Dash vs Bitcoin Cash
Ah, the age-old question of which cryptocurrency to choose. As the market continues to develop, it can be difficult to keep up with the latest trends and which one suits you the best. Today we will be comparing two cryptocurrencies that have gained traction in the past few years - Dash and Bitcoin Cash. Let's dive right into it!
Background Information
Dash was launched in 2014 as an open-source, peer-to-peer cryptocurrency that is based on the Bitcoin code. Originally known as XCoin, it was later renamed to Darkcoin before finally being called Dash - a portmanteau of "Digital Cash." Dash has since climbed its way up to the top 100 cryptocurrencies in the market.
Bitcoin Cash, on the other hand, was born in August 2017 as a fork of the original Bitcoin blockchain. It aimed to solve some of the scalability issues that the Bitcoin network faced by increasing its block size. This, in turn, improved transaction times and lowered fees.
Coin Supply
As of October 2021, Dash has a circulating supply of approximately 10.9 million coins out of a maximum supply of 18.9 million. On the other hand, Bitcoin Cash has a circulating supply of approximately 18.9 million coins. Both cryptocurrencies have a similar market cap, with Dash being valued at around $530 million and Bitcoin Cash at around $8 billion.
Transaction Speeds and Fees
Dash's InstantSend feature is one of the main selling points of the cryptocurrency. It enables instantaneous transactions within the network, with little to no fees involved. The average transaction time for Dash is around 2.5 minutes, with fees ranging from $0.0001 to $0.0005.
Bitcoin Cash has also improved its transaction times since its inception. Its average transaction time is now around 10 minutes, which is still slower than Dash. Fees are also relatively low, with the average fee ranging from $0.0001 to $0.0006.
Mining
Mining difficulty is a crucial component in determining the profitability of mining a particular cryptocurrency. In the case of Dash, its mining difficulty varies and is updated every block. This system ensures that mining remains profitable for miners while maintaining a steady supply of coins.
Bitcoin Cash, on the other hand, uses a similar mining algorithm to Bitcoin, called SHA-256. Its mining difficulty, however, is adjusted every 2016 blocks, which is approximately every two weeks.
Conclusion
Both Dash and Bitcoin Cash have their unique selling points, with Dash offering faster transactions and lower fees while Bitcoin Cash brings scalability to Bitcoin's original design. Ultimately, the choice comes down to personal preference and which cryptocurrency aligns better with your financial goals.
We hope this comparison helps you make an informed decision, but remember - the cryptocurrency market is volatile, and investing should always be done with caution.