Dash – The Ultimate Secure Crypto That’s Often Overlooked
In the mad scramble to find the next big cryptocurrency, people scour websites for tips, invest in sketchy ICOs (initial coin offerings) and furiously transfer money from one token to another in hopes of striking it rich (or at least not losing their entire investment, as is a distinct possibility).
Bitcoin, the flagship, original cryptocurrency, continues to be the face of the movement, generating headlines with its massive spikes in value and its equally large drops, but it’s not the only coin on the market.
One of the most overlooked crypotcurrencies is Dash, an alternative to Bitcoin. Read on to learn more about Dash and why it might be the smartest crypto investment you can make right now.
Dash is Simple
Many of the cryptocurrencies that make the most noise have a larger project behind them. For example, Ethereum and Stratis both have tokens associated with them that investors can buy in to, but they’re intended to do much more; both are blockchain platforms that can be used to execute smart contracts and even run decentralized apps.
That’s all well and good, but Dash is intended for something simpler. It’s a cryptocurrency that’s envisioned as pure digital money, with few bells and whistles, and the creators hope it can become as liquid as real money.
And while it shares many of Bitcoin’s features, Dash is missing one of Bitcoin’s biggest headaches: hefty transaction fees.
That makes it cheaper and more efficient to run transactions through Dash. And the team behind Dash has no plans to expand the scope of their project, meaning it will likely remain a simple, bare-bones cryptocurrency.
Dash Is Faster
One of the biggest problems with Bitcoin is that its data blocks can’t hold many transactions, or be created very quickly, meaning the time it takes to execute a transaction on the Bitcoin blockchain can be quite long, making the currency impractical for daily use.
Bitcoin transactions can take hours or even days to go through—one reason for the fork that created Bitcoin Cash, which is somewhat faster. But Dash is even quicker, with transactions happening in under 3 minutes.
You can also opt for InstantSend, which makes the transaction happen in under a second. This means you could potentially use Dash to check out at a store, bringing digitial currency in to the real world in a way that other coins can’t.
Dash Is Anonymous
While Bitcoin purports to be mostly anonymous, its privacy is actually pretty limited. The distributed ledger makes it relatively easy for people to track down transactions and link them to their real world executors. Dash creator Evan Duffield had this weakness in mind when he set out to create a faster, more anonymous alternative.
When you use the PrivateSend function in Dash, your transaction is split into denominations. These denominations are then matched with those being used by other people sending money through PrivateSend.
Then, all these denominations are mixed together, randomized to obscure the origin of any one particular unit of the currency, with different addresses assigned to the denominations.
PrivateSend will also blur the address that the transaction originates from if you’d like, so even your recipient won’t know who made the transfer. The mixing of denominations makes Dash highly fungible, something that other cryptocurrencies aren’t.
While over 800 cryptocurrencies, many of them the result of ICO fundraising projects that stalled out, have had their value drop to one cent or lower, others have been able to remain viable. Dash is one of these. It shows signs of a strong future, as more and more people defect from Bitcoin in frustration over long wait times and transaction fees.