What is Dash Cryptocurrency?
Everyone who is anyone is talking about bitcoin and cryptocurrencies. However, while it is true that Bitcoin happens to be a fine example of a decentralized, peer-to-peer currency when it comes to privacy, it doesn’t really match up now does it? Along with privacy, the transaction confirmation times in Bitcoin are SO high that it is extremely impractical for day-to-day transaction purposes.
If you pay the lowest possible transaction fees, then you will have to wait for a median time of 13 mins for your transaction to go through.Evan Duffield realized that this was extremely problematic and thought of a solution.
Evan Duffield came across Bitcoin in 2010 and was extremely impressed by the technology, However, he was not that enthused about the slow transaction speed and the lack of privacy.
He had numerous ideas on how to make Bitcoin function better but the Bitcoin core members would never allow him to do that since that would mean changing the core’s code.
This is why, he decided to use the Core code and make his own cryptocurrency on January 18, 2014.
Dash was formerly called Xcoin which later on became “DarkCoin”. It was eventually rebranded to Dash which is a portmanteau of “Digital Cash”.
The Instamine Controversy.
Within the first two days of their launch, 1.9 million coins were mined, which ~10% of the total supply that will ever be issued. Evan Duffield said that this was because of a bug created when the Litecoin code was forked to create Dash which hampered the difficulty.
The problem was immediately resolved and Duffield proposed to solutions:
To relaunch the coin. An “airdrop” in order to make the initial distribution broader.
The community, however, overwhelmingly disapproved of both these proposals. The majority of the mined coins were distributed later on in exchanges for very low prices.
Ethereum Price Chart Australian Dollar (ETH/AUD)
Ethereum price for today is A$1,156.5995. It has a current circulating supply of 97.6 Million coins and a total volume exchanged of A$2,318,364,735
Bitcoin is much more expensive than gold to store with a third-party custodial service, but there’s a good reason for that discrepancy.On Monday, the Motley Fool published an article analyzing how the cost of storing physical gold bars compares to storing bitcoin — the new “digital gold” with a third-party custodial service. Noting that the SPDR Gold Trust pays approximately 0.08 percent of the value of its gold for storage and custody, the publication found it “mind-blowing” that bitcoin custodial services such as Coinbase Custody charge 15 times more.As CCN has reported, Coinbase Custody — a regulated storage service targeted to institutional investors making minimum deposits of $10 million — expects to charge a $100,000 setup fee and a 10 basis point (0.10 percent) fee per month on the value of client assets after it launches in 2018.
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