WHAT IS DASH?
Dash, once known as Xcoin and Darkcoin, is an open source peer-to-peer cryptocurrency that has followed in the steps of Bitcoin and entered the cryptocurrency space. It shares a lot of similarities with Bitcoin, including private and instant transactions. It is also self-funded and self-governed, resulting in the ability for anyone to present an idea to the Dash network. The idea will then either be dismissed or followed up based on the decision of the Dash network. This network finances its own development process.
HOW TO BUY DASH
The Dash website gives various options for you to buy Dash directly.
- To buy Dash click on the Bittylicious link. As you can see, you find yourself immediately at a tool that allows you to buy Dash directly.
- Enter your Dash wallet address and email address into the required sections.
- Make sure the drop-down is set to 'Buy' and enter the amount you intend to buy. Again, make sure that the drop-down is set to 'Dash'.
- Decide your payment method, either bank transfer or credit / debit card. Note that using a credit card incurs a higher cost due to fees associated with credit cards.
- You will also notice that you can only buy a maximum of 0.047 Dash coins to begin with. This is because longer term users are trusted more and so over time you will be rewarded with the ability to buy more Dash coins.
- Click 'Get some coins'. A pop up will then ask you to confirm your decision to buy.
- Next you are shown a page with details of the bank to send your money to (if you are buying by bank transfer).
- When transferring the money, you must use the reference you are given, this is for security reasons.
- You will then find a confirmation page, whereby you must wait for your money to land in the bank account. Once received, the agreed DashCoin amount will be sent to your wallet address.
Buying directly through third parties as shown above may incur some costs depending on third party in question. Each will have their own specifications regarding buying protocol. Bittylicious as explained allows you to buy more over time, it also requires verification of your identity the more DashCoin you buy, again for security reasons. Other limits include; if you are buying using a UK bank account you must be in the UK (or have a UK IP address) and after a purchase, for the next 12 hours you cannot buy any of that cryptocurrency. After that you are only allowed to buy half of the amount you originally bought, and once 48 hours has passed you can buy the entire amount again.
SHOULD I INVEST IN DASH?
Given the number of altcoins on the market nowadays, is Dash a good investment option? If so, what makes it an attractive proposition and is it worth holding for years to come? In reality, there are a number of reasons to buy DashCoin as an investment vehicle:
- It has a feature called Instasend, which, as it sounds, provides instant transactions. This makes sending and receiving DashCoins an absolute breeze.
- One of the most innovative solutions brought to the table by Dash is their darksend system, which makes transaction untraceable. Offering anonymity to investors is a major reason that they hold their DashCoins. Furthermore, DashCoin developers plan to include IP obfuscation to further improve the anonymity of using Dash. This makes DashCoin one of the most privacy-conscious cryptocurrency today.
- DashCoin uses a different hashing algorithm to many cryptocurrencies, which allows less powerful hardware to verify transactions. Resulting in miners spending less on huge computing rigs and opens up mining to a wider audience. The hashing algorithm is actually 30% more efficient than a script algorithm.
As you can see, there are certainly valid reasons for you to invest in Dash, either directly or via a derivative. But you must be careful, Dash has the same risks of all the other cryptocurrencies, that this is a bubble and that it'll burst. Given the huge volatility it is also advisable to start small!
FUTURE OF DASH TRADING
Dash, like the majority of the cryptocurrencies, saw a huge rally this year, following the path that Bitcoin laid. It reached a high of $412 a coin before it sold off on the back of negative news out of China. It has also made itself very comfortable in the top 10 cryptocurrencies for market share, which suggests that investors feel it one of the safer investments in the crypto market. But what exactly is in store for Dash in the future? Is this a bubble like many analysts predict or can the technology behind DashCoin prove this to be a winning investment?
As we highlighted above, there are a number of reasons that this cryptocurrency will be around for a while yet. The most notable ones being; its ability to provide instant transactions via Instasend and the anonymity it brings to the table.
Its masternode network is able to adopt innovations that even Bitcoin currently can't, so it is fixing problems that the market leader cannot.
It also has a built-in governance, which, for investors, is a real attraction because it offers a solution for future problems and has a core team that includes some of Dash's founding fathers.
Having the likes of Evan Duffield, Ryan Taylor, Andy Freer and others is almost a weight of investors shoulders because these guys are proven in delivering innovations, their CV is a huge plus.