Dashcoin vs. GBP – Cryptocurrencies

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Cryptocurrency may be the best alternative form of money transaction as the system works on an encrypted chain of blocks that is secure, fast, and does not require any authentication from an intermediary such as banks. Bitcoin was the first cryptocurrency and most popular today due to its decentralized network of transactions and large market capitalization.

To perform a digital transaction, you need to buy a digital wallet where all your cryptocurrency will be stored, and you can use it for buying or selling of goods or services. Bitcoin came in 2009 and quickly surged to the value of $20,000 in 2017. Being the oldest digital currency, Bitcoin is a globally accepted cryptocurrency for digital transactions and investment purposes.

But cryptocurrency is not like ordinary Forex currency and sees constant price fluctuations. In recent years digital currencies such as Bitcoin and others such as Ripple, Ethereum, and Litecoin have seen extreme highs and lows in value. Many of the new cryptocurrencies we see and hear today are basically derived from the Bitcoin itself, such as Litecoin, Bitcoin Gold, and Dash and developed due to changes in the code.

Dash is one digital currency that is quickly gaining popularity due to its instant online payment option. Dash was launched in 2014 and said to be a discreet form of Bitcoin, as Dash offers more anonymity to users and fast transaction time as compared to Bitcoin. The word Dash is a combination of two words that are ‘Digital’ and ‘Cash.’ When launched, Dash had a market capitalization of $920 million. Some of the key factors behind the success of Dash are

• It offers the most private and secured form of transactions as the identity of the sender and receiver cannot be revealed.
• The anonymity is ensured through features such as ‘Master nodes,’ ‘PrivateSend,’ and ‘InstantSend.’
• Transaction speed is quite fast as a normal Bitcoin transaction takes 10 minutes, including all the verification and authentication, while a Dash transaction takes 2.5 minutes.

In Bitcoin, there is a group of miners who not only verify the transactions but also secure the network. In Dash, the system of the transaction is divided among the miners and master nodes. A user must deposit almost 1000 Dash to get the authority and functionality of a master node. Almost 45% of rewards are divided among the master nodes and miners, while the remaining 10% is used for further improvements in the Dash network.

In Dash, the master nodes are specially designed and developed servers that are responsible for ‘PrivateSend,’ ‘InstantSend,’ and governing the Dash system. Private transactions are referred to as ‘PrivateSend’ while Instant transactions are called as ‘InstantSend.’ All Dash coins are equal and fungible, which means that the source of transaction history cannot be traced.

You can purchase Dash by registering on a cryptocurrency exchange such as ‘Coinbase,’ which is the largest high-end platform for exchanging digital currencies. You have to verify your identity and then select a mode of payment to complete the process of purchasing Dash coins.

What is the DASH/GBP currency pair?

The Dash (DSH) pairing with Great Britain Pound (GBP) is denoted by ‘DSH/GBP’ where DSH is the base currency, while GBP is the quote or counter currency. The DSH/GBP pairing shows a combination of DSH, which is a cryptocurrency, and GBP, which is one of the leading currencies in the world.

The DSH/GBP represents the relationship of Dash with the British Pound. The DSH/GBP pair shows how many British Pounds are needed to buy one Dash. The current exchange rate is 1 DSH = £59.39

History of DASH/GBP Pair

Dash is one of the newly developed digital currency that can easily be used to send and receive payment on a decentralized network. Dash was launched by Evan Duffield on January 24, 2018, by the name of ‘Xcoin,’ but it was renamed to ‘Darkcoin’ and then to ‘Dash’ on March 25, 2015.

Dash is developed on the same blockchain technology as used for Bitcoin, but Dash offers more privacy and fast transaction speed. Dash was introduced due to a technical error called ‘fork’ in Litecoin that was itself made when a fork occurred in Bitcoin. A bug is introduced when the fork happens, and a staggering 1.9 million Dash coins were developed in the initial two days of Dash’s launch, which is 10% of all the Dash coins that exist today.

Dash functions on a model that uses ‘Master nodes’ that secure the network and ensure fast transaction speed. There are currently more than 4,900 master nodes or Dash servers around the world that confirm the transactions. The initial value of Dash was $10 by the end of 2016. The value of Dash started to rise in 2017 and at the same time that Bitcoin soared to $20,000. The price of Dash was $1540 on December 20, 2017.

Great British Pound (GBP) is the official currency of the United Kingdom (UK) and is regarded as the oldest currency that is still functioning in the world. British Pound was a symbol of wealth for many years and was a gold standard for other global currencies. GBP is the third most popularly traded currency and accounts for 13% of daily Forex transactions.

How to analyze the DASH/GBP Price Chart

If we observe the price chart of the DSH/GBP pair, we see that value remained in the range of £55.00 to £100.00 from the second week of January 2020 to the first week of March 2020. Then there was a steep drop from the second week of March, and the DSH/GBP pair fell to the lowest value of £35.01 on March 16, 2020. The DSH/GBP pair again started to see uptrend from the first week of April 2020 with a constant increase; although there were constant price swings, the highest value of the DSH/GBP pair recently was £76.54 on August 6, 2020.

Currently, DSH/GBP pair trades on £59.39. The Bid price is 57.79, while the Ask price is 60.10.

If you think that the value of DSH will grow against the GBP, then you will go long or Buy, and likewise, if you assume the value of DSH will decline as compared to GBP, then you will go short or Sell.

What causes price change in the DASH/GBP pair?

Dash has performed quite well in recent years, particularly in 2017, where if you had invested only $10 in January 2017, then by December 2017, it would be worth $1500. The most evident reason for massive Dash popularity is its fast transaction speed and complete privacy as compared to Bitcoin. Dash has a self-funding and self-governing system that favors the long term investors who can count on the cryptocurrency network to improve further.

However, there are crucial factors that investors should know about when investing in Dash, which are

• The Dash network is not completely decentralized as master nodes monitor the transactions, and if a particular group control a large number of master nodes, then they can also control the Dash network
• The competition with other digital cryptocurrencies such as Monero and Z-Cash.
• As Dash offers complete privacy and anonymity, it is bound to be noticed by regulators to stop any illegal activity
• Acceptance, adoption, and legitimacy of Dash along with other cryptocurrencies

The value of Great Britain Pound (GBP) is influenced by the Bank of England (BOE) that releases some of the key economic reports, such as on interest rates, inflation, and other monetary policies. The value of GBP is also impacted by the Gross Domestic Product (GDP), future economic forecast, and regional political events. In recent years, the price of the British Pound has fluctuated constantly due UK’s decision to leave the European Union, which was completed in January 2020.

The information above is for education purposes only and cannot be considered as investment advice. Past performance is not reliable indicator of future results.