What is Dash? A Cryptocurrency for the Common Folk

What is Dash? A Cryptocurrency for the Common Folk

Bitcoin Australia cryptocurrency exchange has been supporting cryptocurrencies like BTC and ETH for a while. So, our content tended to focus mostly on Bitcoin and Ethereum. Any other cryptocurrency, like, say, Dash, for instance, hasn’t gotten that much attention.

Now that Dash is on Bitcoin Australia roadmap, it’s time to play catch up. Here’s everything that you need to know about this crypto.

A Brief History of Dash

Evan Duffield, a software developer, created Dash in 2014. The cryptocurrency was originally named Xcoin but another company had the same name. So, Duffield changed the name of his currency to Darkcoin. The coin prided itself on privacy, as many early cryptocurrencies did.

As people began to realize that they can use anonymity for evil as well as good, new adopters grew cautious. Duffield realized that in this more conscientious age of crypto, his focus on privacy was scaring people away. The cryptocurrency rebranded to Dash.

Fortunately, the coin had seen a lot of improvements and privacy was no longer its only draw. Speed would be for Dash what privacy was for Darkcoin.

That speed didn’t only attract users, it also attracted businesses. Retailers saw that Dash is faster and cheaper than most other transaction methods – including other forms of cryptocurrency. Today the cryptocurrency prides itself on more than 4,800 businesses that accept it.

How It Works

Similar to other altcoins like Litecoin, Dash is built on the Bitcoin model. It’s built on blockchain and the process of mining is much the same. It also has a limited number of coins, all to be in circulation by 2300. Dash has a system like Bitcoin’s and Litecoin’s halving except it decreases by 7% every year instead of 50% every four years.

However, transactions are faster, which makes it easier to buy every-day goods – which is largely what this crypto is for. It’s also more convenient for this because of its comparatively lower value. Right now, one coin is worth just over AU$150. Compare that to to one Bitcoin at over $16,000.

Dash continues to grow in size and popularity, even though the cryptocurrency remains unable to pull up from its current downtrend. Likely, people moving money into Dash in order to make purchases with it prevents value from staying in the system. The cryptocurrency has many adherents, but few of the “hodlers” that keep Bitcoin alive through its dips.

Dash in the Marketplace

According to CoinMarketCap, Dash is currently the fifteenth most popular cryptocurrency in terms of market capitalisation.

It’s somewhat special among altcoins in that its value doesn’t really follow the value of Bitcoin. The coin, which is actually more volatile than Bitcoin, entered the crypto winter earlier and hasn’t yet thawed. This isn’t a huge problem for Dash holders, however, as it operates as more of a currency usable for day-to-day purchases, compared to other cryptocurrencies.

Do You Need Dash in Your Cryptocurrency Wallet or Portfolio?

Adherents of Dash point out that it is fast, cheap, and widely accepted. Supporters of other coins point out that Dash’s emphasis on speed and acceptance have made it practically PayPal with volatility. Indeed, it lacks the edgy street-cred of other forms of cryptocurrency – as it lacks their zealots.

If you don’t have Dash yet, it’s one of the easiest cryptocurrencies to actually spend – even if it isn’t one of the best to invest in.

Buy crypto in Australia

The easiest way to buy Bitcoin and crypto.

Hand holding phone with bitcoin.com.au app