FOMO – The fear of missing out…
At the end of 2016, the cumulative cryptocurrency market stood at $17 billion. Now at the time of writing, it’s at a whopping $110 billion. This a tremendous growth of +500% in just six months.
Is it a bubble waiting to burst? Or is this “Internet of Money” thing real?
I believe it’s real.
Just like how the internet made content and information decentralized, the same is happening with money.
Bitcoin’s blockchain technology is making money decentralized.
However, as Bitcoin is just the first application of digital currency, it is obviously going to have some fundamental flaws.
One such flaw which Bitcoin doesn’t solve is that of private and anonymous transactions.
This drawback of Bitcoin has given birth to a new breed of cryptocurrencies called Anonymous Cryptocurrencies.
And Dash is one of the contenders in this new breed.
Dash – Digital Cash is one of the most promising alternative coins to Bitcoin.
This article is your one stop shop for all you need to know about Dash.
What is Dash?
Dash is unlike other cryptocurrency projects like Ethereum or Stratis which are more of a development platform.
Dash advocates itself as peer-to-peer decentralized electronic cash. It intends to be as liquid as real cash which we use in our respective countries like USD/GBP/EUR/INR or CNY.
Dash is built upon Bitcoin’s core code with the addition of new features (such as privacy and quick transactions).
Like BTC, Dash is open-source and has its own blockchain, wallet infrastructure, and community. But unlike BTC, its transaction fee is negligible.
Moreover, it looks like from the attitude of the development community that Dash will only remain as digital money for the internet, which is a good thing.
When And Why Was Dash Created?
Dash was created threeEvan Duffield.18 January 2014 by its developer
Dash was originally released as XCoin (XCO). In February 2014, the name was changed to “Darkcoin”. And on 25 March 2015, Darkcoin was rebranded as “Dash”.
Evan Duffield came across Bitcoin in 2010 and was impressed by its technology. But he soon realized that Bitcoin was not private and fast enough.
He had many ideas on how to make Bitcoin anonymous, but he knew that Bitcoin’s core developers wouldn’t allow him to do so, as the core’s code would need to be changed for this.
So to change this primary drawback of Bitcoin, Evan decided to use Bitcoin’s core code and build his own cryptocurrency- this is what we know of today as Dash.
Team Behind Dash
Dash Coin Supply
Dash is designed to have a total supply of 18 million coins.
At present, the circulating supply of Dash is 7.4 million, and it will reach 18 million in the year 2300 (when none of us will be alive).
Dash has a variable block reward which decreases at a 7.1 % rate each year. The average block mining time is 2.5 minutes on the Dash blockchain, which makes it four times faster than Bitcoin.
Dash Market Cap
At the point of writing this article, the total available circulating supply of Dash (DASH) is approximately 7.4 million, and the price of each unit of DASH is worth $204.
Hence, the market capitalization of Dash is $1.5 billion. As of June 2017, Dash is the seventh (6th) most valuable cryptocurrency by market capitalization.
How To Buy Dash?
Buy Dash from Changelly
One of the easiest ways to get ahold of your first Dash (DASH) is to get it exchanged from Changelly.
Changelly is an instant exchange where you can exchange various cryptocurrencies. Changelly currently supports 55 cryptocurrencies (including Dash).
You will require the following things:
- Your Dash address where you would like to receive your Dash.
- Some BTC/LTC or any other supported crypto to exchange for Dash.
Note: Though this guide shows you how to buy Ripple in exchange for BTC, the process is exactly the same for buying Dash.
Buy Dash from Exchanges
- Changelly: Fastest way as listed above
- Bitfinex – USD supported and offers mobile app
- CEX.io: Another popular website to buy Dash using Credit/debit card
- Kraken – Euro and US dollar exchange.
- HitBTC: Popular exchange
- Bittrex – Cryptocurrencies exchange.
- Coinpult – Online exchange supporting USD/EUR/GBP.
- Livecoin – Online exchange supporting wire transfer (SWIFT).
Now that you have bought Dash, let’s put those coins in a wallet.
Word of advice: Don’t store your coins on exchanges for a long time. A couple of days is fine, but in general, this is a very bad and risky practice.
Dash Mobile Wallets
Dash Desktop Wallets
Dash Core Win/Linux 32/64
Exodus Win 64 /Linux/Mac
Official Dash Core fully featured wallet and P2P Client, including InstantSend, PrivateSend, Governance, and Masternode management features
|Jaxx is a multi-cryptocurrency HD wallet with recovery seed key feature.|
Exodus is the first desktop multi-asset wallet with Shapeshift built in.
|Dash Core Download||Jaxx Download|
Dash Hardware Wallets (Recommended)
Ledger Nano S
|Buy Ledger Nano S||Buy Trezor||Buy KeepKey|
Dash Paper Wallet
You can also make a paper wallet. Paper wallets contain both the private key and as well as the public key of Dash. It is the cheapest form of cold storage. Refer to this guide on how to make a Dash paper wallet.
The Technology Of Dash
Dash has a few features that make it really unique:
- Private Send – Dash allows you to send your funds privately by mixing it in between several other transactions, thus making it hard to identify any specific transaction. It uses a coin mixing service based on CoinJoin. This is an optional privacy feature which the user may want to use. But there is a limited cap of 1000 Dash for which you can send using this feature.
- Instant Send – This service allows you to send your Dash transactions instantly (within 1.5 seconds). But Masternodes (see below) charges higher fees for processing such transactions. InstantSend also solves the double-spending problem. Note: InstantX was rebranded to InstantSend in 2016.
- Masternodes – Unlike Bitcoin, where each note is equal, Dash has special privilege nodes called Masternodes. Anyone can form Masternodes by holding 1000 Dash as collateral. These special nodes perform PrivateSend and InstantSend functions, and earn a 45% block reward.
Dash Cryptocurrency – Private, Secure, Fast
Their upcoming release in late 2017 (Dash Evolution) intends to make Dash so easy that even your grandma can use it. Prices are likely to go up then.
But the price rally which Dash has undergone since its inception is worth noticing.
The Dash price in February 2014 was $ 0.02 and after that, it has grown at +10,00,000% rate. And since last December of 2016, it has increased more than +1500% from its per unit price of $11.
Dash isn’t going anywhere soon. Though it has competitors, like Monero and PIVX, Dash is more flexible and ready to use, and it has a really solid infrastructure. All this sets Dash apart from the crowd and makes it a promising currency worthy of investment.
These resources will help you stay updated about Dash’s latest news:
In the coming future, the cryptocurrency environment is going to evolve, so stay tuned to CoinSutra and keep learning about the cryptocurrency revolution!
Let me know in the comments which cryptocurrency you want me to cover in my next articles.
And if you liked this post don’t forget to share it with your friends on Facebook or Twitter!
- 1 What is Dash?
- 2 When And Why Was Dash Created?
- 3 How To Buy Dash?
- 4 Dash Wallets
- 5 Resources