The 3 Key Reasons for the Phenomenal Rise of Dash (DASH)
The Dash (DASH) cryptocurrency boom has caught many by surprise. Having easily overtaken Ripple as the number three cryptocurrency, and now gaining rapidly towards the top, the future of Dash is certain. In spite of the fact that this development caught many unawares, experts in the industry know that this was bound to happen. They see Dash as one strong cryptocurrency alternative that has a notable future.
As the first decentralized currency, Dash is rapidly gaining in prominence as the foremost form of payment that is widely accepted in the world of trade and business. Indeed, its growth has seen it being readily transacted in most leading exchange bureaus. Its popularity is not without cause. The currency allows fast private transactions that are easily executed through its network in many outlets the world over.
The level of security that is offered in every transaction involving Dash (DASH) is also something to talk about. Based on the peer-to-peer (P2P) premise, it is suitable for transactions involving any type of data. The �Masternode evolution that it operates on ensures that it has a second tier of security to protect against network hacking and interferences, commonly referred as �twins’. The attack interferes with the operations of the network, making it very difficult to operate in. The security provisions require that a user who manages 1000 Dash must undergo a cryptographic test to safeguard against a network breach. This, in turn, ensures that the cryptocurrency is converted in an easy and very secure manner.
All these accounts for the reason why Dash is galloping towards the top in terms of market value. With a circulation value of well over $270 million, Dash has clearly dislodged Ripple, which stands at a market cap of about $204 million. The interesting fact is that this phenomenal boom in Dash has happened within a very short span. For instance, the cryptocurrency jumped by about 30% in just a couple of days recently.
Image 1 – Dash (DASH) charts. Source: https://coinmarketcap.com
What could be the reason for this unrelenting rise?
1. Approval From Roger Ver, the Bitcoin Jesus
One possible explanation is that many people have shown their confidence in Dash after it was largely endorsed by the investor Roger Ver the renowned cryptocurrency magnate. His large purchases of the digital coin boosted its price from $28 to $37 in a very short span.
2. Partnership with the Wall of Coins
Another plausible reason for the rapid rise of the Dash is due to the imminent partnership between the Wall of Coins and the Dash Team. The announcement of this partnership, which was done recently, allows for transactions involving digital currency with financial service providers like the Western Union, Wells Fargo, MoneyGram, Bank of America, as well as the Chase Bank. What this means is that users can deposit cash in financial institutions locally, and in a matter of seconds get Dash deposited to their chosen eWallet.
3. Quick Easy Purchase of First Coin
The procedure for acquiring the first cryptocurrency coin can be quite daunting. Most consumers give up due to all the barriers involved in this. To begin with, you have to establish an account by signing up for one. Then you have to verify your credentials. After this, you have to wait for the account to be approved, and then transfer the required funds from a traditional financial institution like a bank. This entire procedure can take days, not to mention the friction and hitches that goes with it.
However, with the Wall of Coins, the process is far much easier. According to Ryan Tailor, the Dash Director of Finance, the Wall of Coins allows the user to instantly access Dash for purchase at thousands of locations in not less than 12 countries around the globe. Tailor lays emphasis on the fact that the use of the InstantSend feature in the Wall of Coins transactions makes the delivery of the digital coin super-fast and very convenient for the consumer.
The Project Coordinator of the Wall of Coins, Roberto Genito, supported the same sentiments. According to him, Dash is a gift to the people of the world, and should, therefore, be made to be readily and easily available. The key, therefore, lies in creating a superfast marketplace where Dash can readily be purchased with paper money.
It is without a doubt that of all cryptocurrencies – IOTA, Litecoin, Dash, Ripple, among others, Dash is definitely the one geared towards giving businesses and individuals what they have wanted all along: transparency, privacy, and above all, instant settlement of payments. That is why Dash is destined to be the undisputed champion in the very near future.
Know affectionately at ‘Bitcoin Jesus’, Ver was an early investor and promoter of Bitcoin. While one of the five founders of the Bitcoin Foundation, in 2017 Ver was an avid supporter of the Bitcoin hard fork to create Bitcoin Cash. Ver was central to opposing Bitcoin Cash’s hard fork in 2018 (creating Bitcoin SV), and has recently taken to Facebook, giving away BCH to encourage adoption.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.