Explaining cryptocurrencies: What is Dash?
Dash is the most well-known of the group of cryptocurrencies known as “privacy coins”. As their name suggests, these are cryptos that place a higher degree of importance of users’ anonymity and privacy when making transactions.
Dash is a portmanteau of “digital and cash”. It had previously gone by the names Xcoin and Darkcoin before Dash was chosen on.
It has been accepted as a payment method by 300 organisations around the world since its launch in 2014, including Apple Pay. Dash CEO Ryan Taylor believes Dash may eventually overtake Bitcoin as the world’s most popular cryptocurrency.
However, it has not always been smooth sailing for Dash. Its previous focus on private transactions has caused investors to take a cautious view toward the crypto. Some exchanges have delisted Dash as a result. Bittrix was the latest to delist Dash at the time of writing.
This is for regulatory reasons to protect against money laundering, which privacy coins have been linked to in the past.
Dash claims its privacy protocols are no stricter than Bitcoin, and it has been repositioning itself. It wants to become a medium for daily transactions. The Dash website proclaims it is “instant, global, and easy to use”.
Dash Core Group, the developers behind the crypto, has been preparing the DashPay mobile app to allow more functionality and help it reposition itsself as a transparent, easy-to-use cryptocurrency.
Dash price movements
Like most cryptocurrencies, Dash is subject to high levels of price volatility.
Its all-time high, seen in December 2017, was $1,441.
At the time of writing, 11th January 2021, however, Dash was trading at $133.17 – up from the $94.58 valuation seen the previous week.
It’s likely Dash’s future prices though will be tied into its public perception. If it can be seen as being more open and transparent, and lose its privacy coin tag, it could become more attractive to investors.
How is Dash traded?
For investors, Dash coins can be bought on numerous cryptocurrency exchanges. Binance is currently the world’s largest cryptocurrency exchange.
However, many traders prefer to trade the currency using derivatives like CFDs and futures. Dash futures are available on our Marketsx platform.
Please be aware trading any financial product contains risk of capital loss. Only trade if you can afford any potential losses.