I am new to digital currencies.
Why is Dash Personally Important To Me And Why Should I Learn about It Now?
Decentralized digital currencies, or crypto-currencies, represent a new kind of money that provides users with a number of substantial benefits over traditional types of money. These currencies have only been in existence for a short time, but are already reshaping the financial services industry in profound ways and enabling users with entirely new ways of storing and using money.
You probably know Bitcoin, the first digital currency. Dash is similar to Bitcoin, but with a number of added benefits and capabilities. Dash is digital cash. More importantly, you’ll see that Dash is a technology leader in the digital currency space, with a rapid pace of deploying new innovations. The Dash developers have delivered a number of “firsts”, such as the first privacy-centric transaction system, the first to enable nearly instant payments, the first to enable user governance, the first to create a sustainable self-funding model, and many others. But, before we discuss the benefits that differentiate Dash in detail, it’s important to understand the benefits of digital currencies in general. There are numerous reasons to consider incorporating digital currencies and Dash in particular into your financial life.
Digital Currency vs. Traditional Money
Do You Really Need a Bank?
We should stop to think what we are sacrificing when we give control of our money away to banks. We mainly sacrifice control and independence – they have many restrictions as to when and how we can use our money. We are trusting that financial institutions will act in our best interest. They will also of course charge us many fees to use our funds. In fact, in many locations in the world right now, consumers can expect to receive a negative effective return on their deposits when these fees are taken into account.
Banks are often not being transparent about their financial condition and operate using something that is called fractional reserve. Fractional reserve means that banks are not really holding all the cash that backs their customer’s deposits so that if everyone would want to withdraw their money at the same time there just would not be enough money for everyone. It is basically a musical chairs game where there are not enough seats for everyone.
There are many advantages to the fractional reserve system. It enables banks to lend deposits to other people, which increases the availability of loans. But from your perspective, as a depositor, it leaves you in a weak position should there ever be an issue with the bank, or if they implement capital controls in your territory which prevent you from accessing your money. These things happen often around the world and most people are unconcerned until it happens to them (take Cyprus or Greece as the latest prominent examples).
How Can You Protect Your Wealth?
Digital currency’s popularity is growing rapidly and it will open many opportunities in the future, but it will still take time for the whole world to make a transition and for Dash to become more widespread. We invite you to evaluate the benefits of Dash for yourself and we hope that Dash has a place in your portfolio of assets and financial products. You will have some funds that are 100% under your control that could come in handy if you ever have limited access to your financial institution.
Another benefit is that as an early adopter of this new technology you have good chances of seeing the value of your Dash grow should it become more popular. Dash is less than two years old, but is already the third most valuable crypto-currency and has a strong and growing community of backers. Further, it makes sense to think that in the future consumers will desire access to digital cash and will keep a portion of their wealth under their control. Digital assets like Dash are a new option in the menu but a very important one for the average person as it gives them back control of their money.
Digital currencies also represent a new area of opportunity for people and businesses all over the world. It greatly facilitates international trade as a digital currency can be sent immediately, anywhere in the world with almost no fees, and easily transferred to a local currency. Furthermore, they are already understood and used by many people around the world, so there is not really a need to exchange for different currencies the moment you transact. Moreover, Dash allows for instant transaction confirmations which mean a money transfer can be sent and fully secured in a matter of seconds.