Cryptocurrencies are in vogue now.
Everywhere you look today, the tide of protectionist sentiment is flowing. But what gives them value? When did you use bitcoin?
In fact, it is currently impractical, especially for the time it takes to complete a transaction. But there are other currencies that are emerging as viable candidates for bitcoin’s success as the 1st cryptocurrency.
There’s a lot to understand about the intricacies of cryptocurrencies, but this article is about finding an investment opportunity rather than explaining the science behind them.
A bubble in Bitcoin?
One thing to know is the concept of “mining”. This is the basis of cryptocurrencies. This is how new bitcoin is made.
In simple terms, “miner”, through a special software, solves a complex math problem and as a result rewards new bitcoin. The transaction is then stored in a blockchain, and these new bitcoins are officially in circulation.
As more bitcoins are circulating, mining becomes more difficult and time consuming and more profitable. So while about 80% of the possible bitcoin is in circulation, the last one will not be released until 2140.
As most people know by now, bitcoin has had a huge rally this year. In fact, it has risen by about 1,200% in the last year, which has led many to think that it is in a bubble.
The total value of bitcoins in circulation is now over $ 150 billion. If it were a Bitcoin company, it would be among the top 50 in the United States.
Personally, I think the only reason bitcoin is so much more valuable than any other cryptocurrency is because it went into the mainstream. That’s still important, though. At the very least, it gives other coin developers something to improve.
The good thing is that even if you think you have lost your ship with bitcoin, there are plenty of other cryptocurrencies. Sure, some are scams, but others have real potential.
One of the things I think is real and practical is called Dash.
Dash: Digital Cash
First of all, Dash is ahead of the game in terms of convenience. Right now, bitcoin transactions take about 10 minutes or an hour on average. Dash is the main cryptocurrency that can be transferred immediately (in less than a second) between the parties, making it much more practical when it comes to buying things online or in a store.
One of the most attractive features of Dash is that 10% of the newly issued coins are donated to Dash DAO (a decentralized autonomous body). It is simply the treasure trove of DAO Dash. At a current price of more than $ 600 per coin, it can use $ 4 million a month.
It is important to know that other currencies do not have this type of ongoing funding. With that money, Dash DAO can develop and market the currency.
Also, anyone can submit an idea for a project to improve the value of Dash. Thousands of Dash developers then vote for the project. An example would be to partner with stores to make Dash a viable transaction for their merchandise.
Of course, these developers make money with Dash, so the currency will be beneficial and anything attractive that it promotes.
This creates a circular effect where the currency is estimated to be better financed and marketed at the estimated price, then the DAO makes more money and Dash is able to market even more.
A preview of Dash
To date, Dash can be used in more than 300 physical stores and on more than 100 websites to purchase goods or services. But that progress could come from the marijuana industry.
Right now, banks can’t deal with marijuana transactions; everything must be done in cash. Sellers cannot put their sales money in a bank.
This will not only increase the risk of theft, but also the ability to pay for the storage and transportation of money. That adds up quickly.
Being able to use Dash would be awesome for these vendors. It would also bring big things for the price of the dash.
The good news is that progress has already been made. In April, Dash partnered with a digital payment system called Alt Thirty Six, which partnered with software companies to manage the country’s dispensary business.
These software companies track hundreds of dispensary and delivery service transactions. This means that Dash users already have hundreds of ways to use the currency.
Since Dash became Alt Thirty Six’s payment method on October 11th, its price has risen 118%. That’s only a month and a half.
Just the beginning
With $ 4.8 billion in market capital, compared to $ 156 billion in bitcoin, I think Dash still has a lot of room to move forward.
The marijuana industry is just the beginning of Dash, but it’s great. In 2016, legal sales totaled about $ 7 billion. Another $ 46 billion was sold on the black market.
And as more stores open and marijuana becomes legal in more states, that legal amount will be $ 23 billion by 2021 and $ 50 billion by 2026.
Again, this is just the beginning of Dash. Its unique instant transaction feature makes it a viable alternative to money, giving it an advantage over other cryptocurrencies like bitcoin.