What is Dash ?
Dash coin is derived from Litecoin which by itself is a derivative of Bitcoin. Unlike other altcoins such as Ethereum, Ripple etc who have different use cases, Dash follows the steps of Bitcoin and its original vision of financial freedom to all. It aims to become a faster and cheaper alternative to fiat currency as a medium of exchange for goods and services.
Dash was founded by software developers Evan Duffield and Kyle Hagan. Launched as XCoin, it was renamed Darkcoin and then “Dashcoin” in an attempt to positively change its image.
Primary features of Dash
Since its inception in 2014, Dash has shown leadership in innovation and pioneered groundbreaking features such as:
-Two-tier network with incentivized nodes and decentralized project governance (Masternodes)
-Instantly settled payments (InstantSend)
-Instantly immutable blockchain (ChainLocks)
-Optional privacy (PrivateSend)
Is Dash a promising cryptocurrency?
Dash coin has a lot of benefits as a cryptocurrency. It is being widely accepted as currency by around 5000 traders. It has a relatively low transaction fee and there are many cryptocurrency exchanges with Dash coins. Unlike its counterparts, Dash transactions are quick and hassle-free.
How to use Dash coins?
Dash exhibits the same utility as Bitcoin with the added benefit of higher privacy and instant transactions. Here are four ways it can be used:
- Global Transactions: Dash enables money transfers to any part of the world seamlessly without middlemen.
- Store purchases: Dash can be used to make payments in stores that accept Visa.
- Online payments: Many online merchants accept payments in Dash.
Private transactions: Most people prefer privacy in transactions to avoid sensitive information being leaked.
Pros & Cons of Dash coin
- Decentralized – Dash Coin is decentralized while many other altcoins are not.
- Higher Consensus – Unlike Bitcoin, Dash’s governance system allows it to come to a consensus regarding improvements much easier.
- Speed – The Instant Send feature of Dash helps transactions to happen in seconds, while it takes hours for Bitcoin
- Privacy – Its Private Send feature allows complete anonymity
- Reputation – Having changed its name twice already, Dash could still be a generic term
- Big Competition – Bitcoin which is the most popular cryptocurrency is direct competition to Dash.
- Limited Utility – While other altcoins serve broader purposes, dash focuses on being just a digital currency
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