What Do You Need To Know About Dash?
Cryptocurrencies are at an all-time high right now, closing the year with a market cap of over 800 billion Dollars shared among many different coins (as of this article’s writing). That means that there is a considerable chance of profiting from this market for investors who are strong enough to withstand its furious volatility. Besides the all-mighty Bitcoin that dominates headlines, there are many other cryptocurrencies in the market, some of them even better than Bitcoin itself in some ways.
This article is about one of them: Dash.
What Is Dash?
It is part of what people call “anonymous cryptocurrencies”.
Anonymous cryptocurrencies were created with the objective of offering people a more private and secure alternative to Bitcoin. That is because Bitcoin, albeit hard to trace, does have some inherent “flaws” that can give people a way of tracking transactions back to someone if they manage to acquire information about operations that they might then verify on the blockchain.
It is thought out to be used only as electronic cash, unlike Ethereum or Ripple that work more as a platform. It’s built from Bitcoin’s blockchain but adds several extra features that improve its privacy and speed.
It was created in 2014 by Evan Duffield, who was impressed by Bitcoin but thought that it could be both faster and more private, so he set out to create his cryptocurrency.
What makes Dash so technically different from Bitcoin are its features:
Previously named InstantX, this is the solution that offers to solve the issues with Bitcoin’s speed.
This service allows users to send transactions within one and a half second in exchange for a higher fee than usual. However, seeing as how fees aren’t really big, this isn’t an issue. Additionally, this prevents problems related to double spending.
The main reason it offers a much higher privacy standard than Bitcoin.
PrivateSend acts as a mixing service specifically developed for it and based on the service provided by CoinJoin.
The way it works by taking several different transactions with similar characteristics and merges the amounts sent in each one so that they are obscured and harder to trace.
However, this isn’t a default feature and is up to the user whether to use it or not. Additionally, there’s a limit cap of 1,000 Dash to be sent using this.
Whereas Bitcoin nodes are equal, Dash includes privileged or special nodes called, well, Masternodes. These can be managed by anyone who can hold a thousand Dash as collateral. These nodes are the ones responsible for the transactions done through PrivateSend and InstantSend and are entitled to a 45% reward on blocks mined.
Dash is quite popular in the cryptocurrency world, so getting some isn’t hard.
Some exchanges that offer Dash include:
- eToro Sign up with eToro
- Changelly, which is one of the fastest. Sign up with Changelly
- Coin Base Sign up With Coin
- Bitfinex, which is available in mobile.
- Kraken, which is one of the most popular exchanges.
- Cex.io, another established exchange that lets you buy with both credit and debit card.
Once you buy them, you can store them in these wallets:
- Ledger Nano S Buy Ledger Nano S
- Dash Wallet (Android).
- Jaxx (Android, iOS, Windows, and Linux).
- Dash Core (Windows and Linux).