The recent “crypto bloodbath” took out tens of billions of dollars in value from digital currency, and Dash was not spared, dropping from $1.5 billion to $1.2 billion over the early part of this week (now back past $1.3 billion). The crash had nothing to do with Dash in particular, but rather reverberations felt throughout the ecosystem as a result of happenings elsewhere in the space. Unfortunately, Dash is linked to the rest of its crypto brothers and sisters, and shares their fate. Fortunately, there’s a few things we can do about it.
1: Establish more fiat-buying options
Regrettably, Bitcoin still maintains the major advantage in acquiring cryptocurrency. As such, cryptocurrencies remain inexorably linked with Bitcoin, meaning that they feel each other’s pain as well as hype. This means that, for example, an Ethereum crash brings down Bitcoin, which in turn brings down Dash. While there’s no way of completely insulating against this short of flipping Bitcoin and Dash’s relative market share, one good way of putting the brakes on the negative effects of speculation elsewhere in the cryptospace is to create more options to buy Dash directly with fiat. These include cash-buying options such as ATMs and services like Wall of Coins and LocalBitcoins, all the way down to a unified bank-like experience like Coinbase. Once these two ends of the spectrum are unified, adding fiat trading pairs to every major exchange reduces the number of people using Bitcoin and other cryptocurrencies as a connector to their Dash experience.
2: Use it to live on
Obviously, the best thing to do with Dash is to use it like digital cash as intended, and the more daily users the currency has the more stable and successful the project is as a whole. But daily use also dampens big trading swings. If people keep their Dash on exchanges and trade them around every time they think they can make a quick buck, that will affect price volatility. If,...