The cryptocurrency is now popular.
You can see headlines anywhere, and the benefits of "coins" such as Bitcoin are staggering to a thousand. But what gives them value? When did you use Bitcoin?
The truth is that this is not currently feasible, mainly because it takes time to complete the transaction. But there are other coins that are becoming viable candidates to replace Bitcoin as the first largest cryptocurrency.
There are many things to understand about the complexity of cryptocurrencies, but this article is more about finding investment opportunities than explaining the science behind them.
One important thing is the concept of "mining." This is the basis of the cryptocurrency. This is how to make new Bitcoin.
Simply put, the “miners” solved a complex mathematical problem with proprietary software and gained new bitcoin. The transactions are then stored in the blockchain and these new bitcoins are officially circulated.
As more and more bitcoins are in circulation, mining them becomes more complicated and time consuming, and profits are reduced. Therefore, even if about 80% of Bitcoin is currently in circulation, the last bitcoin will not be mined until 2140.
As most people know, bitcoin has seen a huge rebound this year. In fact, it has risen by about 1200% in the past year, making many people think it is in a bubble.
The total value of Bitcoin in circulation now exceeds $150 billion. If Bitcoin is a company, it will be ranked in the top 50 in the United States.
I personally think that the only reason Bitcoin has more value than any other cryptocurrency is because it is the first currency to enter the mainstream. However, that is still very important. At the very least, it provides some improvements for other coin developers.
The good news is that even if you think you have missed a bitcoin trip, there are many other cryptocurrencies. Of course, some are scams, but others have real potential.
One of the tools I think can be actually used is Dash.
Dash: Digital Cash
First, Dash is ahead of the game in terms of convenience. Currently, bitcoin transactions take an average of about 10 minutes to an hour. Dash is considered to be the primary cryptocurrency that can be transferred instantly [less than a second] between parties, making it more useful when buying things online or at a store.
One of Dash's most attractive features is that 10% of newly mined coins are allocated to Dash DAO [a decentralized autonomous organization]. In short, DAO is the warehouse of Dash. Based on the current price of more than 600 US dollars per token, it can use 4 million US dollars per month.
It is important to know that no other tokens have this ongoing funding. With this money, Dash DAO can develop and sell currency.
Moreover, anyone can submit a project idea to increase the value of Dash. The project was then voted by thousands of Dash developers. One example is working with stores to make Dash a viable means of trading their goods.
Of course, these developers make money from Dash, so anything that favors currency appreciation will be tempting.
This creates a cyclical effect, in which case the price of the currency will appreciate because it has better money and market sales, then DAO makes more money and can sell more Dash.
To date, Dash can be used in more than 300 brick-and-mortar stores and over 100 websites to purchase goods or services. But its breakthrough may come from the cannabis industry.
Currently, banks are not allowed to have any relationship with cannabis transactions. Everything must be done in cash. The supplier is not even able to deposit the proceeds from the sale into the bank.
This not only carries the risk of being robbed, but these companies must pay for cash storage and shipping. This is very tired soon.
For these vendors, the ability to use Dash will be huge. For the price of Dash, this also means great things.
The good news is that it has begun to make progress. In April, Dash partnered with a digital payment system called Alt Thirty Six, which has established partnerships with some of the country's leading pharmacy business management software companies.
These software companies track transactions in hundreds of pharmacies and delivery services. This means that Dash users already have hundreds of ways to use currency.
Since Dash officially became the payment method for Alt 36 on October 11, its price has increased by 118%. Only one and a half months.
Compared with Bitcoin's $156 billion, its market value is only $4.8 billion. I believe Dash still has a lot of room to rise.
The cannabis industry is just the beginning of Dash, but it is an amazing industry. In 2016, legal sales were approximately $7 billion. Another $46 billion was sold on the black market.
With the opening of more stores and the legalization of marijuana in more states, the legal figure is expected to reach $23 billion by 2021 and $50 billion by 2026.
Again, this is just the beginning of Dash. Its unique real-time trading capabilities make it a viable alternative to cash, making it an advantage over other cryptocurrencies such as Bitcoin.