Simplifying Hive Bookkeeping
I have been using Dash to buy Hive Power for another account. It isn't much, about $20 at a time. I stumbled on Dash a while back when it was transitioning from being Darkcoin. But, at the time it didn't seem useful for my needs. The problem I have with Bitcoin, and why it's a terrible currency, is that the transaction fees are high and it takes forever for a transaction to confirm. Thus, I was looking for an alternative.
Litecoin is a great alternative to Bitcoin in terms of transaction speed and low transaction cost. I like Litecoin (LTC) very much. I think that part of the reason Litecoin has had a stagnant price is that it's very good at what it does. There is no point hodling too much LTC because you can just trade into it and quickly make a payment. XRP has a similar problem in that Ripple doesn't really care about the price. If you need to send $1000, you buy $1000 of XRP and send it. At the other end the recipient receives it and converts to something else. LTC and XRP are great mediums of exchange. They are not so volatile that the price will change dramatically in the short period the payment takes to confirm.
Dash is like that. The price has not been exciting. However, the price doesn't really matter in the few minutes it takes to send a payment. Just like LTC, Dash has low transaction fees and is fast. I am not surprised that Dash has a growing user base in Latin America. I especially like that there is a Dash organization that is actively developing and supporting use cases for the crypto.
Do I particularly like Dash for hodling? No. Not particularly, except that Dash currently earns about 6% over at Celsius.network when you deposit it. If you do have Dash you're not using, Celsius would be a good place to store it. The charts show that Dash has remained relatively stable since 2018. The supply of Dash (18.9 Million) is less than LTC (84 Million).
I think Dash is a great way to introduce people to the world of crypto. The only competition I see for it, in terms of ease of use, is Crypto.com with the MCO Visa card. The mobile app is simple and straightforward. I like that it connects to Uphold to buy and sell Dash. Soon, Uphold will have a debit card too. Although, Crypto.com's CRO seems to have leaped ahead of Dash in market cap. I think CRO may also offer fast transactions. But, I have a more difficult time finding vendors that would accept CRO versus Dash or Litecoin. The advantage CRO has is that you can liquidate to cash and just use the debit card.
I don't put too much faith in Dash's privacy option. It has been proven to not be all that private when it comes to law enforcement. However, it could be useful in situation where you may not want others to know that you bought a certain product or service that is legal, but embarrassing.
As of today, Dash is ranked 23 on CoingGecko, with a market cap of $677 Million. I put these here so that I can compare later this year. Daily volume is $325 Million. LTC has similar stats in that it has a daily volume that is almost half of its market cap. In comparison, BTC's daily volume is 12% of the market cap. The contrast is that LTC and Dash are both used for payments rather than a "store of value" because of the transaction advantages mentioned previously.
If BTC does shoot for the moon, I think we will see Dash naturally increase in price like other cryptos. However, I don't see Dash or LTC as natural savings vehicles. They were built for spending, which they do well. Based on the numbers, people spend LTC and Dash. They are actually fulfilling the purpose for which BTC was envisioned and made.
Posted Using LeoFinance