Cryptocurrencies are a hot topic right now. You see headlines praising “coins” such as bitcoin with impressive gains of over a thousand percent. But what gives them value anyway? Have you ever used bitcoin before? It’s not practical right at the moment, mainly because of the time it takes to complete transactions. There are many other coins that could be viable alternatives to bitcoin. There are many other coins that could be a viable alternative to bitcoin as the No. 1 cryptocurrency.
Cryptocurrencies
There are many things to know about cryptocurrencies. However, this article is more about finding investment opportunities than the science behind them. A Bubble in Bitcoin? It is important to understand the concept of “mining.” This is the basis of cryptocurrency. This is how new bitcoins are created. The “miner” solves a complicated math problem using special software and is rewarded with bitcoins. The transaction is then stored in the blockchain and the new bitcoins become officially in circulation.
Mining bitcoins becomes more difficult and more time-consuming as more bitcoins become available. Bitcoin has experienced a huge rally this year, as most people are aware. It’s actually up around 1,200% in the past year, leading many to believe it’s in a bubble. The total value of all bitcoins in circulation now exceeds $150 billion. If bitcoin were a company, it would rank among the 50 largest companies in the United States.
Bitcoin
Personally, I believe that bitcoin is the only cryptocurrency that is more valuable than any other cryptocurrency. It was the first to break into the mainstream. This is still an important fact. At the very least, it gives other coin developers something they can improve upon. Even if you feel you have missed the boat on bitcoin, there are many other cryptocurrencies available. Some are scams while others have real potential. Dash is one of the few that I believe has real and practical use.
First, Dash is a convenient option. Bitcoin transactions take around 10 minutes to an average of one hour. Dash is aiming to become the primary cryptocurrency that can be instantly transferred (in less than a second) between parties. This makes it easier to buy things online and in stores.
Dash DAO
(decentralized autonomous organisation) receives 10% of newly mined coins. This is one of the most attractive features of Dash. The DAO is basically the treasury for Dash. It can use $4 million per month at a current price of over $600 per coin. It is important to note that no other coin has such continuous funding. The Dash DAO can market and develop the currency with this money. Anyone can submit an idea to increase the Dash’s value.
The project is then voted on by thousands upon thousands of Dash developers. One example would be to partner with stores to make Dash a viable way for them to transact their goods. These developers make money from Dash so anything that promotes and benefits the currency will be attractive. This creates a loop effect where the currency appreciates because it is better funded and marketed. The DAO then makes more money and can market Dash more. Dash can be used to buy goods and services at more than 300 physical stores.
Let’s understand it
The marijuana industry could be the catalyst for this breakthrough. Banks are currently not allowed to handle marijuana transactions. All transactions must be made in cash. Vendors are not allowed to deposit money earned from sales in banks. This not only increases the risk of being robbed but also means that these vendors have to pay for cash storage as well as transportation. This adds up quickly. These vendors would be thrilled to be able to use Dash. It would also bring down the cost of Dash. It has already made progress, which is a good thing.
Dash partnered in April with Alt Thirty Six, a digital payment system that works with dispensary business management software companies. These software companies keep track of transactions for hundreds dispensaries and delivery service providers. Dash users have hundreds of options to use the currency. Dash’s price has risen 118% since October 11, when it became a payment option on Alt Thirty Six. This is only in the last month and a quarter. Dash has a market cap of $4.8 billion, compared to bitcoin’s $156 trillion. I believe that Dash still has a lot of room to grow in the future.
Conclusion
Dash’s success in the marijuana industry is only the beginning. In 2016, legal marijuana sales reached $7 billion. Another $46 billion was sold on black market. This is only the beginning of Dash. Dash’s unique instant transaction feature makes it a viable option to cash and gives it an advantage over other cryptocurrency like bitcoin.
DASH Cryptocurrency
Popular cryptocurrency Dash simply had its second actual physical “embassy” open in Austria. In accordance with Dash Force News, the purpose of the task is to take part in active advertising of the project and try to take part in dialogue and increase action of Dash in your community.
Dash Makes Another Embassy
When you hear the term embassy, The purpose of most embassies would be to have a location for diplomats to remain, and have an office that’s available to the public to greatly help them perform a variety of interactions with the federal government directly. For example, trying to get visas, having to pay taxes, and so forth.
Beginners Manual to Dash
But what Dash does here using its embassy program is really a bit different. The purpose of the plan is to have more people thinking about cryptocurrency and blockchain, educate the general public, and to have more local businesses thinking about accepting Dash as a way of payment.
In this respect, Dash is continuing to grow quite substantially recently in terms of the amount of locations ready to accept it as transaction. This is particularly real in Venezuela, where you can find quite a few stores which will accept it.
That is interesting because generally, altcoins haven’t been very prosperous in convincing store and company operators to use them. Many operators that accept cryptocurrency achieve this through a third-party processor chip like Coinbase, that is limited in the amount of currencies it could accept. Dash is not available on Coinbase, although several commentators online have lengthy speculated that it is going to be supported there.
An Individual Touch
One major concern that cryptocurrency adoption has confronted is that the community is fairly insular. That being, most advertising attempts are targeted solely at those people who are already curious in or committed to cryptocurrency. This can furthermore be seen through the decision of vocabulary used, as jargon will be omnipresent and may likely leave someone not used to crypto confused.
Dash is trying to improve this paradigm by rather than just waiting for individuals to learn about it through using additional cryptocurrencies like bitcoin initial, they want to instead get to out to completely new individuals and get them involved with Dash first of all.
The theory behind the embassy appears to be that it will be an attempt to break from the insular crypto entire world and make an effort to get literal boot styles on the floor in attracting adoption in possibly for tile locations like Austria.
Money and Dash
This begs the issue, who’s paying for this? Owning a physical location without doubt requires funding, you’ll have to pay for at minimum a few employees.
That’s where Dash has a possiblity to really stretch its hip and legs and placed on a show of push. With each block prize, a share is set aside and placed into a transparent account that anyone can distribute a proposal to end up being voted on. Dash is really a personal funded cryptocurrency. Then it really is funded. The recipient of this money can then utilize it to complete the duty as promised and subsequently increase their popularity within the community.
A successful history of completed proposals may lead to much larger and larger scale tasks to end up being funded by the city. And with Dash being this type of highly valued asset, the quantity of funding potentially accessible from Dash is massive.
Finally
We discovered the proposal for the embassy plan (all proposals are publicly accessible online) and saw just what this program costs. Evidently, it really is costing the Dash treasury an impressive $109,750 or 428 DASH monthly. The proposal passed with 798 Yes votes and 189 No votes. This comes after the program’s initial proposal which approved for a one time transaction of $52,964 or 207 DASH.