Although Bitcoin is by far the best-known cryptocurrency today, competitors have been cropping up for years. Some of these Bitcoin alternatives, particularly Litecoin and Ether, have achieved widespread popularity among cryptocurrency users and investors. Others, however, have stayed under the radar. Dash is one of the altcoins that hasn’t received as much attention, but may actually be better than Bitcoin from a user perspective. Here’s what you need to know about Dash and how it compares to Bitcoin.
Dash’s Elite Security Features
The major advantage Dash has over most other digital currencies is the fact that it can be used entirely anonymously. Though Bitcoin was originally promoted as an anonymous and secure alternative to electronic transactions, research has repeatedly shown that Bitcoin transactions are very easy to track. In some cases, it is even possible to connect Bitcoin transactions to the identities of individuals using information found online. Once a Bitcoin wallet is tied to someone, that person’s entire transaction history can be traced, creating massive privacy concerns.
By contrast, Dash offers a feature called PrivateSend that obscures all information from your wallet when a transaction occurs. In PrivateSend, your transaction is combined with many others in small blocks of Dash. This process is repeated several times, making it impossible to identify any individual transaction in the group and connect it to a Dash wallet. The result is a truly anonymous transfer of funds.
Unlike some supposedly secure cryptocurrencies, Dash’s PrivateSend feature has stood up to intense scrutiny and testing. There is even a $15,000 standing reward for anyone who can successfully identify a security flaw that would allow PrivateSend transactions to be tracked back to individual wallets. So far, that reward has gone unclaimed, and not even a single incident of PrivateSend tracking is known to have occurred.
Instant Transfers and Low Fees
In addition to its security flaws, Bitcoin users often find the cryptocurrency’s slow transfer times and high transaction fees frustrating. Dash was specifically constructed to reduce these problems by offering instantaneous fund transfers and fees that are almost negligible. Bitcoin fees used to range above $30, and though they have dropped off more recently, they are still quite high. Dash fees, on the other hand, are usually no more than a few cents per transaction. This makes Dash much more usable, especially for frequent transactions.
The Dash Community
One of the most unique aspects of Dash is the community that surrounds it. On the main website for Dash, users can submit proposals for building and promoting Dash that are then voted on by the rest of the community. If enough users vote to fund the project, the person who proposed it will receive funding in the form of Dash to carry out the project.
Popular projects usually focus on promoting and marketing the cryptocurrency, thus raising awareness and building the user base. This active community actually provides a great deal of value for Dash users, since it allows the cryptocurrency itself to continue improving and become more widely used. If you’re willing to create content or promote Dash in an innovative way, this can also be a good way for you to make some extra money, since users whose projects are funded usually receive enough to compensate them for both their expenses and their time.
These are just a few of the differences that set Dash apart from Bitcoin. If you’ve been wanting to try cryptocurrencies, you should start using Dash. Not only is it more secure than Bitcoin, but it is also more user-friendly.