Introduction to Dash Cryptocurrency
Dash cryptocurrency is the unique breed in the cryptocurrency market that came into existence following the two major flaws of privacy and anonymity in the Bitcoin protocol. Dash is considered the most liquid substitute coins to Bitcoin and is very different from other cryptocurrencies like Ethereum and uses peer-to-peer system for transactions. What makes it different from Bitcoin is that it uses two-tier network while Bitcoin uses only a single tier.
Exclusive Features of Dash
Dash comes with a Dark or PrivateSend option, that allows you to send do transactions privately. In fact, all the transactions you do are untraceable by any other party. Besides, you can send money instantly within the network without spending it twice through an option called InstantX. Double spending has been a significant challenge in the digital cash platform but will be eliminated on the Dash platform. You can transfer dash to any place around the world if you've got an internet connection.
It is hosted on about 4100 servers from around the globe. Proof of Service or Masternodes are the servers that function as Instant, Private and Governance System. They relay transactions across the Dash network. Masternodes refer to new layers of network servers that work securely in clusters to provide decentralized
services. Anyone who can freeze about 1,000 Dash coins can create these servers. The best thing about Dash is that it comes with low transaction fees.
How Can You Buy Dash Coins?
There are three ways you can obtain Dash coins. One way is via a regular cryptocurrency exchange. It works in the same manner as Ethereum or Bitcoin. Some of the exchanges that allow you to trade Dash/USD include Binance, Bitfinex, Coinpult, HitBTC, LiveCoin, Kraken, Poloniex and Bittrex and more.
Secondly, you can buy Dash coins directly from another person. This is why it is a peer-to-peer transaction-based platform. It allows you to bargain before agreeing on the price. When you agree on the final price, you put the money in an escrow account to eliminate fraud. Among the sites that you can purchase Dash coins directly include Changelly, WallofCoins, WeSellCrypto, and BitPanda.
An easy to buy Bitcoin and exchange the currency using ShapeShift or similar.
Selecting Dash Wallets
Security is paramount for anyone doing transactions online. It means if you want to stay safe, you should have a reliable wallet to store your coins. Some of the Dash Cryptocurrency wallets include Exodus, DashCore, ElectrumWallet, Hardware Wallets and Mobile Wallets. DashCore is a desktop coin wallet that requires you to download to have access to InstantSend and PrivateSend features. However, DashCore requires you to download the entire Blockchain. ElectrumWallet is lightweight and doesn’t require any downloads. It uses a Secure Payment Verification (SPV) though it doesn’t support PrivateSend and InstantSend options. Mobile Wallets are apps compatible with Android and iPhone smartphones. For the highest security (especially if you have a lot of coins), you should use a Hardware Wallet like the Ledger Nano S to store your Dash coins.
Notable Differences Between Bitcoin and Dash
Dash is ideal if you want a long-term investment.
In Bitcoin only miners get the block rewards, but in Dash, you can share the rewards.
Dash provides solid privacy and anonymity.
Transaction in Dash are fast (seconds) and cheap unlike in Bitcoin where transactions take minutes to complete and can be expensive.
Benefits of Dash Cryptocurrency
It is exclusively private, i.e., it protects all your financial details through the PrivateSend option. All your balances and transaction history is kept private.
It is fast and saves you time. There is no need to wait for long for a transaction to complete. Everything happens in seconds.
It takes your safety ahead. It uses about 200 TerraHash using ×11 ASIC computing power. Additionally, it uses about 4100 servers from different parts of the globe.
It is very flexible. You can sign up and transact from any device.
Dash is the fastest growing cryptocurrency network. Since its launch in 2014, it has continuously expanded
to become one of the largest in the world. It brings convenience, flexibility, and efficiency to the cryptocurrency market. It is a promising investment option that could soon grow to dominate the cryptocurrency market.
CaliCrypto last edited by
One of the biggest problems I have found with these types of hidden crypto transactions is that payment processors will not deal in them. I have a friend who sells beef jerky and wants to take crypto payments anonymously but has yet to find a solution that does not require his name/bank etc.
I think governments (and the establishment) are very wary of these privacy coins because they have no control. Even at peer to peer exchange sites like bitbargain you have to proove your identity in 3 different ways. I guess its governmental bodies who don't want to let go, cracking down on these sites..