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Dash (DASH) General Overview.-

Dash (DASH)

December 14, 2021 | 

1579 Views | 

Jesus Guzman | 

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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 Price and Market Capitalization

The current Dash cryptocurrency price is $206.12, and it has a circulating supply of 10,420,817 coins. Dash's market cap is $2.152 billion.

This places the coin at the 74th position in the list of important cryptocurrencies. The maximum supply of Dash coins is 18.9 billion, and as we have noted earlier, Dash stock is created with the proof of work mining system.

The all-time high Dash coin price is $1,642.22, and this was recorded on the 20th of December, 2017. On the 14th of February, 2014, the altcoin recorded its all-time lowest price, and this was $0.2139.

What is Dashing Meaning?

Some people in the crypto community have been using the term ‘dashing’ to refer to transactions made using this cryptocurrency. Since the altcoin was meant to offer quick transactions, this verb captures the essence of the coin.

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.

What Are the Risks of Investing in DASH?

Dash is a great investment, but you should still take note of the risks of the altcoin. One of the main risks of Dash is its price volatility. Like all other cryptocurrencies, this one can rise and fall in price rapidly.

Although price volatility is a major risk in the altcoin, it is worth noting that this can allow you to make very high profits. Since there is a chance that you might lose a lot of money while trading Dash, you should consider investing only amounts that you are willing to lose.

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.

Do you want to know when you should buy or sell the altcoin? Then sign up at XOSignals for free trading signals.

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