Last Updated on Friday, April 17, 2020 by ProsCons
Advantage and Disadvantage of Dash Cryptocurrency
Created in 2014, Dash has become one of the strongest cryptocurrencies worldwide. It has become one of the fastest-rising cryptocurrencies worldwide. It is still continuing to prove its spot in the industry as it becomes more and more relevant to the masses. Like other cryptocurrencies, it has its own pros and cons which need to be considered before using them. Some of its pros and cons of Dash Cryptocurrency are:
Pros and Cons of Dash Cryptocurrency are separately given below, check them out now:
Pros of Dash Cryptocurrency
- Ensures Privacy
Dash cryptocurrency is among such cryptocurrency which ensures users their financial and transaction privacy by using the PrivateSend option available.
Transactions are much faster with InstantSend technology in which that transaction takes place in less than 4 seconds. Dash cryptocurrency thus is far better than other cryptocurrencies that require a large amount of time to confirm transactions on their specific network.
- Much more decentralized than other coins
Dash is more decentralized than most major cryptocurrency projects. It is completed through the democratic voting of the master nodes, which allows device for quick decisions in regard to funding developments and other aspects related to the community.
- Low transaction fees
The Dash cryptocurrency has transaction fees which are is low in comparison to credit cards or even banks. The fee is actually very less for using personal money as well as for sending micro-payments in every part of the world.
The rewards received from block development are split between the miners, the master nodes, and a funding pool for Dash developments which are used to incentivize master nodes and also, support Dash developments.
Also read: Pros and Cons of Globalization
Cons of Dash Cryptocurrency
- Doubt in the legitimacy
Many people believe a large number of master nodes are owned and ran by the core development team. It makes the community doubt about the legitimacy of Dash’s decentralized nature.
- Privacy issues
There are some privacy features which some developers claim that it’s mixing process is nothing more than a coin tumble which means that transaction can still be traced if someone controlled or hacked the masternodes through which the transaction passes.
- Less number of users
There are many marketing campaigns and partnerships which promotes Dash cryptocurrency so that they can be widely used. But also Dash still lacks a significant number of users or merchants.
As Dash is not paper money, but digital money that you can spend anywhere. Hence, these were the pros and cons of Dash cryptocurrency.