Is Dash better than Bitcoin?
Dash is another cryptocurrency similar to Bitcoin but there are a few key differences you need to know. Dash has a unique feature of private and instant send transactions, additionally, it has masternodes and powers on a hybrid Proof of work consensus mechanism. They are both powered on blockchain technology and are decentralized in nature. The difference between the two is that Bitcoin will use proof of work to process transactions, while Dash will use proof of work hybrid consensus algorithm. Addition to this, Dash utilize masternodes to enable instant and anonymous payments. So, is Dash better than Bitcoin? Well, let's find out below.
Dash Vs Bitcoin: Developers
Both Bitcoin and Dash have different ownership and developers. Bitcoin was launched in 2009 and created by Satoshi Nakamoto and Bitcoin is a decentralized system and open sourced meaning no one has control over the network, not even the government. On the other hand, Dash was created by Evan Duffield and is managed by a decentralized autonomous organization. Dash was launched in 2014 and the developers of Dash wanted to develop a new blockchain with no weaknesses, therefore Dash developers did succeed to create a self-funding and self-controlled blockchain protocol. This is the world’s first blockchain to have this type of protocol, it also has instant payment within the network of incentivized masternodes.
Advantages of Dash over Bitcoin
- Transactions: Bitcoin has a longer transaction time, currently around 10 minutes just to complete one transaction. Additionally, the transaction fee has risen therefore if you have an insufficient amount of transaction fee then it could remain in the unconfirmed transaction pool. While Dash has a rapid transaction time as it completes it within seconds. It also currently has a cheaper transaction fees compared to Bitcoin, so people that want fast and cheap could opt to use Dash instead of Bitcoin.
- Blockchain: Dash developers have created an advanced blockchain, as the blockchain protocol is self-governed, self-funding and the world’s first blockchain to do this.
- Public address: An advantage that Dash has it that it has a public address, which having a friendly name like an email address rather than having a long string of numbers and characters (like Paypal does). By having a suitable human name, it makes the transactions simpler as it will be on the addresses so it prevents transactions to go a wrong destination. This is vital because when the transaction is begun they cannot be reverted back.
Dash Vs Bitcoin: Key Differences
- Masternodes: Dash announced masternodes to users with payments so the network is secure and to add cool transactional functions like InstantSend. The way masternode works is that there are masternode operators will invest 1000 dash to host masternode. After that, masternode operators will receive 45% of the reward for every Dash block that is mined. Every operator will receive around 7 dash each month.
- InstantSend: A unique feature about Dash is the function InstantSend it uses InstantX masternode feature to send and authorize transactions within seconds. While Bitcoin transaction takes around 10 minutes and can even take an hour if its confirmations for large purchases.
- PrivateSend: Although Bitcoin transactions are with unknown names it can still be traced to their user, while Dash has implemented PrivateSend Transactions. This will enable Dash users to select fully privacy in their transactions.
- Contribution Payment: Dash has a self-funded blockchain and can be controlled by masternode with 1 vote per masternode. A section of each block is distributed to the network development and promotion budget. Therefore, this will mean that Dash developers and promoter will receive payments for their contributions, whereas Bitcoin contributions are voluntary.
Even though Dash has features that can be said to be improvements on Bitcoin’s flaws, it still remains yet to be seen if people will adopt Dash over Bitcoin longer term. Dash does have a unique blockchain that offers a sufficient amount of money to use on development and marketing. However, Dash is still having trouble to attract higher-end developers to work on the blockchain aftermarket infrastructure similar to sale apps and creative wallets for users. Although it is pretty unfair to start comparing Dash has only been out for 4 years while Bitcoin has been around for 9 years and has a much stronger brand and adoption. So, unfortunately there is no actual winner, it is more vital to see which cryptocurrencies can grow and be innovative and win long term.
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