Cryptocurrencies are all the rage now.
Almost everywhere, you see headlines with impressive thousand % gains for “coins” as bitcoin. But what gives them value? At what time have you used bitcoin?
The simple truth is it is not practical now, primarily because of the length of time it takes to complete a transaction. But there are additional coins available that are emerging as viable candidates to succeed bitcoin as the No. 1 cryptocurrency.
There’s a lot to understand about the intricacies of cryptocurrencies, but this article is a lot more about finding an investment opportunity than explaining the science behind them.
A Bubble in Bitcoin?
One thing that’s vital that you know may be the concept of “mining.” This is the very basis of cryptocurrencies. That is how new bitcoins are made.
In basic terms, the “miner,” through special software, solves a complex math problem and is rewarded with new bitcoins as a result. Then, the transaction is stored in the blockchain, and all those new bitcoins are officially in circulation.
As more bitcoins are in circulation, mining them becomes more complicated and time-consuming, and much less profitable. So while about eighty % of possible bitcoins are in circulation at this time, the last one will not be mined until 2140.
As many individuals know at this point, bitcoin has seen a gigantic rally this year. Actually, it’s up about 1,200 % in the last year, causing a lot of people to think it is in a bubble.
The entire value of bitcoins in circulation is now over $150 billion. If bitcoin was a company, it will be in the top 50 most significant in the United States.
I personally think that the one reason bitcoin is so much more valuable than every other cryptocurrency is since it was the one that initially broke through to the mainstream. That’s still significant, nevertheless. It, at the very least, gives other coin developers something to improve on.
The great thing is that even if you think you’ve missed the boat with bitcoin, there are plenty of other cryptocurrencies out there. However, some are scams, but others have real potential.
buy crypro mining equipment of the ones that I believe has real, practical use is called Dash.
Dash: Digital Cash
First, Dash is ahead of the game in terms of convenience. Today, bitcoin transactions take about ten minutes to an hour or so on average. Dash is setting out to be the main cryptocurrency that can be transferred quickly (in less than one second) between parties, which makes it alot more practical with regards to buying things online or perhaps at a store.
On the list of most appealing features of Dash is that ten % of the newly mined coins are awarded to the Dash DAO (decentralized autonomous organization). The bottom line is, the DAO is the treasury of Dash. At today’s price tag of over $600 per coin, that is four dolars million per month that it is able to use.
It is crucial that you understand that no other coin has this form of constant funding. With this money, the Dash DAO is able to create and market the currency.
Furthermore, anyone can submit an idea for a project to maximize the value of Dash. Then, the project is voted on by thousands of Dash developers. An example is partnering with shops to make Dash a viable means of transaction for their goods.
Obviously, these developers make money from Dash, so anything that benefits as well as promotes the currency is enticing.
This creates a circular effect, where the currency appreciates in cost as it’s much better funded and marketed, then the DAO makes extra cash, and it’s able to market Dash even more.
A Breakthrough for Dash
So far, Dash can be used at more than 300 physical stores and over hundred sites to purchase goods or services. But the breakthrough for it could come from the marijuana trade.
Today, banks usually are not permitted to have anything to do with marijuana transactions; everything needs to be accomplished in cash. Vendors can’t even put money from their sales in a bank.
Not simply does this bring the threat of being robbed, but these companies should pay for cash storage and transportation. That adds up quickly.
Being able to use Dash will be big for these vendors. It’d also mean things which are great because of the cost of Dash.
The good news is it’s already started making progress. In April, Dash partnered with a digital payment system called Alt 30 Six, which has partnerships with several of the leading dispensary business management software companies in the united states.
Transactions for hundreds of dispensaries and delivery services is tracked by these software companies. Which means that Dash users already have hundreds of ways to make use of the currency.
Since Dash officially grew to become a payment method on Alt Thirty Six on October 11, its price has gone up 118 %. That is just in a month and also a half.
Just the Beginning
With a market cap of only $4.8 billion compared to bitcoin’s $156 billion, I believe Dash still has ample space to climb going forward.
The marijuana industry is only the start for Dash, but it is an excellent one. In 2016, legal sales were aproximatelly seven dolars billion. Another estimated $46 billion was sold on the black market.
And as more stores open and marijuana becomes legal in even more states, that legal number is likely to be $23 billion by 2021 and $50 billion by 2026.
Once again, this is just the beginning for Dash. Its unique immediate transaction feature causes it to be a viable alternative to cash, giving it an advantage over other cryptocurrencies as bitcoin.