Everybody knows Bitcoin as the oldest and most popular digital currency in the market. But not everyone pays attention to the fact that there are over 1000 other altcoins that can be also purchased and held as an investment. Here we will compare Dash currency with Bitcoin currency so you will see all the investment opportunities.
As the first decentralized electronic cash system Bitcoin provides lower transaction fees than the traditional financial system and has a decentralized authority on its base instead of government-issued currencies.
Since Bitcoin cryptocurrency came true, two-thirds of the global population, which previously had no access to bank services at all, could afford themselves to make money transactions.
As we can see, the acceptance of the concept of digital cryptocurrency is debated fiercely among regulators and governments all over the world. But as you know, the lucky ones never wait for Big Brother’s consent and invest ahead.
Created on January 18, 2014, Dash is similar to Bitcoin, it positions itself as p2p decentralized electronic cash.
Dash was built upon Bitcoin’s core source code with the addition of new features in the field of privacy, transaction speed and security. Transactions are confirmed by 200 THs of computing power and over 4,500 servers hosted around the globe.
Like BTC, Dash is an open-source currency running on its own blockchain and heavily focused on the payment industry. On the other hand, unlike BTC, its transaction fee is negligible.
The average block mining time is 2.5 minutes on the Dash blockchain. Dash’s maximum supply is 18,900,000 coins.
Dash uses the PoW consensus mechanism and the X11 hash algorithm. The X11 algorithm utilizes a sequence of 11 sequential hashing algorithms and It requires less computational power and energy consumption compared to SHA-256 PoW algorithm.
Now let’s talk about Dash unique features that differentiate it from the other coins:
PrivateSend: Dash allows you to send your funds optionally transparently or privately by mixing it between several other transactions, thus making it hard to identify transactions.
InstantSend – This service allows you to send Dash transactions within 1.5 seconds. But Masternodes charges higher fees for processing the fastest transactions.
Masternodes – Unlike Bitcoin where each note is equal, Dash has special nodes called Masternodes. Anyone can form Masternodes by holding 1000 Dash as collateral. These special nodes perform PrivateSend and InstantSend functions and earn a 45% block reward.
Sounds strikingly good, don’t you think so? But try not to get in an ASIC trap. Nowadays instead of looking for your own mining equipment, you should look for crypto mining websites and carefully search for a cloud mining contract. It is worth to do in modern realities.
BTC-DASH Short Comparison Review
Transactions. Transactions on the Dash network are faster than on the Bitcoin network. Dash even provides a special InstantSend service. Therefore, people who aren’t patient enough to wait an hour for Bitcoin transaction should start to use Dash.
Scalability issue. The block size problem hasn’t been solved by the Bitcoin community and continues to persist even today. The problem was fixed in 1 day by the Dash community. The incident represents a strong oneness and reliability among them.
Community Funding and control. The Bitcoin network is decentralized, and a number of cryptocurrency institutions have come forward in order to fund the Bitcoin development and researches. But here is a trap, the institution which is funding a community the most has the most authority over the decision making. On the other hand, there is the Dash community. Notably, most of the funding is done by community participants only. 45% of the total Dash funds go to the miners, 45% is received by the master nodes of the network, and the remaining 10% is utilized for the for the development of the community. In this case, there are a number of master nodes whose decisions are taken into account in order to reach a common conclusion.
Public address. Dash network enables each public address to be associated with a human-friendly name rather than a string of random characters like hash. Transactions was made simpler by giving names to the addresses so it prevented transactions to reach a wrong destination.
Mining. Is Bitcoin cloud mining profitable? Answer is YES, even with costs of Bitcoin going under 10K, it is still profitable. It’s easy to choose a cloud mining contract instead of buying pricey ASIC equipment and maintaining it carefully in case of a technical breakdown. So, is Dash cloud mining profitable? Obviously yes, the Dash network offers great benefits for block building (45% of the total Dash funds go to the miners). It was specifically created for “ordinary” mining, meaning that the Dash developers strived for making the Dash mining more obtainable for average man, so not buying ASIC miners, but buying cloud mining contract fits best for Dash mining.Your profits also depend on the amount of GPU power you buy,the more GPU power you buy the better profits you have.
Dash and Bitcoin Similarities
- Both coins use the proof-of-work consensus.
- Both coins are sought-after: Dash is in the top-list coins by market capitalization of course Bitcoin occupies the first place in this top-list
Dash vs Bitcoin: Key Differences
- Hash algorithm: ZCash uses the X11 hash algorithm, It requires less computational power and energy consumption than Bitcoin hash algorithm (SHA-256).
- Privacy: transactions in the Bitcoin Lightning Network are not fully anonymous. Dash allows you to send money privately by mixing it between several other transactions, thus making it hard to identify any specific transaction.
- Average block time: for the Dash, the block time is about 1-2 minutes, in opposite Bitcoin transaction confirmation which can last up to 10 minutes.
- Transaction speed. Transactions on the Dash network is lightning fast when we compared it to Bitcoin. Dash even provides a special InstantSend service.
Although Bitcoin was the Pioneer in the cryptocurrency revolution it cannot undoubtedly be considered as the best solution for the current financial issues. The cryptocurrencies like Dash which have their own set of pros and cons have been coming forward. Thus Dash seems to be more promising and more profitable than Bitcoin in several ways including cloud mining.