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The Dash Fork, PIVX Cryptocurrency Brings Private Instant Verified Transactions to the Masses

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Bitcoin Press Release: PIVX cryptocurrency, forked from DASH v0.12.0.x core uses custom PoS, changes name from Darknet to enable private, instant and verified transactions.

March 15, 2017 – PIVX (Private Instant Verified Transaction), formerly known as Darknet offers an upgraded DASH v0.12.0.x clean fork based cryptocurrency with custom Proof of Stake (PoS) code to the community. The open source cryptocurrency platform has replaced the previous Proof of Work (PoW) consensus algorithm to bring private, instant and verified transactions to the masses.

Through its latest changes, PIVX has eliminated the dependency on resource intensive hardware for mining, like in the case of other PoW cryptocurrencies. Instead, the community members can earn PIVX by holding on to some tokens in their wallet while keeping it connected to the internet. The platform’s latest PoS 2.0 algorithm allows any device running a PIVX wallet, irrespective of its technical specification or operating system to take part in the staking process and earn rewards.

Being a Dash fork, PIVX utilizes Bitcoin Core by default. It uses the current Bitcoin v0.10.x core in combination with some already committed v0.13.2 updates. Since its launch on January 31, 2016, PIVX has been the only PoS cryptocurrency to be based on Bitcoin Core v0.10.x or above, making it the most up to date and technically advanced PoS cryptocurrencies in the market.

PIVX inherits all the technical features of Dash, including the masternodes, instant transfers, and private transfers. The PIVX team is working on further improving the platform by updating it to v0.12.1.x Dash core with enhanced features like IPv6 support, along with the existing IPv4 and TOR Network support.

The PIVX cryptocurrency network has a block time of 60 seconds with fixed block rewards. The custom seesaw algorithm incorporated in the system dynamically alters the rewards split between a masternode and staking nodes. Detailed information about the seesaw algorithm is available in PIVX’s whitepaper.

The PIVX team is one of the first to explore the implementation of libzerocoin protocol with non-optional minting to the platform. A successful integration of the zerocoin protocol will further enhance the network privacy, making every end-to-end transaction untraceable.

PIVX believes in having an inclusive governance by the community. The team is currently involved in discussions to further improve the existing masternode voting system by including non-masternode PIVX holders in the decision-making process and utilization of its block reward budget. These discussions are held as publicly viewable live meetings for increased transparency continuing until an ideal governance solution is devised and implemented.

With these features, PIVX hopes to revolutionize the world of private cryptocurrency, in terms of monetization and exchange methods.

About PIVX

PIVX is a multifaceted community-centric endeavor in the blockchain tech and cryptocurrency realms. It offers a transactional security and privacy-centric, decentralized open source cryptocurrency for the community.

Learn more about PIVX at – https://pivx.org/
Read PIVX whitepaper at – https://pivx.org/what-is-pivx/white-papers/

Media Contact

Contact Name: PIVX Marketing Team
Contact Email: media@pivx.org

PIVX is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Fit&Funky Starts Selling Fitness Apparel for VEROS Cryptocurrency

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Bitcoin Press Release: Fit&Funky, the Swiss dance-fitness company, has started accepting VEROS cryptocurrency on its online shopping portal.

March 14, 2017, Singapore – Fit&Funky customers can now buy dance fitness clothes online with VEROS cryptocurrency. The European company, operating since 2013 is entering the Asian market with its fitness services. Fit&Funky specializes in dance workout routines that combine all key elements of a balanced training which include aerobic warm up, intense choreographed bodyweight exercise, dance moves and stretching.

The outfits on Fit&Funky web-portal and social media platforms are designed and supplied by GFit, a Malaysian fitness event organizer, and workout gear designer. GFit is a lifetime partner and distributor for Fit&Funky since 2017.

Fit&Funky and GFit, with plans for global expansion, find alternative payment methods like cryptocurrencies as great opportunities for further growth. Exploring the use of cryptocurrencies, GFit has become one of the first merchants to accept VEROS (VRS) for goods earlier this year. Fit&Funky follows GFit’s footsteps by beginning to accept VRS payments on its online shop, starting March 2017.

Explaining the rationale behind VEROS acceptance, Navanita Sgambato — one of the founders of Fit&Funky said,

“Our fitness clients represent a huge network, in which the boundaries like age, gender, and social status do not exist. The VEROS community also resonates with this idea and presents a great chance for us to enter the global market seamlessly”

Cryptocurrency VEROS is based on the Ethereum blockchain, which is extremely safe and efficient. It aims to achieve a massive user adoption with the aid of its core features such as transparency, security, ease of use and high compatibility with other platforms and payment gateways. The development team behind VEROS based in Romania and Singapore is extremely open-minded and receptive to fruitful collaborations.

VEROS intends to achieve its goal of mass adoption by using Crypto-One-Stop-Solution (COSS) platform. COSS platform encompasses all the features of a digital economical system. Launching officially in April 2017, the VEROS fueled COSS platform aims to shape the foundation for a community of cryptocurrency users comprising of companies, startups, employers, employees, traders and gamblers in what promises to be a very viable market.

From February 15, 2017, till March 7, 2017, the GFit team has already organized 15 events in Singapore and Malaysia, featuring Fit&Funky on their Asian tour. One of the tour’s highlights was the Fit&Funky Fitness Party held on March 4, 2017, in Johor Bahru, Malaysia at Horizon Hills Golf and Country Club. The event sealed the partnership between VEROS, GFit, and Fit&Funky. As a part of this partnership, the latter will soon include VEROS payment method to its online shop.

About Fit&Funky

Fit&Funky™ is a dance-fitness company founded in Switzerland, promoting funky dance workouts with an all-in-one training concept. More details about the company’s Asian tour are available on Fit&Funky Asia Facebook page and website.

About GFit

GFit is a fitness event host and organizer headquartered in Malaysia. GFit designs and manufactures its own fitness apparel which can be bought with VEROS cryptocurrency. GFit fitness garments can be purchased here.

About VEROS

Launched on 2016, VEROS is a secure and transparent cryptocurrency, implemented on the Ethereum blockchain. VEROS is designed specifically for massive adoption and everyday use.

Learn more about Fit&Funky at – http://www.fitandfunky.ch/en/home/
Shop on Fit&Funky at – http://www.fitandfunky.ch/en/shop/women/tops/
Learn more about COSS at – https://coss.io
Find GFit on Facebook at – https://www.facebook.com/GFIT.GLOBAL/?fref=ts
Learn more about VEROS at – https://veros.org
Watch Fit&Funky Video on – https://www.youtube.com/watch?list=PLz2-MB3mKvkNqH_fTvKLWN1Pe767fRYI8&v=jwqfsa7bqk0

Media Contact

Contact Name: Maria
Contact Email: maria@coss.io
Location: Singapore

Fit&Funky is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Mobile Cryptocurrency App Freewallet Enables Dash Support

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Ever since the Dash price started to rise, a lot more people have started paying attention to this altcoin. It is not surprising to find out wallet services are extending support for Dash as well, as more investors are looking for secure ways to store their funds. Freewallet is the latest cryptocurrency wallet service to enable Dash support, although they will not be the last ones.

Freewallet Integrates Dash Support

It is safe to say Dash is one of the world’s fastest growing cryptocurrencies right now. This privacy-centric ecosystem has been undervalued for quite some time now and has seen significant value appreciation over the past few weeks. Buying Dash can be done across multiple exchanges, but storing funds in a safe and secure manner requires a dedicated wallet solution the user can control This is where Freewallet comes into the picture, as they have enabled support for Dash late last week.

Although Freewallet supported eleven different cryptocurrencies already, the addition of Dash is more than justifiable. This news comes at an opportune time, as the Dash ecosystem has been growing steadily over the past few months. Now that the value per token increases on a near daily basis, more people will grow an interest in what Dash has to offer. With a secure wallet at the disposal of Dash holders, things are looking very good for this popular ecosystem.

Mobile users can download the updated Freewallet app from the Google Play Store. An iOS release is imminent as well, as the app is currently going through Apple’s review process. This approval is expected to be granted soon, after which the Freewallet Dash app will be listed in the Apple App Store. It is good to see more mobile wallets integrate support for popular alternative cryptocurrencies, that much is certain.

Moreover the support for Dash is largely base don how things are evolving in the bitcoin sector. With transaction fees mounting, Dash provides users with instant transactions, cheaper fees, and an option to add more anonymity to their transfers. All of these factors make Dash a more than viable option for cryptocurrency holders, which is why the Freewallet team felt this is an opportune time to integrate support for the currency.

This news comes on the heels of other major announcements bringing Dash to mainstream consumers and businesses. The partnership between Dash and BlockPay will enable Dash payments through point of sale devices. Moreover, there is a partnership with Wall of Coins to facilitate cryptocurrency for cash. It is evident Dash is firing on all cylinders and will continue to make things happen moving forward. There is plenty of reason for excitement among Dash holders at this moment in time.

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Bitso Creates Cryptocurrency-Based Remittance Corridor Between Mexico and Canada

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Cryptocurrencies such as bitcoin and Dash have a big role to play in the future of remittance payments. Cryptocurrencies are easy to transfer across the globe without being hindered by banking requirements. Bitso, one of Mexico’s largest bitcoin exchanges, has created a Mexico-Canada remittance corridor with the help of Paycase. Moving funds from bank accounts between the two countries by using blockchain technology is now an official feature.

Bitso Shakes Up The Remittance Sector

Finding a way to enable fiat currency-based micropayments has been challenging, to say the least. Using the banking system means these transfers suffer from high fees and unnecessary delays. Cryptocurrencies make a lot more sense in this regard, due to their global accessibility and lower fees. To be more precise, this made a lot of sense for bitcoin, yet its transaction fees have gone up spectacularly these past few weeks.

Bitso, one of the Mexican cryptocurrency exchanges, feels the time is now to put cryptocurrency technology to the test in the remittance sector. Creating a microtransaction corridor between Mexico and Canada is an important first step to make this happen. A bank transfer has been sent to Paycase and relayed to Bitso by using bitcoin. The final transfer between Bitso and the recipient occurred in the form of depositing Mexican pesos into a bank account. This entire process took around three minutes to complete, which is a lot quicker than using regular bank transfers.

For the time being, it remains unclear when the service will be made available to customers in either country. It is evident bitcoin and other cryptocurrencies can support global payments in a quick manner without charging ludicrous fees. Remittance corridors need to be created to keep local economies alive. While Canada is economically healthy, the same does not apply to Mexico right now.  The country has been warming up a bit to cryptocurrency over these past few weeks, albeit no significant bullish behavior has been recorded to date.

Although this particular trial makes use of bitcoin technology, it is not unthinkable alternative currencies such as Dash can be used for similar purposes. Dash transfers can even be sent anonymously, which allows users to retain a level of privacy by not exposing personal information to third parties. Bitcoin-based remittance services have been scrutinized by governments these past few years, which only makes a stronger case to use alternative currencies for this type of purpose.

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Dozens of Dash Masternodes Taken Offline Due To DDoS Attacks

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The Dash network is subject to an ongoing distributed denial-of-service attack. To be more specific, an unknown entity is trying to take a number of Dash masternodes offline. So far, about one hundred of these nodes have been knocked offline. It appears this “attack” is facilitated due to the number of masternodes hosted on budget virtual private servers.

Some Dash Masternodes Are Knocked Offline

The concept of running a Dash masternode has proven to be quite appealing to a lot of users. Not only do these “service providers’ assist in verifying transactions, but every masternode is an integral part of the cryptocurrency’s anonymity feature. Without masternodes, it becomes nearly impossible to send transactions anonymously. Thankfully, it appears only a small number of masternodes have been affected so far.

While it remains unclear who is responsible for this ongoing DDoS attack against Dash masternodes, the damage seems to have been contained for the time being. The attack itself combines SYN flood with a UDP flood technique that sends bogus internet traffic to these masternodes. The nodes affected are all hosted on low-budget virtual private servers. Dash users are free to host their masternode on whichever service or device they see fit, although using budget servers may not have been the best course of action.

Since these attacks cause an increased amount of CPU and bandwidth usage, low-budget server masternodes are the first to be knocked offline. It makes a lot of sense for some users to rely on a cheap VPS plan for their masternode, even though it does not necessarily aid in decentralizing the Dash ecosystem. Although only roughly 100 nodes have been affected by this DDoS attack, it highlights the risks of using low-budget VPS solutions for these types of vital services. It shouldn’t take all that long to have all of these nodes up and running again, though.

It is advised Dash masternode owners move to bigger and better hardware sooner rather than later. Upgrading the VPS hosting plan is well worth looking into a swell. Paying around US$1 a month to provide a vital service to the Dash ecosystem will only invite more DDoS attacks against Dash nodes. It is also possible to mitigate the attacks by following this thorough guide.

In the end, attacks like these were bound to happen sooner or later. Considering how the Dash value has increased spectacularly these past few weeks, someone will try to harm the network sooner or later. Luckily, the effect of this attack was minimal, as  a lot of damage could have been done in the process. There is no reason to skimp on expenses when it comes to being part of the decentralized cryptocurrency revolution.

Slush Pool Simplifies Voting Process For SegWit And Bitcoin Unlimited

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Mining pools have an important role to play in the scaling bitcoin discussion. In fact, it is up to mining pools to make it easier for miners to vote on the proposal they think will succeed. Slush Pool has done exactly this by making the voting process as simple as possible. Current statistics heavily favor Bitcoin Core and Segregated Witness, although there are other intriguing statistics to take note of as well.

Slush Pool Provides Transparent Voting Results

Although it may appear  a lot of miners no longer care whether SegWit or Bitcoin Unlimited is activated on the network, no decision has been made final yet. Slush Pool, one of the oldest bitcoin mining pools, wants to clarify the way things stand in their pool. The choice to vote between SegWit and Bitcoin Unlimited has been made easier, and the result are publicly visible for everyone to see.

As of right now, 35.54% of the miners voted in favor of seeing Segregated Witness activate on the network. This scaling solution, developed by the Bitcoin Core team, has the majority of support on the entire bitcoin network. However, it is always good to see miners at individual pools express their preferences. After all, this is the only way consensus can be reached in the end.

Bitcoin Unlimited, on the other hand, sees far less support on Slush. With only 15.53% of the miners voting in favor of this solution, things are not looking all that great by any means. Then again, bitcoin Unlimited requires a lower threshold to activate on the network compared to Segregated Witness. Do keep in mind these numbers will continue to fluctuate as more time progresses.

What is rather intriguing is how 27% of the Slush pool miners want the pool to decide which solution is the best option. That is rather intriguing, although it goes to show over one in four miners really doesn’t care. This amount of support can swing in the favor of either Core or Unlimited, depending on how the voting evolves. Additionally, 24.83% of all miners have yet to cast their vote on which solution they prefer. This also means over half of the Slush Pool miners have no outspoken preference for either solution right now.

The scaling bitcoin debate has gone on for far too long already. It is due time either SegWit or unlimited activates on the network, as the transaction fees have been getting out of hand lately. It is understandable decisions like these need to be weighed carefully. However, it is up to the community to decide which solution is best, Slush Pool provides a transparent way to tally the votes in real-time, which is a big step forward in the right direction.

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BitLicense Court Case is Coming to an End Soon

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The Bitlicense court case is finally coming to an end soon. Bitcoin entrepreneur and software developer Theo Chino, herein known as the plaintiff and his Lawyer Pierre Ciric of Ciric Law Firm LLC on Friday dropped papers at the New York State Supreme court asking the court to produce two New Yorkers as witnesses.

The individuals involved are Ben Lawsky and Paul Krugman and a few other things from the New York Department of financial services. The hearing is set for March 30, 2017.

Last year the New York Businessman filed a petition with the State Supreme Court alleging that the New York Department of Financial Services acted illegally and arbitrarily, and exceeded its regulatory power when it promulgated its controversial “Virtual Currency” regulation in 2015 – Part 200 of Chapter 1 of Title 23 of the New York Codes, Rules and Regulations.

The claim further affirmed that the Department of Financial Services is acting inappropriately by using Bitcoiners as “guinea pigs”. The suit has come to be known popularly as Article 78 against NYDFS – A lawsuit against the executive branch overreach.

The Attorney General has 15 days to reply to the judge and the plaintiff-Petitioner also has 10 days to respond to the respondent. Theo Chino spoke to The Dash Times:

“This court case seeks to uncover the most appropriate legal framework for defining the Bitcoin token. We believe the correct definition will shed light on the erroneous regulations promulgated by the NYDFS.”

When asked about his expectation and outcome of the case, he was positive and expressed his feelings justice will be done. “The judge assigned to this case is known and respected for her unbiased approach; we are confident that her ruling will be fair,” Chino said to The Dash Times.

Bitlicense’

The Virtual Currency Regulation which has come to be known in the Bitcoin community globally as Bitlicense took the shine away from the Industry in the state of New York.  The law increased the costs to a mountainous $5,000 to file an application for a Bitlicense as well as running up to 500 pages of laid down procedures.

There is also the scrutiny of business owner’s personal information including business plans and strategies. Some business owners and experts are of the view that such a procedure will only expose them to hackers.

New York’s Loss
With the inception of the regulation, the state of New York has seen Bitcoin businesses moving to other states where regulation are friendly and less costly. Moreover many Bitcoin small businesses have folded. Case in point is Theo Chino, who had to close down his business because of the burdensome nature of the counterproductive regulation from the authorities of Big Apple.

Humaniq’s CryptoPension a Pancea to Africa’s Pension Worries

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In African societies, it is not rare to see grandparents serving as guardians/parents to their grandchildren. Natural phenom like armed conflicts, diseases and rural-urban migration are part of the genesis.

Yet, the pension situation or financial security for the aged is appalling, making life uncomfortable for the aged. Old age is not pleasant at all and dreaded by many on this continent.

Hindrance to Sustainable Pension

There are myriad factors that make this uncalled for circumstances possible. Less than 10% of the elderly people has a contributory annuity in Africa. Pension funds mostly cover formal sector workers. With most African economies having 80 percent in the informal sector, implementing a pension system is always complicated.

Moreover many don’t earn enough to have the incentive to save for the rainy day. In many instances, gratuity is so meagre it is very ridiculous.

Then again, savings for retirement is hindered by the sorry state of what accessing bank accounts in Africa entails. Deplorably, an adult population of merely 24 percent in a continent of 1.2 billion people with bank accounts stands no prospect of stimulating a culture of savings through the formal process. Many rather resort to unconventional means of saving their wealth which on regular basis leave a sour taste in their math.

There is no way you can also count out the inadequacy of institutions that recognise properties of the poor. Without property title and address systems, it is difficult to participate in the formal sector.

Even though the majority of African democracies claim to have decentralised, hardly has government services been closer to the populace. Governance is still centred in the capital cities of the giant continent, where you have to apply for services like incorporating your business, processing retirement benefits and getting a passport.

Most pension funds in Africa are public managed and are not pitied the ambiquitous corruption that has engulf most countries. Sometimes it takes years before retirees even receive their entitlements, sending some to their early grave before the funds arrive. This is either because of bureaucratic inclinations, or political and administrative malfeasance.

Just last week, pensioners in the Kwara State of Nigeria were accusing the government of refusing to pay gratuity worth more than $22 Million for three years. The chairman of the pensioners association stated that several attempts to appeal to the authorities have fallen on deaf ears. Why should people have to plead to get their own contributory annuity paid?

On the other hand, many African countries have to dispense with increasing inflationary rates. The lowest inflation rate on the continent is Mauritius’s 6.6 percent and the unusual is 479.70 percent representing South Sudan’s exceptional quantitative easing policy.

Economic prevalence such as the above alienates a sustainable pension scheme both by the public and private entities. At the end of retire, pension amounts to nothing oftentimes. There are instances where beneficiaries have regretted not investing their contributions elsewhere instead.

Technology-Based Solution

Refreshingly, Blockchain Technology and applications are decentralised tools with enormous capabilities of creating financial inclusion and minimising the trust for human institutions. A market-based solution to poverty start-up utilising the Blockchain is poised to reverse the quagmire.

Humaniq is a novel blockchain bank employing Ethereum as the nucleus platform for commercial services, essentially loans, credit, remittance payments, and insurance, whereas using biometrics to replace passports and signatures, and an ICO and shared ownership instead of shareholders, simultaneously with an investment fund for third-party start-up acquisition and expedition.

It offers a stage where all your necessary financial transactions can be done right on your smartphone. Its principal goal to allow the global two billion people without bank accounts access to banking is innovative.

None Can Steal Your Pension

Humaniq believes that a CryptoPension is the remedy to the current condition pertaining in Africa. The technology start-Up acknowledged that many Africans have no big capital but they can still contribute smaller amounts like 0.00001 per every transaction. With its visual-centric approach, everyone from the literate to the illiterate can all access this retirement service.

More importantly,  contributions will be invested prudently in Humaniq tokens for contributors with all transactions recorded on the Blockchain. In occurrences of this nature payment of pension cannot be unnecessarily delayed or stolen. Contributors can always monitor their investments for old age. No one should be able to steal pension, with Humaniq it is possible.

Deflationary Economy

In the Blockchain domain, your contributing funds are out of the reach of the profligate state with no chance for abuse. The terrible dependence on the state to plan people’s future will be obsolete and individuals empowered to handle their own affairs in their own interest. Financial security consequently becomes a reality for those who yearn for it.

As a cryptocurrency token, Moreover, its major advantage is the inflation-proof nature. This means contributors have no worries about inflation dissipating their hard earned income. The gains are fulfilling, signifying a judicious investment that leads to comfortable, peaceful and stress-free retirement.

A CryptoPension, therefore, deserves a push in order to facelift the life of the older generation. Without a doubt, the deflationary economy makes pension system viable.

Dash Fork PIVX Launches New Website as Part of Rebranding Process

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Imitation is the most sincere form of flattery, even in the world of cryptocurrency. PIVX (Private Instantly Verified Transactions), an alternative cryptocurrency forked from Dash, has recently launched their new website. This is another important milestone for this project, as the developers focus on private instant verified transactions. It is evident PIVX is well underway to continue their growth process in a positive manner.

PIVX Rebrand Is In Full Effect

People who have been looking for private transactions in the cryptocurrency world should take notice of PIVX. The project is an open-source proof-of-stake cryptocurrency combining parts of Bitcoin Core and Dash. Through the PoS 3.0 protocol with fixed block rewards and the deployment of masternodes, this cryptocurrency is looking to bring something new to the world of digital currencies. Similarly to Dash, PIVX aims to achieve decentralized governance.

It has to be said, the new PIVX website looks very appealing. It is nice to see an alternative cryptocurrency focus on website design, unlike the vast majority of copy-and-paste coins in existence. PIVX is positioning itself to become a major contender on the Coinmarketcap charts in the future, that much is certain. Moreover, the project packs quite the punch under the hood as well.

To ensure PIVX users can enjoy full-time private transactions, the currency is working on a Zerocoin Protocol implementation. To be more precise, the developers are working on modifying this protocol to work with PIVX’s PoS consensus algorithm. Transactions will be anonymized by using a form of cryptographic e-cash. Although the developers are uncertain when this implantation will be finished, they aim to roll the feature out before the end of 2017.

The cryptocurrency community has shown a lot of appreciation for PIVX so far. With the project’s Slack community growing to over 200 members, it is evident private instant verified transactions are important to quite a few people. Moreover, there are six active developers – four of which are core devs – working on this project, which is a lot more than most altcoins have. PIVX is in a prime position to become a major contender – and perhaps even competitor – to other cryptocurrencies focusing and privacy and anonymity. It will not overtake Dash anytime soon, though, despite borrowing some of its features.

That being said, PIVX has successfully achieved a marketcap of US$2.5m, which goes to show interest in this project continues its growth. The cryptocurrency ecosystem is open to anyone and everyone, and more competition can only be a good thing. Rebranding from DarkNet to PIVX has been a smart decision by the team, that much is certain. After all, DarkNet has a very negative connotation to it, whereas the PIVX brand offers a lot more marketing potential.

Dash Becomes Third-Most Valuable Cryptocurrency Based On Market Cap

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The past 48 hours have proven to be quite intriguing for anyone involved in the Dash cryptocurrency. With prices spiking to a new all-time high yesterday afternoon, things got off to a good start. Albeit Dash has seen a small correction ever since, the price per individual coin still hovers around the US$46 mark. Dash is now the third-most valuable cryptocurrency in existence.

A Good Time To Be Involved In Dash

People who have been holding onto their Dash for some time were more than  happy to see the recent price increase take form. With the value increasing by 450% over the past few days, it is evident the demand for privacy-centric altcoins is bigger than ever before. Dash has been around for several years now, yet never saw such a spectacular price increase up until the past two days.

All of this positive momentum has catapulted Dash to the third rank on Coinmarketcap. To put this into perspective, Dash is now the third-biggest cryptocurrency based on their market cap. At the price of US$46.09 per coin, the total market cap sits at US$328,782 million. That is quite an impressive feat and it allowed Dash to bypass Ripple, which has been the third-largest market cap for quite some time. Dash is still a long way removed from overtaking Ethereum, though, as there is a US$1.5bn gap between the two right now.

It is difficult to explain why the Dash price saw such an impressive price surge all of a sudden. There has been positive news, as Dash has been officially integrated into point-of-sale devices. In doing so, the manufacturers of these devices aim to make cryptocurrency payments more accessible to merchants and more common among consumers all over the world. That news alone would not propel Dash to the third spot on Coinmarketcap, though. It is evident some of the cryptocurrency traders and speculators had a role to play in all of this as well.

One Reddit user explained how the parabolic rise of Dash can be attributed to the Poloniex exchange. On this cryptocurrency exchange  platform, users can lend out their Dash balance as a way to generate passive interest once the money is repaid. Using leverage to margin trade has been one of the primary reasons why Poloniex became the number one altcoin exchange in the world today. Users borrow cryptocurrencies from others and bet on which way the market will evolve.

Considering Dash saw a bullish trend, a lot of traders aimed to borrow funds to open long positions on the Dash price. However, some people were betting the Dash price would crash and opened short position, which requires a Dash balance to do so in the first place. With the demand to borrow Dash on the rise – a lot of people expected a price crash – the number of bitcoin flowing into the market exploded exponentially. It was impossible to open shorts due to lack of Dash, hence the bullish price trend could be maintained without problems.

With shorts no longer being able to match the longs opened on Dash, it was evident something had to give sooner or later. Shorters were forced to buy back into bitcoin at a loss, causing a “short squeeze” for Dash. A lot of people made good profit and suffered big losses as a result of this unexpected price movement. This is only part of the reason why the Dash price shot up, but it goes to show there was a lot momentum caused by speculators and traders. It is good to see someone explaining the situation in this manner, that much is certain.

In the end, the price momentum for Dahs has somewhat kept its flow going. A lot of people expected a retrace to US$20 per coin or less, yet that has not happened yet. Instead, the price has seemingly found a stable floor for now. Dash remains the third-most valuable cryptocurrency, which will not change anytime soon by the look of things.  Whether or not this trend can be turned into long-term momentum for Dash, remains to be seen.

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