The cryptocurrency market has grown tremendously since the launch of Bitcoin (BTC) in 2009. Bitcoin has been the most popular crypto among investors and traders ever since. However, over the years, new competing cryptocurrencies have been added to this digital ecosystem.
With so many cryptocurrencies available nowadays, people have many more alternatives to perform different financial operations. However, for the novice, the large number of cryptocurrencies can be a source of confusion. The question “which coin is best?” often arises.
Dash (DASH), a cryptocurrency launched in 2013, is a serious competitor to Bitcoin. Hence, it is not a surprise that most exchanges include a BTC to DASH and DASH to BTC converter. But why is Dash such a competitive cryptocurrency? Well, its developer, Evan Duffield, identified some drawbacks in the Bitcoin technology, namely:
- Lack of privacy;
- Slow transactions;
- High fees.
Thus, Duffield set out to solve these problems with his new cryptocurrency. What’s more, Dash incorporated additional features that make it different from Bitcoin. This doesn’t mean that one cryptocurrency is better than the other. We will describe the differences such that you decide which digital coin is more suitable for your purpose.
One of the unique features of Bitcoin is the transparency that allows everyone to see the type of transactions performed on its blockchain. This feature has created a feeling of trust and confidence among these coin users. However, some other users think this feature doesn’t provide enough privacy since anyone can see the amount of each transaction. By knowing someone’s digital wallet address, one can know how this person spends his or her funds.
Dash tackles this problem with the so-called PrivateSend feature. Through this technology, transactions with this cryptocurrency cannot be directly traced to the users involved if you swap the coins on LetsExchange or any other crypto exchange platform.
The verification of a transaction with Bitcoin takes approximately 20 minutes. This time is shorter than the time needed to verify a bank transfer, for example. However, in many cases, several confirmations are accepted before a Bitcoin transaction is accepted. Overall, a single transaction may take up to one hour to be completed. While this time is acceptable for many people, Duffield realized that transactions could be verified faster.
Hence, Dash offers the InstantSend service, which allows the completion of transactions as fast as 1.5 seconds. On average, it takes 2.5 seconds to complete a Dash transaction. Transaction speed is more and more critical as cryptocurrencies are more widely used for payments and fund transfers.
One of the main goals of cryptocurrencies is to allow transactions over borders at lower fees than the traditional banking system. Bitcoin’s transaction fees are certainly lower than the amount a bank usually charges. However, these fees depend on different factors such as the block size and time of the day. Miners give priority to transactions that pay larger fees. Thus, when many transactions are in line, users must pay a few dollars to speed up a transaction. Alternatively, a user can wait for less busy hours.
In contrast, Dash’s fees are much lower. Users expect to pay a few cents per transaction.
So, which of these two cryptocurrencies is better? Only you can decide based on your requirements.
Viste More: Technologywolf.net