Here is Why the Cryptocurrency Dash Puts Bitcoin to Shame
Cryptocurrencies are all the rage these days.
Almost everywhere, you see headlines with impressive thousand % gains for “coins” as bitcoin. But what gives them value? When ever used bitcoin?
The simple truth is that it’s not practical now, largely as a result of the amount of time it takes to complete a transaction. But there are other coins available that are emerging as viable candidates to succeed bitcoin as the No. 1 cryptocurrency.
There is much to understand about the intricacies of cryptocurrencies, but this article is more about finding an investment opportunity than explaining the science behind them.
A Bubble in Bitcoin?
Something that is crucial that you learn is the concept of “mining.” This is the very basis of cryptocurrencies. That is exactly how new bitcoins are made.
In terms that are basic, the “miner,” through special software, solves a complex math problem and is rewarded with new bitcoins as a result. Then, the transaction is stashed in the blockchain, and all those new bitcoins are officially in circulation.
As more bitcoins are in circulation, mining them becomes more complicated and time-consuming, and less profitable. So even though aproximatelly 80 % of possible bitcoins are in circulation at this time, the end one will not be mined until 2140.
As most people know at this point, bitcoin has seen a gigantic rally this year. In fact, it’s up about 1,200 % during the last year, causing a lot of people to think it’s in a bubble.
The entire value of bitcoins in circulation is now over $150 billion. If bitcoin was a company, it would be in the top fifty most significant in the United States.
I myself believe that the only reason bitcoin is a lot more valuable than every other cryptocurrency is because it had been the one that originally broke through to the mainstream. That’s still important, however. It, at the very least, gives other coin developers something to improve on.
The nice thing is that even if you feel you have missed the boat with bitcoin, there are loads of other cryptocurrencies out there. Naturally, a few are scams, but others have real potential.
One of many ones that I believe has real, practical use is called Dash.
Dash: Digital Cash
First, Dash is in advance of the game in terms of convenience. Right now, bitcoin transactions take about 10 minutes to an hour or so on average. Dash is setting out to be the primary cryptocurrency that can be transferred quickly (in under one ) that is second between parties, which makes it far more practical in relation to buying things online or at a store.
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One of the most appealing features of Dash is that 10 % of the newly mined coins are granted to the Dash DAO (decentralized autonomous organization). Basically, the DAO is the treasury of Dash. At today’s price of more than $600 per coin, that’s $4 million per month that it can use.
It is vital that you are aware of that no other coin has this form of continual funding. With this money, the Dash DAO can create and market the currency.
Additionally, anyone can submit an idea for a project to showcase the value of Dash. Then, the project is voted on by thousands of Dash developers. One example is partnering with stores to make Dash a viable means of transaction for their goods.
Of course, these developers make money from Dash, so anything that benefits and promotes the currency is enticing.
This creates a circular effect, where the currency appreciates in price as it is much better funded and marketed, then the DAO makes more money, and it’s able to market Dash even more.
A Breakthrough for Dash
Thus far, Dash can be used at over 300 physical stores and over hundred websites to buy services or goods. But the breakthrough for it would come from the marijuana industry.
Right this moment, banks are not permitted to have anything to do with marijuana transactions; everything has to be accomplished in cash. Vendors cannot even put money from the sales of theirs in a bank.
Not only does this bring the danger of being robbed, but these companies should pay for cash storage and transportation. That adds up fast.
Having the capability to use Dash would be large for these vendors. It’d also mean great things due to the price of Dash.
The best part is it’s already begun making progress. In April, Dash partnered with a digital payment system called Alt Thirty Six, which has partnerships with some of the leading dispensary business management software companies in the country.
Transactions for hundreds of dispensaries and delivery services is tracked by these software companies. Which means that Dash users already have a large number of systems to make use of the currency.
Since Dash officially grew to become a payment method on Alt 30 6 on October eleven, its price has gone up 118 %. That is only in a month along with a half.
Just the Beginning
With a market cap of only $4.8 billion compared to bitcoin’s $156 billion, I believe Dash still has lots of space to climb going forward.
The marijuana trade is only the start for Dash, but it is an excellent one. In 2016, legal sales were aproximatelly seven dolars billion. Another estimated $46 billion was sold on the black market.
And as more stores open and marijuana becomes legal in even more states, that legal number is expected to be twenty three dolars billion by 2021 and $50 billion by 2026.
Once again, this’s just the beginning for Dash. Its unique immediate transaction feature causes it to be a viable replacement for cash, giving it an advantage over other cryptocurrencies like bitcoin.