The crypto currency has undergone three name changes since its inception from Xcoin to Darkcoin, and finally its current name – Dash.
The name change came about to distance itself from the increasing notoriety of the DarkWeb. Dash aims to restore crypto users’ privacy, a feature the Dash community believes Bitcoin has lost. It uses the Darksend method to attain privacy in transactions. By using the InstantSend feature, Dash can send transactions instantaneously. Masternodes, its other innovative feature allows Dash to resolve double spending issues faster than Bitcoin.
Reasons to Choose Dash
- Privacy – By using the PrivateSend feature, Dash can keep your transactions private. This makes it difficult for third parties to track them, and also enhances anonymity
- Instant – Users are able to select the “Use InstantX” option in their wallet to send irreversible transactions in full within four seconds
- Secure – Dash uses advanced encryption, and a trustless protocol to secure its users’ transactions
- Worldwide – You can send money to any part of the world at low fees and speed. It’s as simple as sending to someone within your local area
- Transaction fees – Dash transaction fees will set you back a few cents only. This is way cheaper than PayPal, MoneyGram or Western Union.
Buying Dash involves two main steps. They include acquiring a Dash Wallet and buying the actual Dash.
You will need a Dash wallet before you can start the process of buying Dash. A hardware wallet is best for large amounts while a mobile or desktop wallet will do for smaller amounts.
- Desktop wallets – A good example of a dash desktop wallet is the Electrum Dash Wallet. Despite its many advantages, one of its major drawbacks is the wallet lacks features such as InstantSend and PrivateSend. This reduces its full-scale functionality
- Dash hardware wallet – Wallets from Trezor, KeepKey and Ledger are secure to use and store Dash coins for longer periods
- Dash mobile wallets – They are available for both Android and iOS gadgets. The Jaxx application is the most popular application on both platforms. iPhone users can use DashWallet V.0.9 while Android users can choose either Hash Engineering Solutions or Coinomi mobile wallets.
Buying any type of crypto currency whether Bitcoin, Litecoin or Dash can be tricky for novice traders. Bitcoin owners are able to trade Dash with ease by using various cryptocurrency exchanges.
- BitPanda – You can use a credit card, Skrill, SEPA or SOFORT wire transfer to buy Dash. After verifying your information, BitPanda allows you to buy Dash coins for as low as 600 Euros. But their service is available to European residents only
- BTC-e – Traders can exchange Dash for fiat with this popular Bitcoin exchange. It accepts wire transfer deposits in USD, RUR or EUR
- Kraken – With Kraken you can fund your account with USD or EUR via wire transfer then buy Dash
- AnyCoinDirect – This is the biggest cryptocurrency exchange in Europe. This website allows European traders to buy Dash through a SEPA transfer, though it takes two days to verify the customers’ details.
Buy With Cash
Dash ATMs are available in three different locations in the U.S. – Oregon, Florida, and New York. Though the transaction fees are high, the ATMs are one of the easiest ways to buy Dash. WalllofCoins allows users to buy Dash by depositing cash at a local bank. It’s available in the U.S, Canada, Brazil, Germany, Latvia, Poland and the Philippines. Remember to secure your Dash coins by storing them in your digital wallet. They can lose them in case the exchange goes bankrupt or they can be stolen by hackers if you leave them on an exchange.
Dash vs Bitcoin
One of the main advantages Dash has over Bitcoin is its near instant and private transactions functionalities. Besides its high-quality, its security is bound to keep attracting new users. This is important especially for real-time transactions that demand speed and anonymity.
Using Bitcoin in everyday transactions such as buying groceries or paying bills may be impossible to adopt unless Bitcoin advances their core protocol. Traders who wish to remain anonymous, and keep their transactions private are more likely to choose Dash over Bitcoin.
Advantages of Dash
- The PrivateSend feature that Dash uses to mix coins through Masternodes makes it nearly impossible to track transactions
- InstantSend allows confirmation of payments within seconds whilst also avoiding double spend issues that are common with many cryptocurrencies
- The miners who collectively host thousands of servers globally ensure the security of Dash
- Dash recognizes economic incentives and incorporates that in its platform by building an innovative infrastructure
- The early miners have probably amassed a huge cache of Dash maybe 1 or 2 million. The fear is someone may choose to dump them in future and their distribution may not be fair
- Dumping a financial instrument does not always translate to lower prices in the long-term. The opposite might actually happen and Dash value could probably soar higher – making it more expensive for small traders wishing to join
- Though not a major concern, the constant name change doesn’t go well with some investors as many prefer having their money in a stable platform. Rebranding might drive up more interest, but it can also have a negative effect by putting off individuals who wish to trade Dash long-term
As any wise competitor would do, Dash is taking advantage of some of the problems Bitcoin is facing, by offering users more superior rewards. Most early Dash investors have so far had a healthy return on their investment and many plan to be in for the long haul. If Dash continues to invest in its trading platform and incentivizing users, future returns are likely to surpass expectations.
Dash vs Crypto
Minimum Spread, Pips
Overnight fee -0.0694%
Minimum Spread, Pips
$4.00 over market
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