Crypto Asset DASH Introduced on a Debit Card! The Second Settlement Currency that Threatens Bitcoin
Credit cards and debit cards using crypto assets have increased. Until now it was common for cards to use assets such as Bitcoin and Ethereum for payments. However, a debit card has also been created to introduce DASH.
DASH is a type of crypto asset, but it has unique strengths in its payment methods that Bitcoin and Ethereum do not have. The spread of DASH with debit cards may make payment methods more convenient and comfortable. In this article, we will talk about the characteristics and strengths of DASH in comparison with Bitcoin.
“Crypto asset DASH” participates in the MasterCard debit card war
Polis, which issues debit cards for crypto assets, announced that it will introduce new crypto asset DASH in its cards. This debit card can be used anywhere in stores that support the international brand MasterCard.
(Reference: Virtual Currency News.com, 2019/3/14, “Master Card” payment is possible with DASH! Partnering with PolisPay)
So far, this debit card has been able to use five different crypto assets including Bitcoin, Litecoin, Ethereum, Digibyte, and its own currency POLIS. However, in the future, card payments can be made using DASH.
Will it be post Bitcoin? The possibility with payment currency DASH
As of March 23, 2019, cryptocurrency DASH is a popular brand with a market capitalization of over 87.0 billion Yen being ranked 15th overall. The news that this DASH is now available on debit cards has the hope of significantly increasing the currency value. The widespread availability of DASH will further increase the attention of this currency.
So what kind of crypto asset is DASH? From here, we will talk about the features and strengths of DASH and the differences from Bitcoin.
Differences between Bitcoin and DASH
Bitcoin and DASH, in the big picture are not that different as crypto assets. However, when these features are carefully understood, many differences emerge. Among them, the features that stand out as particularly large differences are the following two points:
・Block size: Bitcoin – 1MB DASH – 2MB
・Trading approval speed: Bitcoin – about 10 minutes DASH – several seconds
Blockchain remittance data is stored in things called a “block”, but naturally the larger the block size the more information that can be stored. If you can store a lot of information, the waiting time until the next block is generated will be reduced. Also, in a blockchain, when the capacity of a block is full the next block is generated. Because it is connected in a chain, it is called a blockchain.
DASH, which has a large block size and fast approval speed, requires less time loss for payment than Bitcoin. Simply put, it means that DASH can do it more quickly, such as when sending crypto assets to someone or making a payment at a store.
Various issues buzzing with Bitcoin
If for example, you waited for 10 minutes at a shop cashier, you might not even think to use this currency next time. With cash and credit cards, payment is completed instantly. However for Bitcoin, such slow payment processing speed is regarded as a problem. Bitcoin was originally developed as a currency for payment, but its small block size and long transaction approval time has made it the ironical mark of “a currency unsuitable for payment.”
So, in the case of DASH, as mentioned earlier, can you say that it is a currency suitable for settlements because the block size is large and the approval time is fast?
Strengths of DASH
Speaking of DASH, it is often referred to in online articles and often referred to as “an encryption asset specialized in anonymity.” Anonymity means that it is difficult for a third party to deduce the data that is remitted to a person and the remitted information.
For example, in a blockchain such as Bitcoin, the information is distributed to all users so third parties can freely confirm the details of another person’s remittance. However, in the case of DASH, since there is a strong “information storage room” inside the blockchain, it is difficult to access other people’s information. Such anonymity is one of DASH’s great strengths, but it is also a secondary one. The real strength of DASH lies in its new role as a settlement currency.
The DASH development team is currently trying to create a system called “DASH TEXT.” Users can use this system to send DASH using SMS. Specifically, simply entering a 5-digit number on a dedicated terminal will immediately complete the remittance to another person. So far “DASH TEXT” is in beta testing, but as this system spreads to the world, it may be possible to transfer money that does not even require a smartphone.
DASH is stripping its image as solely an anonymity currency and is trying to strengthen its position with a new payment method. The reason is that the benefits of anonymity is the fact that it is currently transacted for drugs and on the black market.
In this article we brought about the news that DASH will be introduced on a debit card, but the development team is already looking ahead and is trying to create more innovative and convenient payment methods. If “DASH TEXT” is officially released, we may get a better cashless payment solution.