By Ryan Taylor, CEO of Dash Core Group

Dash is the leading payments-oriented cryptocurrency accepted in hundreds of thousands of stores across the globe. You can use the Dash wallet to instantly send and receive digital cash to anyone, anywhere, in the world. 

What is Dash?

Launched in 2014, Dash is a leading innovator in technology and other areas within cryptocurrency. The first cryptocurrency to structure itself as a decentralized autonomous organization - commonly referred to as the DAO - Dash’s governance structure allows for full decentralization (no hierarchy) while allowing for participation from anyone, anywhere across the world. This has resulted in not only wide acceptance of Dash on a merchant level, but a global and active community which leads the growth of the project. 

With the main focus being on solving inefficiencies in payments, Dash released two innovative features that further separate it from the other projects in the industry - InstantSend and ChainLocks.  InstantSend ensures user transactions confirm instantly. This means funds can be safely credited to user accounts without delays for blockchain confirmations.

Dash’s ChainLocks feature leverages the network’s masternodes to secure the Dash network against chain-reorganizations, preventing 51% attacks. ChainLocked blocks cannot be invalidated by another block, which means services never need to wait several block confirmations to credit user deposits. Together, InstantSend and ChainLocks provide multiple options for services to accelerate Dash deposits, regardless of the volume being transacted.

Best of all, Dash is highly scalable, which helps keep transaction fees extremely low - typically a fraction of a US cent.

Great, so what does this mean for betting? 

Dash’s technology, though geared for payments, also provides great benefits to users in multiple other areas, such as trading and betting. In recent years Dash has become increasingly recognized for its value in online betting, including the largest and most reputable cryptocurrency online betting platform, Cloudbet. This growth has happened for a number of reasons: availability, ease of use, user adoption, speed, security and low cost of transaction. 

Availability

Dash is available in over 200 exchanges and brokers across the globe, in addition to 3,850+ ATMs. As such, it is widely used and accepted for payments. Dash is accepted in hundreds of thousands of stores and can be spent with crypto-Visa and Mastercards, gift cards, online payments etc. Because Dash is instant, it is also among the most popular options at brick and mortar registers. Essentially, there is no shortage of places one can acquire or spend Dash - which means that users looking to cash out can easily buy a fun new toy, pay for groceries and, in many cases, even pay their bills. Dash can simply be spent without having to manually exchange into fiat. You can purchase Dash on Cloudbet, or through this list of exchanges and brokers.

Last-minute Bets and Rapid Withdrawals

The speed of Dash through its InstantSend feature presents benefits to both the users and the platform. We do not need to tell you how important timing can be when placing a bet, but just to say it again, life happens and you may find yourself with only seconds to place a bet before a live event. Utilizing most cryptocurrencies to top up your betting account will likely make you late to the party. With Dash, as long as the platform accepts InstantSend, you never have to miss an opportunity. Last-second deposits can happen with Dash! Also, forget about having to wait a week to withdraw.

Following the standard process a platform may take when a user withdraws within moments Dash is sent and received by the user. As far as security, Dash is always the strongest link in the chain with ChainLocks. It makes Dash transactions truly final much faster than other cryptocurrencies. Another factor that may slow down a transaction is liquidity and Dash has no shortage there. With 10.1 million Dash in circulation, and $3bn market cap (May 2021), liquidity is not a concern. 

Lower Transactional Volatility Risk

‚ÄćAnother benefit of using Dash is the low risk of volatility during a deposit or withdrawal. With currencies such as Bitcoin, a transaction may take 30 minutes or longer in many cases, especially at times of network congestion. A user who deposits $100 in Bitcoin may only settle at $95 when the merchant receives the deposit - in that hour or so it takes to process a Bitcoin transaction, the price can change significantly.

Many platforms - including Cloudbet - do the right thing and count the value from the moment the user deposits, but this can vary depending on which platform you are using.

Dash is subject to volatility as well, but the key difference is the speed of the transaction. Given the near-instant speed to transact Dash, there is very little time for the price to move in any significant direction before it reaches the recipient. 

Anything else?

‚ÄćOrganizations in the DAO support their partners closely, which means you can expect more ways to win Dash, some cool tournaments to participate in, and new technology that will continue to give you an edge versus users of other cryptocurrencies when betting on your favorite, or not so favorite, events.

Posted 
May 19, 2021
 in 
Crypto 101

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