What is a DASH Coin?
DASH Coin has been adopted by many online services, and you can now use it to make payments on more than 120 websites and over 150,000 stores. Since its release, the DASH network has been improved significantly. In this overview, we will cover the unique aspects of the coin, as well as the benefits of the network.
History of DASH
The white paper of DASH cryptocurrency was released in January 2014, and the coin was launched at the same time. The coin was created by Evan Duffield and was a fork of the Bitcoin protocol. It was originally known as XCoin and would later be rebranded to Darkcoin.
Like other early cryptocurrencies, it was commonly used for dark web transactions. In its early years, the coin was subject to pump and dump speculations, but it would prove to be a legitimate cryptocurrency.
In 2015, the coin would finally rebrand to its current name, and this was meant to be a portmanteau of the name ‘Digital Cash.’ The altcoin is used all around the world, and it was even noted to be the most popular cryptocurrency in Venezuela in 2019.
How Does the DASH Network Work?
DASH was forked from the Bitcoin protocol and uses two different tiers for enhanced efficiency. The first tier of the network is the proof of work system, where miners have to solve complex mathematical problems.
Whenever the miners solve the problems, they are rewarded with a small number of digital Dash tokens.
The second tier of the network is the masternodes. Individuals who own large sums of Dash coins can run the masternodes, and they are allowed to run the Instant Send and Coin Join features of Dash. Masternodes are also able to vote on issues like governance and funding proposals.
Whenever miners solve mathematical problems, they will be able to keep 45% of the newly minted coins. Another 45% of the new coins will be given to the masternodes, and the other 10% will be granted to the governance budget of Dash.
Buying and Selling with Dash Coin
If you want to make purchases with Dash, you can use the Dash Direct Application. It can also be purchased on different crypto exchanges, and you will just have to look for the Dash symbol. Here are some of the crypto exchanges where you can purchase Dash Coin:
Coinbase
Binance
BitMart
BTCC
Digi Finex
Coin Trade
Coinbase Pro
Coin Tiger
Bitfxt
Bitfinex
Bitci
BuyUCoin
In order to store your Dash coins, you will have to use a cryptocurrency wallet. The wallets have different features and security standards, and they work on different devices. Crypto wallets are generally classified into hot wallets and cold or hardware wallets.
Hot wallets are simply pieces of software that can be installed on a desktop or mobile device, and cold wallets are physical objects that work just like flash drives. Here are some of the most popular crypto wallets for Dash:
Dash Android
Edge
Coinomi
Dash Electrum
Jaxx Liberty
Exodus
Bitnovo
Dash Direct
Guarda
Ledger
Dash vs Bitcoin
BTC was the first cryptocurrency to be released. It was released in 2009, just as the recession was coming to an end. On the other hand, DASH was released in 2014 and was meant to improve certain aspects of Bitcoin.
While Bitcoin uses the SHA-256 mining algorithm, DASH uses the X11 alg. The DASH mining algorithm requires less processing power, uses less energy, and keeps the mining hardware cooler.
The main problem with BTC was that it preferred smaller block sizes, and this means that transactions take very long to process. At the moment, BTC transactions are completed in 10 minutes, and Dash coins can be sent within an average of 1.85 seconds. The quick transactions are made possible by the Instant Send feature.
Another key difference between Dash and BTC is the transaction cost. With Dash cryptocurrency, you will only need to pay a fee of $0.01 to $0.02. On the other hand, Bitcoin transactions will cost you $1 to $30.
The transaction speeds and low fees make DASH a great option for online transactions, especially those which require high levels of privacy. On the other hand, Bitcoin is best used as a store of value.
Is Trading Dash Cryptocurrency Worth It?
Dash cryptocurrency offers lots of benefits in the cryptocurrency community. These include the high transaction speeds, the low fees, and the high levels of security. Although the altcoin suffered some negative press in the past, it has been able to gain a good level of popularity.
It attained its all-time highest price in December 2017, and it is still very far from reaching this price again. However, the altcoin has been rising in price over the past few years and is likely to be a great investment.
