## Choose a Privacy Coin and perform a fundamental analysis of the coin in detail
When it comes to cryptocurrencies, privacy coins are one of the many categories of cryptocurrencies at the moment. Anyone who has been in the crypto space must have come across privacy coins. Like the name, Privacy coins are basically cryptocurrencies that operates anonymously on anonymous blockchains that give users more privacy by hiding information about transactions. A lot of privacy coins utilize some strategies to preserve anonymity and untraceability of transactions such as; Stealth addresses, CoinJoin and Zk-SNARKs. One of the main benefits of privacy coins is that any amount can be owned by anyone and sent to or received from any addresses completely anonymously and privately.
### What is Dash?
Dash is one of the blockchain and cryptocurrency projects that has been around for a long time now. It is one of the oldest blockchain and cryptocurrency projects that was created to provide better solution to the current conventional financial system, most especially the fiat currency. Dash is already popular in the cryptocurrency space as it was created in 2014, it was forked from bitcoin, and was created to be an anonymous cryptocurrency. It was founded by Evan Duffield and Kyle Hagan. Dash was formerly known as Xcoin and Darkcoin, but the name was later changed to Dash. Dash coin or DASH is the cryptocurrency of Dash.
The name Dash is was coined from two words digital and cash. The main idea behind the creation of Dash was to become a digital currency and an alternative to the fiat money. Dash allows anyone to send money to anywhere, anytime as a digital currency via the Dash blockchain network. The transactions on dash are peer-to-peer through an open-source network which makes it decentralized. Dash is a privacy coin which means that it aims to take a lot of similarities from the physical fiat currency. We all know that transactions made with the physical fiat currency is private and is only known to the sender and the receiver of the fiat currency. Same with Dash. As a privacy coin, dash transactions is private and anonymous. Meaning that no one can have access to the transaction details and the transactions cannot be tracked.
Dash coin is one of the fastest cryptocurrencies when it comes to transaction speed. The instantsend on the dash network makes it possible for anyone to send and receive dash almost instantly and the privatesend makes it possible to send private and anonymous transactions. This makes dash a great digital currency solution for making payments, sending money to anywhere in the world fast, secure and privately. While there are other solutions that makes it possible to send money to anywhere in the world in less time, those solutions have a lot of cons which makes it difficult for everyone to make use of it. With Dash, anyone can make use of it as a payment solution and also send and receive money anywhere in the world almost instantly. Dash is not only fast, secure and private, it also has very low fees, making it a very good fiat alternative and digital currency. When it comes to digital currency and payment solution, there are factors that must be in place and dash provides that.
### The 3 important elements of Dash
On the dash ecosystem, there are three important elements known as the users, the miners and the masternodes. The users are simply dash users or users who use dash for sending and receiving trasactions either through the instantsend or privatesend feature. The miners validate the transactions on the dash blockchain network through the proof-of-work algorithm. Also, consensus is reached on the dash network through the proof-of-work. The masternodes on the dash network are an additional functionality that makes the decision on how the treasury funds are spent and allocated.
### Benefits of Dash
* One of the main benefits of dash is that it offers high level of privacy. Users can send transactions using the privatesend feature on dash. Private transactions on dash is anonymous.
* Fast transaction speed is another major benefit of dash. Dash has the capability to process thousands of transactions per second.
* Low transaction fees is another main benefit of using dash. Any user can send dash transactions with very low fees.
* High security is also another benefit of the dash blockchain network. Dash uses the proof-of-work algorithm to verify transactions and create new block and reach consensus on the network.
### How Does Dash Work?
On the dash network, once the transactions are broadcasted, the work of the miners are to process the transaction and verify the transactions on the network using proof of work algorithm. This is similar to how the proof-of-work on bitcoin works. Specialized computers in various parts of the world compete to become to the first to solve the complex mathematical puzzles. Once this is achieved, the other miners in the network have to reach consensus, verifying that the puzzle was solved correctly in order to add new block on the network.
### How transactions are performed on Dash
Performing a transaction on dash is not complex at all, and is very similar to that of bitcoin. When it comes to dash transactions, there are 2 very important element that play a key role. The public address and the private key. The public address is the address where the transactions will be sent to. Without the public address, it is not possible to send transactions to a specific destination. The private key serves as the proof of ownership of the dash coins. Without the private key, it is not possible to access the dash coins on the blockchain or perform dash transactions on the network.
To perform a dash transaction, a user would have to have dash in a secure and supported dash coin wallet. To send, the private key will be used to sign in to the wallet to access the dash coins on the blockchain network. The public address will be needed to tell the network where to send the dash coins to. Once that is done and broadcasted to the network, the miners will now have to verify the transaction to ensure that the transaction is legit and after the consensus is reached, new block will be added.
### Dash use cases
Like every other cryptocurrencies, dash has its use cases. Some of the use cases of Dash coin are;
* Dash coin can be used as an alternative to the physical fiat currency to send and receive money.
* Dash coin is used as a payment solution to make payment for products and services.
* Dash coin is used as a digital currency to send and receive funds anywhere in the world privately.
* A lot of businesses accept dash coin as a form of payment for fast and secure money transactions
* Dash transactions cannot be tracked which used to send anonymous transactions.
### Statistics
Dash is one of the top cryptocurrencies in the top 100 on coinmarketcap. With the current marketcap, dash falls under the mid capital cryptocurrencies. It has a marketcap of $1,990,024,125, fully diluted marketcap of $3,699,224,144, 24hr volume of $483,336,857, circulating supply of 10,167,390.37 DASH and a total of 10,167,390 DASH and max supply of 18,900,000 DASH. The current price of dash is $195.13. The All Time Low of dash in Feb 14, 2014 was $0.2139. The All Time High of dash in Dec 20, 2017 was $1,642.22.
### Where to Buy or Trade Dash
Since DASH is a top and very popular cryptocurrency, it is available on a lot of the big crypto exchanges. With a lot of liquity, anyone can buy or trade dash in a variety of different exchanges like Binance, Coinbase, Kucoin, Huobi, Okex, Poloniex, Kraken, Bitfinex and Gate.io, FTX, etc.
## Describe the steps in creating a wallet for the Privacy Coin of your choice
The good things about dash is that it has its own official wallet. All the information about the dash wallet is available on the dash website.
* Creating a dash wallet starts with visiting the dash website https://www.dash.org
* On the homepage, move down and on the get the app section, select view all apps button.
* The next screen, There two options for android and iOs. I use android, so I will be selecting android version.
* Select download for android option
* On the next screen, there are two main options to download the application. Either going through google playstore or downloading the apk file directly. Choose any option that you prefer to download the app.
* After installing the dash wallet app, launch the app and begin the wallet creation
* On the welcome screen, click on skip
* The next screen is to create the new wallet, select create a new wallet
* Type in a secure pin for your dash wallet and confirm the pin
* The next screen is the most important screen. Wallet security. Ensure to write down the recovery phrase correctly and keep in a safe place.
* Select secure now and reveal the recovery phrase
* Confirm writing down the recovery phrase and continue
* The next screen is to verify the recovery phrase
* The wallet creation is completed
## Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
In my opinion, there are reasons why I chose dash as my preferred privacy coin. Dash is one of the fastest cryptocurrencies when it comes to transaction speed. This makes it ideal for sending and receiving money transactions. Two of my best features of dash is the instantsend on the dash network makes it possible for anyone to send and receive dash almost instantly and the privatesend makes it possible to send private and anonymous transactions. Being able to process so many transactions per seconf very fast makes dash a great digital currency solution for making payments, With Dash, anyone can make use of it as a payment solution and also send and receive money anywhere in the world almost instantly. Dash is not only fast, secure and private, it also has very low fees, making it a very good fiat alternative and digital currency. When it comes to digital currency and payment solution, there are factors that must be in place and dash provides that.
### Advantages of Dash
* Fast transaction speed is another big advantage of dash. Dash has the capability to process thousands of transactions per second.
* Low transaction fees is another advantage of using dash. Any user can send dash transactions with very low fees.
* One of the main advantages of dash is that it offers high level of privacy. Users can send transactions using the privatesend feature on dash. Private transactions on dash is anonymous.
* Dash is listed on a lot of the top crypto exchanges where anyone can buy or trade dash any time
* High security is also another benefit of the dash blockchain network. Dash uses the proof-of-work algorithm to verify transactions and create new block and reach consensus on the network.
* Dash is a very popular cryptocurrency and is used by many all over the world
* Dash is a great cryptocurrency to use as a payment solution
* Dash works as a digital cash with privacy, speed and security.
### Disadvantages of Dash
* Mining difficulty is a big drawback of dash because it can be very difficult to become a miner on any proof-of-work blockchain
* Dash is very volatile which can be a problem when using it to make payments. The value can drop at anytime depending on the market movements.
* As a privacy coin, This can have some negative impact as bad actors can use it for fraud activities anonymously.
* Privacy coins can pose a lot of security issues which makes it a target for ban and delisting
## Conclusion
In my opinion, privacy coins are one of the many categories of cryptocurrencies at the moment. Anyone who has been in the crypto space must have come across privacy coins. Like the name, Privacy coins are basically cryptocurrencies that operates anonymously on anonymous blockchains that give users more privacy by hiding information about transactions. Dash allows anyone to send money to anywhere, anytime as a digital currency via the Dash blockchain network. The transactions on dash are peer-to-peer through an open-source network which makes it decentralized. For me, dash a great digital currency solution for making payments, sending money to anywhere in the world fast, secure and privately.
Task post for @levycore