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Cryptocurrencies are digital assets that can function like real money. One of the things that makes them different is that they don’t answer to any central authority, unlike regular currencies that are created and maintained by a central bank.

So how can these virtual currencies be accounted for without a bank or government in charge? Well, through the Blockchain, a digital ledger where all crypto transactions take place. There are now hundreds, if not thousands of cryptocurrencies in circulation, and one of them is Bitcoin.

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But the spotlight doesn’t belong entirely on Bitcoin because there are also other cryptos that are worth talking about. This time, it’s going to be Dash.

Background

The reason why Dash is considered a mysterious cryptocurrency is that its anonymous in nature. In fact, it was initially called “Darkcoin.” It was later renamed to make it sound less sinister and more appealing.

It’s a secretive version of Bitcoin that runs on a decentralized network. This network features a very sophisticated master code that makes transactions virtually untraceable.

Dash’s user-base has grown continuosly since it was released in 2014. Evan Duffield, the creator of Darkcoin, rebranded it to Dash, which is an acronym for Digital Cash. The rebranding, though, didn’t change its nature or any of its features.

Comparing Dash with Bitcoin

Dash and Bitcoin have a lot of similarities. Both of them are cryptocurrencies; you can use them both to make online purchases or as forms of investment. Even their prices move in tandem with each other. But because Dash came much later to the scene, it is better-equipped with features that seek to avoid some of Bitcoins’ problems.

Two of these upgrades are its speed and transaction cost. Dash transactions are much faster than Bitcoin’s. It only takes four seconds to finish a Dash transaction but can take around 10 minutes with Bitcoin. The average transaction fee of Dash is also lower than Bitcoin’s as it’s only $0.4, compared to the latter’s $6 to $10.

All cryptocurrencies run on a decentralized system. But Bitcoin is on the extreme end of the spectrum as it doesn’t have much of a governing structure. In simpler terms, it’s just too democratic. But it’s a different story with Dash because it has a voting system which facilitates necessary changes and upgrades. It also speeds up the implementation of such improvements.

Dash also has its own fund because 10 percent of all mined Dash coins go to their treasury. It’s from where the budget for development, marketing, and tech support comes. The remaining 90 percent is divided equally between the miners and master nodes.

Getting Dash

Dash can be obtained just like any other cryptocurrency. Many crypto exchange platforms offer Dash. Binance and Bittrex are two that come to mind. You can also buy Dash coins from ATMs around the U.S., though at much higher fees.

Storing Dash coins is also easy. Simply download a digital wallet from the company’s website and store your Dash coins there. You might also want to store it in a hardware wallet like Ledger if you want to ensure security.

Creating Dash

Just like any other cryptocurrencies, Dash is created and obtained through mining. The mining process is facilitated by sophisticated computers that solve complex mathematical problems. Once a problem is solved, a new “block” is added to the universal digital ledger called the Blockchain and Dash is created. The miner is then rewarded with a portion of the mined Dash.

Spending Dash

Dash is a highly volatile cryptocurrency just like Bitcoin. At the time of writing, one Dash is equivalent to $620. With a little more awareness and acceptance, there’s no doubt that the value of Dash could increase further.

Conclusion

You’d now have over $2 million if you bought $1,000 worth of Dash in 2014. This is proof of how lucrative of an industry the cryptocurrency sector is. You need be wise when dealing with such assets, and that’s what we do our best to help you with. Dash has much potential; and it’s a cryptocurrency worth paying attention to.

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Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.