What is Cryptocurrency DASH? Shopping guide and its current price
Introducing Cryptocurrency dash
Well, welcome to the Dash Encrypted Currency Guide. Today we will answer a wide range of questions about this cryptocurrency, which is actually ranked 15th among Cryptocurrencies!
The cryptocurrency was launched in 2014 and has a total sales of $ 920 million. We are sure you will be surprised to know that the name of this coin has changed twice before deciding on its final name. But we will talk more about this later!
In this guide, we will explain what Dash cryptocurrency is, what makes it so special, and how Dash transactions work. Not only this, with the help of cryptocurrency and how to buy, store and use it.
So, at the end of this guide, you will have a good understanding of Dash cryptocurrency as well as its uses and features.
Are you ready to know Dash’s story? Well, let’s get to that
What is DASH?
Dash cryptocurrency, like Bitcoin, is a cryptocurrency that can be used to send, receive, and pay. In fact, Dash is built on top of the blockchain technology used by Bitcoin, however, significant improvements have been made.
Dash has gained popularity because it offers better privacy and faster trading speeds than Bitcoin. This currency network can achieve this with the help of a unique model that includes “Masternodes”.
We will provide more details about Masternodes later; Because they form the backbone of the Dash network.
Dash cryptocurrency not only provides these benefits, but also operates on a model of self-governance and personal funding. Unlike Bitcoin, the Dash network can fund itself to further advance Dash technology.
dash, a currency that combines the words “Digital” and “Cash”, was released on January 18, 2014 by Evan Duffield as “Xcoin (XCO)”. On January 28, 2014, the name was changed to “Darkcoin” and finally on March 25, 2015, it was renamed to “Dash”.
Dash was forked from LightCoin, and LightCoin was taken from Bitcoin. With the occurrence of fork, a problem was created, and as a result, during the first two days, 1. 9 million Dash coins were mined. 1. 9 million is about 10% of all Dash Coins that will ever exist!
Following this technical error, Ivan Duffield proposed a re-launch of the coin, but the Dash Association did not approve the offer, so the project continued.
Since its launch in 2014, the price of Dash cryptocurrency has been less than $ 10 by the end of 2016. As you can see from the chart below, its price started to increase at the beginning of 2017 and reached $ 1540 on December 20, 2017, which is the highest price.
So, now you know how it all started for the Dash cryptocurrency. So, let’s look at the details of each of these factors to find out what makes this currency code unique.
How to use the dash?
Dash has many features that make it superior to other cryptocurrencies such as Bitcoin and Light Coin. Because of these three features, Dash can be used to trade privately and quickly:
These three features are:
Masternodes, PrivateSend and InstantSend.
Let’s take a deep look at each of them.
In Bitcoin Blockchain, there are miners who monitor Blockchain transactions and in turn are rewarded for their work. Similarly, there are miners in the Dash cryptocurrency blockchain, but the system is divided into two parts – MasterNods and Miners.
A user must deposit at least 1000 DASH to become a Masternews.
Mr. Nodes acts as special servers that perform critical functions in the Dash encryption network. They are responsible for PrivateSend transactions, InstantSend transactions, and the governance and treasury system.
As you can see below, there is a powerful and growing network of Dash Masternodes.
These masternodes improve network security and make sure transactions are fast cash transactions. This comes at a cost to Mr. Nodz, so they are rewarded by the network.
A 45% Masternode receives the total bonus received from the Dash coin mining. Therefore, suppose 1 dash coin is mined by miners, divided by the following method:
- 45% of prizes (45% of DASH cryptocurrency) are awarded to miners.
- 45% of the prizes (45% of DASH cryptocurrency) are awarded to Masternods.
- 10% of prizes (10% of DASH cryptocurrency) are allocated to the budget for further development in the network.
As shown in the image below, this unique Masternods system is what helps Dash provide two major benefits that we will explore below.
One of the problems with Bitcoin Blockchain is that it is public. This means that if you make a transaction with Bitcoin, anyone in the world who has access to the Internet can understand the following:
- Public address of the sender and recipient of each bitcoin transaction;
- What was the value of the transaction;
- Previous transactions in which Bitcoin was involved.
Can you see the problem? This is not the case with Fiat transactions where the details of each transaction are known only to the parties involved.
However, Dash offers a service called PrivateSend that gives transactions a privacy aspect. For this reason, Dash transactions can not be searched and users’ identities are not revealed to the world. As mentioned earlier, private transactions are facilitated by MasterNods.
Even if all your transactions are legal (which we hope they are), do you really want the rest of the world to know everything about them? Let us guess, your answer is “no”. So, this is a big advantage that Dash cryptocurrency offers over bitcoin.
This is what makes Dash encryption “interchangeable”. Ever heard of interchangeability?
Well, traditional Fiat currencies (such as USD, EUR, JPY) are all interchangeable. This means that both $ 10 bills can be exchanged. Just like 1 ounce of gold, which is the same value as another ounce of gold of the same grade.
This concept is not true for Bitcoin. Because bitcoin transactions are traceable, one can refuse to accept bitcoins that have been used in illegal trading in the past.
Be sure to read this article: How does a smart contract work? And in what cases can it be used?
Because their cryptocurrency transactions are not traceable, their history is unknown. This makes all Dash coins equal and interchangeable
On average, it takes about 10 minutes to approve 10 bitcoin transactions. On the other hand, it only takes a few seconds to complete a transaction using a Visa or MasterCard. That’s a big difference, right?
This has raised many questions about the scalability and mass acceptance of bitcoin. Dash solves this problem by providing a special service called “InstantSend”. Using InstantSend, dash transactions are confirmed almost immediately by the Masternode network.
The extra charge for instant shipping service is more than just a regular transaction. A typical Dash transaction is about 2. It takes 5 minutes, which is still an improvement over Bitcoin.
But who just wants to pay? Wait 5 minutes at a grocery store? nobody. Therefore, for a small fee, you can ask Masternodes to complete your transaction in a matter of seconds.
These 3 useful features have a tremendous advantage over Dash cryptocurrency over many other currencies such as Bitcoin and Light Coin. In addition to these features, there is something else that sets it apart from other features.
Self-governance protocol and personal budget
In Bitcoin, when a block is mined, 100% of the reward goes to the miner (s). With Dash, however, 10% of all extraction prizes go back to Dash.
This money is basically added to the budget, which is then used to fund the growth and development of Dash cryptography. This means that Dash cryptocurrency can grow and be accepted.
So, who decides to use this fund? Again, this is done in a democratic way in which participants in the Dash Network vote on various proposals, as described in dash.org.
Below is a list of some of the live offers on the Dash Network.
As you can see, everyone in the Dash cryptocurrency community has the opportunity to express their views and contribute to development. This is very important because blockchain is a modern technology that needs to be constantly developed before it can reach the mainstream.
As you can see, Dash cryptocurrency offers many technical and commercial advances in business modeling. That is why it is one of the top cryptocurrencies.
Now that you know what Dash is and what its benefits are, let’s move on to see how a Dash transaction actually works.
How do transactions work?
Let’s say you own a dash cache (for example, you bought it from Binance) and store it in your dash wallet. First of all, here are two important things to know about your Dash wallet.
Private key: Think of this number as your ATM PIN, which you cannot share with anyone. This code is also a random sequence of characters that you need to trade your Dash wallet.
So, suppose you want to send 1 Dash to your friend Kate. To make this deal, you must follow the steps below.
By entering your wallet with your private key, you will send 1 Dash coin to Kate’s public address.
Miners add your transaction to a block. In fact, a block is a group of cryptocurrency transactions that occur over a similar period of time.
If you select the InstantSend service, your transaction will be approved by Masternode immediately. Otherwise, it is approved by a regular miner in about 2-3 minutes.
Once this is done, it will be told to the other miners in the network. They review the results of the extractor who approved the transaction to make sure there is no error and the validity of the transaction is confirmed. Eventually a dash coin is transferred from you to kate.
This is how transactions work on the Dash network. Very simple!
How to buy a dash?
The process of buying dash coins is actually very simple, especially if compared to some other lesser known and less available cryptocurrencies. All you have to do to make a purchase is sign up for Coinbase (or any cryptocurrency exchange there), verify your identity, and make the purchase through your preferred payment method!
If you want to buy Dash with a credit or cash card, you can do so with Simplex – they offer very fast and safe service.
It is also very easy to store newly purchased Dash coins. You can do this on a hardware wallet such as a ledger or treasury.
Before buying Dash or any other cryptocurrency, it is important to know if the currency has good profitability potential in the future. Because, after all, you are investing your money in a market with risk and uncertainty. Money that you may have earned with difficulty.
So, let’s take a look at the future of Dash
Dash growth potential and future
Dash has performed very well during 2017. If you invested $ 10 at the beginning of 2017, you would reach around $ 1,500 in December. That’s about 14,900% growth in less than a year! It’s crazy, right?
Dash has even been one of the favorite cryptocurrencies by experts. Roger Ware, often referred to as the “Jesus” of cryptocurrencies, even supported Dash.
Rogerkver announced in March 2017 that:
One of the main reasons for the widespread popularity of this cryptocurrency is that it is solving two major bitcoin problems – lack of privacy and slow transactions.
Here are some reasons why Dash is basically a strong cryptocurrency:
As mentioned earlier, improving speed and privacy is a major advantage over Bitcoin.
As an investor, it is important for a project to be constantly evolving in cryptocurrency technology. Fortunately, Dash cryptocurrency is an autonomous and self-financing system.
You can expect it to continually improve its technology and grow its users, both of which are crucial to Dash’s future.
According to bitinfocharts.com, the average transaction cost per dash is between 0. 2 to 0. It is $ 3, while for Bitcoin it is in the range of $ 2 to $ 5. Dash coin trading is much cheaper than bitcoin trading.
There are many other things that interest the Dash Coin, but be aware of some of the factors that can block its growth:
Critics of Dash cryptocurrency say that this is not really decentralized, because many important functions are performed by MasterNods. If one controls most Masternodes, one can potentially control the Dash network as well.
Although this is difficult, it is not impossible.
It also rivals other privacy currencies such as Monero and ZCash. The privacy provided by Monroe is said to be better than Dash. Therefore, if you decide to invest, it is important to follow the competition.
Given the privacy of this currency code, it is likely to be regulated by lawmakers. This is because illegal traders may prefer to encrypt cryptocurrencies because they are anonymous. We will talk more about this later!
These are some of the challenges that Dash faces and you should be aware of them before investing in this currency.
Another important aspect to consider (not just for Dash, but for any cryptocurrency) is security.
Is Dash safe?
Dash cryptocurrency, like other cryptocurrencies, provides a secure way to trade without the need for any third-party intermediaries.
For example, if you make a payment with your Visa credit card, Visa will ensure that the transaction is done in a secure manner. It also records all transactions for future reference.
Unfortunately, if the security of Visa or other intermediaries is compromised, all users are at risk. In fact, there have been many recent cases of hackers attacking banks and financial institutions, resulting in the loss of account holders’ wealth.
Dash cryptocurrency, built using Blockchain technology, offers secure options by decentralizing the process. Instead of trusting a centralized entity such as a bank, its transactions are authenticated by 4943 host servers worldwide.
Therefore, the dash can be considered safe, unless there is a problem with the technology itself, similar to what happened when launching the dash. This is often referred to as the “Instamine Controversy”.
When the dash was launched, 2 million dash were extracted within 48 hours of creation. If you remember, only 18 million of it can be extracted. One of the biggest beneficiaries of these forms was Dash.
Since then, Dash has not faced any other security issues, but it raises doubts in the minds of investors.
However, we still say that Dash is as secure as all the top cryptocurrencies.
So, now you know the answer to the question, “What is DASH?” What it is, you also know how to use the dash and how safe it is. Now let’s see how it can be abused
How to use Dash Encryption?
Because Dash cryptocurrency transactions are anonymous and untraceable, it has become a preferred coin for illegal transactions. Many darknet market sites, such as Alphabey, have begun accepting coins that do not name their users.
Also, if the government does not know who is doing each transaction, tax evasion becomes easier.
With privacy coins such as Dash, you can “do not declare” the income you earn from your capital, making it difficult for the IRS to keep track of you. Therefore, it has attracted the attention of users who try to use it for tax evasion or other illegal activities.
When Bitcoin first became popular, many people had the misconception that complete anonymity was present. Over time, it became clear that Bitcoin was far from a privacy coin. So the focus is now on privacy coins like Dash and Monroe.
While it is true that dash encryption can be misused, criminals make up only a small percentage of all users. As you can see, this is a popular currency code; Because it offers many advantages over Fiat currencies as well as other cryptocurrencies, not just for criminal use.
So, now you know why Dash cryptocurrency is called a privacy coin and what other advantages it has over Bitcoin. You have a comprehensive idea of how trading works and how secure it is.
Undoubtedly, Dash uses a unique and powerful technology that has made it superior to many cryptocurrencies. With that said, there are downsides to be aware of. One of these is the fact that criminals can exploit it and turn it into a potential target for regulators.
In this guide, you will also learn about Dash’s past performance and what its future holds. It has provided its initial investors with an extraordinary return of more than 14,000% in 2017.
Of the $ 9.18 million available, 800,502 DASHs are currently in circulation. For wealth, you can buy or extract them.
If you choose to buy, there are two ways:
- • Register with Coinbase or any other legal cryptocurrency exchange;
- • Verify your identity if required.
- • Buy DASH
- Enter the amount of cash coins you want to buy through Simplex;
- Pass all required fields and examinations;
- Buy Dash via credit or cash card, fast and secure!
Remember that storing cash coins is very easy, especially if you choose the hardware wallet option.
What is Cryptocurrency DASH? Shopping guide and its current price