DASH, or Digital Cash, aims to become a payment method instead of becoming a popular store of value or trading medium.
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Choose your quick section of our DASH review below.
A Quick Overview of our DASH Review:
Dash is a blockchain-based peer-to-peer cryptocurrency which comes as result of forks from Bitcoin to offer faster transactions.
Dash Live Price
What is Dash?
DASH, or Digital Cash, aims to become a payment method instead of becoming a popular store of value or trading medium. Dash is a decentralised autonomous organisation (DAO) with the native token DASH that has features including privacy and speed, surpassing that of Bitcoin.
Key Features and Takeaways of Dash
Dash (DASH) is a popular platform and cryptocurrency with the following features and key takeaways:
Dash is a blockchain-based peer-to-peer cryptocurrency which comes as result of forks from Bitcoin to offer faster transactions.
Dash is also known as an altcoin and its former names are Xcoin and Darkcoin that works to address the weakness that Bitcoin faces with the 10-minute block verification time.
Dash makes use of CoinJoin services to improve the anonymity of transactions by using PrivateSend. CoinJoin mixes transactions of multiple parties as one transaction instead of transactions appearing singular and separate.
Dash runs on the Masternode network which facilitates transaction locking by making use of InstantSend.
During 2017, Dash and Wall of Coins ( a peer-to-peer web-based platform) entered a partnership, allowing for DASH to be bought using fiat currency. This also allows users to buy and sell DASH by using traditional financial institutions such as MoneyGram, Chase, Western Union, and others.
DASH block rewards are distributed as 45% to Masternode holders, 45% to miners, and 10% to the Dash network.
DASH is one of the largest and most popular cryptocurrencies that has a market capitalisation of 55 billion ZAR, at the time of writing.
There is a more limited supply of DASH than there is Bitcoin, capped at 18.9 million DASH versus 21 million BTC.
DASH was created to increasing global adoption especially in global markets that suffer from hyperinflation.
Dash Mining
Overview of DASH mining
DASH is a cryptocurrency that is easy to use, with the focus on making payments using the coin. There is also a great number of people who are trying to mine DASH, making competition in the field exceedingly high. The security of DASH is central to its functionality and DASH offers a lot to miners as result of the X11 algorithm that is used alongside the Proof-of-Work (PoW) consensus method.
X11 makes use of a combination of the 11 hashing algorithm, making it difficult to build an ASIC-based mining rig. As result of the mining difficulty, it means that scammers and hackers will experience great difficulty abusing the X11 algorithm.
In contrast to ASIC-miners who use the SHA-256 algorithm for Bitcoin mining, X11 ASIC-miners use less computational power and subsequently less electricity. There are very few ASIC mining rigs that can be used effectively to mine DASH, one of which is the Antminer D3, manufactured by Bitmain.
Components needed for mining DASH
Based on some of the information provided above, the first thing you will need, is an ASIC mining machine. In addition to this, you will require the following:
Consistent internet connection of atleast 8Mb per second.
Access to a reliable power grid that has adequate capacity.
DASH-compatible wallet to receive earnings.
Before getting started, it is crucial to consider that ASIC mining rigs generate a lot of noise and heat, which may cause some maintenance issues. Miners must ensure that their mining rig remains cool and that they mine in an area where noise will not be an issue.
Where internet connection is concerned, miners must ensure that apart from bandwidth, that they have a connection that has low latency. This means that mining results are submitted quickly, improving the miner’s chances of claiming the block reward.
Ways to mine DASH
DASH can be mined either as a solo miner, in a mining pool, or by mining in the cloud. Solo mining will provide the miner with the highest profits, but the problem is that it can take the miner longer to solve the block.
Mining pools have become increasingly popular as it ensures that miners can collect regular rewards. There are, however, some considerations where mining pools are concerned with regards to the hash rate, reputation, pay-outs, and so on.
The last option is that of cloud mining, involving a third-party that operates the mining hardware and software, with the miner subscribing to their services for a fee, allowing them to make some profit from what the third-party mines.
Setting up a DASH Wallet
Coins that are mined must be stored in a cryptocurrency wallet that is compatible with DASH. There is a variety of wallets available, both online and offline, with offline wallets offering the best security. Once the miner has set up their wallet, they can start exploring their options to mine DASH in a way that works according to their individual mining needs and objectives.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| DASH ensures financial and transactional privacy by using the PrivateSend option | There is a lot of controversy over members of the development team setting aside 2 million of the total supply |
| Transactions are significantly faster as result of InstantSend | There are speculations that believe that a large amount of Masternode are run by the development team |
| Rewards from block development are divided between miners, Masternode, and a funding pool for developments | There are developers who claim that the mixing process is a coin tumble which can be traced |
| Decentralisation is achieved by democratic voting of Masternode | DASH still lacks a lot of users and merchants |
| DASH features transaction fees that are lower than other cryptocurrencies |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Trading Fees | ZAR 0.0070 |
Should you buy Dash?
DASH aims to function effectively as a digital currency and as part of this, DASH aims towards mass adoption of the currency so that transactions can be completed faster and at lower cost. One of the innovations of Dash that have piqued the interest of investors is its “Instant X” transactions.
As opposed to Bitcoin’s 10-minute confirmation, Instant X can process up to 8 confirmations in a matter of seconds. It makes use of a second-tier Masternode voting protocol that offers instantaneous consensus on the network.
Another valuable feature is the Darksend mixing, which mixes users’ coins on the blockchain. Users can opt to split larger payments up so that it seems as though it is a collection of smaller payments. When someone analyses the transaction, they will see a larger mixture of smaller coins that flow into the user’s wallet.
Furthermore, Dash also has a few projects that are in development that could benefit the network. One such a project is Dash Evolution, which is a protocol built on the second-tier network which will include social infrastructure where users can register usernames, use instant messaging, and instant address generation.
With these points considered, and several others, DASH is worthy of investing. However, in evaluating what makes it the perfect investment opportunity, there are also points of concern that must be highlighted.
DASH sounds like a strong competitor to Bitcoin and several other prominent cryptocurrencies, but not everyone in the crypto market or industry sees it this way. There is still a limited number of transactions on the Dash network and not enough merchants that accept DASH as means of payment.
Another crucial factor is the concern associated with the idea of Masternodes. These are a handful of people who are not known to many users, which sparks the fear of centralisation in many users and prospective users of Dash.
Despite these concerns, DASH is still one of the most popular cryptocurrencies being bought, sold, and traded on major cryptocurrency exchanges such as Binance.
How to buy Dash (DASH)
Step 1 – Open an account on Binance
Navigate to the official Binance website and select “Register Now”. You will be redirected to a “Create a Free Account” where you can either register with your email address or your mobile number.
You can enter your email address and user-selected password or select the “Mobile” option at the top of the form. Select your country code and enter your mobile number along with your user-selected password.
Once you have completed the necessary fields, you can read and accept the Terms of Service before selecting “Create an Account”.
You may have to complete a Security Verification that will confirm that you are not a robot. Next, there is an account verification. During this, a 6-digit verification code is sent to the email address or mobile number that you provided. The code is only valid for 30 minutes and must be entered in the blocks provided on this page.
Once the verification is completed, a welcome page will load, and you will be given the options through which you can either trade or purchase cryptocurrency. If you are new to crypto, you can visit the “Learn More” Section at the bottom of the page.
Step 2 – Secure account with two-factor verification
On the trader’s dashboard, select the option to secure your account with two-factor verification. Even though phone verification is a secure option, the most preferred and secured method is to make use of the Google Authenticator.
Once downloaded and installed, either scan the QR code or type in the one-time, unique code provided to add your Binance account credentials onto Google Authenticator.
Once completed, write down the back up key provided to recover your account on Google Authenticator in case you lose or misplace it. In the final step, enter the 6-digit code which you will receive on your registered email address along with the Google verification code.
Step 3 – Deposit funds
Binance allows for the purchase of cryptocurrencies via fiat deposits as well as cryptos. Deposits can be accessed from the following locations:
The “Welcome to Binance” banner.
Hovering over “Buy Crypto” at the top of the webpage and selecting your preferred method.
Selecting “Deposit” on the “balance details” section on your traders dashboard.
Once you have selected the option to “Deposit”, you can select whether you wish to deposit cryptocurrencies from another wallet, or whether you want to make a fiat deposit.
For Crypto deposits, follow these steps:
Select your coin between Bitcoin, Ethereum, TetherUS, BNB, or EOS.
Select the network to be used between BEP2, BEP20 (BSC), ERC20, or TRC20 and accept the conditions for using the network.
Copy the address or scan the address QR code from the wallet where you are depositing and follow further prompts. Kindly note that each network has its own set of network confirmations between 1 up to 15 confirmations before the deposit will be done.
For deposits in Fiat currencies, follow these steps:
Select the deposit currency from the dropdown list. To gain access to more currencies, it is necessary to verify your identity and face.
Select the payment method to be used, depending on the currency chosen.
Enter the deposit amount and any other details. Kindly note that the transaction fee will be displayed along with the balance after this is subtracted.
Continue with the deposit.
Step 4 – Start Trading
Once you have completed your deposit, you can navigate to the “Markets” section at the top of the page to view the available cryptocurrencies. From here, you can buy, sell, and trade currencies at competitive prices.
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Frequently Asked Questions
When was Dash first launched?
DASH was launched in 2014, making it one of the long-standing successful cryptocurrencies in the market.
Who founded Dash?
Evan Duffield and Kyle Hagan founded dash.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Dash’s ICO and how much did it raise?
DASH did not have an ICO.
Is Dash legit?
Yes, DASH is a legit cryptocurrency.
What is Dash’s total supply?
There is a total of 18.9 million DASH.
What is the purpose of Dash?
Dash focuses on providing rapid transaction speeds in the payment industry.
On which blockchain is Dash based?
DASH is based on the Bitcoin blockchain.
Does Dash work with smart contracts?
Currently, No. Dash does not currently support the use of smart contracts. However, the Turing machine that is built into Dash should allow for the implementation of smart contracts. Smart contracts can be used to achieve the main goal of Dash, but it is not the focus of the project to incorporate this.
Does Dash have potential to become more valuable?
The current value of DASH is based on the belief that it will have valuable usage in the future. At the time of writing, the price of DASH is 5 669 ZAR, and according to future predictions, the value of DASH is set to increase gradually.
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