. eCash uses ”bits” that make it easy to send small payments because you no longer have to handle unwieldy decimal places.
How does eCash (XEC) Work?
The multi-layered approach of the eCash network combines a privacy-focused blockchain with an EVM Subchain to make it simple for developers to create Dapps. The EVM designation means that Ethereum developers can port or expand their existing Dapps to the eCash network without reprogramming their code. The platform developers intended to make the coin EVM-compatible and interoperable with the Defi sector on the ETH network.
To ensure the coin’s success, the developers have five goals to fulfill, including anonymity in transactions, the immutability of transactions, guaranteeing almost free transactions, transaction finality of three seconds, and designing the coin’s infrastructure as a public good.
On the eCash system, anyone can build customized tokens. The system eliminates the conventional technical requirements. Using the platform’s dashboard, you may create a unique token name, supply, decimal places, and icon. This capability enhances the network’s usefulness by allowing enterprises to develop new revenue-generating tactics and enter whole new markets.
eCash’s native wallet named Sighash is used to boost security. The system allows users to keep track of their holdings and sell, trade, and buy XEC in INR and other currencies. This interface also allows users to keep track of their staking rewards.
By staking XEC tokens, users gain rewards and more. Staking protects the network while also providing a low-risk passive income stream. Staking is less risky than trading because your payouts are predetermined based on the number of tokens you stake.
The customers can partake in the validation process without buying expensive mining rigs due to the unique Proof-of-Stake technology. The network’s adaptive block size can expand up to 1TB, while Bitcoin has a 1MB block size. This method enables near-real-time processing and transaction completion on the network.
How to Buy eCash Coins in India?
If you are wondering how to buy XEC coins in India, then WazirX can be your best choice. You can buy XEC coins in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:
#1 Sign Up on WazirX
To begin with, create an account on WazirX by clicking here.
#2 Fill in the Required Details
Put in your email address and choose a secure password.
#3 Email Verification and Account Security Setup
Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.
Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking.
#4 Choose Your Country and Complete KYC
After selecting your country, complete the KYC process. Without completing your KYC, you can not trade peer-to-peer or withdraw funds on the WazirX app.
To complete your KYC, you need to submit the following details:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar any other ID proof
- A scanned copy of the document
- A selfie of yours to finish the procedure
And you are done creating your account! Within 24 to 48 hours, the account is usually validated.
Buy XEC on WazirX via P2P
WazirX allows you to check the XEC coin price in India before you proceed to buy XEC crypto via WazirX. Check XEC coin price in INR in WazirX here. You can buy XEC using USDT or INR.
To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your XEC crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY”. Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, once confirmed, a minimum penalty of 10 USDT or 1.2% of trade will be levied. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchase will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase XEC crypto on WazirX. Go to the “exchange” option on the web/mobile app and select XEC crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on buy XEC. Wait for some time. It will only be a short while before your order is executed. Once it’s done, you will receive the XEC coins you purchased in your WazirX wallet.
Learn how to buy crypto safely and securely via WazirX P2P:
Future of eCash (XEC):
ECash aims to improve its performance by working on the below-mentioned parameters:
1) Scaling transaction throughput (100 transactions per second (TPS) to improve to more than 5 million transactions per second (TPS))
2) Enhancing the payment process.
3) Extending the protocol and creating fork-free future updates to enable the economy of the future.
The future of cryptocurrencies, especially in the payments and finance sector, seems bright. XEC is already being accepted as a mode of payment on several e-commerce websites. XEC will reach a price of 0.011 INR by the end of 2024, as per XEC coin prediction in INR.
Frequently Asked Questions
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
