What is Dash?

Dash is a cryptocurrency designed to enable people from anywhere in the world to make instant, inexpensive, and anonymous payments. Its ultimate ambition is to become a medium for daily transactions. 

Most cryptos are cumbersome, time-consuming, and costly to use as a means of payment. With Bitcoin, for instance, it can take up to an hour to confirm transactions. These challenges make them less suitable for everyday transactions.

On the other hand, Dash is faster by far and more efficient. It can complete the same transaction within seconds and at a fraction of the cost. It’s even cheaper than traditional credit/debit card options. 

Let’s pedal back now and consider the Dash coin history.

When Dash launched in 2014, its founder, software developer Evan Duffield originally called it ‘XCoin.’ He later changed its name to ‘Darkcoin.’  

At the time, the coin’s primary mission was to address two of Bitcoin’s major shortcomings: Ensure user privacy and anonymity. Evan identified these weaknesses after studying Bitcoin for years. 

Upon making his discovery, he first went to Bitcoin’s developers with suggestions on how to improve its privacy and anonymity. But they told him to buzz off. So he founded XCoin instead.

The founder later realised that his digital creature had other benefits, aside from privacy and anonymity. However, he had branded the coin as a privacy-focused coin. Consequently, it limited its perceived usefulness and potential for growth. So, in 2015, he rebranded Darkcoin as Dash (from Digital Cash) and expanded its mission. 

Dash now aims to become the default medium for everyday internet transactions—a lofty goal that puts it in direct competition with Bitcoin and other popular cryptocurrencies.

How does Dash work?

The Dash blockchain is built on an expanded version of Bitcoin's technology. One of Dash network’s novel features is something called Masternodes. Without getting into the technicalities, suffice to say that Masternodes enable Dash's transaction speed and privacy benefits.

Below is a list of adjacent distinctive characteristics that make Dash highly-sought-after: 

InstantSend

This feature makes quick transactions possible by eliminating the "waiting time" challenges associated with most crypto transactions. Transactions that could take up to an hour with Bitcoin can be completed almost instantly (in 1.5 seconds or less) with Dash.

PrivateSend

With Dash’s PrivateSend feature, users can obscure the origins of a transaction and the participating parties' identities. Consequently, users can conduct untraceable transactions through the network. 

This anonymity is impossible with Bitcoin— Bitcoin transactions aren’t fully anonymous, although it’s popularly believed that they are. One can identify a wallet address and trace a Bitcoin transaction through the blockchain. 

Decentralised Governance

Dash is a Decentralised Autonomous Organisation (DAO), which means that it is governed by the Dash user community, not by a centralised authority. This governance system enables it to make decisions faster than Bitcoin. Consequently, it can implement suggested improvements quicker and improve more rapidly. 

What can I do with Dash?

Some of the present-day uses of Dash are:

International transactions

Dash enables the quick and inexpensive cross-border transfer of funds.

Buy things with IOTA

In 2019, the banking services app, Zeux, teamed up with the IOTA Foundation to develop a system that’d enable MIOTA holders to use their tokens as payment for merchants that accept Apple Pay and Samsung Pay. Besides the merchants that accept Apple Pay and Samsung Pay, not many businesses take MIOTA as a means of payment. 

Everyday purchases with Dash

Dash designed an app called DashDirect, which enables users to pay for everyday purchases at popular retail stores (online and in-store) with their DASH. As of 2020, DashDirect allowed Dash holders to spend Dash at over 155,000 vendor locations in the US, including American Eagle, Best Buy, Domino's, CVS Pharmacy, Uber, and several others.

Anonymous transactions

No doubt, anonymity can promulgate illegal transactions. However, people sometimes have legal reasons for sending money anonymously. For instance, businesses may want to shield competitive financial information from their competitors. When such needs arise, Dash is to the rescue.

Dash as an investment

You can buy and hold DASH as a store of value. Although the coin faces steep competition from other currencies like Bitcoin and Litecoin, it has (a) a strong history of innovation and development and (b) a solid infrastructure. It seems well-placed to continue its growth as the ideal digital currency.

How to buy Dash in Australia?

You can buy Dash through any digital currency exchange. All digital currency exchanges in Australia are regulated by AUSTRAC.

Chillur is an Australian digital currency exchange, registered and regulated by AUSTRAC that simplifies the process of buying Dash in Australia.

You can buy Dash in Australia using Chillur in two easy steps.

Step 1: Create an account

Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.

Step 2: Transfer funds to your account

Use your banking app or web banking to transfer funds to your Chillur account.

Once the funds settle (1-2 business days), the system will automatically buy Dash (and 9 other cryptocurrencies).

Congratulations! You now own Dash in your Chillur account

How to invest in Dash?

Investing in Dash is the process of buying Dash today with the expectation that it will go up in value in the future.

Portfolios with Dash have seen returns of 200% after 3 years.

You can invest in Dash using Chillur in three easy steps.

Step 1: Create an account

Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.

Step 2: Buy the Chillur 10 bundle

Chillur offers bundles of cryptocurrencies. What this means is that rather than picking and choosing which cryptocurrency to buy and at what price, you are able to buy 10 cryptocurrencies in a go. Chillur handles how much and the purchase price.

Step 3: Track your investment performance

Simply login into your Chillur account and track the performance of your portfolio either through a laptop or your mobile phone.

Where do I store my Dash?

Dash compatible digital wallets are many. So you have lots of choices when looking for a safe, secure, and convenient place to store your holdings. 

The most notable way to store your Dash is using the Ledger Nano hardware, USB-device with a high level of security and versatility. 

How to store my IOTA - Chillur

Hardware wallets are generally considered the most secure option for storing cryptocurrencies. And in the world of hardware wallets, Ledger Nano is a leading choice. 

Because it's a cold —offline storage, you’re much better protected against hackers. It also boasts several additional security features that make it difficult to hack. To top it all off, it's compatible with lots of other cryptocurrencies. 

Online wallet options are convenient and appropriate if you often trade or move your currency around. However, if that's not the case, you're better served to hold your coins offline where it’s farther from the prying reach of hackers and malware attacks. 

Dash's developers recommend the official Dash Wallet app, Jaxx, and Exodus for online wallet options.

What next for Dash?

It's still unclear whether Dash can successfully compete with Bitcoin's massive popularity. However, the coin is rapidly building its reputation as a faster, less expensive, and more private alternative to Bitcoin, traditional cash, and debit/credit card transactions.

So far, it has developed a solid infrastructure and a user experience that’s alluring even to those who aren’t crypto enthusiasts. Its website enumerates groundbreaking innovations that the Dash Developers plan to roll out in 2022.

Most indicators suggest that Dash isn't going anywhere soon, although no one can say what the future holds. 

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