Dash is a digital cash with privacy and fast transaction speed that was forked off Bitcoin in January 2014. Founded by Evan Duffield, an accomplished software developer from Wells Fargo Bank and iAcquire who had worked on his development teams.
Dash coins are mined using powerful processors, using the X11 hashing algorithm. A block is added to the Dash blockchain every two and a half minutes – more frequently than Bitcoin!
What is Dash?
Dash is a cryptocurrency designed to make digital cash more usable and focus on speed and privacy – two features which have made it popular as an alternative to Bitcoin.
Dash was first created by Evan Duffield as Xcoin and later Darkcoin in 2012. As an open-source blockchain and cryptocurrency, its main goals are fast global payments with optional privacy services such as InstantSend, ChainLocks and decentralized project governance.
Dash has quickly gained widespread acceptance by merchants and exchanges worldwide since its introduction. Although more established competitors could threaten its growth and market value, Dash may remain popular due to its speed and cost advantages that continue to drive adoption rates and market valuation.
How is Dash mined?
Dash cryptocurrency is mined with specialized hardware using the Proof of Work (PoW) model and distributed among miners and master nodes through two-level rewards distribution.
Miners utilize computers to solve complicated mathematical equations to unlock blocks of coins. Each time a block is found, miners receive compensation in Dash; individuals may join mining pools in order to combine resources and increase hashrate.
As soon as a block is solved, it’s added to the blockchain and becomes part of Dash history. According to its developers, this model provides users with secure, private and fast payment solutions worldwide.
Dash was initially created by software developers Evan Duffield and Kyle Hagan in 2014 under the name XCoin before quickly changing to Darkcoin shortly thereafter, in order to increase anonymity and privacy features while increasing brand recognition among potential users.
How is Dash secured?
Dash offers both privacy and speed through its unique governance structure and Master nodes, servers that contribute to network security in exchange for a percentage of block rewards.
Dash stands out from Bitcoin by its speed superiority and lower fees, helping legitimize it among investors and allowing it to gain widespread acceptance and popularity. Unfortunately, Dash’s niche position could still be threatened in the cryptocurrency market by various threats such as price volatility.
Dash’s primary threat comes in the form of digital wallets for more popular cryptocurrencies that aim to offer its key features – like anonymity – to their users. Another potential obstacle comes in the form of the US Securities and Exchange Commission (SEC) lawsuit against Bittrex over allegations it sold illegal securities; Dash team responded by defending their payment technology as not security, which may negatively impact Dash prices in the long run.
Where can I buy Dash?
If you’re in search of Dash, there are a variety of places where it can be purchased. Most reputable cryptocurrency exchanges support Dash purchases using fiat currencies such as USD or EUR.
Dash can also be purchased directly from other users on exchanges, although this approach tends to be more expensive and less reliable. It is best to choose an established exchange that supports multiple payment methods, and be sure to store any acquired Dash securely within a hardware wallet after buying it.
Kriptomat provides another viable option when buying crypto. Our platform makes buying Dash with fiat currency simple, and provides multiple convenient deposit methods. If you wish to diversify your portfolio further, trading Dash for other cryptocurrencies may also be an option; just ensure to read all terms and conditions thoroughly prior to completing any transactions and investing more than what can affordably be lost! Buying cryptocurrency should only ever be treated as a speculative venture – never spend more than you can afford to lose!
