What is Dash?
Dash is a peer to peer cryptocurrency that runs on an open source system. A highly autonomous system, Dash was originally known as Xcoin, later changed to DarkCoin and finally became Dash signifying Digital Cash.
While many other cryptocurrencies run on a single tier network where miners perform the majority of work, Dash runs on a 2 tier format with miners creating new blocks but Masternodes which perform Governing as well as perform the PrivateSend and InstantSend functions.
When first launched, Dash had a mining malfunction that issued about 10% of the coins that will ever be created. The issue was fixed and those coins were left in circulation.
Who is behind Dash?
The creator of Dash was Evan Duffield. He released this new cryptocurrency as Xcoin in early 2014.
Evan was the CEO of the Dash Project up until early 2017 when he stepped aside to become an adviser and work on other projects. Ryan Taylor took over the CEO responsibilities.
How does Dash Work?
Like any other decentralized cryptocurrency system, Dash operates with the same basic functions. Dash also relies on miners to keep the blockchain operating smoothly and they are rewarded with Dash coin to do so.
Where Dash differs from many others is that Evan believed that to be a trusted worldwide currency, there must be funding for other jobs that must be done other than what miners are doing with the blockchain. So block rewards are divided up whereas other cryptos give the reward completely to the miner or miners who were able to solve the block.
To make it simple, the reward is divvied much like shares of stocks and voting rights in how the company is run and how funds are spent.
So Dash can actually hire developers and designers if the miners and Masternodes agree.
How can I buy Dash?
Buying Dash is much easier than it may seem.
You will first want to attain a “wallet.” The wallet is your own personal digital storage place for your cryptocurrency.
Each wallet has a private key and a public key. The private key is for you alone to manage your Dash while the public key is used to send and receive Dash or other digital currencies.
There are various types of wallets with different features. You can discover more on crypto wallets here on Investing Online.
At that point, you can purchase Dash from other people on marketplaces and they will send it to your wallet via the public key. Or, you can join any number of exchanges where you can purchase Dash with either Bitcoin or Fiat money and transfer to your wallet.
How can I trade Dash?How to choose a Dash Exchange?
Keep abreast of all our reviews here which can help you choose. But there are 3 properties you should consider when choosing a Dash exchange:
- Where you are – Regulations on cryptocurrency exchanges are still being developed. But some exchanges will not accept investors from certain areas.
- Payment method and fees – Some exchanges may accept pay systems like Paypal, Neteller and others. And others may only accept credit or debit cards. Plus, you want to look at fees incurred such as miner fees and conversion fees.
- The currency you want to purchase – Many exchanges carry Dash but you should check closely and don’t just assume they do.
We show several Exchanges here that buy and sell Dash.
If you have any questions, feel free to contact us and we can help you proceed. And research Investing Online as your questions may have an answer on our pages.