Dashing Dash: Excitement Builds as #1 Payment Crypto Surges
Dash – the number five cryptocurrency by market cap – has been having quite the run recently as one of the most dominant “privacy coin.”
At press time, the coin is seemingly flirting with $600 – more than doubling its price from late October alone.
Let’s walk you through a few things you should know about Dash as investor awareness is starting to swell around the coin.
What sets Dash apart is attracting new investors
Bitcoin currently enjoys the advantage of having the largest development community in the crypto space. But it’s a little more complicated than that – many of its developers are on “loan,” as it were, from organizations like Blockstream and so forth.
Also, the Bitcoin Foundation only raises around $300,000 USD in donations per year; not bad, but hardly enough to finance large, robust development efforts.
That’s where Dash is different.
Every time a Dash block is mined, part of the reward for the successful mining is slotted to go to Dash development fund. This fund gains millions of dollars for the team, giving them the ability to hire a large, capable, and fully-funded development staff.
That ingenious dynamic will go a long way in the future. It may be enough to keep powering Dash up the charts when it comes to market cap, and people are starting to take notice.
And Dash’s instant transactions and payments-driven mission are especially attractive at a time when Bitcoin’s transaction fees and network congestion have been hitting unprecedented levels.
Zimbabwe deal causing excitement, too?
Crypto analyst Mati Greenspan, formerly with eToro, is of the opinion that Dash’s acute price rise is linked with the project’s new deal with Kuvacash – a Zimbabwean mobile wallet provider.
As you’ve likely heard by now, hyper-inflation has been devastating the Zimbabwean peoples’ purchasing power as of late.
So the idea behind Dash’s and Kuvacash’s team up is to allow Zimbabwean citizens to easily store their money in cryptocurrency, thereby protecting these funds from their nation’s major inflationary woes.
One thing that could be giving rise to this specific coin on this specific day is a $550,000 partnership that was announced between the Dash Foundation and Kuvacash. The new project aims to bring some level of financial stability to the country of Zimbabwe through a peer-to-peer payment system that will be accessible to anybody with a mobile phone.
Dash implementing 2MB blocks as Bitcoin rejects them
The SegWit2x hard fork fell apart just days ago, and Bitcoin’s blocks are staying at 1MB for now accordingly.
And with more new users flocking to BTC than ever before, this status-quo 1MB dynamic could see network congestion getting much worse before things get better down the road.
On the other hand, Dash is treading ahead in increasing their chain’s block size, specifically toward the 2MB size that the Bitcoin community just failed to agree on.
Another perk of the protocol update? 10x reduction in transaction fees for the Dash network.
Overall, then, Dash’s governance, architecture, and capabilities are generating more interest than ever before. It’s an attractive coin with an attractive team backing it, and that reality is showing up in Dash’s current all-time price highs.
If this current trajectory continues, Dash may very well be in the top three cryptocurrencies by market cap within two years.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.