Dash (DASH), like bitcoin (BTC) and ethereum (ETH), has continued to rank among the top cryptocurrencies in the global crypto market. Dash’s value is currently around $300 – $400, with dash’s total market capitalization at just over $2.5 billion as of this writing.
According to Irish Tech News, “Dash is recognized as the upcoming cryptocurrency that is destined to beat the market of all other cryptocurrencies,” with the Global Coin Report adding that, “Unlike the major altcoins, dash was instantly popular and […] attracted a large volume of investors from the moment it was introduced.”
In light of this rapid rise to fame, it’s no surprise many experts agree that purchasing and owning dash might not be a bad idea. Before diving into the 7 reasons Uphold is the best platform for your dash wallet, let’s take a brief look at the popular cryptocurrency’s history and features.
A Brief History Of Dash
Dash was first introduced by Evan Duffield on January 18, 2014. The main reason it came into existence was Duffield’s frustration with the Bitcoin network. He himself had been a developer and, after growing security concerns, proposed a few key improvements to the system’s privacy component.
Bitcoin’s consensus, however, rejected the proposal, which prompted Duffield to initiate a “fork” and create dash as a spinoff of bitcoin with the ultimate goal of not only outpacing its mother currency in value and quality, but also in the number of features it offers.
To promote its emphasis on privacy, the cryptocurrency was at first called “Darkcoin”, but was quickly renamed to “Dash” (short for “Digital Cash”) on March 25, 2015 to avoid any potential association with illegal activities.
Dash Key Features
A description on the official website provides that dash “aims to be the most user-friendly and scalable payments-focused cryptocurrency in the world.” In order to achieve this, “The Dash network features instant transaction confirmation, double spend protection, anonymity equal to that of physical cash, a self-governing, self-funding model driven by incentivized full nodes.”
Here is a short video that will give you a brief overview of dash’s key features:
- Privacy — Dash offers arguably one of the most private blockchain platforms on the market right now. Unlike most other mainstream cryptocurrencies — which use blockchain technology to create a public ledger that creates a traceable history of every single coin and transaction — Duffield assures that, “From time to time, the history is actually removed from all of the coins on the Dash network” making them untraceable to provide more privacy.
- Masternodes And Transaction Speed — To prevent the slowing down of transaction speeds that happened to Bitcoin due to its growing user base, Dash network introduced “Masternodes”. These are professional service providers with access to more powerful hardware and software than regular “miners” (which do most of the work to operate Bitcoin’s blockchain).
The result is an efficient two-tiered network in which miners mainly focus on creating new blocks, and Masternodes complete more specialized tasks like Dash’ “InstantSend,” “PrivateSend,” and governance functions. That’s why Dash network transactions are oftentimes confirmed in just seconds, while Bitcoin network transactions can take up to 10 minutes.
- Governance, Funding, And Innovation — In addition to completing specialized tasks, Masternodes have all the voting power in the Dash community resulting in clearly defined and effective governance, which does not exist in many other crypto communities; like Bitcoin, where decisions are made by consensus of the entire user base. This organized structure enabled Duffield to set up a system that provides self-sustained funding and the necessary resources for constant technological innovation.
Now that we have a better idea about dash’s key features and why it has the potential to outpace many of the other major cryptocurrencies, it’s time to get started with your dash wallet.
7 Reasons Uphold Is The Best Platform For Your Dash Wallet
1. Ease Of Access
First, and most importantly, our digital wallet platform actually offers dash, which is not true for many other popular platforms, who provide a more limited selection of cryptocurrencies.
What’s more, creating an account on Uphold is completely free and once you are a member, you’ll have 24/7 access to your dash wallet wherever you are and on any device, whether you prefer mobile (iOS and Android) or desktop. That’s because Uphold is a cloud-based financial services platform that lets you experience all the benefits that come with cloud money.
2. Security And Privacy
In addition to making sure your wallet is easy to use, protecting your money and information is our number one priority. To keep this promise, we have created industry-leading technology to adhere to all local, state, federal, and international law in accordance with PCI/DSS, a set of requirements created by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB) to maintain a secure environment. In fact, Uphold is one of the very first companies working with digital currencies to become certified to PCI/DSS.
Furthermore, our platform goes through rigorous auditing and testing on a consistent basis by both internal security professionals as well as external security firms. Speaking of internal professionals, to secure a high personnel standard, all Uphold team members undergo continuous training and must pass a thorough background check, which includes criminal and financial records as well as education credentials and reference checks.
To top if all off, Uphold offers integration with the Authy app, which you can download and use to enable free two-factor authentication on iOS and Android devices.
Beyond providing a secure environment, at Uphold we understand that we need to earn your trust. That’s why we decided to create the world’s first transparent financial reserve.
This means that you not only have total visibility into and control over your funds, but also the ability to verify in real-time our public record of obligations, transaction flows, assets and solvency. In other words, anyone can confirm our reserve and ensure that his or her funds are safe at any given time.
In a review of Uphold’s platform, Forbes confirmed, “The company is keeping full reserves of the money held in its accounts in every currency if offers, instead of a fractional reserve as a typical bank does, and it will continue to make those holdings completely transparent on its site.” Keeping this kind of non-fractional reserve means that 100% of the assets on both ends of a transaction are secured at all times.
You can check out our constantly updated reserve status tool right here.
4. Instant Transactions To Lock In Market Price
With the cryptocurrency market still in its infancy, prices can oftentimes fluctuate even while a transaction is in the process of being completed. Uphold’s instant and speedy platform, however, prevents this from happening and guarantees that the price quote you see is what you actually get.
In order to ensure this kind of stability, you’ll see a slight difference between the buying and selling price quote for the same currency pair (usually less than 0.75% above or below the mid-market rate) to facilitate Uphold’s Price Protection Fee. That way the price quote you are seeing will be guaranteed to stay the same regardless of market conditions.
5. Local And Global Transfer Of Funds Between Currencies
If you have ever tried to exchange your funds into another currency before traveling overseas, you probably know the pain of the traditional banking system’s slow transaction speeds and limited availability — not to mention, they don’t offer any form of cryptocurrency.
Uphold, on the other hand, enables account holders to instantly and securely convert their money between 30+ currencies (fiat and crypto). This can be particularly helpful when you are trying to send money as part of a business or personal transaction to other countries.
Unlike traditional banks, which usually charge a commission fee between 2% and 10% for international wire transfers that can take up to seven business days, Uphold members can send or receive money to or from any member — locally or internationally — instantly and free.
Uphold serves 184+ countries and, since our launch in 2015, we’ve powered more than US$3+ billion in transactions.
6. Bitwage Integration For Payroll
Speaking of international transactions, in addition to their digital wallet on Uphold, our members can use the service of our partner company Bitwage.
Bitwage offers users the ability to issue and pay invoices as well as send and receive money in the currency of their choice. In other words, if one of your contractors would like to get paid in Dash, you can easily pay them in U.S. dollars and Bitwage will automatically convert your payment to dash.
In addition to this payment solution, Bitwage offers “unique jobs (for remote workers looking for work), flexible distributions, reduced payroll costs, and increased fulfillment speeds.”
7. You Can Take Advantage Of Dash “InstantSend”
Finally, while we complete transactions on the Uphold platform instantaneously the moment they are requested, some cryptocurrencies — due to the way blockchain technology works — might cause minimal delays.
That’s why the team behind the ever-evolving dash digital cash has introduced a service called “InstantSend.” According to Dash’s official documentation, InstantSend competes “with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority, [which] could revolutionize cryptocurrency by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as a few seconds.”
Not all digital wallets offer its users access to this very powerful Dash network feature — Uphold does.
For a step-by-step guide on how to buy DASH on Uphold, follow this guide here.
As you can see, dash is not only a promising cryptocurrency to own, but Uphold provides the perfect platform and environment for you to confidently purchase, send, and receive dash.
Business Insider put it perfectly when they wrote that, “Uphold is trying to rethink the way a bank should operate, with the everyday customer in mind rather than investors or wealthy individuals.”
This article should not be used as or considered investment advice. If you have questions regarding cryptocurrencies, tokens or any financial investments please consult your financial advisor.