Blog Borrowing Dash coin (DASH): A beginner’s guide to invest

Dash coin (DASH): A beginner’s guide to invest

date October 16, 2020 time 3 min read

What is Dash coin? It’s one of the most secure cryptocurrencies on the market today. Quick transaction times and strong security protocols are just some of these features that make it superior to its parent protocol, Bitcoin.

Dash coin has a big advantage over older cryptos — complete anonymity. You can use DASH to finance purchases without leaving behind any trace of your existence.

Additionally, Dash coin can perform near-instant transactions. This makes it popular among investors who want to eliminate the waiting times associated with blockchain networks. 

What is Dash coin and why was it created?

The first cryptocurrency, Bitcoin, was revolutionary but had many flaws. Transactions take a long time to be completed, and security deficiencies are frequently exploited and abused by hackers. There are also no chargebacks or refunds possible.

Dash coin – technically speaking – used to be Bitcoin. It was created by a hard fork in the Bitcoin chain. As a result, its underlying structure is very similar to Bitcoin, with a few tweaks to solve some of the above issues.

Let’s briefly dive into Dash coin’s history. DASH used to be known as ‘Darkcoin’. It was often used for illegal activities and the black market due to its high anonymity. However, today, with increasing government oversight and hackers in the crypto sphere it’s become one of the most trusted and secure cryptocurrencies on the market.

Dash coin offers an unparalleled level of security
Dash coin offers an unparalleled level of security (source: dash.org)

What makes Dash coin so popular?

DASH has many features making it popular among the crypto community. One of its most prominent features is the ability to make transactions untraceable. 

For investors who hate waiting, Dash coin’s InstaSend protocol allows instant transactions, eliminating long waiting times for transaction validations on the blockchain. 

Dash coin’s PrivateSend protocol allows you to send and receive untraceable payments on the blockchain. This is all done automatically through Dash’s mixing process, which mixes up the Dash coin in your wallet with DASH from other transactions. This makes your coins more difficult to track.

Additionally, Dash incorporates a powerful feature known as the Chainlock protocol. This protocol protects against 51%  attacks — an attack on a blockchain referring to a group of miners trying to control over 50% of the network’s mining hash rate. When used in conjunction with InstaSend, Chainlock creates another layer of security.

Fast transaction times and many layers of security make Dash coin a great investment
Fast transaction times and many layers of security make Dash coin a great investment
(source: pxhere.com)

Where to get Dash coin?

Dash coin can be obtained via mining, or by being purchased from other users.

Mining

As a Bitcoin hard fork Dash coin follows a similar Proof of Work protocol for awarding coins. You can mine it with a node just like Bitcoin with a good power source.

Dash coin is just one of many cryptocurrencies that can be mined
Dash coin is just one of many cryptocurrencies that can be mined (source: pxhere.com)

Purchasing DASH

The other method to obtain Dash coin is by buying from other people on exchanges. This is done through online trading platforms like Coinbase, eToro, and CEX.io.

Storing DASH

Wondering where to store DASH coins? Like most other cryptocurrencies, DASH is stored in a digital wallet. Think of a digital wallet as a completely virtual bank account. Just as you would access your bank account from an online platform, Dash coin operates similarly. Simply open up your trading account and send it to whomever you please.

Where to buy DASH at the lowest market prices today

Comparatively, MyConstant crypto credit allows you to finance crypto purchases and receive loans at low rates. Deposit your choice of collateral, choose your rate and terms, and have it delivered to your balance — in 30 minutes or less.

A peer to peer lending platform with a difference. At MyConstant, we automatically source the best prices from all the major exchanges for you.

When you withdraw in COMP with Crypto Credit on MyConstant you get the following benefits:

  • You set the rate and terms
  • Rates from as low as 6% APR
  • Your collateral is held by a secure third party
  • Best exchange rate guaranteed
  • 24/7 customer service

Get in on one of the hottest trends in DeFi and unlock a world of investment options while you’re at it. Sign up for a free account today.


Share this article

MyConstant Blog

MyConstant Blog

Tags: what is just coin dash coin price where to get dash coin dash coin history dash coin review

Related Articles