Cryptocurrencies are all the rage right now.
Everywhere you look today, the tide of protectionist sentiment is flowing. But what gives them value? When did you use bitcoin?
It really isn’t practical right now, especially because of the amount of time it takes to complete a transaction. But there are other coins out there that will come out as viable candidates to succeed bitcoin as No.
Much is known about the intricacies of cryptocurrency, but this article is more about finding an investment opportunity than explaining the science behind them.
A Bitcoin Bubble?
One thing that is important to know is the concept of “mining.” This is the basis of cryptocurrencies. That’s how new bitcoins are made.
In simple terms, the “miner,” through special software, solves a complex mathematical problem and is rewarded with new bitcoins as a result. Afterwards, the transaction is stored in the blockchain, and the new bitcoins are officially transferred.
As more and more bitcoins are spinning, its mining has become more complex and time consuming, and we are less profitable. Even if about 80% of the possible bitcoins are in circulation now, the end will not be less until 2140.
As most people know today, bitcoin has seen a huge rally this year. In fact, it reached almost 1,200% last year, causing many people to think it was in a bubble.
The total value of bitcoin in circulation today is more than $ 150 billion. If bitcoin is a company, it could be in the top 50 largest in the United States.
Personally I believe the only reason bitcoin is more valuable than any other cryptocurrency is because it is the first to penetrate the mainstream. That still matters. This, at the very least, gives other coin makers something to improve.
The good thing is that even if you think you did not get the boat using bitcoin, there are many other cryptocurrencies out there. Of course, some are deceptive, but others have real potential.
One of those I believe has a real, practical use is called Dash.
Dash: Digital Cash
First, Dash is ahead of the game in terms of convenience. Currently, bitcoin transactions take about 10 minutes to an hour on average. Dash is set to become a full-fledged cryptocurrency that can be instantly transferred (at least in a second) between parties, making it even more practical to buy things online or in a store.
One of the most attractive features of Dash is the 10% of newly minted coins provided by Dash DAO (decentralized autonomous organization). Simply put, DAO is the Dash container. At the current price of over $ 600 per coin, that is $ 4 million per month it can be used.
It is important to note that no other coin has such continued funding. With this money, Dash DAO can improve and sell the money.
Also, anyone can submit an idea for a project to improve the value of Dash. Afterwards, the project was voted on by thousands of Dash developers. An example is the partnership with stores to make Dash a viable way of transacting for their products.
Of course, these manufacturers make money from Dash, so anything that benefits and promotes money is attractive.
It creates a circular effect, where money is priced because it is better funded and traded, then DAO earns more money, and is more able to sell Dash.
A Success for the Dash
Currently, Dash can be used in over 300 physical stores and over 100 websites to purchase products or services. But success for this may come from the marijuana industry.
Recently, banks have not been allowed to deal with marijuana transactions; everything has to be done with cash. Vendors cannot make money from their sales in a bank.
Not only does it pose a risk of becoming a thief, but these companies have to pay for money saving and transportation. That adds up quickly.
Using Dash can be great for vendors. This also means a lot of things for the price of the Dash.
The good news is that it is starting to improve. In April, Dash partnered with a digital payment system called Alt Thirty Six, which has partnered with some of the country’s leading business management software dispensary companies.
These software companies track transactions for hundreds of dispensaries and delivery services. That means Dash users have hundreds of ways to use the money.
Since Dash officially became the payment method for the Alt Thirty Six on October 11, its price has risen by 118%. That was only for a month and a half.
Only the Beginning
With a market cap of just $ 4.8 billion compared to $ 156 billion bitcoin, I believe the Dash has a lot more room to move forward.
The marijuana industry is just the beginning for Dash, but it is very good. In 2016, legal sales were about $ 7 billion. Another estimated $ 46 billion is sold in the black market.
And as more stores open and marijuana becomes legal in many states, that legal figure is expected to be $ 23 billion by 2021 and $ 50 billion by 2026.
Again, this is just the beginning for Dash. The unique look of instant transactions makes it a viable currency alternative, giving it an edge over other cryptocurrencies like bitcoin.