Decentralised. Sounds cool, but what does it mean?

On the blunded website, you will often come across the term “decentralised”. But what do we mean by that? It is important to emphasise that not everyone uses the term the same way. A decentralised monetary system has been mentioned a lot since bitcoin. This is because bitcoin is maintained by a computer network all over the world, where no single party has the “central” power to stop transactions. A central monetary system is, for example, the dollar. Entire countries can be cut off from a central payment system.

Storing crypto decentralised

Another pillar of decentralisation in crypto, is storage. Imagine you buy crypto on a large exchange like Binance or Bitvavo, then your tokens are stored on this exchange. In English, we often speak of a CEX, a centralised exchange. Imagine an exchange goes bankrupt or is hacked, then there is a chance that you will never see your tokens again. Or maybe an exchange has to leave a country due to regulatory measures…. *wink* 

Blunded encourages its users to take control over their own tokens and store crypto in their own wallet on the blockchain, decentralised. We don’t offer a wallet right now, but we have made a page to help you create your own wallet easily. There is even the possibility to schedule a video call in which we will help you set up a wallet, step by step, for free!

Buying crypto decentralised

But how do you get crypto on your wallet? And once you own the crypto, what can you use it for? When buying crypto, you will still need a central exchange to take your money and to provide you with crypto tokens. So you can buy crypto on a CEX and send the crypto to your wallet. Important: Not every exchange or ‘provider’ lets you withdraw (send away) crypto from their platform. Together with BTC direct, we offer a widget on our website, enabling you to buy crypto which will directly be sent to your wallet!. So you don’t have to transfer it yourself. It is also a super safe option, because our partner BTC direct has some of the best security measures in place. 

Decentralised applications, DApps.

But what’s the use of decentralised crypto (besides being an investment?)

Decentralised applications, or dApps, are at the forefront of this exciting frontier. These innovative applications are built on decentralised networks, enabling users to trade, invest, and participate in various decentralised financial ecosystems. By leveraging smart contracts and blockchain technology, dApps offer transparency, security, and user empowerment. Whether it’s decentralised exchanges, lending platforms, or governance protocols, dApps provide a diverse range of opportunities for individuals to engage with the crypto space in a decentralised manner, fostering a more inclusive and open financial landscape.

How do I trade decentralised, and where?

So now you have some Bitcoin and some of the more well known altcoins in your wallet. But what if you would like to explore and invest in some smaller projects or newer crypto tokens who still have a small(er) marketcap. That’s where decentralised trading comes in! We will tell you all about it in our next blog.

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