As cryptocurrencies go mainstream, many crypto enthusiasts are always on the lookout for a digital coin that offers faster and cheaper transactions. A great example that’s worth more than a single glance is Dash cryptocurrency.
Although it is a relatively new digital coin, it managed to take the crypto world by storm with its amazing feature of instant international transfers with a high level of security. Find out more about this interesting token here at Cryptoshimbun:
A quick background about Dash
Developed and created by Evan Duffield, Dash is an open-source cryptocurrency made specifically for payment services. It was first launched in 2014 and was previously known as ‘darkcoin’. But a year later, in 2015, it rebranded and became known as ‘Dash’.
To make Dash, Duffield forked the Bitcoin blockchain with the intention of solving problems like expensive transaction fees and slow transaction time. Compared to Bitcoin’s fee that ranges from $2 to $5, you only need to pay $0.2 to $0.3 to transact with Dash. And to make validating transactions faster and more streamlined, Dash shortened the block confirmation time from Bitcoin’s 10 minutes to 5 minutes.
About Dash cryptocurrency (DASH)
Dash (DASH) currently has over $1 billion in its market capitalization according to CoinMarketCap. It reached its all-time high of $1,493.59 in 2017 based on data from CoinGecko. However, its latest price is $155.84 as of writing.
What happens behind every Dash cryptocurrency transaction
Dash is known for allowing its users to send, pay and receive payments from any part of the world. It has a faster and more anonymous service that is suitable for everyday transactions which are similar to other alternatives like cash, credit cards or e-wallets. But how exactly does it work?
In every Dash transaction, there are two tiers of protocols to be followed:
Proof-of-work (PoW)
The proof-of-work (PoW) is the first tier in the protocol of every Dash transaction. The people behind this process are called miners. They are tasked to verify transactions and upload blocks to the blockchain to confirm them. But before they can do so, they need to first solve mathematical equations.
Proof-of-service (PoSe)
After the PoW, the second stage is the proof-of-service (PoSe) protocol which ensures that the specific node operators responsible for this tier called Masternodes are working without fault. These said notes do the following tasks:
- Keep a full copy of the ledger
- Decline improperly formed blocks from miners
- Facilitate PrivateSend and InstantSend transactions
- Join in and vote on governing and funding proposals.
Perks of the Dash cryptocurrency
Speed through the various benefits of using the Dash cryptocurrency by knowing all about them here at Cryptoshimbun:
It has cheaper fees
A great perk of using Dash is that it has low transaction fees, usually ranging from $0.2 to $0.3. Because of its affordability, it allows you to make as many transactions as you want without having to be concerned about the additional costs.
It is easily accessible
Dash is found in major crypto exchanges like Binance and Coinbase among others. It is also offered in various crypto ATMs which allow you to buy coins offline.
It’s mobile-friendly
It’s now easier to pay and receive funds through the mobile version of a Dash wallet. It is not only available in online browsers but can also be downloaded on any of your devices like smartphones and tablets. This is supported on various platforms such as Windows, macOS, Android, iOS and Linux.
It’s faster
You can instantly complete a Dash transaction because of its average transaction speed of 2 minutes and 39 seconds. Compared to other cryptocurrencies, Dash boasts of its swift services which are perfect for daily use like buying products online or shopping in physical stores.
Getting started with Dash!
Kickstart your journey into using the Dash cryptocurrency by knowing where to use it and how to buy them here:
Fast and simple: Where you can use Dash
Dash can be used in different ways but it’s most commonly utilized for global payments and in-store purchases. Take a closer look at these below:
For global transfers
With Dash, you can easily make transfers to any part of the world. It allows you to send and receive cryptocurrency from various countries around the globe within less than 3 minutes. Since there are no intermediaries needed, all transactions are not only faster but also cheaper.
For in-store purchases
The Dash cryptocurrency is considered a form of payment by over 4,8000 merchants worldwide. Utilize this whenever you are purchasing products online or trying different services. This is allowed in any location where Visa payments are accepted. Some of the merchants that support the use of Dash are the following:
- Dash Giftcard Store
- eGifter
- The Sun of Soul
- Mader Reisen
- Travala.com
- The Bitcoin Wardrobe
- Pita Barcelona
- CheapAir.com
- Sugartrends
- Wellspring CBD.
4 steps on how you can buy or invest in Dash
To help you get started in buying or investing in Dash, be guided by these four simple steps:
- Register in a crypto exchange platform
There is a large selection of exchanges available for you to buy Dash and the most popular picks are Binance, BigONE and OKEx. Browse through different crypto exchanges to know more about them and see if their perks are suitable for your needs.
To sign up on an exchange platform, you need to provide your email address. Some sites require an ID with your photo on it along with other important details that are necessary to comply with the Know Your Customer (KYC) laws before you can start using their services.
- Get a crypto wallet
Keep in mind that before you buy Dash coins, you need to first have a crypto wallet where you can safely store all your tokens. The most common categories of crypto wallets are:
- Software wallets
Software or hot wallets are accessible through the internet. Its main variations under it include web, desktop and mobile wallets. Popular examples of software wallets are Dash Android, Edge and Jaxx Liberty.
- Hardware wallets
The distinct characteristic of a hardware wallet is that it allows you to keep your coins and password keys saved on a physical device, instead of software. Since this is not connected to the internet, it is less susceptible to hacking or any security issues. The top picks to consider are Ledger Nano S, Trezor and Atomic Wallet.
- Deposit funds into your account
Before you can start buying Dash, you need to first add funds to your exchange account. Be informed that not all crypto exchanges accept fiat currency in exchange for Dash. To solve this problem, you can first buy digital coins like Bitcoin (BTC) and Ether (ETH) then exchange them for Dash tokens.
- Buy Dash
After setting up your account, having a crypto wallet and putting in some funds, the last step is to buy your Dash tokens. To do this, pick a currency pair that you prefer like BTC/DASH, ETH/DASH or DOGE/DASH. Then, enter the amount of Dash that you want to buy or spend in cryptocurrencies.
Soaring new heights: Maximize Dash to its fullest potential
Although more cryptocurrencies are emerging now, Dash remains one of the most used coins today. As of writing, it has around $1 billion in market capitalization. It goes to show that there is more to look forward to from this digital coin.
