{"id":15167,"date":"2017-11-29T00:00:00","date_gmt":"2017-11-28T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2017\/11\/29\/one-cryptocurrency-puts-bitcoin-to-shame\/"},"modified":"2021-09-18T11:38:55","modified_gmt":"2021-09-18T11:38:55","slug":"shame","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/shame\/","title":{"rendered":"One Cryptocurrency Puts Bitcoin To Shame"},"content":{"rendered":"

Cryptocurrencies are all\u00a0the rage right now.<\/a><\/p>\n

Everywhere, you see headlines with impressive thousand percent gains for \u201ccoins\u201d like bitcoin. But what gives them value? When have you ever used bitcoin?<\/p>\n

The truth is that it\u2019s not practical right now, primarily due to\u00a0the amount of time it takes to complete a transaction<\/a>. But there are other coins out there that are emerging as viable candidates to succeed bitcoin as the No. 1 cryptocurrency.<\/p>\n

There\u2019s a lot to understand about the intricacies of cryptocurrencies, but this article is more about finding an investment opportunity<\/a>\u00a0than explaining the science behind them.<\/p>\n

\"\"<\/p>\n

msqrd2<\/a>\u00a0\/ Pixabay<\/p>\n

\n

A Bubble in Bitcoin?<\/strong><\/p>\n

One thing that\u2019s important to know is the concept of \u201cmining.\u201d This is the very basis of cryptocurrencies. That\u2019s how new bitcoins are made.<\/p>\n

In simple terms, the \u201cminer,\u201d 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 those new bitcoins are officially in circulation.<\/p>\n

As more bitcoins are in circulation, mining them becomes more complicated and time-consuming, and less profitable. So even though about 80% of possible bitcoins are in circulation right now, the last one won\u2019t be mined until 2140.<\/p>\n

As most people know by now, bitcoin has seen a gigantic rally this year. In fact, it\u2019s up about 1,200% over the past year, causing a lot of people to think\u00a0it\u2019s in a bubble<\/a>.<\/p>\n

The total value of bitcoins in circulation is now over $150 billion. If bitcoin was a company, it would be in the top 50 largest in the United States.<\/p>\n

I personally believe that the only reason bitcoin is so much more valuable than any other cryptocurrency is because it was the one that first broke through to the mainstream. That\u2019s still important, though. It, at the very least, gives other coin developers something to improve on.<\/p>\n

The good thing is that even if you think you\u2019ve missed the boat with bitcoin, there are plenty of other cryptocurrencies out there. Of course, some are scams, but others have real potential.<\/p>\n

One of the ones that I believe has real, practical use is called Dash.<\/p>\n

Digital Cash<\/strong><\/h3>\n

First, Dash is ahead of the game in terms of convenience. Right now, bitcoin transactions take about 10 minutes to an hour on average. Dash is setting out to be the primary cryptocurrency that can be transferred instantly (in less than one second) between parties, making it much more practical when it comes to buying things online or at a store.<\/p>\n

One of the most appealing features of Dash is that 10% of the newly mined coins are given to the Dash DAO (decentralized autonomous organization). Simply put, the DAO is the treasury of Dash. At the current price of more than $600 per coin, that\u2019s $4 million per month that it can use.<\/p>\n

It\u2019s important to know that no other coin has this kind of continuous funding. With this money, the Dash DAO can develop and market the currency.<\/p>\n

Also, anyone can submit an idea for a project to enhance the value of Dash. Then, the project is voted on by thousands of Dash developers. An example would be partnering with stores to make Dash a viable means of transaction for their goods.<\/p>\n

Of course, these developers make money from Dash, so anything that benefits and promotes the currency will be enticing.<\/p>\n

This creates a circular effect, where the currency appreciates in price because it\u2019s better funded and marketed, then the DAO makes more money, and it\u2019s able to market Dash even more.<\/p>\n

A Breakthrough for Dash<\/strong><\/h3>\n

So far, Dash can be used at over 300 physical stores and over 100 websites to purchase goods or services. But the breakthrough for it could come from the marijuana industry.<\/p>\n

Right now, banks are not allowed to have anything to do with marijuana transactions; everything has to be done in cash. Vendors can\u2019t even put money from their sales in a bank.<\/p>\n

Not only does this bring the risk of being robbed, but these companies have to pay for cash storage and transportation.\u00a0That adds up quickly<\/a>.<\/p>\n

Being able to use Dash would be huge for these vendors. It would also mean great things for the price of Dash.<\/p>\n

The good news is that it has already started making progress. In April, Dash partnered with a digital payment system called Alt Thirty Six, which has partnerships with some of the leading dispensary business management software companies in the country.<\/p>\n

These software companies track transactions for hundreds of dispensaries and delivery services. That means that Dash users already have hundreds of ways to use the currency.<\/p>\n

Since Dash officially became a payment method on Alt Thirty Six on\u00a0October 11, its price has gone up 118%. That\u2019s only in a month and a half.<\/p>\n

Just the Beginning<\/strong><\/h3>\n

With a market cap of only $4.8 billion compared to bitcoin\u2019s $156 billion, I believe Dash still has plenty of room to climb going forward.<\/p>\n

The marijuana industry is just the start for Dash,\u00a0but it\u2019s a great one<\/a>. In 2016, legal sales were about $7 billion. Another estimated $46 billion was sold on the black market.<\/p>\n

And as more stores open and marijuana becomes legal in more states, that legal number is expected to be $23 billion by 2021 and $50 billion by 2026.<\/p>\n

Again, this is just the beginning for Dash. Its unique immediate transaction feature makes it a viable alternative to cash, giving it an edge over other cryptocurrencies like bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies are all\u00a0the rage right now.<\/a><\/p>\r\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"\nOne Cryptocurrency Puts Bitcoin To Shame - Dash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dash.org\/news\/shame\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One Cryptocurrency Puts Bitcoin To Shame - Dash\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrencies are all\u00a0the rage right now.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dash.org\/news\/shame\/\" \/>\n<meta property=\"og:site_name\" content=\"Dash\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DashPay\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-28T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-18T11:38:55+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.valuewalk.com\/wp-content\/uploads\/2017\/06\/weed_1498504973-300x184.jpg\" \/>\n<meta name=\"author\" content=\"dash\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dashpay\" \/>\n<meta name=\"twitter:site\" content=\"@dashpay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"dash\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.dash.org\/news\/shame\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.dash.org\/news\/shame\/\"},\"author\":{\"name\":\"dash\",\"@id\":\"https:\/\/www.dash.org\/#\/schema\/person\/49e370ea57b37d1186318dab9e4e6513\"},\"headline\":\"One Cryptocurrency Puts Bitcoin To Shame\",\"datePublished\":\"2017-11-28T16:00:00+00:00\",\"dateModified\":\"2021-09-18T11:38:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.dash.org\/news\/shame\/\"},\"wordCount\":924,\"publisher\":{\"@id\":\"https:\/\/www.dash.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.dash.org\/news\/shame\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.valuewalk.com\/wp-content\/uploads\/2017\/06\/weed_1498504973-300x184.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.dash.org\/news\/shame\/\",\"url\":\"https:\/\/www.dash.org\/news\/shame\/\",\"name\":\"One Cryptocurrency Puts Bitcoin To Shame - 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