Bitcoin Mining Difficulty Drops for the Third Time in 2022, Just Over 100K Blocks to Go Until the Halving – Mining Bitcoin News
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Bitcoin miners have received their third break this year as the network’s mining difficulty adjusted downward by 1.26% on April 14 at block height 731,808. Currently, miners have more than 200 exahash per second (EH/s) in computational power dedicated to mining the Bitcoin blockchain as hashrate increased after the difficulty reduction. Additionally, bitcoin miners have another 108,160 blocks to go until the bitcoin reward halving that’s estimated to occur on or around May 3, 2024.
Bitcoin Miners Catch Their Third Break in 2022
Bitcoin’s mining difficulty adjustment algorithm (DAA) dropped on Thursday, as the parameter slid by 1.26% at block height 731,808. The reduction is the third DAA drop in 2022, as the difficulty slid by 0.35% on March 17 and by 1.49% on March 3. In 2021, the DAA dropped seven times and saw one of the largest reductions over the course of Bitcoin’s lifetime on March 7, 2021, sliding 27.94% lower that day. Since the change, BTC’s hashrate has increased and is presently hovering just over the 200 EH/s zone.
The 1.26% drop makes it easier for miners to find blocks as the difficulty was 28.59 trillion two weeks ago and today, the metric is now 28.23 trillion. At the time of writing, there are 1,982 blocks left until the next DAA change. Currently, it is expected to increase but being that it’s roughly two weeks away, the estimate could be very different by then. The next DAA change is estimated to occur on April 28, 2022. The current block subsidy of 6.25 BTC is worth $252,781 using today’s BTC exchange rate and in 751 days, that will change.
Just Over 100,000 Block Rewards to Go Until the Halving, More Bitcoin Mining Pools Joining the Fray
Bitcoin miners are getting closer every day toward the block reward halving that is expected to occur on or around May 4, 2022 (however, some estimates assume it may be on May 3, 2022). After that date, BTC miners will see their 6.25 BTC per block shaved in half to 3.125 BTC per block. Right now the network produces 900 BTC per day (144 blocks) and Bitcoin’s inflation rate per annum is 1.74% at the time of writing. So far, 90.53% of all the bitcoins that will ever exist have been minted and there are 1,988,481.23 BTC left to issue.
With the difficulty change making it easier to find blocks in comparison to the last two weeks, Foundry USA is the top mining pool over the last three days with 72 blocks found and 16.63% or 33.54 EH/s of hashpower. A few more pools have joined in recent days as there are now 14 known pools while two weeks ago there were only 11 known pools mining bitcoin. Currently, unknown hashrate or stealth miners command 1.39% of the global hashrate or 2.8 EH/s. Unknown hashpower has managed to acquire six blocks during the last three days.
What do you think about the network’s mining difficulty dropping? Let us know what you think about this subject in the comments section below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bitcoin Rebounds Nearly 6% | US, UK Report Multi-Year High Inflation
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The popular penny token Shiba Inu has revealed details of its much-anticipated virtual reality project, “SHIB: The Metaverse.” Ethereum’s native cryptocurrency, Ether, has been set as a land pricing token.
The new venture from the famous meme coin will comprise 100,595 plots, some of which will remain private. The sequence of lands will be released in phases.
According to Edul Patel, CEO and Co-founder of Mudrex, the primary purpose of the SHIB project is to build one of the strongest communities in crypto history. Its important announcements of entering metaverse space and offering over 100,000 plots of virtual space have gathered over 3 million followers, further increasing the token’s value.
The plots are priced between 0.2 to 1 Ether (ETH) and are divided into four categories: Silver Fur, Gold Tail, Platinum Paw, and Diamond Teeth. The neutral cryptocurrency has been fixed for land pricing to ensure that Shiba Inu’s native token has no downside. The metaverse will be developed in Shibarium, a layer 2 system for SHIB.
We would have to dump our own tokens price cashing them if we used our ecosystem tokens, and that is not in our plans, the Shiba Inu official blog stated.
According to Pratik Gauri, Founder, and CEO of 5ire, Shiba Inu has a large group of followers known as ShibuArmy, and will now allow users to earn passive income.
According to market experts, Shiba Inu is joining the metaverse to compete with Decentraland.
At the time of writing, the Shiba Inu SHIB price is up 15.49% to $0.00002675. The token was commanding a market capitalization of $14.8 billion, the data from CoinStats suggests.
According to Lokesh Rao, CEO and co-founder of Trace Network Labs, the entry or creation of any metaverse is beneficial to the industry’s growth because the future lies in the metaverse. These platforms enable people to conduct business, and the expansion of such platforms is directly linked to the increase of revenue generation potential and job creation, he added.
According to the blog, the Shiba Ecosystem will be used entirely by the SHIB: The Metaverse project, meaning all tokens $SHIB, $BONE, and $LEASH will play a part as phases roll out.
The developers stated that land buyers would be able to earn passive income, acquire in-game resources, and generate rewards shortly. Landowners can also rename their land while utilizing and burning the dog-themed token.
The cryptocurrency still faces risks of slumping to$30,000 as the Federal Reserve monetary policy is about to become a lot tighter in the coming months.
YEREVAN (CoinStats.app) — Bitcoin (BTC) has climbed above $41,000 as investors are returning to riskier assets amid persistently higher inflation in the U.S. and the U.K.
The flagship cryptocurrency, often touted as “digital gold” by hardcore Bitcoin supporters, rose to over $41,500 this Thursday. The rebound rally started April 11, after its bids had fallen to as low as $39,204, following a 14.6% month-to-date correction. As a result, Bitcoin’s overall paper profits in the last three days came out to be a little over 6%.
Bitcoin price on TradingView
Inflationary Pressures
Bitcoin’s modest rebound this week came with two key reports on inflation. In the U.S., the Consumer Price Index (CPI) for March increased 8.5% from a year ago, its highest level in four decades, according to the Bureau of Labor Statistics report published on April 12.
Inflation screenshot
Meanwhile, the U.K. inflation reached 7% in March for the first time in 30 years due to rising fuel prices.
Eric Weiss, founder, and chief investment officer at Blockchain Investment Group, a New York-based digital asset hedge fund, blamed the U.S. Federal Reserve for causing “bad inflation” after printing 41% more U.S. dollars than in its lifetime since March 2020.
Weiss projected Bitcoin as a long-term solution against rising consumer prices, noting that he would take his chances with the cryptocurrency.
Similar sentiments appeared across Crypto Twitter, with many analysts posting “buy Bitcoin” texts after the inflation reports.
Nonetheless, some of them also highlighted flaws in the “buy Bitcoin” strategy. For instance, Jan Wüstenfed, an economist at Quantum Economics, a market research newsletter, cited massive outflows from the Purpose Bitcoin ETF as an indication of investors reducing exposure to BTC.
In detail, on April 12, investors withdrew 840 BTC from the spot fund. The next day, they took away another 1,830 BTC.
“Notable is the more frequent occurrence of outflows and the relatively big size of outflows since March,” wrote Wüstenfed, adding:
“While the outflows themselves should not be market moving, it is a possible indication that investors are reducing exposure to #Bitcoin in times of high inflation, high uncertainty, and a FED that is tightening monetary conditions.”
Technical outlook
From a technical perspective, Bitcoin has been defined by the movements within the bearish flag.
In detail, bearish flags are candlestick chart patterns that signal the extension of the downtrend once the temporary pause is finished. After a strong downtrend, the price action consolidates within the two parallel trend lines in the opposite direction of the downtrend. Once the supporting trend line gets broken, the bear flag pattern is activated as the price action continues trading lower.
Consequently, Bitcoin’s current skew indicator is shifting to the downside.
This puts Bitcoin at risk of retesting again at the $30,000 level.
ZIL was up by more than 20% in Thursday’s session, as prices rebounded following a string of recent drops. RUNE was also up by over 15% today, as it hit its highest point so far this week. Overall, the global crypto market cap is up 2.08% as of writing.
Zilliqa (ZIL)
Following almost two weeks of declines, ZIL finally stopped the bleeding, rallying by over 20% during today’s session.
ZIL/USD rose to an intraday high of $0.1263 earlier in Thursday’s session, as price continues to move away from its recent support point.
This floor was at the $0.1033 level, which has historically seen significant bullish moves begin from there, and today’s rally follows this trend.
ZIL/USD – Daily Chart
Recent momentum in ZIL has now taken prices to what seems to be a short-term ceiling of $0.1245, with some expecting an imminent breakout.
However, there appears to be an obstacle in place which could potentially prevent this from happening, with the 14-day RSI also trading at resistance.
Looking at the chart, the relative strength index is currently tracking at 57.06, which is slightly below the ceiling of 57.70.
Should this point be broken, we could be looking at ZIL rallying back towards $0.1400.
THORChain (RUNE)
RUNE also rose on Thursday, moving past XTZ to cement itself as the world’s 44th-largest cryptocurrency.
Following a bottom of $7.42 during Wednesday’s session, RUNE/USD climbed to an intraday high of $9.35 earlier today.
The move came as RUNE moved away from the support level of $8.15, following what appears to be a false breakout.
RUNE/USD – Daily Chart
Since today’s surge which saw prices come close to a ceiling of $9.45, there has been some profit taking from traders who look to avoid any price uncertainty heading into the long weekend.
As such, we now have a doji pattern being formed in today’s candlestick, which encapsulates this uncertainty, with bears selling while bulls are buying simultaneously.
Currently, with the RSI still marginally below its ceiling of 50, if it could reach this level, the narrative could change, with more bulls being buoyed to re-enter the market, pressuring bears to give way in the process.
Could we see RUNE hit $10 before the end of this week? Let us know your thoughts in the comments.
Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
The Ultimate Exodus Review (For 2022)| CoinStats Blog
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Exodus Pros
Supports more than 150 cryptocurrencies
Intuitive and easy-to-use interface
Dedicated customer support team
In-app crypto-crypto exchange
Seamless linkage to decentralized finance (DeFi) and exchanges
Desktop wallet and mobile wallet support
Exodus Cons
High transaction fees compared to other wallets
Lack of two-factor authentication
Doesn’t implement a multi-signature wallet
Introduction
The cryptocurrency world is filled with a dizzying array of wallets, each purporting to be the one true wallet for all crypto. From desktop wallets to mobile wallets to paper wallets, there’s a variety of options out there. The right one depends on what you are looking for.
Are you looking to store a small number of coins safely online?
Do you want control over your private keys and your wallet address?
Or do you want to set up a secure wallet and never think about it again?
If you have answered “yes” to any of these questions, then you are ready to set up your Exodus wallet account.
Read on for our ultimate Exodus review to learn about the key features of this cryptocurrency wallet, including Exodus fees, pros and cons, products, and more.
Exodus offers a straightforward, easy-to-use interface, access to over 150 assets, and a wide range of features. While investors of all skill levels can benefit from the wallet, it’s ideal for beginner crypto enthusiasts looking for ease of use. Exodus support is not only professional but also responsive to Exodus customers.
JP Richardson and Daniel Castagnoli crafted Exodus – one of the most straightforward and best-designed crypto wallets – with love, as stated on its homepage.
Exodus supports a wide range of coins, including some of the most popular cryptocurrencies globally, such as Bitcoin, Ethereum, and Dashcoin, to name a few. However, one of Exodus’ cool features is that you can also store cryptocurrencies that are currently unsupported or based on the ERC-20 blockchain. The funds can be used across all platforms that support Exodus.
Exodus is a multi-currency software wallet created in 2015 by JP Richardson and Daniel Castagnoli. The “two guys with a passion for blockchain assets,” as described on the Exodus homepage, aimed to provide an easy-to-use cryptocurrency wallet that was great for newbies. Exodus is free to download and is available on the desktop for Linux, Windows, and macOS and on mobile devices running iOS and Android.
JP Richardson has published over 200 open source libraries and has written code in use by most Bitcoin and cryptocurrency software on the web today.
Daniel Castagnoli is a master of emotional design and has designed experiences for various brands, including Apple, BMW, Disney, Louis Vuitton, and Nike.
The Exodus team wanted to make cryptocurrency trading easy for all Exodus users, and their main priority was the product’s design. You don’t have to be an expert in crypto coins to use the Exodus wallet.
How Does Exodus Work
Exodus desktop screenshot
The primary objective of the Exodus platform is to simplify the access, management, and use of digital assets.
You can manage your blockchain portfolio using Exodus, a software that runs locally on your computer. No account signup is required. Exodus is a hot wallet that stores and encrypts everything on your computer compared to a cold wallet disconnected from the internet. Given that each type of wallet has its strengths and weaknesses, your choice will depend on your investment needs and preferences.
Let’s break down some features of software wallets you need to know:
Wallet
Exodus functions through a series of codes that let users manage and link their crypto coins in different blockchains. It stores a set of 3 codes:
Private keys
Peed phrase (a recovery code)
Public address.
The private keys offer access to the crypto in blockchains, whereas the public key acts as an address for the wallet. Users can use the seed phrase to regenerate their private keys if private keys are lost.
Portfolio
Exodus team designed a portfolio page to show relevant information, including the breakdown of the owned cryptocurrencies and their updated values against fiat currencies. Exodus customers can use portfolio to track their holdings and performance.
You can use the Exodus mobile app or desktop application as your crypto portfolio tracker.
The Exodus’ integration with ShapeShift, one of the best crypto exchanges around, has led to a unique value position. ShapeShift is praised for its trading platform, security measures, user interface, and its privacy features, among other features. So, the integration enables Exodus’ users to trade on this exchange directly from the Exodus wallet with extra speed and privacy.
Features of Exodus Wallet
The Exodus wallet has plenty of features, among them:
Users can download Exodus Wallet for free, and there is no registration and personal information required.
It’s one of the most accessible wallets, supporting multiple currencies.
It’s easy to make transactions; as long as you have automatic fee adjustment set up, all transactions will be priced at a fair market rate (which beginners might not feel confident doing themselves).
The company boasts of a 24*7 customers support team with quick responses, an advantage that is rare among cryptocurrency products these days!
Exodus offers a one-click, easy-to-use layout, private keys, and hardware wallet support.
Exodus Wallet Security
As with any mobile or desktop wallet, Exodus wallet is as secure as your device. The Exodus software wallets can be easily hacked, and most users may lose funds if the device gets attacked by keyloggers or malware.
The points mentioned below can be potential deal-breakers if you are concerned about the security of your Exodus wallet:
If the device that holds your Exodus wallet has a virus, malware, or is compromised, the security of your wallet is at risk.
The mobile app does not support essential security features like multi-signature or two-factor authentication.
While Exodus stores your cryptocurrency online, it’s noncustodial, giving you complete control of your private keys.
Exodus offers two methods of restoring a wallet. If you lose your Exodus Bitcoin wallet or if it gets damaged or stolen, you can restore your wallet in the following ways:
12-words recovery phrase: A 12-word phrase is given to new users when they create an account. If your device breaks down, you can use this phrase to access cryptocurrency wallets.
Email restoration: You can restore your wallets through an email sent to your linked account.
To sum up, it’s vital to keep your Exodus wallet safe. Users can contact Exodus customer support to get help in case of a security compromise.
What Kind of Wallet Is Exodus
Exodus is a noncustodial DeFi wallet that gives you complete control over your crypto assets. It doesn’t manage or take custody of any assets on your behalf but instead offers users more options and freedom for their coins.
Exodus also supports the TREZOR hardware wallet, which provides a sleek interface and robust security for individuals looking for a substantial measure of protection from hackers.
Exodus is also designed as a lite wallet so that it does not download the entire blockchains to the device and instead uses a series of servers to track wallet balances — making the setup significantly faster. The faster setup makes the Exodus wallet convenient for use on any device, including Windows, Mac OS, Linux, Android, and iOS platforms.
The Exodus wallet’s exchanging assets feature works exceptionally well, offering crypto beginners an easy way to trade without getting lost amongst all the available choices!
Exodus Products
The Exodus wallet is designed to be your personal crypto manager. It allows you to store, send, and receive currencies like Bitcoin or Ethereum with a simple touch of the screen.
Let’s look into the Exodus wallet products:
Mobile Wallet
Exodus mobile wallet is one of the most uncomplicated wallets with an intuitive design.
The Exodus Bitcoin wallet provides 3 interfaces for transactions:
Portfolio
Exchange
Wallet.
Desktop Wallet
Originally a desktop-only wallet, Exodus is among the best crypto wallets for desktops due to the speed of its transactions, ease of use, and varied functionality.
Trezor Hardware Wallet
Exodus is an all-in-one application for managing, trading, and exchanging blockchain assets. It provides a secure way to store cryptocurrencies by integrating with hardware wallets like Trezor Model T or Trezor One. It also helps you exchange one type of cryptocurrency for another without leaving the safety of the wallet interface on your computer.
How to Create an Exodus Wallet
First, you’ll need to sign up for a free Exodus wallet at Exodus.io. After verifying your email, you’ll be given access to your new wallet.
Download the Exodus Wallet Application
Next, you’ll need to install the Exodus software wallet. Users can download the current release of Exodus from the Google Play Store, Windows Store, etc.
Create a New Wallet
Now that you have the Exodus wallet installed, you must create a new wallet. You can do this by going to “Exodus” in your main menu and selecting “Create New Wallet.”
Next, you will be prompted to enter a password. Remember this password, as this will be the password needed to access your wallet.
Every asset in your wallet comes with a private key. To check the private key of an individual asset, go to the Developer Menu → Assets → View Private Keys. Copy and save these keys somewhere safe for safety reasons, and don’t disclose them to anybody.
Sending Cryptocurrency Using Exodus Wallet
You can use the Exodus wallet to Send, Receive, and Exchange your cryptocurrencies. Follow our step-by-step guides below for each transaction.
Receiving Coins on Exodus Wallet
To receive coins in your Exodus wallet:
Open your wallet and click the “Wallet” tab.
Click on the coin that you want to receive.
Click “Receive,” then click “Copy.”
Paste this address into where Easy Crypto asks for an address when making a buy order or anywhere else that you want to receive from.
Sending Coins on Exodus Wallet
To send coins:
Click on the “Wallet” icon at the top of your Exodus wallet.
Click on the crypto you want to send, then click the “Send” button.
Paste in the address you want to send your crypto to. You can also scan a QR code with the recipient address or invoice either from your webcam or from your desktop by clicking the QR code button and selecting where to scan from.
Enter the amount you want to send. Exodus lets you send in the blockchain unit, or you can enter an amount of fiat currency value, and Exodus converts it to crypto for you.
Exodus will then confirm again that you have entered the correct details. If all looks good, click the “Send” button.
Exchanging Coins on Exodus
ShapeShift exchange built into the wallet allows for easy, hassle-free currency exchanges within the app.
Here’s how to exchange coins:
Open your Exodus wallet on your mobile device and tap on the “Exchange” tab at the bottom.
a) Select the asset from the drop-down menu that you want to swap on the top, b) Select the asset you want to receive on the bottom.
Check current rates by clicking View Rates, then enter the amount of crypto you want to exchange.
The transaction fee will also be shown in the asset you are exchanging from. Press and hold it to change it to the fiat equivalent.
Once you are happy with the amount of crypto, you will send and receive in your exchange, just tap the “Exchange Now” button at the bottom.
Frequently Asked Questions
Is Exodus a Hot Wallet or a Cold Wallet
Exodus is a hot wallet, which means your assets are stored online, but it’s noncustodial, meaning that only you have access to your private key.
How Does Exodus Make Money
Exodus generates revenue through partnerships with exchanges and other API providers. It receives a small percentage of the exchange fees spread from third-party API providers, which can vary greatly depending on market conditions. You will always know how much crypto you are exchanging and what amount of cryptocurrency you will receive before proceeding to an actual transaction via the exchange section in your wallet.
Does Exodus Wallet Have Fees
You don’t have to pay transaction fees when you withdraw Bitcoin (BTC), Ethereum (ETH), or any other cryptocurrency. You only have to make sure that the network fees are paid when sending transactions. Exodus does not charge for receiving cryptocurrencies in your wallet either. You only have to bear the custom network fees!
Is Exodus Wallet Trustworthy
Exodus stores all of your cryptocurrencies directly on your devices. You have complete control over them anytime you want. Exodus runs a backup and stores no information about the keys or passwords for these assets on their servers to make it more secure.
So to answer the question – Yes, the Exodus wallet is as trustworthy as a digital wallet can be.
Exodus Review: Conclusion
To sum up the Exodus Wallet review, Exodus is an excellent hot wallet for beginners, and its ease of use has made it a user’s first choice compared to other user-friendly wallets.
The attractive design of the intuitive interface allows users to send, sell, and buy cryptocurrency in small amounts without requiring a lengthy process, making it a leading cryptocurrency wallet.
However, custom fees are currently restricted to Bitcoin, and the wallet is more focused on user crypto experience than security, making Exodus less beneficial for advanced users with considerable funds in their software wallets.
You can read more on Jaxx vs. Exodus in the CoinStats blog section.
Robinhood, founded in 2013, is a commission-free online discount brokerage that makes trading in the stock market easy. It has made it possible for small retail investors to enter the crypto market and try their skills and luck. Robinhood is a fintech pioneer that provides desktop and mobile apps for stocks, ETFs, options, and cryptocurrency trading.
Read on to learn everything you need to know about the Robinhood platform and how to buy cryptocurrency on Robinhood.
Let’s dive in!
What Is Robinhood
Robinhood was founded in 2013 as a mobile app by Vladimir Tenev and Baiju Bhatt and is currently headquartered in Menlo Park, California. It was given the name Robinhood because the idea behind it was to revolutionize the markets and build products that would provide everyone with easy access to the financial markets, not just the wealthy.
Robinhood was the first major brokerage platform to eliminate commissions on stock and options trading. It has become one of the most popular brokerages in the U.S. due to its easy-to-use trading app with no account minimum or monthly fee. Its intuitive interface makes it easy to buy and sell stocks, ETFs, and cryptocurrencies.
However, Robinhood has faced regulatory fines, public scrutiny, and lawsuits in recent years. Additionally, it lacks educational resources and trading tools suited for advanced traders and offers poor customer service. Moreover, Robinhood doesn’t provide individual retirement accounts (IRAs), which provide tax advantages for those saving for retirement.
Let’s look into some of the key features and services Robinhood offers:
Stock Trading
Robinhood supports stocks trading on Nasdaq and New York Stock Exchange and doesn’t support trading OTC stocks (over-the-counter). It doesn’t support retirement funds, mutual funds, and trading in bonds. It supports investing in Initial Public Offers (IPOs), Options and Margin Trade, etc. Robinhood charges no commission for trading stocks or Options.
Exchange-Traded Funds
Similar to stocks, Robinhood supports ETFs trading on Nasdaq and New York Stock Exchange. Stocks and ETFs were the first services offered by Robinhood. Robinhood charges no commission for trading ETFs.
Cryptocurrency
While most crypto users prefer to trade on crypto exchanges, the number of Robinhood users has grown vastly over the past couple of years. This is thanks largely to commission-free trading, in contrast to major cryptocurrency exchanges that charge a fee for buying crypto.
The number of cryptocurrency tokens available on Robinhood is small, but it has been announced by its CEO Vladamir Tenev that more coins will be listed in the future. Currently, Robinhood only supports Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).
Cash Card
Robinhood has opened the waitlist for its Cash Card, which is like a debit card issued by Sutton Bank. According to the company, their cash card “will allow consumers to choose to round up what they pay for goods and services to the near dollar and invest the difference between that amount and the actual price in whatever assets they choose.” Users can also use this debit card to withdraw cash from an in-network ATM.
In addition to the services mentioned above, Robinhood is also in the works to add other services to its basket in the coming years.
Robinhood is so popular amongst users thanks to the ease with which one can buy crypto or other assets. All one needs is a computer or a device to download the Robinhood app.
The steps for buying crypto on the Robinhood app are as follows:
Create an Account
Download the Robinhood app on your device from the App Store or the Google Play Store. You can also use the desktop website to create an account on Robinhood. Once you’ve downloaded the app, it’ll ask you to enter some personal information, such as your name, address, email, and social security number, to set up an account.
Transfer Money From Your Bank Account to Robinhood
Once you’ve successfully entered the information, your Robinhood account should be created. You can start trading and buying crypto on Robinhood instantaneously. All you’ll need to do is transfer money to your Robinhood account using your bank account and routing number.
Initially, you can transfer USD 1000 instantaneously from your bank account and begin buying crypto. Users can also opt for a Robinhood Gold account to trade higher amounts of money and benefit from margin trading or other services. New users can also use referral and promotional codes they got while setting up their accounts to avail themselves of discounts or get free stocks. These features and incentives make Robinhood one of the most popular cryptocurrency apps in the USA.
Buy Crypto of Your Choice
After you’ve deposited money into your Robinhood account, you can search for your favorite cryptocurrency tokens and place a market order to buy them at the current market price. You can also set a limit price to purchase your favorite tokens for the price you are comfortable with. Suppose you wish to buy Bitcoin, but the price is too high, so you can set your limit price to buy it when the price reaches your desired level. The limit price can be used for both buying and selling tokens automatically by simply placing an order beforehand and is beneficial for purchasing crypto at your desired price range without having to check prices every few hours.
Selling your tokens whenever you think you’ve made enough profits and want to take your money out of the market and into your bank account is just as easy as buying crypto on Robinhood.
Storing Your Crypto
Once you’ve completed your purchase, the next step is to select a crypto wallet to store your coins securely. While Robinhood stores the crypto that people buy in a mix of cold and hot storage, it’s highly recommended to create a private wallet with your own set of keys. Depending on your investing preferences, you might choose between software wallets such as CoinStats Wallet, Trust Wallet, etc., or hardware wallets like Ledger, Trezor, etc.
You can link your crypto wallets to your Robinhood Crypto account to easily track your portfolio, move supported coins into your Robinhood account so you can trade those coins commission-free, etc. To enable crypto wallets, you’d need to verify your identity and enable two-factor authentication. Once you’ve completed this, it’ll take up to 5 business days to review your information and activate your crypto wallets.
Robinhood Shortcomings
While Robinhood remains one of the most popular apps to buy and trade stocks, cryptocurrencies, etc., there are still some shortcomings associated with it. Some of the most common ones are:
Limited Number of Cryptocurrencies: One of the major drawbacks associated with Robinhood is the very small basket of supported cryptocurrency tokens. While the available ones are very popular and have already built up their market share in the crypto world, they are no longer lucrative investments for traders. Most of the profit-making is done through the altcoins available on other cryptocurrency exchanges such as Binance, Coinbase, etc.
Lack of Mutual Funds or Bonds: The lack of mutual funds and bonds may make it difficult to build a truly diversified portfolio.
Limited Customer Support.
Limited Education and Research Tools.
Untimely Outages: Robinhood has received criticism for untimely outages and trade restrictions amid market volatility. Due to these outages and other issues, Robinhood had to pay USD 70 million as a penalty to Financial Industry Regulatory Authority (FINRA) in 2021. This was one of the largest financial penalties paid to FINRA.
Conclusion
While Robinhood has its fair share of issues and shortcomings, it remains one of the most popular apps for trading cryptocurrencies in the U.S. Its ease of use and policy of charging no trading or commission fees, no account minimums, or account maintenance fees attract a large number of users.
If you don’t wish to trade in small market cap altcoins and are only interested in buying or selling the blue-chip cryptocurrency tokens such as Bitcoin, Ethereum, or popular meme coins such as Dogecoin, then Robinhood is the perfect place for you.
Following strong gains towards the end of yesterday’s session, BTC consolidated today, as markets prepare for Easter weekend. Bitcoin’s price surged late on Wednesday, hitting a key resistance point in the process. ETH also hit a ceiling during the session.
Bitcoin
Following a late surge towards a key resistance level of $41,500 on Wednesday, BTC was marginally lower, as traders prepared for the long Easter weekend.
BTC/USD rose to an intraday high of $41,451.48 late on Wednesday, however this resistance point held firm, sending prices lower today.
Earlier today, BTC fell to an intraday low of $39,714.69, however it has since climbed, and is currently trading around $41,031.26, which is up roughly 3% from the previous bottom.
BTC has dropped by almost $10,000 from its peak of $48,220 only two weeks ago, which was its highest level in over four months.
However, after weeks of declines, it appears as though we may have found a stable floor, which was at $39,300, with bulls now looking to once again send prices higher.
Price strength still trends towards the direction of uncertainty however, as it continues to hover below its ceiling of 43.
Once this level is finally breached, we could see more bulls re-enter.
Ethereum
Thursday also saw ETH hover below its own resistance level, as prices continued to move away from a recent floor of $2,950.
ETH/USD was trading close to its ceiling of $3,145 during today’s session, as there appears to be a gradual build-up of bullish pressure.
This momentum saw ETH hit an intraday high of $3,139.93, which is its highest point since the start of the week.
As a result of this rally, the 14-day RSI is now near its resistance of 49.6, while tracking at 47.5, and unless we see this threshold broken, we may see price fall back below $3,000.
This is especially the case due to the moving average crossover which has recently occurred, which is a signal of further bearish pressure.
Do you expect to see any notable moves this Easter weekend? Leave your thoughts in the comments below.
Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
How to Buy Land in the Metaverse | Where, How and Why
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Interest in the Metaverse, the next-generation digital world where we can have a digital twin to play, socialize, learn, keep connected with friends, etc., has skyrocketed recently. Mattew Ball has famously described the Metaverse as a “massively scaled and interoperable network of real-time rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited number of users.”
Investing in Metaverse property is the next big thing after the NFT market, where digital artwork can be bought as non-fungible tokens or NFTs, digital representations of real-world items. Virtual real estate now sells for hundreds of thousands of dollars, and Snoop Dogg, JP Morgan, HSBC, and other crypto enthusiasts have already invested in Metaverse real estate by acquiring plots of virtual land.
Finance in the Metaverse is powered by the blockchain, so you need cryptocurrency for purchasing land, a virtual house, or other NFT in the Metaverse. Otherwise, you might be shocked to learn that the virtual real estate market has a lot in common with its real-world equivalent, particularly when it comes to pricing aspects.
Read on for our in-depth guide to learn everything you need to know about the Metaverse properties and buying land in the Metaverse.
Let’s jump right in!
What Is Metaverse Real Estate
The Metaverse is a three-dimensional, immersive virtual platform where users can interact with each other, digital objects, and AI-powered avatars in a very realistic and natural manner. It’s also interoperable, allowing virtual games and collaboration spaces to coexist on a single platform. Users can move between virtual worlds, and multiple platforms can cohabit in the same environment.
The Metaverse has also been democratized, with no one organization, person, or entity owning it. Anyone can invest in it and make use of the available space, technology, and settings. The Metaverse relies on technologies such as virtual, augmented, and mixed reality (VR/AR/MR), as well as blockchain, artificial intelligence (AI), 5G, and cloud computing.
The Metaverse has the potential to become a virtual replica of our real world, allowing its users to monetize goods and services and generate income through virtual settings. One common method is to acquire land in the Metaverse, where buyers or renters can develop monetized properties.
Individual Metaverse, real estate plots, are so-called virtual ‘parcels,’ which are 3D space blocks where developers can superimpose objects, design VR worlds, overlay experiences, build interactions, etc.
A Metaverse often features a democratized governance body that decides how new parcels are generated, allocated, and made available for investment to real estate investors.
The majority of virtual land purchases presently take place on 4 Metaverse platforms: The Sandbox, Decentraland, Cryptovoxels, and Somnium. The parcel exists as a non-fungible token, also known as an NFT, which is a non-transferable digital asset stored on the blockchain.
The buyer will ‘own’ full rights to the land once ownership of the NFT is transferred to them, just like in real life, and will be able to resell it, create a virtual property on it, rent it out, etc.
Why Buy Virtual Land in The Metaverse
There are 2 main reasons for buying virtual real estate: Bragging rights and ROI (Return on investment). The idea is similar to purchasing an NFT: you possess this digital asset, and anybody can check its authenticity because it exists on the blockchain. You can later sell your virtual land if it grows in value, or you can rent it out for parties or special events.
You can even build a virtual house on it and rent it out or put up a digital art gallery and allow aspiring artists to showcase their work.
Where to Buy Land in the Metaverse
Virtual real estate can be purchased in a variety of Metaverse games. Most of them ran out of land a long time ago, so you’ll almost certainly have to buy a parcel or a house on the secondary market. But, before you rush out to get a deal, here’s a rundown of some of the most popular spots to buy property. While several of these platforms allow users to buy tokens that may be used to make in-game purchases, we’ll outline each floor’s pricing in ETH.
The Sandbox
Sandbox homepage
The Sandbox is a virtual world where players can create, own, and monetize gaming experiences. The Sandbox blockchain gaming platform comprises three interconnected products: VoxEdit, which allows users to design and animate 3D objects, Marketplace, which will enable users to upload, publish, and sell their NFT works; and Game Maker, which allows anyone to create incredible 3D games for free. Players can purchase LAND and populate it with their favorite games, digital assets, and interactive experiences.
Somnium Space
Somnium Space homepage
Somnium Space is an open virtual reality universe with its own currency and economy. Users can create fully personalized avatars, properties, and experiences on Somnium Space. The game includes a complete VR marketplace and can be played on a PC or mobile device, although it is best enjoyed with a VR headset.
Decentraland
Decentraland homepage
Decentraland is a 3D virtual world where users can explore and purchase virtual plots of land. The game can be played with or without a crypto wallet, although one is required to buy Metaverse wearables. After acquiring land, users can develop it using the Decentraland editor or by importing 3D models from external software.
Worldwide Webb
Worldwide Webb homepage
Worldwide Webb is a pixel art MMORPG Metaverse game that adds functionality to popular NFT projects. NFTs are utilized for in-game avatars, pets, virtual real estate, goods, and missions. Users own and govern virtual lands in Worldwide Webb and can use them to host social gatherings, pets, avatars, and games. They can even allow users to include custom smart contracts and sell their own artwork.
Cryptovoxels
Testing Cryptovexels
Cryptovoxels is a virtual environment that consists of “Origin City. Streets in the city are owned by “The Corporation,” whereas parcels are held by individual users. Parcel owners can add and delete blocks and features as they see fit. Owners can also designate their parcel as a “sandbox parcel,” which allows anyone to build on it.
How to Buy Virtual Land in the Metaverse
There are 3 options to consider if you want to buy digital land in the Metaverse:
1. Contact Metaverse Real Estate Brokers
The Metaverse is a huge digital environment with a lot of potential for real estate. It has a customized real estate market that includes mortgage providers, agents, and brokers specializing in virtual real estate. Many brokers have found their niche in the digital real estate business, which is still in its early stages.
You can work with Metaverse real estate agents and brokers to find and invest in the best Metaverse virtual properties.
2. Explore Cost-Efficient Metaverse Mortgages
The Metaverse mortgage can provide an affordable way for average buyers to get Metaverse land parcels. The concept of Metaverse mortgages is relatively new, and only a few companies offer them. Terra Zero, for example, provides Metaverse mortgages for vacant parcels of virtual land on major Metaverse platforms.
3. Purchase Metaverse Land Outright Using Cryptocurrency
This is the simplest way to buy virtual real estate in the Metaverse, and it’s best for small and low-cost transactions. Follow these steps to make your purchase:
The first step is to visit the property marketplace of your choice on the Metaverse platform. This will be similar to app markets for software platforms.
Sign in, assess the land’s location and design, compare prices, and create a shortlist.
Set up a digital wallet compatible with the Metaverse real estate you’ve chosen to buy and store your cryptocurrency. For example, in Decentraland, land can only be acquired using a currency called MANA, and you must have a wallet that supports the transaction.
Connect your digital wallet to your Metaverse account and ensure it has the crypto you need.
Click on the buy or purchase button to exchange the crypto amount for the real estate NFT.
Lastly, you can work with a company like Metaverse Properties to manage and develop your virtual real estate so that you can make better profits.
If you choose a mortgage option, the steps are similar; the only difference is that the mortgage provider will retain full ownership rights to the land NFT until you have paid it off, but you can manage and develop the property during this time.
How to Sell Land in The Metaverse
When it comes to selling your NFT Land, you usually have two alternatives. You can sell it through the Marketplace of the Metaverse project or a secondary marketplace. Only third-party marketplaces can currently be used for The Sandbox, but landowners will be able to sell directly through The Sandbox in the future for a 5% transaction fee in SAND.
Simply go to your profile and click the [Sell] button on your NFT to sell your land on OpenSea. After that, you’ll be able to set up a fixed-price or timed auction.
Tips Before Buying NFT Virtual Land
When investing in NFT land, you should always follow best practices, just as you would with any other investment. Make sure to use the official project link or a reliable third-party marketplace for buying virtual land.
Before making a purchase, thoroughly investigate the platform you intend to invest in and examine its basics. Don’t forget that owning isn’t your only option; you can also rent some land in the future if you need it for a specific reason.
Closing Thoughts
The digital real estate ecosystem has exploded in popularity in the cryptocurrency realm. As you can see, purchasing and selling digital land is an easy process. However, current pricing sometimes makes it more expensive than a real-world real estate investment. If you do decide to buy NFT metaverse land, keep in mind the risks and adhere to safe crypto procedures.
Hopefully, this CoinStats article was helpful and answered some of your questions concerning virtual world real estate and how to buy and sell land in the Metaverse. Make sure to visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to buy Ethereum Classic, What Is DeFi, How to Buy cryptocurrency, etc.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.
Investments are subject to market risk, including the possible loss of principal. Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.
Tesla’s Elon Musk Offers to Buy Twitter for $41 Billion, Says He Wants to Make It a Private Company – Bitcoin News
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Tesla billionaire Elon Musk has offered to purchase Twitter for $41.4 billion, according to a Securities and Exchange Commission (SEC) filing published on Thursday. Musk also explained in his note that he believes Twitter should be a private company and he decided he wants “to acquire the company and take it private.”
Elon Musk Offers to Purchase Twitter — Musk Believes ‘Free Speech Is a Societal Imperative’
During the first week of April, Bitcoin.com News reported on Tesla’s Elon Musk acquiring a stake in Twitter and at the time, analysts said it could lead to a buyout. Following the acquisition of a 9.2% stake in Twitter Inc., Musk promised he would push for significant improvements on the social media platform. The billionaire also pondered integrating dogecoin (DOGE) payments into Twitter so it can be a payment option for the Twitter Blue subscription service.
Now, ten days later, Musk is offering to purchase Twitter Inc. for $41.4 billion in a recently filed SEC filing published on Thursday. The letter is directed to Bret Taylor, Twitter’s chairman of the board and Musk stressed that he believes he can unlock the social media platform’s potential.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said in his letter. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.”
The Tesla executive continued:
Twitter needs to be transformed [into] a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter, and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.
Musk’s Offer to Buy Twitter Is His ‘Best and Final’ Offer
In addition to the letter, Musk left a voice text about the possibility of purchasing Twitter to the company as well. He said he spent several days thinking about it and he decided he “wants to acquire the company and take it private.” Musk also asked if Bret Taylor was “available to chat” and said that the offer was his “Best and Final.”
“I am not playing the back-and-forth game,” Musk added. “I have moved straight to the end. It’s a high price and your shareholders will love it. If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder. This is not a threat, it’s simply not a good investment without the changes that need to be made. And those changes won’t happen without taking the company private. My advisors and my team are available after you get the letter to answer any questions.”
Vice UK author David Gilbert decided to call Elon Musk’s offer a “hostile takeover” in his most recent editorial.
Of course, Democrats did not like Musk’s offer at all, and some of them even called the offer a “threat.” The left-leaning Greg Sargent said: “Now that Musk is threatening to take over Twitter, don’t forget that he relied on government to get his dreams off the ground but then sank into the worst sort of anti-government demagoguery when Dems wanted to tax billionaires and help millions of others.” The Democrat Lindsey Boylan remarked: “It alarms me how few people know that Elon Musk is funded by the same government he belittles and undermines.”
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What do you think about Elon Musk looking to purchase Twitter for $41.4 billion? Let us know what you think about this subject in the comments section below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ethereum’s Merge will no longer happen in June, new date unknown
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Ethereum’s highly anticipated transition to a Proof of Stake (PoS) consensus that is anticipated to be live in June is set to be shifted to an unknown date, this was revealed by Tim Beiko, one of the lead developers on the project.
Ethereum’s transition to PoS postponed from June
According to a tweet from Beiko, Ethereum’s Merge will not happen in June but it is likely going to happen “in a few months after.”
It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum
— Tim Beiko | timbeiko.eth 🔥🧱 (@TimBeiko) April 12, 2022
The statement was made in response to a question from an Ethereum miner on whether the mining community will have more time or the plug would be pulled for Proof of Work (PoW) miners in June.
Beiko went on to advise miners not to invest in more mining equipment as the transition is just a few months away.
I would _strongly_ suggest not investing more in mining equipment at this point.
— Tim Beiko | timbeiko.eth 🔥🧱 (@TimBeiko) April 12, 2022
Ethereum’s final transition to a PoS network will mark the end of mining on the blockchain, this is something that the Ethereum foundation has promised for years.
With the new consensus mechanism, miners would give way to validators who would become responsible for confirming transactions on the network. This move is expected to help Ethereum become more scalable and at the same time cut down on its energy use.
When will the Merge actually happen?
But the new postponement of the Merge has raised other questions. Many speculate that the transition might be delayed for more than just a few months. This plays into the trope of the past promises about the switch.
A mining pool operator on the Reddit forum for Ethereum miners wrote that they’ve been “reviewing the code and running nodes on the merge testnets, (and it doesn’t look like) they will be ready until 2023.”
On the cryptocurrency subreddit, another user added that “It’s kind of a running theme in the ETH mining community how proof of stake has been ‘almost here’ for years now, but this time it’s true we are nearing the end.”
Others also share this same belief, including Canada based mining firm, Hut 8. Its Vice President of Corporate Development and Investor Relations, Sue Ennis, said in February that the firm is close to the Ethereum developer community and information reaching them is that PoS is still far off.
If The Merge doesn’t happen as scheduled, it would be a huge disappointment to the community considering the amount of delays the transition has witnessed in the past. Plus, the delay would also give other smart contract -enabled blockchain networks an opportunity to rival Ethereum’s dominance of DeFi and NFT.
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How to Buy Dash (DASH) | Where, How, and Why
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Dash (DASH), originally known as Xcoin and Darkcoin, was launched as a fork of Litecoin, which is a fork of the Bitcoin protocol. As one of the first altcoins in the market, the token distinguishes itself with innovative techniques used to address Bitcoin’s laws with transaction times and privacy
The platform has integrated with 1700+ stores and services, including established e-commerce providers like Shopify and WooCommerce. It also falls within the top 100 largest cryptocurrencies by market capitalization on CoinMarketCap, standing at #78 as of April 2022. If you’ve been wondering how to buy DASH, you’ve come to the right place!
Read on to learn everything you need to know about DASH, its key features, how it works, why it’s unique, and how to buy DASH tokens to diversify your crypto investment portfolio.
What Is Dash
Dash is an open-source cryptocurrency and blockchain designed to offer fast and affordable global payments without the need for the traditional financial system. It aims to provide a user-friendly experience by providing high-speed anonymous transactions.
Dash was created by Evan Duffield and launched in January 2014 as a fork of Litecoin (LTC), a fork of the Bitcoin protocol. It was initially known as XCoin but was later renamed Darkcoin, a name derived from its privacy features. In 2015, it was rebranded to Dash, which is short for Digital Cash.
Dash is one of the earliest altcoins to copy and modify the Bitcoin code. According to the project’s white paper, Dash aims to improve upon Bitcoin (BTC) by ensuring more robust privacy and faster transactions. The intention was to deliver a lot more capabilities and gain more market traction.
Dash has built a scalable digital payments system and has grown to become one of the most popular networks in crypto markets. It aims to become a digital currency that can be used for daily transactions such as cash, credit card, or via PayPal.
How Dash Differs From Bitcoin
Dash vs Bitcoin
Dash is designed to be much more efficient than Bitcoin.
The two platforms have different mining algorithms (rules for the computational work used in mining a cryptocurrency). Dash operates with X11, a newer mining algorithm and a modification of the Proof-of-Stake (PoS) algorithm that demands less processing power in contrast to Bitcoin’s Proof-of-Work (PoW) algorithm. It also uses CoinJoin mixing to make private transactions possible on its blockchain.
Since it went live, Dash has expanded to include features such as a two-tier network with incentivized nodes like “MasterNodes” and decentralized project governance; InstantSend, which allows for instantly settled payments; PrivateSend, which delivers additional optional privacy for transactions; and ChainLocks, which makes the Dash blockchain instantly immutable.
Dash’s InstantSend feature enables transactions to be processed in seconds by allowing users to transfer DASH without waiting for transactions to be confirmed on the DASH blockchain. Since Dash 0.14 was released, all transactions have effectively been InstantSend transactions. On the other hand, BTC transactions take considerably more time.
The transaction fees on Dash are also much lower and are usually between $0.01 and $0.02. In contrast, BTC transaction fees start at $1 and can reach even more than $30.
MasterNodes
The Dash project is run by MasterNodes, which act as servers backed by collateral held in Dash. The MasterNodes are designed to securely deliver advanced services such as simplifying the verification and validation of transactions through governance using Dash’s proposal system. All MasterNodes need 1,000 DASH in their systems to get started. They add a second layer service to the network and enable functions such as InstantSend, PrivateSend, and ChainLocks.
InstantSend
InstantSend allows users to transfer DASH tokens without having to wait for transactions to be confirmed on the Dash blockchain first. Users can then send the crypto to Masternodes, which lock funds before recording them in the next block.
PrivateSend
PrivateSend enables users to send transactions through a mixing service, where DASH tokens are sent to Masternodes. The Masternodes then mix these tokens with those of other users. As such, the trail is obscured, making it difficult to trace DASH transactions.
Experimental Features
Dash further implements more experimental features that allow anyone who owns a certain amount of DASH tokens to participate in blockchain operations.
Dash operates on a modification of the Proof-of-Stake (PoS) consensus mechanism, a layer powered by miners who use hardware to solve cryptographic puzzles and create new blocks to secure the blockchain. Miners can, therefore, preserve the blockchain’s transaction history and prevent double-spending. While Dash is based on Bitcoin’s code, it’s different from Bitcoin as the block time is only 2.5 minutes on Dash compared to 10 minutes for Bitcoin. Dash miners receive 45% of the DASH tokens mined in each block compared to Bitcoin miners, who take 100% of the BTC they mine.
Dash MasterNodes have various functionalities like facilitating instantaneous private transactions, rejecting improperly formed blocks from miners, and storing a complete copy of the blockchain ledger. 45% of the block rewards go to MasterNodes, and 10% – go to funding future proposals. Once miners have finished with a specific validation, they can vote on how the 10% should be allocated.
Anyone can propose a new feature or suggest a change in the network; however, the final decisions are only made by the MasterNodes. A new feature is implemented if the “yes” votes exceed the “no” votes by more than 10%.
What Makes Dash Unique
The MasterNodes system, which includes a special server with a complete copy of the Dash blockchain, is Dash’s unique feature. MasterNodes power Dash features like InstantSend, which enables fully confirmed transactions in two seconds, and CoinJoin, which runs a sequence of transactions and makes them harder to trace. Users receive a part of the block rewards from Dash mining in exchange for running MasterNodes.
Most merchants don’t accept many types of cryptocurrencies; however, Dash has had quite a lot of success in this area.
On 27th July 2021, Dash launched DashDirect, a retail savings app that allows you to make retail purchases using DASH tokens on more than 125 websites and 155,000 stores. It also comes with discounts depending on the retailer.
Dash’s other noteworthy aspect is its user-friendly design. The Dash website has a clear explanation of how Dash works and where you can buy DASH tokens.
The DASH Token
DASH is the native cryptocurrency for the Dash platform.
DASH is an inflationary asset with a supply cap of 18.9 million tokens. The Dash reward rate for mining decreases at the rate of 7% every year. The last DASH block is predicted to be mined around 2254.
The price history of DASH follows a pattern similar to that of BTC due to the basic correlation between the two. However, there are some differences between Dash and Bitcoin.
The price of DASH doubled in a single week at the beginning of March 2017, reaching a high price of nearly $60. The all-time low of DASH was recorded to be $0.2139 in February 2014, shortly after the coin’s launch. The token reached its all-time high of $1,642.22 by December 2017.
Why Investors Buy DASH
Many users find DASH an exciting cryptocurrency for making private, quick, and secure transactions.
Investors should consider adding the token to their portfolio only if they believe that someday the market will favor protocols designed to enable efficient and convenient online payments.
The DASH token’s limited supply and deflationary nature may also attract new investors who believe DASH is a beneficial store of value.
What to Consider When Buying DASH
Cryptocurrencies are inherently complicated and highly volatile, so you must be fully aware of the market risk involved before purchasing or holding any type of cryptocurrency. If you’re considering DASH as a potential addition to your portfolio, you must first consider the following factors:
Availability: DASH is listed on a range of global crypto exchanges making it easily accessible for traders and increasing the coin’s credibility.
Supply: Due to its limited supply, DASH is predicted to reach its maximum supply by the year 2300, after which the price may increase.
Market Competition: DASH encounters strong competition from various popular cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and privacy coins like PIVX (PIVX) and Monero (XMR). DASH’s popularity and adoption relative to these competing coins will affect and determine its market value.
Emission Rate: DASH’s variable block reward is decreasing at a rate of 7.1% each year. The Dash whitepaper mentions that Dash will keep emitting coins for around 192 years before a full year of mining creates less than 1 DASH. Only 14 more DASH will be created after 2209, and it will take 231 years to generate the last DASH, starting in 2246 and ending in 2477 when emission completely stops.
Decentralized Governance: Dash has a decentralized governance and voting system, according to which any member of the community has the right to submit a proposal for a new feature or change to the Dash network. These proposals are then voted on by MasterNodes.
Buying DASH
Follow these simple steps for buying DASH coins:
Step #1: Pick a Cryptocurrency Exchange
You must compare the popular cryptocurrency exchanges’ features before choosing the one that suits your investment needs best. Some of the factors to consider are supported deposit methods, trading fees, customer support, ease of use, and local requirements.
This information can be found by clicking on the exchange name (like KuCoin Cryptocurrency Exchange or eToro USA LLC Cryptocurrency Trading, etc.) in the table, which will take you to its review page.
You can buy DASH using fiat currencies like euros, pounds, dollars, etc., on an exchange service like Binance, Binance Futures, HitBTC, HuobiGlobal, OKEx, Yobit, ZBCom, etc.
Step #2: Create an Account
After you’ve decided on a reliable crypto exchange, the next step is to open a trading account to buy or sell DASH. The requirements differ depending on the trading platforms. Personal information such as your name, contact number, email address, home address, social security number, and a copy of your driver’s license, passport, or government-issued ID will be required by most exchanges.
You may have to prove your address by uploading a bank statement, a credit card statement, or a utility bill. You might also need to identify yourself through a webcam or smartphone in compliance with Know Your Customer (KYC) rules if you plan to deposit fiat currency from your bank account to purchase cryptocurrency.
Some exchanges allow users to trade DASH without passing KYC. However, they won’t allow you to transfer local currency from your bank account; therefore, if you plan to purchase DASH with US dollars, you will need to pass the KYC requirements.
After verifying your ID, you may want to enable the two-factor authentication system (2FA) to add an extra layer of security to your account.
Step #3: Deposit Funds
After setting up your account, the next step would involve depositing funds to purchase DASH and other cryptocurrencies. You can use your bank account, debit/credit card, or crypto coins from a different crypto wallet. The payment method you use will be determined by the trading platform, location, and preferences.
Bank Account: While a bank or wire transfer from a local bank account is typically free, you must double-check with the DASH exchange you choose before you deposit funds.
Credit or Debit Card: You can conveniently link a card to your account to top it up. Once linked, you can use your card to make an instant purchase or set up a recurring purchase. However, you must be aware that using your cards for buying crypto may attract an additional fee.
Cryptocurrency: Usually, you can buy DASH by trading it for other cryptocurrencies like BTC or a stablecoin. Since this varies between exchanges, you will need to search for DASH on the spot market to check the cryptocurrencies for which it can be traded.
Step #4: Get a DASH Wallet
If you already have a DASH wallet, you can buy DASH directly from CoinStats by checking the coin’s current price and performance and directly swapping your existing coins for DASH tokens.
You may choose to store your newly purchased DASH coins on the exchange or move it to a more secure personal wallet that supports DASH. Many users prefer using their private wallets to ensure full ownership over their crypto assets or use them with other DeFi apps.
A hardware wallet, also known as cold storage, is a physical device, much like an HDD or an SSD. Hardware wallets are usually considered the most secure wallets to store your digital assets as they offer offline storage, thereby significantly reducing the risk of hacks.
You can also choose a software or digital wallet if you plan to trade your DASH tokens frequently. Whichever wallet you choose, always remember to keep your private keys safe and never share them with anyone.
For a complete list of crypto wallets that support Dash, visit the official Dash site.
Step #5: Buy Dash
After successfully completing the above steps, you can start buying DASH. The easiest way is to use the ‘instant buy’ option to purchase DASH for a set price (if the cryptocurrency exchange you have chosen offers this feature). Select Dash from the list of assets or search for Dash by typing “Dash” into the search bar. When you see Dash show up in the results, tap it to open the purchase screen and enter the amount you want to buy.
You can also open a trade in the spot market to set your own price—the most common way to buy cryptocurrency. The instant buy feature is straightforward but may be more expensive than the spot market option.
Before completing your purchase, you should also check the performance of your existing portfolio using a crypto portfolio tracker and monitor the DASH current price to decide if it’s the right time to buy.
You can also cash out your DASH with the same exchange by placing a sell order.
Dash price page on CoinStats
Investability of the DASH Token
According to walletinvestor.com, DASH is predicted to be an excellent long-term (1-year) investment based on the token’s price and performance as of April 2022. Based on the site’s technical forecasts, you can expect the DASH price to increase to $323.966 by 2027. Therefore, your $100 investment may reach $265.75 in 2027.
That said, the opinions expressed in this article should not be considered direct investment advice.
Closing Thoughts
The growing popularity of the Dash platform has motivated plenty of users to buy DASH coins and start actively trading them. The past performance of DASH, as well as analytical predictions about its future, indicate that the DASH coin may be a great long-term investment.
Even after you have purchased your DASH coins, you must continue to monitor the protocol’s performance and adjust your trading plan accordingly to keep your crypto investments safe. Also, remember to use a secure software or hardware wallet to store your tokens and keep the private key to your DASH wallet extra safe.
Platforms like CoinStats make it easy to purchase DASH using fiat currency, credit or debit card, a bank transfer, or other crypto coins. You can also benefit from our CoinStats blog to learn more about DeFi and use the CoinStats portfolio tracker to keep track of your crypto investment portfolio or store your DASH coins securely in the CoinStats Wallet.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. Our information is based on independent research and may differ from what you see from a financial institution or service provider.
Investments are subject to market risk, including the possible loss of principal. Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research, obtain your own advice, and be sure never to invest more money than you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.
