Cryptocurrency is all the rage now.
Everywhere you look today, the tide of protectionist sentiment is flowing. But what gives them value? When did you use Bitcoin?
The fact is that it is no longer practical, primarily because of the amount of time it takes to complete a transaction. But there are other currencies that are emerging as effective candidates for Bitcoin to succeed as the No. 1 cryptocurrency.
There is much to understand about the complexities of cryptocurrencies, but this article is more about finding investment opportunities than explaining the science behind them.
A bubble in Bitcoin?
One thing that is important to know is the concept of “mining”. This is the basis of cryptocurrency. This is how new bitcoins are created.
Simply put, “Manikar” solves a complex math problem through special software and as a result is rewarded with new bitcoins. After that, the transaction is saved in the blockchain and those new bitcoins are officially introduced.
The more bitcoins are in circulation, the more complex and time consuming and less profitable mining becomes. So while about 80% of potential bitcoins are in circulation right now, the latter won’t be mined until 2140.
As most people now know, Bitcoin has seen a huge rally this year. In fact, it has grown by almost 1,200% over the last year, making many people think that it is a bubble.
The total value of Bitcoin in circulation is now over $ 150 billion. If Bitcoin is a company, it will be in the top 50 in the United States.
I personally believe that the only reason Bitcoin is much more valuable than any other cryptocurrency is because it was the first to enter the mainstream. That’s still important, though. This, at least, gives other currency developers something to improve on.
The good thing is that even if you think you missed the boat with Bitcoin, there are plenty of other cryptocurrencies out there. Of course, some scams, but others have real potential.
I believe that one of the real, practical uses is called dash.
Dash: Digital cache
First, ahead of the dash game in terms of convenience. At the moment, Bitcoin transactions take about 10 minutes to an hour on average. Dash is setting as the primary cryptocurrency that can be instantly transferred between groups (in less than a second), making it even more practical when shopping online or at a store.
One of the most striking features of Dash is that 10% of the newly minted currency is given to Dash DAO (Decentralized Autonomous Agency). Simply put, DAO is Dash’s treasury. At a current price of over $ 600 per coin, it’s $ 4 million per month that it can use.
It is important to know that no other currency has such continuous funding. With this money, Dash DAO can develop and market currency.
Also, anyone can submit an idea for a project to increase the value of the dash. Since then, the project has been voted on by thousands of Dash developers. One example is partnering with stores to make Dash an effective way to transact for their products.
Of course, these developers make money from the dash, so the benefits of the currency and anything that promotes it will be enticing.
This creates a roundabout effect, where the value of the currency is appreciated because it is better financed and marketed, then the DAO makes more money and it is able to market the dash more.
A breakthrough for Dash
To date, Dash can be used to purchase products or services from over 300 physical stores and over 100 websites. But progress can come from the cannabis industry.
At the moment, banks are not allowed to do anything with marijuana transactions; Everything has to be done in cash. Sellers can’t even keep money from their sales at a bank.
Not only does it carry the risk of being robbed, but these companies have to pay for cash storage and transportation. That adds up quickly.
Being able to use Dash would be huge for these vendors. It also means great things for the dash price.
The good news is that progress has already begun. In April, Dash Alt partnered with a digital payment system called Thirty Six, which partnered with some of the country’s leading dispensary business management software companies.
These software companies track transactions for hundreds of dispensary and distribution services. That means Dash users have hundreds of ways to use the currency.
Since Dash officially became a payment method on 11 October Alt Thirty Six, its price has increased by 118%. That is only in a month and a half.
Just the beginning
With a market cap of just $ 4.8 billion compared to Bitcoin’s 6 156 billion, I believe there is still plenty of room for Dash to move forward.
The marijuana industry is just the beginning for Dash, but it’s a great one. In 2016, legal sales were about $ 7 billion. Another estimated $ 46 billion has been sold on the black market.
And as more stores open and cannabis is legalized in more states, that legal number is expected to reach $ 23 billion by 2021 and $ 50 billion by 2026.
Again, this is just the beginning for Dash. Its unique instant transaction feature makes it an effective alternative to cash, giving it an edge over other cryptocurrencies like Bitcoin.