Steemit Crypto Academy – Season 2 - Week 8 - Post for @levycore

Dash (DASH)

When it comes to the blockchain and cryptocurrency space, Dash needs no introduction at all because it is one of the oldest cryptocurrencies and one of the top and most popular privacy coins. Dash started out in 2014 as a Bitcoin fork and is an anonymous cryptocurrency. Dash is basically digital cash, hence how it got its name dash. On dash, digital funds transactions are made on a peer-to-peer and open-source network. The main idea behind dash comes from the physical fiat currency where money transactions are private. Anyone can make purchases with physical fiat currency and it remains private… no one can see what the money was used for… same as dash, all transactions on dash are private and cannot be tracked.

Dash is super-fast and transactions on dash are almost instant making it a great digital cash for sending and receiving payments transactions. As one of the oldest cryptocurrencies that came as a fork of bitcoin, dash is very popular and has made a name for itself as the first real working digital cash due to its security, transaction speed and privacy. Another great benefit of dash is the low transaction fees which make it possible for anyone to use it as a form of payment without worrying about fees.

Dash (DASH) Uses

DASH which is the cryptocurrency of dash and like a lot of other cryptocurrencies has a lot of uses. One of the main use cases of DASH is that it is used as digital cash which means that it can be used to make fast, secure and private payments anywhere in the world on the blockchain. Another use case of dash is that it can be used to send anonymous and private transactions on the blockchain that cannot be traced. Dash can be used by businesses and enterprises to receive payments. Also, since DASH runs securely on the blockchain, it means that anyone can be their own bank. Owning DASH in a secure and non-custodial wallet means that users have full control of their funds and can decide what to do with their funds at any time.

Benefits of the DASH

The DASH Coin has proven itself as not only one of the of the oldest and top cryptocurrencies, it also offers a lot of benefits…
Dash is one of the most popular and top privacy cryptocurrencies
Transactions on dash is private which means that is anonymous and cannot be traced
It is a fork of bitcoin which means that inherits the core base of bitcoin
Fast transaction speed is one of the main benefits of dash
Dash offers self-governing and self-funding protocol
Dash can be used as digital cash for sending and receiving funds fast and securely
On dash, transaction anonymity is ensured by the masternodes
Dash offers high-end security
Transactions on dash is private and anonymous

How Dash Transactions Work?

Dash works in a pretty similar way to most of the other cryptocurrencies. There are two main elements that play a major role in any dash transactions which are Public Address and Private Key. Anyone who is familiar with bitcoin or any other blockchain already know the role and importance of public address and private key. Since Dash was created as a digital cash, it is quite similar to how physical cash and the bank works. The public address is like the account number of the bank that will be used to transfer funds to the receiver. The private key is one of the most important elements of dash if not the most important. The private key is what gives the user full control of their dash (digital cash) and will be required to make dash transactions.

To send a dash transaction, for instance, a user wants to send some amounts of dash to another user, the sender will request for the public address of the receiver as that is what will be used as the destination address in the sender’s dash wallet after signing in with the private key which proves ownership of the wallet and funds. The sender can decide to make use of the InstantSend service for instance confirmation by the masternode. After that, the miners will validate the transactions and the dash will be successfully transfer from the sender to the receiver.

Dash - Social Reach

Since Dash is one of the oldest cryptocurrencies and one of the top privacy coins, there is no doubt that already has a lot the recognition and attention it deserves. The dash social reach is pretty good and are also active on their social channels. Users, businesses, institutions, enterprises are already utilizing the benefits of dash which shows the growth in adoption. The dash community is quite large, most especially on twitter, reddit, bitcointalk. Their twitter handle has a large following with close to 400k followers and are communicating with dash community. DASH is currently listed on major exchanges which also increases its social reach.

Dash - Team

According to research, Dash was founded by Evan Duffield and Kyle Hagan who are software developers. was initially called XCoin before rebranding the name to Darkcoin and sooner it was rebranded again to what it is known as today as Dash back in March 2015 which has shown to be a great idea. The team behind dash are professionals and talented developers who are continuously working to improve the dash ecosystem and make dash one of the go-to cryptocurrencies for digital cash solutions.

DASH Current Chart

Screenshot of Coinmarketcap

Dash (DASH) Supply Statistics

Based on the current statistics on the coinmarketcap website, DASH has a current price of $207.52, martketcap of $2,109,528,413, Fully diluted marketcap of $3,914,047,733, Circulating Supply of 10,165,234 DASH, Total Supply of 10,165,191 DASH and a Max supply of 18,920,000 DASH.

Screenshot of Coingecko

DASH Markets/Exchanges

This is also one of the key factors when it comes to fundamental analysis. The number of top exchanges that list a particular cryptocurrency is very important in determining how popular a cryptocurrency is. DASH is one of the top and most popular cryptocurrencies which means that it is also listed on a variety of top crypto exchanges. DASH can be traded on Binance, Huobi, Coinbase, Kucoin, FTX, Poloniex, Kraken, OKEX, Bitfinex and Gate.io and more.

Describe the steps in creating a wallet for the Privacy Coin of your choice - Dash

One of the amazing benefits of Dash is the availability of the official dash wallet that is secure and user friendly for storing dash coins. To create a dash wallet, first visit the correct official dash website URL https://www.dash.org - This is very important, make sure the URL is correct.

To install the dash wallet for mobile, Click on get started menu and select downloads or scroll down and look for "get the app", click on view all apps.

Next, you will find the mobile wallets options. Select your preferred mobile wallet device type, for me, I chose android.

Click on google play download to download from google play store or click on download apk to download the file directly. For me, I chose google play download. On google play, install the app.

Once the app is downloaded and installed on your device, it is time to begin the setup process.

To begin the wallet creating process, Click on create a new wallet

You will be prompted to setup your 4 digit security pin

On the next screen, click on the secure now button

Click on show recovery phrase. This is extremely important as it is what guarantees security of your wallet. With the recovery or seed phrase, you can restore your wallet on another device which ensures safety of your funds

After that, check on I wrote it down on the next screen and click on continue.

Verify your recovery phrase by selecting the correct phrase in their correct order

Done, your wallet is created. You will have to wait a little while for your wallet to sync

Complete, you can now input your pin to enter your wallet.

Explain the reason you chose the Privacy Coin

When it comes to privacy coins, Dash is my favorite for a variety of reasons. One of the main reasons why I like Dash is its simplicity and ease of use, anyone can make use of dash to send and receive transactions. Even though dash is a fork of bitcoin, it is more user friendly and easy to use compared to bitcoin. Another reason why I prefer dash is the fast transaction speed. Dash is super-fast and the transactions is almost instant when sending and receiving funds. This makes is a great cryptocurrency payment solution for businesses, enterprises and institutions for sending and receiving payments anywhere at any time. Another reason why I chose dash is how easy it is to setup the wallet. Setting up dash wallet for mobile is very easy and straight forward and only requires a few steps in the entire set up process.

Advantages

• Dash transactions are private and anonymous
• Fast transaction speed is another advantage of dash
• Dash is a great digital cash for sending and receiving funds fast and securely
• Dash offers high-end security
• Transactions on dash cannot be traced
• On dash, anyone can propose their own ideas
• On dash, transaction fees are very low
• Availability of official dash wallet
• Dash is listed on a variety of top crypto exchanges which increases its accessibility

Disadvantages

• Since dash is a privacy cryptocurrency and anonymous, bad and malicious actors can use it for malicious activities and fraud.
• Even though dash is a fork of bitcoin and runs on a blockchain, it is still considered not fully decentralized
• Dash is said to have suffered from bugs upon its release
• While it is a great and fast payment solution for businesses, the privacy nature can be a problem because payments are anonymous and cannot be tracked
• Volatility in the crypto market can also a big negative factor when using it as a digital payment solution

Conclusion

Dash coin remains one of the top and oldest cryptocurrencies that fall under the category of privacy coins. It is has made a name for itself as being a very fast (almost instant) and secure cryptocurrency for sending and receiving transactions with core focus on privacy and anonymously. For me, dash coin is one of the best privacy coins out there and one of my favourite. I like how user-friendly the cryptocurrency is, making is a digital currency solution for anyone to send and receive funds anywhere any time.

@levycore