Dash May Become The Second Cryptocurrency To Have A Debit Card

It’s been several months since the Bitcoin Debit Cards came into existence. And although they haven’t been quite successful, this doesn’t stop people from coming up with similar ideas. Another Bitcoin enthusiast, Charlie Shrem who has also been the co-founder of a Bitcoin Exchange Platform called BitInstant seems to be on an all new venture this time. Unfortunately, BitInstant couldn’t make it big and was closed three years back following the money laundering acquisitions imposed on Charlie Shrem for selling $ 1 million worth of Bitcoins to the black marketers.

And now three years later, he’s back with a new stratagem. Charlie Shrem has now proposed the idea of launching a series of Debit Cards exclusively for Dash cryptocurrency. However, the idea is yet to go mainstream and several funding rounds will be required before even attempting to do that. But instead of running a crowdfunding campaign or anything like that, Shrem has directly approached Dash developers for the same.

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About Dash

For those who don’t know, Dash is a decentralized, Peer-to-Peer Cryptocurrency just like Bitcoin which runs on a shared cryptographic ledger called Blockchain. Dash is based on the DarkSend, InstantSend and PrivateSend protocols making it a suitable for private and instant transactions. Owing to the Darksend protocol, it also offers a high level of Anonymity to the transactions. For this reason, it was formerly known as the Darkcoin. On March 25, 2015, it was rebranded as Dash.

As of today, Dash is the third most valuable Cryptocurrency after Bitcoin and Ether. When it comes to anonymity, Dash is unrivaled and yes, it’s even more anonymous than Bitcoin. Thanks to the Darksend system which integrates the inputs from multiple users in order to generate a single transaction with multiple outputs. Besides that, Dash is the only Cryptocurrency which uses the concept of Masternodes which further aids in instant validation of transactions.

What Happened To BitInstant?

BitInstant was a Bitcoin Exchange Platform co-founded by Charlie Shrem in 2011. The platform was operational till January 2014 but then it was closed when Charlie Shrem was arrested at New York’s JFK Airport on the grounds of money laundering attempts. BitInstant was reportedly selling bitcoins worth of $1 million to the black marketers. A website with the domain name Silk Road was said to have been involved in this. Both the websites were closed right away and they remain closed to this date.  

The Shrem’s Proposal

In a recent telephonic interview with Cointelegraph, Charlie Shrem revealed that he has sent a proposal on the idea of Debit Cards to the Dash masternodes and it’s very likely to get approved. The Shrem’s proposal has got a positive response from a majority of users so there’s a sharp possibility that it’s going to get approved. When approved, the funding will be initiated from the Decentralized Autonomous Organization (DAO) within Dash.

So let’s just hope that things work out well for Charlie Shrem this time and we get to see something new.