The crypto currency Dash

The crypto currency Dash
dash.org Website

Dash was originally called Darkcoin. However, since Darkcoin is rather negative, the name was changed to Digital Cash. This is what the name Dash is made up of. Translated, Dash stands for digital money.

Dash was invented by Evan Duffield in early 2014.

Since Bitcoin Core has some fundamental flaws, Duffield tried to remedy these flaws with his own crypto currency. Thus Dash was born in 2014. To be able to own Dash itself, you only need a wallet. You can read how to create it below.

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Youtube-Video: EVERYTHING You Need to Know About Dash in Under 3 Minutes!

How does Dash differ from Bitcoin Core and other crypto currencies?

Dash places great emphasis on anonymity. Other crypto currencies do, but since all transaction logs are publicly available, the originator of a transfer may be traceable. A complete anonymity is therefore not given. With Dash it is different. Here you are completely anonymous and transfers cannot be traced back to the sender.

Another big difference is the so-called "InstantSend". With other crypto-currencies it is common that a transaction has to be confirmed by miners before the other person receives his money. With Dash this happens immediately and without waiting time. This makes Dash much more suitable for online stores than other digital currencies, since the transaction is confirmed immediately and there is no waiting time. InstantSend costs a bit more than a normal bank transfer, but the costs are still not very high.

There are also some technical differences. With Dash there are so-called master nodes. Every user who owns 1,000 Dash can operate a master node. This monitors the security of the network. You will receive an automatic payment for this as soon as a new block has been dug. These master nodes make things like InstantSend possible.

Each master node also has the right to vote on currency-related decisions. If a technical change is to be made, a majority of master nodes are required. This allows decisions to be made very quickly and enables a quick reaction to changes in the market environment.

Advantages of Dash

The big advantages are, as mentioned above, InstantSend and complete anonymity. Other crypto currencies such as Bitcoin Core are not suitable in terms of their structure to buy a little something like a sausage roll. The transaction costs are too high and the transfer takes too long. Dash however would be better suitable for it, since the money with InstantSend is immediately with the receiver.

  • InstantSend - So transfers are immediately at the recipient's
  • Low transaction costs
  • Complete anonymity possible

Disadvantages of Dash

Of course Dash also has some disadvantages. Because of the voting rights of the master nodes, it is possible to react quickly to any changes, but of course this also has some disadvantages. On the one hand, it is very expensive for newcomers to the currency if you want to operate a master node. If the exchange rate of the currency rises sharply, it becomes more and more difficult for individuals to reach 1000 dash. This could theoretically lead to a circle of very rich people taking control of Dash. If an organization has more than 50% of the master nodes, it is free to decide about the future of Dash. This is very unlikely, but especially with crypto-currencies you should be careful. Since digital currencies try to be decentralized and want to avoid being controlled by a state or a large organization, special care should be taken here.

Even if Dash performs transfers immediately through InstantSend, there are doubts whether the scalability upwards is really given. Currently there are very few transactions per second for crypto currencies compared to, for example, credit cards. Whether it is possible to execute several thousand transactions per second without getting technical problems cannot be said yet.

Also the strong price fluctuations are a disadvantage for small investors. Nobody wants to put his hard-earned money into a currency that could lose 10% in value overnight. Above all, even with Dash, the value of the currency is always based on supply and demand. So if a new crypto currency appears on the market and it solves all technical problems, it could happen that many investors change and the exchange rate sinks to 0 quasi over night. A further disadvantage of Dash is the low acceptance at present. Especially in Europe there are almost no online stores where you can pay with Dash.

  • Theoretically, the further development of Dash could be controlled by using a lot of money
  • Strong price fluctuations
  • Whether several thousand transactions per second are feasible is uncertain
  • Few stores accept Dash
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Create Wallet

I personally use Jaxx. This is a desktop app that allows you to create a wallet very easily. You can also exchange your coins from one currency to another, but you will have to pay a fee. Also the support of Jaxx works very well, you get help as long as you need it and all questions are answered. It is also a very secure wallet.

But the safest way is a paperwallet. The advantage of a paperwallet is the security. Especially for larger amounts you should be careful and use a paperwallet. This protects you from losing your money through hackers. Nobody can steal the credit from a paperwallet without having physical access to it.

How do I get Dash?

Of course you can buy Dash, you only need a wallet to do so. However, I would still not invest, because crypto-currencies are subject to very strong exchange rate fluctuations. Of course you could make money with it, but it is more likely that you will lose money. Fortunately there is however the possibility of coming with so-called Faucets free of charge to small quantities of different crypto currencies. These are wonderfully suited to test how crypto currencies work in practice without having to invest money.

Our conclusion about Dash

Dash is a very interesting currency that could solve some of the problems of Bitcoin Core. For example, with InstantSend the transaction can be done instantly and therefore Dash is well suited for online shopping. Unfortunately very few stores accept Dash as a means of payment. This of course limits the possibilities of using Dash. Whether Dash can assert itself in the long run against the large competition from other crypto currencies, at present nobody knows. In any case, Dash offers some innovations in the field of digital currencies that are sensible and well thought-out. Some basic problems, however, are unfortunately still present like the size of the block chain. But this is a problem of all crypto currencies.

In any case, Dash is an interesting alternative to Bitcoin Core and it is certainly worth following the further development. Whether it is however sufficient, in order to have in the long run existence, one cannot estimate at present. In any case one should compile oneself with Faucets a small basis of Dash and other crypto currencies, even if the earnings are naturally small, it can happen nevertheless at any time that the prices rise strongly and then double or triple the saved assets suddenly.

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