BCH is taking all the short term glory from the Bitcoin confusion, and congratulations to all those who were wise enough to trade over. But I believe it to be a short-term thing. Not the Bitcoin confusion, but BCH’s big gains. I have no doubts the internal disagreements over Bitcoin will continue to gain pace.
This is where I believe Dash will benefit. Dash is similar to Bitcoin as in a currency coin, and is already one of the most widely accepted crypto payments. It’s also been around a while and is well respected among crypto enthusiasts (not including Monero fans, haha). It might not have the price and prestige of Bitcoin (what has?) but it’s much better in many ways, and this is why I think it will become the ‘currency coin’ in the cryptosphere.
It’s all this internal fighting that makes me and many others unsure about Bitcoin. They have no direction, the political wrestling matches go on for months and they eventually hardfork, or not, and then people just accept it until the next fight. Bitcoin will perennially suffer like this. In cryptographic technology terms it’s an archaic program, and without any clear direction, the mining gangs will constantly cause confusion. It’s all greed, and it could eventually lead to the fall of Bitcoin, because investors will only take so much.
I’m not saying Dash doesn’t have its differences within the community. Of course it does, but these things are sorted quickly. Dash masternodes are given the voting rights and this type of governance has allowed Dash to settle disputes quickly and relatively pain free. For example, when they wanted to increase the blocksize, they did it within 24hrs. With Bitcoin this kind of thing goes on, and on, and on.
Dash is also much faster than Bitcoin. In fact Bitcoin is so slow it’s hard to imagine why any business or person would choose to use it. The fastest I’ve known for a Bitcoin transaction is about an hour, whereas Dash transactions take a matter of minutes. And that’s not using their even faster InstantSend, which makes Dash payments almost instantaneous.
When Blockchain and cryptocurrencies become widespread and all businesses are using it. Why would they choose a tech that takes at least an hour, and sometimes overnight to send a payment, when they can send something instantly? They wouldn’t. Time is everything in the business world.
Speed is one thing, but cost is another major factor for all businesses. Bitcoin is expensive! Costs vary, but the last time I used Bitcoin, I sent $200 worth of Bitcoin and it cost me $9 in transaction fee. That’s ridiculous, and there’s no way business will accept that when there are many cheaper cryptocurrencies to use.
Monero is cheaper at an average $1.50 per transaction but that’s still ridiculously high. Ethereum’s price has rocketed to just short of a dollar for a transaction. It’s only Litecoin that can compete with Dash’s average transaction fee of 11c. But at 14c even Litecoin is more expensive, and 3c is a big saving for any business or user.
Dash has a privacy feature that Bitcoin can only dream of. The optional PrivateSend makes it virtually impossible for transactions to be able to be traced. Many people might not think this necessary, and I don’t really care about my transactions being traced. One day, however, I might want to buy something that I don’t want anyone knowing of, and so PrivateSend option is perfect for my secret buy. Many businesses and users like this feature anyway, and it gives privacy coins like Dash an advantage.
And then there’s Dash Evolution. It’s about to be launched and this will make Dash much more user friendly. Using a new light wallet that is easy to use, users will be able to seamlessly make purchases with every merchant integrated on the Blockchain without the need for confusing hexadecimal codes. Each merchant or user will be able to be contacted by name, making it much more user friendly. Something very important for mainstream adoption.
Then there’s the Dash Mastercard that is expected soon. Yes, there are other ‘credit card coins’ but these are general cards for many coins. Dash is getting its very own Mastercard. It was supposed to be launched in September, but for unknown reasons it’s been delayed. However, it’s still going to be launched and this with all the other features I’ve mentioned, will surely make Dash the one when wanting to use crypto as cash.
Sources:
https://www.dash.org
http://www.dashevolution.com
https://hackernoon.com
https://www.cryptocoinsnews.com