What is Dashcoin (DASH)?

Dash is a privacy focused cryptocurrency that can process transactions more quickly and cheaply than Bitcoin. It’s become popular in countries like Venezuela and Zimbabwe, where fiat currencies are experiencing extreme inflation.

Table of Contents

What is Dashcoin (DASH)?

1. Who Controls Dashcoin (DASH)?

The most unique aspect of Dash is its masternodes system. A masternode is a special server with a full copy of the Dash blockchain. Users who have at least 1,000 Dash can operate masternodes that power several of Dash’s features.

These features include InstantSend, which allows for fully confirmed transactions within two seconds, and CoinJoin, a method of running a sequence of transactions and making them harder to trace. In exchange for running masternodes, users receive a portion of the block rewards from Dash mining.

While most merchants don’t accept any types of cryptocurrency, Dash has had some success in this area. It launched DashDirect, a retail savings app, on July 27, 2021. The app allows you to make purchases using Dash in more than 155,000 stores and 125 websites. It also includes discounts, with the discount amount depending on the retailer.

One final thing worth noting is how user-friendly Dash is. Its website clearly explains how Dash works and where you can buy it. This may seem minor, but it stands out compared to all the cryptocurrencies with overly complicated websites.

2. Who Created Dashcoin (DASH)?

Dash was launched by an American blockchain developer called Evan Duffield. Dash, previously called darkcoin, is a cryptocurrency designed specifically for payments. It also has a two-tier network structure. Dash is most notably known for the first implementation of Masternodes.

Dash was built in 2014 by developer and creator Evan Duffield. Duffield forked the bitcoin blockchain with the intention of providing additional features, such as lower transaction fees.

The protocol has two tiers, the first of which is similar to bitcoin and utilizes a proof-of-work consensus mechanism. The second tier uses a proof-of-service (PoSe) consensus mechanism, a type of scoring system used to determine if node operators are providing services in good faith.

Miners power the first layer of the network, enabling the basic sending and receiving of cryptocurrency and preventing double spending. Masternodes power the second tier, which provide the added features described above.

These nodes store a full copy of the ledger, reject improperly formed blocks from miners, facilitate PrivateSend and InstantSend transactions and participate in governance and funding proposals. In order to operate a masternode, 1,000 dash must be collateralized by the owner.

These funds are still movable, but if spent, the associated masternode will go offline and stop receiving rewards of newly generated cryptocurrencies.

3. Dashcoin (DASH) Pros and Cons

Dashcoin (DASH) Pros:

  • Ensures Privacy

Dash cryptocurrency is among such cryptocurrency which ensures users their financial and transaction privacy by using the PrivateSend option available.

  • Faster

Transactions are much faster with InstantSend technology in which that transaction takes place in less than 4 seconds. Dash cryptocurrency thus is far better than other cryptocurrencies that require a large amount of time to confirm transactions on their specific network.

Much more decentralized than other coins

Dash is more decentralized than most major cryptocurrency projects. It is completed through the democratic voting of the master nodes, which allows device for quick decisions in regard to funding developments and other aspects related to the community.

  • Low transaction fees

The Dash cryptocurrency has transaction fees which are is low in comparison to credit cards or even banks. The fee is actually very less for using personal money as well as for sending micro-payments in every part of the world.

  • Rewards

The rewards received from block development are split between the miners, the master nodes, and a funding pool for Dash developments which are used to incentivize master nodes and also, support Dash developments.

Dashcoin (DASH) Cons:

  • There is controversy over members of the core development team setting aside for themselves 2 million of the total 18 million coins by fast mining them within the first 48 hours of its release.
  • There are also speculations that believe a large amount of masternodes are owned and run by the core development team, which makes the community doubt the legitimacy of Dash’s decentralized nature.
  • Regarding Dash’s privacy features, some developers claim that its mixing process is nothing more than a coin tumble which in theory can still be traced if someone controlled the masternodes that the transaction passes through.
  • In spite of all its marketing campaigns and partnerships that make it seem widely-used, Dash still lacks a significant number of users or merchants.

4. The Difference Between Dashcoin (DASH) and Traditional Currencies

The main difference between them is, the traditional currency is a centralized system and bitcoins are decentralized one and peer-peer systems. Hence there are no central authorities to regulate rules and regulations on a bitcoin transaction. But a traditional currency is strictly regulated by the governmental authorities. Both the bitcoins and fiat currency have values which can be used for buying and selling of goods in the market. 

  • Flexibility

With traditional currency functioning for five days a week and die to transaction restriction, there is a chance of freezing of currency. There is no limit in the number of currencies, being printed, and hence when there is inadequate currency, it will affect the buyers and sellers, resulting in inflation.

  • No Fraudulent Activity

If you want to transact with a traditional currency system, the users have to provide personal details like name, address, phone number, and lots more. So, with the internet technology, the malicious user will be able to hack the account details of the traditional currency system easily. Traditional currency can suffer from double-spending, where the same money is used for more than one transaction.

  • Reduced Cost

In a traditional banking system, for making a national transaction, it will take 2-3 working days, and the transaction fees will be high. In the case of international transactions, the transaction fee will be very higher, and it will take 15 days to complete the transaction. In a Cryptocurrency system like bitcoins, there is no transaction fee for making a national transaction. The transaction will also take place in seconds or within 24 hours.

5. Is It Safe To Use Dashcoin (DASH)?

DASH was one of the first cryptocurrencies to recognize the importance of privacy. In fact, DASH was originally called Darkcoin, in reference to the darknet markets where anonymity is crucial.

Just like users can decide to use InstantSend, DASH transactions can also be sent privately using a feature called PrivateSend. PrivateSend is actually a coin mixer that’s built into the protocol. A coin mixer combines transactions and then sends the coins to different addresses, so that it’s not possible to tell who sent what coins to which address.

What makes PrivateSend interesting is that the mixer is built directly into the DASH protocol. There are coin mixers on Bitcoin as well, but third party services run them. This can be problematic because it’s impossible to know if you can trust the person or organization running the mixer.

One way law enforcement has tracked and caught crypto criminals (mostly darknet market vendors) is by taking over a mixing service and recording all of the transactions that come through it.

Having a built in mixer makes it more difficult for law enforcement to track private transactions happening on DASH. However, the downside is that PrivateSend is optional, so normal transactions on DASH are 100% transparent.

6. Is Dashcoin (DASH) Legal?

Dash is a popular digital currency which is easy to use. Accordingly, the developer hoped that the Dash coin would achieve the original vision of Satoshi Nakamoto, of being an alternative to fiat currency.

The major reason for this is its fungibility. This means that two dash coins can replace each other, the way a $1 note can replace another $1 note with no hassles. Thus, Dash is a safe and convenient payment method. Above this, it is portable and divisible, with low transaction cost. With these qualities, Dash is a basic alternative to fiat money as people can easily use it when carrying out their everyday transactions. It is usable both online and in shops.

Since its inception in 2014, Dash experiences price volatility like many cryptocurrencies. When the crypto market is bullish, the coin responds in a related manner. If the market turns bearish, its prices go into a downtrend. Surprisingly, from its launch in 2014 until the end of 2016, its price was less than $10.

After 2016, it entered a bullish trajectory. According to Primexbt, it peaked at $1 540 on 20 December 2017. In contrast, during the bearish market of 2018, its price fell to $40 before it picked up at the end of 2019. In 2020, at some point, its price rose to $120. At the time of writing this article, the price of Dash is US$103.70, as per CoinDesk rate.

How Does Dashcoin (DASH) Work?

For those familiar with any proof-of-work cryptocurrency (like Bitcoin or Litecoin), the first tier of the Dash blockchain operates in much the same way.

This layer is powered by miners who compete to create new blocks and secure the blockchain. Miners preserve the Dash blockchain’s transaction history, while preventing double spending. 

The difference between Dash and Bitcoin is that it has an average block time of 2.5 minutes (compared to 10 minutes) and miners only receive 45% of the DASH minted in each block (as opposed to 100% on Bitcoin). 

The MasterNode Network

The second layer of the Dash blockchain contains most of its key innovations, as it is operated by a special nodes, called Masternodes. 

Any node can become a Masternode as long as it holds 1,000 DASH. 

Anyone has the ability to propose a new feature or change to the Dash network, however, final decisions are made by a vote among Masternodes. 

If the number of ‘Yes’ votes outnumbers the number of ‘no’ votes by more than 10% of the total number of Masternode votes, then the new feature is implemented. 

The last 10% of the block reward is allocated to a grant system, called the Dash treasury. This fund is set aside by the DAO to fund the proposals voted on by Masternodes.

How to Make Money with Dashcoin (DASH)?

Here are quite a few approaches for us to make money with Dashcoin (DASH), such as Mining, Buying & Hold Bitcoins, Accept Payments in Dashcoin (DASH), Earning Dashcoin (DASH) by turning into an Affiliate, Lending Dashcoin (DASH), and Micro Earnings, and Trading.

  1. Dashcoin (DASH) Mining
  2. Buy & Hold Dashcoin (DASH)
  3. Accept Payments in Dashcoin (DASH)
  • Determine how you’ll use Dashcoin (DASH)
  • Find a Dashcoin (DASH) wallet
  • Find a Dashcoin (DASH) payment processor
  • Accept Dashcoin (DASH) payments
  1. Becoming an Affiliate
  2. Lending Dashcoin (DASH)
  3. Micro Dashcoin (DASH) Earnings (Faucets, Offer Wall, Short Links, Surf Ads……)
  4. Dashcoin (DASH) Games
  5. Micro Dashcoin (DASH) Tasks
  6. Trade Dashcoin (DASH)

How to Buy Dashcoin (DASH)?

A Dash wallet helps you protect your private key, not storing your Dash. If you are fairly new to cryptocurrencies you might still be struggling with the concept of private key and why it’s so important. Perhaps you just get into cryptocurrency by purchasing coins on an exchange platform but didn’t even realize that they hold the private keys to your cryptocurrency.

1. Things To Know Before You Buy Dashcoin (DASH)

Buying Dashcoin (DASH) and holding onto it in hopes it will appreciate in value, is the most common form of “investing”. As with all investing, you should never invest more than you are willing/able to lose. This is especially true with Dashcoin (DASH), since it’s still a very risky investment.

The most important thing to keep in mind when buying Dashcoin (DASH) is to make sure to buy only from exchanges that have proven their reputation.

Another key tip is to make sure you don’t buy all of your Dashcoin (DASH)s in one trade. Instead use a dollar cost averaging method—buy a fixed amount every month, week or even day throughout the year. This ensures that you buy the most Dashcoin (DASH) when it’s on the rise, and less when it’s going down in price.

2. How to Buy Dashcoin (DASH) on a Crypto Exchange

  • Coinbase – Secure online platform for buying, selling, transferring, and storing cryptocurrency.
  • eToro – Trade and invest in a diversified portfolio, starting at $10, or practise risk-free with a virtual portfolio.
  • Bitfinex – Digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
  • Binance – Low trading fees, a generously wide range of leverageae, and high liquidity.
  • KuCoin – A large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies

3. How to Buy Dashcoin (DASH) with Cash

  • Find a seller in your area who accepts cash.
  • Select amount of coins and place an order.
  • Receive account number from the seller.
  • Deposit cash into the seller’s account.
  • Upload your receipt to prove you made the deposit/trade.
  • Receive Dashcoin (DASH)!

4. How to Buy Dashcoin (DASH) with Credit Card

Not all platforms will allow you to use a credit card to make your Dashcoin (DASH) purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.

5. How to Buy Dashcoin (DASH) with Paypal

  • Login to Paypal and Select Cryptocurrency
  • Select ‘Dashcoin (DASH)’
  • Select ‘Buy’
  • Choose How Much You Want to Buy
  • Select Payment Method
  • Hit the ‘Buy’ button

How to Sell Dashcoin (DASH)?

1. Things to Know Before You Sell Dashcoin (DASH)

To get started with Dashcoin (DASH), you’re going to need three things: an exchange, a wallet and the knowledge of how to buy the cryptocurrency. This last one is easy with our guide on how to buy Dashcoin (DASH), but the other two are still important. The exchange allows you to buy Dashcoin (DASH) from sellers, and the wallet gives you somewhere to store it long term. 

When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time.

On the other hand, wallets can be much more complex. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.

2. Sell Dashcoin (DASH) in Cryptocurrency Exchanges

  • Step 1: Set up an exchange account
  • Step 2: Transfer your Dashcoin (DASH) to your exchange wallet
  • Step 3: Place a sell order

3. Sell Dashcoin (DASH) in P2P Trading

  • Step 1: Go to the P2P Trading Page
  • Step 2: Choose to Sell and Set Your Currencies
  • Step 3: Find a Buyer
  • Step 4: Choose How Much You Want to Sell
  • Step 5: Send the Offer
  • Step 6: Confirm the Release

4. Sell Dashcoin (DASH) in Dashcoin (DASH) ATMs

  • Step 1: Choose withdraw cash
  • Step 2: Choose Dashcoin (DASH) (these machines normally may support other cryptocurrencies)
  • Step 3: Choose amount to withdraw
  • Step 4: Send Dashcoin (DASH) to given address QR code
  • Step 5: Receive cash immediately as Dashcoin (DASH) transaction is propagated on the network

What Is Dashcoin (DASH) Mining?

Dashcoin (DASH) mining is the process of creating new Dashcoin (DASH) by solving extremely complicated math problems that verify transactions in the currency. When a Dashcoin (DASH) is successfully mined, the miner receives a predetermined amount of Dashcoin (DASH).

1. How Does Dashcoin (DASH) Mining Work?

The way that Dash are released into the currency system is through mining activity. Minage de Dash works similar to other cryptocurrencies, such as Bitcoin or Litecoin, where the foundation is a blockchain, which includes a decentralized ledger of all transactions that have ever taken place.

Transactions must be confirmed to ensure that no coin is double-spent. This is where mining comes into play. Transaction confirmation is accomplished through a consensus mechanism, which is a “proof-of-work concept.” Miners use specialized Dash mining hardware and computers to solve difficult math problems to confirm each and every transaction. Finding the correct solution earns the person a right to add a new block to the blockchain. Once the network verifies the solution is correct, the miner is rewarded with Dash currency.

The award is variable, decreasing at a rate of 7.1 percent annually. The average block-mining time is 2.5 minutes on the Dash blockchain, which is about 4× faster than Bitcoin. Some people are interested in mining, while others just want to use the currency — and you don’t need to mine to acquire the cryptocurrency. Currency can be purchased through various exchanges. Once purchased, the money is put into a wallet, which can be downloaded from the Dash website.

2. How to Mine Dashcoin (DASH)?

Mining isn’t for everyone—acquiring the right hardware and powering it can involve a significant amount of effort and expense. What’s more, you may find yourself competing with industrial-scale mining operations, such as Riot Blockchain, Marathon Digital Holdings, and Argo Blockchain.

A simpler and cheaper way to profit from mining is to buy shares in one of these mining companies. This is easily done by signing up with a broker that offers mining company stocks. We’ve provided links to our preferred brokers for each of the mining stocks below.

  • Riot Blockchain (RIOT)

Riot Blockchain has Bitcoin mining facilities in New York and Texas, including North America’s single largest Bitcoin mining and hosting facility. The company aims to increase its capacity and hash rate by expanding its operations with the purchase of more mining machines.

Shares for Riot Blockchain are listed on NASDAQ under the ticker symbol RIOT. If you want to invest in the company, you can easily and safely purchase RIOT shares on our top recommended platform.

  • Marathon Digital Holdings (MARA)

Digital asset technology company Marathon Digital Holdings has been around since 2010, when it started collecting encryption-related patents. The company already has a sizeable fleet of Bitcoin miners and aims to build North America’s largest mining operation while keeping energy costs low.

You can invest in Marathon Digital Holdings by buying MARA shares. Make sure to purchase them on a regulated and reputable platform. The best and safest such platform that offers MARA shares is linked to below.

  • Argo Blockchain (ARB)

Argo Blockchain comprises a dynamic team of mining and blockchain experts that prize innovation. The company supports the development of blockchain technologies and advocates the use of renewable power sources to create a sustainable blockchain infrastructure.

Argo Blockchain is always aiming to improve the way it creates value for stakeholders and you can invest in the company by purchasing ARB shares. Click on the link below to sign up with our top recommendation for where to buy ARB shares.

3. Hardware for Dashcoin (DASH) Mining

The proof-of-work system/protocol which is used by Dash, was first used in the mid-1990’s for fighting spam emails. The idea never found a truly useful cause until 2009 when bitcoin was created. Bitcoin itself utilizes this protocol in its transaction blockchain and thanks to this we can witness the growth in bitcoin mining.

The base idea of this lies in a challenge and proof (or response). The challenge is a transaction, which is a specific cryptographic puzzle. The proof is that a miners computer cracks the puzzle, so the transaction goes through. And that is proof of the miners’ work and him providing his hardware for the validation of transactions. The more hash power a miner can provide for validating transactions, the bigger his Dash reward for the service is.

The problem with PoW is that mining has become so large that miners are investing into giant A.S.I.C. hardware which is highly energy consuming. Many mining farms are built around the globe as bitcoin has risen in value.

How to Get Free Dashcoin (DASH)?

Most genuine websites that allow you to earn free Dashcoin (DASH) require you to spend money on other things like buying cloud computer mining power, connecting your CPU for mining, playing a game, or completing micro-tasks.

In other words, they offer free Dashcoin (DASH)s as an advertisement for their services. Otherwise, it takes time and effort to get free Dashcoin (DASH) given its current high value.

  • Dashcoin (DASH) Faucet
  • Dashcoin (DASH) PTC Sites
  • Dashcoin (DASH) Airdrop
  • Dashcoin (DASH) GameFi
  • Dashcoin (DASH) Bounties
  • Learning About Dashcoin (DASH)
  • Shopping Reward
  • Dashcoin (DASH) Interest 
  • Owning a Dashcoin (DASH) Faucet
  • Write about Dashcoin (DASH)
  • Dashcoin (DASH) Affiliate Program
  • Free Dashcoin (DASH) Cloud Mining

Read More: How to Earn Free Dash Coin (Dash)

What is a Dashcoin (DASH) Wallet?

1. Dashcoin (DASH) Wallets for Beginners

You probably have a pretty good idea of what a ‘cryptocurrency wallet’ actually is, but just to make sure we’re both on the same page, I’d like to give you a quick rundown of all of the different types of wallets that there are.

In general, there are five different types of cryptocurrency-storing wallets: online, desktop, mobile, hardware and paper. Each of them serves the same purpose – to store the holder’s digital (crypto) currency in a safe and encrypted, yet easily accessible by the holder manner.

A lot of people love paper wallets for their safety. They can be easily stored in the holder’s pocket, yet a potential thief or scammer couldn’t have access to them – the codes are safely printed (or written down) on a sheet of paper, always by the holder’s side when they need them.

Other digital currency holding wallets also have their pros and cons, but it’s not worth listing all of them here – after all, you came here to find out about the best Dash wallet.

2. How To Make A Dashcoin (DASH) Paper Wallet?

Although there are ways to manually generate a private key, the vast majority of paper wallet creators use a private key generator. Once a private and public key have been created, you are able to print a paper wallet, which because it’s not online doubles as a cold storage wallet. This will include the public and private key you’ve generated, usually as both a string of characters and QR codes. 

Anyone with a paper wallet’s public key can send crypto to it as often as they like. Using the corresponding private key, you can move the crypto balance of the paper wallet into a software wallet. This transfers the funds to a new private key on your software wallet. 

3. Ways To Set Up a Dashcoin (DASH) Wallet

There are many Dashcoin (DASH) wallets out there, and all of them differ in their characteristics. Mobile software wallets are great for day-to-day use, while desktop software wallets bring about a great balance between convenience and security. Lightweight web wallets are the best choice for quick online transactions. Cold encrypted hardware wallets like Ledger or Trezor are the best for long-term storage of bitcoin. However, unlike other options, hardware wallets aren’t free and cost $50 or more.

Set up a Dashcoin (DASH) Software Wallet

  • Mycellium
  • Bread (BRD) wallet
  • Bitcoin wallet
  • Electrum
  • Samourai

Set up a Dashcoin (DASH) Web Wallet

  • Coinbase
  • Blockchain.info
  • BTC.com
  • Rahakott
  • BitGo

Set up a Dashcoin (DASH) Hardware Wallet

  • Ledger
  • Trezor
  • BitLox
  • KeepKey

How to Buy and Sell Dashcoin (DASH) In Different Area?

1. How to Buy and Sell Dashcoin (DASH) in India?

You can get Dashcoin (DASH) in India mainly through buying and mining. To buy it, you can use several online exchanges such as WazirX, Coinbase, BuyUcoin, and CoinDCX. Choosing the best online exchange is another task, but here are a few things you should keep in mind while buying the cryptocurrency in India.

  • It’s best to go with an exchange that allows you to withdraw cryptocurrency in INR to your personal online wallet for safekeeping
  • Make sure that the internet connection is secure. Also, don’t forget to use safe internet practices like two-factor authentication and unique and strong passwords.
  • KYC aka Know Your Customer verification is a must, at least in India. For that, you can use a PAN card and valid address proof
  • Now, add the bank account that is linked to your PAN card. Verification will take around 2-3 days

After the verification is complete, you can start trading Dashcoin (DASH) in India. Money from your bank accounts can be transferred using NEFT, RTGS, and debit and credit cards. Currently, the value of one Bitcoin is around 27 lakh; however, you don’t have to buy a whole coin to begin investing. You can buy Bitcoin in parts, i.e. small investments for as low as Rs 500. That way, you will own a small percentage of the cryptocurrency.

2. How to Buy and Sell Dashcoin (DASH) in Canada?

  • Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy.
  • Deposit CAD to the exchange directly from your bank account.
  • Buy Dashcoin (DASH).
  • Store Dashcoin (DASH) on your exchange account or transfer it to a wallet.

3. How To Buy and Sell Dashcoin (DASH) In The UK?

  • Create a Coinbase account.
  • Complete identity verification to access fiat payment options.
  • Navigate to the Accounts and select the GBP wallet.
  • Fund your account using Bank Transfer or other methods.
  • Once the deposit is complete, go to the Buy/Sell page and select GBP to Dashcoin (DASH).

4. How To Buy Dashcoin (DASH) in the United States?

The best way to buy and sell Dashcoin (DASH) in the USA is through an exchange such as Coinbase, Kraken, Gemini, Coinmama, Binance, or Changelly. There is a plethora of options available, so it is best to look at each of the exchanges’ processes for deposits and withdrawals, fees, and transaction speeds to determine which is best for you.

Dashcoin (DASH) FAQs

1. Dashcoin (DASH) History

Evan Duffield is the founder of Dash and started out like many other cryptocurrency founders – studying and using Bitcoin. Duffield discovered Bitcoin in 2010 and was impressed with the technology. But after using it, he discovered a few fundamental challenges that he felt were critical to fix.

First, Bitcoin was not fast enough. Duffield found that verifying transactions took far too long, which slowed down transaction times and resulted in user frustration. Second, he felt the infrastructure needed a greater level of privacy. A major appeal of cryptocurrency is the privacy it provides, and he found that privacy and anonymity are not the same thing (more on this a little later).

After research and months of hard work, Dash was launched in 2014 and used the Bitcoin code. Yet unlike Bitcoin, the new currency would have different features, some of which would make it more private. During the first two days after it launched, nearly 1.9 million coins were mined, which is roughly 10 percent of the total supply. Something was definitely wrong.

The bug was found, but there was still the question of what to do with all the coins that were mined during that short period of time. In the end, Dash allowed the recipients to keep the coins, but the bug was fixed so the problem could not occur again. Today, there are about 7.4 million Dash circulated, and the total number of coins in circulation is expected to reach 18 million by the year 2300.

More recently, the coin also went through a name change, transforming from “Darkcoin” to Dash. The company was concerned that people associated the name “Darkcoin” with illegal activities, which was not the intention of the project. Duffield explained that:

“It became apparent that the Darkcoin branding was getting in our way, so in order to accomplish our greater mission, we decided rebranding was necessary.”

As a result, the name was changed from Darkcoin to “Dash.” A shortened form of “digital cash,” 2. What is Dash used for?

Dash is used for anything money is used for – buying, selling, donations. But Dash can also be used for even more things than fiat currency: A means of accepting donations or facilitating commerce that cannot be shut down by governments or the banking system. Also storing up wealth that cannot be confiscated.

3. Why does Dash have value?

Dash has more value than Fiat Currency because it’s more useful: It’s anonymous, decentralized, irreversible, cannot be devalued, cannot be confiscated, can be sent over the internet to anywhere in the world in minutes. Things that are very useful and scarce tend to be valuable. One reason Dash has value because it fulfills all of the requirements of money: Store of Value, Medium of Exchange, Unit of Account.

4. How many Dash coins are there? What is the Dash maximum supply?

The maximum supply of Dash is limited to 18.9 million. The amount of Dash mined is reduced by 7.14% every 210240 blocks, which is 383 and a quarter days. By the year 2246, the rewards will be so small it will take 231 years to produce a single coin. In the year 2477 the reward will be effecively 0, thus mining will end with no coins left to mine.

5. What is a Dash transaction? How do Dash transactions work?

A Dash transaction is a transfer of value from one address to another. The transaction spends the outputs of previous transactions as it’s input. The entire value of an output is spent, so any remainder may be sent back to the sending address – this is called the “change”. A transaction is created by a user on their Dash client software, then broadcast out to all the other nodes and becomes part of the Blockchain.

6. Are Dash transactions anonymous? Can Dash be traced?

The blockchain is a public record of all transactions by all addresses. Dash is specifically designed to be extremely difficult to link the history of transactions. An address is just a number – it doesn’t reveal anything about the identity of the one using it, like a street address can. As long as this number is never linked to an human identity, the Dash user is safe. There is no way to “trace” a Dash address to the person using it – unless they leave clues connecting their Dash address to their physical identity. bitni.com has maximum anonymity – we don’t ask for personal details.

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