How to Buy Dash Cryptocurrency – 2019’s Latest Guide

How to Buy Dash Cryptocurrency - 2019's Latest Guide

What is Dash?

Given the moniker ‘Digital Cash’, Dash is one of the first projects based on Bitcoin that has privacy mechanisms. Released under the name of Xcoin, the project was relaunched in January 2014 as Darkcoin. A year later, the developers renamed it into Dash.

Dash aims to provide cheap and fast payments without the help of an intermediary. Using powerful cryptographic technology via a decentralized peer-to-peer network, the developer team promises fast digital cash in the new era of cryptocurrencies.

Don’t know how to buy Dash? Here is a short guide if you already have a Binance account:

  1. Set up a Dash-supported wallet (Exodus for example)
  2. Copy your wallet address
  3. Visit Binance
  4. Purchase Bitcoin or Ether 
  5. Search for the DASH/BTC or DASH/ETH pair
  6. Create a market order for a custom amount of DASH
  7. Withdraw DASH to your copied wallet address

Purchasing Dash 

Dash presents itself as a cryptocurrency that provides fast transactions and low fees. The currency can be used all across the world. You can even use it as an alternative to credit and debit cards.

The project became a popular solution for the international remittance market. As a lack of regulation and technical framework make it almost impossible to make remittances via traditional financial institutions in some regions, Dash is a great replacement.

According to data provided by CoinMarketCap, Dash hit an all-time low of $0.21 in February 2014 and reached an all-time high of $1,642 on December 2017. At the time of writing, Dash is ranked 16th on the cryptocurrency leaderboard.

Dash is a decentralized open control that is not supervised or controlled by any central authority. The only thing required to make transactions via dash is a minimal fee, which is implemented in order to prevent spam attacks on the blockchain network.

Knowing how to buy Dash is as easy as buying any other cryptocurrency in the market. You can even buy Dash in more than hundreds of ATMs located worldwide. It is rare to see this rate of adoption in a crypto project.

Before you decide to buy Monero, make sure to deposit either Bitcoin or Ether on an exchange. While there are several exchanges where you can buy Dash directly with fiat money, we still recommend that you stick with high-volume cryptocurrency exchanges like Binance.

If you can’t access Binance, you can purchase Dash on HitBTC, BitMax, and Huobi.

If you haven’t previously used a crypto exchange, we have prepared a more detailed guide below.

Detailed Dash buying guide

Phase 1 – Create a Wallet

Dash is one of the few projects that you can actually use right now. Adopted in all parts of the world, Dash allows you to make any kind of transaction possible. Buying computer hardware, sending money to family and friends, and even purchasing airline tickets is possible through the Dash blockchain.

However, you will first need a place where you will store all of your assets. Quite a few wallets support Dash, but we have handpicked some of the best ones just for you. Check some of the most popular options and decide which one suits you:

Trezor Model T Hardware Wallet

How to Buy Dash Cryptocurrency - 2019's Latest Guide 1

For people who plan on making a serious investment, we recommend hardware wallets (also known as cold wallets), due to their immense security. A key factor in the crypto community is that you must be the sole owner of your private keys. If you don’t control your private keys, you don’t control your assets.

With headquarters in the Czech Republic, Trezor is one of the most reputable hardware wallet companies in the world. Ledger is their only serious competitor. The Model T is a next-generation hardware wallet designed to store and encrypt all of your digital assets, including Dash. Trezor’s newest wallet has a straightforward process for sending transactions, storing assets, and backing up your wallet data.

Exodus software wallet

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Exodus is a free software wallet option that is available on both PCs and smartphones. The wallet features a UX friendly design along with more than 100 cryptocurrencies, including Dash. While beauty is not the only feature that characterizes Exodus, the wallet also provides some of the safest options for storing cryptocurrencies.

The company prides itself in providing excellent customer service. More importantly, the wallet also features a built-in exchange, meaning that you can directly trade assets like BTC or ETH for Dash.

Binance Exchange wallet

As always, one of the best options to go for is the Binance exchange. With headquarters in one of the most regulatory-friendly places in the world, Malta, Binance is known as one of the best solutions when it comes to trading crypto online. Having a continuous presence in the sector, Binance not only aims to provide great exchange services but to actively benefit the entire sector by researching new technologies and support new crypto startups.

Users who decide to use Binance can also participate in various events where they can win BNB, Binance’s native token used for paying fees. Additionally, you will have access to their newest IEO listings.

Edge Mobile wallet

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If you have mobility on your mind, the wisest option would be to pick the Edge mobile wallet. Since we always carry smartphones with us, sending payments and keeping your assets in check can be done at all times. The mobile wallet is available on both Android and iOS.

Edge supports 24 cryptocurrencies at the time of writing and allows you to buy, sell, and trade them in-between wallets. You will retain your private keys, while at the same time having your data encrypted on Edge’s servers. Additionally, the wallet doesn’t require any additional information and ensures that it keeps your privacy in mind.

Phase 1.1 – Locate your wallet address

After carefully selecting the option best suited for you, it is time to open your wallet and find your wallet address. Since most wallets tend to hold multiple assets, you will have to find the address on which you can only store Dash.

You will ensure that you have found the right address if the case-sensitive string of letters and numbers starts with an X. Here is an example of an address on the Edge wallet:

How to Buy Dash Cryptocurrency - 2019's Latest Guide 4

Phase 2 – Buy Dash through an exchange

While the easiest way to purchase Dash is through a local ATM, of which there are hundreds in the world, you may be more inclined to use an exchange as it can be done from the comfort of your home. While you can buy Dash on Bitmax, Huobi, and HitBTC, we generally recommend Binance as the best option. Binance offers one of the easiest ways to securely store and trade your cryptocurrencies.

Start by creating an account and going through the necessary steps. The KYC process is completely optional, but you are required to go through it if you want to raise your daily limit for depositing and withdrawing assets.

With the help of the Simplex payment processor, you can buy assets like BTC and ETH directly with your credit or debit card. All transactions have a fixed rate of 3.5%, which is on average lower compared to the fees provided on crypto ATMs. After selecting the amount of BTC or ETH you want to purchase and go through the process, your new crypto assets will arrive on your account in 30 minutes.

Continue by heading over to Binance’s trading screen by clicking on ‘Exchange’ in the top left corner and selecting the ‘Basic’ menu. You will be greeted by the traditional trading interface, where you have all trading data available including trade volume, prices, and an order book.

On the top right corner, you will find a search bar with a list of available trading pairs. Click on the asset that you deposited (BTC or ETH) and type DASH in the search bar. Select the DASH/BTC or DASH/ETH trading pair and you will get access to the coin’s trading menu.

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Menu for purchasing Bitcoin and ETH via Simplex

Depending on how urgently you want to buy the Dash cryptocurrency, you can pick the following types of market orders: Limit and Market order.

Limit orders allow you to select the price at which you want to buy an asset. If you are looking for a better entry-point, you can set a lower price and type the amount of Dash you want. After filling in the information, click on Buy Button.

Market orders allow you to buy Dash coin at the currently available price. You are only required to set the number of Dash coins you want to buy and their price in BTC or ETH will appear. Select the BUY option and your transaction will get verified in a few minutes.

Phase 3 – Transfer Dash to your personal wallet

Congratulations! You successfully went through the purchasing process and bought a certain amount of Dash. For now, the asset is located on the exchange’s wallet. If you wish to retain control over your assets by being the only entity that controls them, you will want to transfer the Dash coins to your personal wallet.

Withdraw your funds by going to your profile and clicking on ‘Wallet’. There, you will see a list of available assets, but you will only need to find Dash. After finding Dash, click on ‘Withdraw’ and paste your wallet’s address. Make sure to check the address before finally going through the process, as you may irreversibly lose your assets. Finally, you can say you know how to buy the Dash.

How does Dash Work? 

The creator of Dash, Evan Duffield, launched the project in January 2014. Duffield attempted to change some aspects of Bitcoin, but he knew that the core developers would never allow radical transformations to the original code. Therefore, Duffield went on to create his own cryptocurrency that would allow fast and efficient transaction which remain anonymous.

Originally named Xcoin, Dash started out as a fork (revision) of the Bitcoin protocol. At its early phase, Dash was mainly used for handling suspicious transactions on the darknet markets. The anonymous features made it easy for criminals to send transactions without getting caught, resulting in the project being rebranded as Darkcoin. The project was finally rebranded another time into Dash, which stands for ‘Digital Cash’.

By April 2018, Dash was 12th on the market leaderboard for cryptocurrencies with a market capitalization of $4.3 billion. The German news platform ‘Der Spiegel’ named Dash as the most popular crypto asset used in Venezuela in 2019.

Dash is famous for reworking traditional nodes, creating a feature named Master nodes. With the help of the Proof-of-Work concept, cryptographic security measures, and several privacy-driven features, Dash became one of the most popular private coins.

Dash Fundamentals

The fundamental technology structure of Dash provides users with the necessary tools to swiftly create transactions while remaining anonymous. While Bitcoin provided us with one of the first ways to transfer money in a large-scale network, the decentralized nature of Bitcoin does not allow privacy.

The Dash blockchain is based on the following features:

Masternodes

Most projects tend to copy the governance design of other traditional projects. However, Dash was the first cryptocurrency to introduce the idea of a node with additional privileges, a master node. They perform all the standard functions of a traditional node. 

Masternodes can host and copy the blockchain network, send messages, and even validate transactions. The feature even has the role of a shareholder as master nodes can vote on how the blockchain network can be changed. Aside from master nodes, miners and traditional nodes still exist.

Running a masternode is demanding hardware-wise. You are required to own 1,000 Dash and have at least the minimum CPU, internets speed, and RAM requirements. Additionally, the user who runs the node requires a static IP address.

PrivateSend

The PrivateSend feature attempts to give you true privacy when sending and receiving transactions by hiding the source of your funds. Each Dash wallet has several different ‘inputs’ that act as different coins.

By replacing your own wallet input with the input of two more wallet holders, your assets will technically always stay in your wallet. If someone were to check your wallet daily, they would always see the same amount, even if you made several transactions that day.

InstantSend

The scalability problem is one of the most fundamental issues in the crypto sectors. Traditional cryptocurrencies need to wait for a certain time before a transaction is fully verified by miners. While this ensures that the transaction remains irreversible and that the network can’t experience double-spending, it takes too much time to compete with payment processors like VISA or MasterCard.

Most projects attempt to solve this issue by adding several centralized features. However, this is not something that we want in the world of decentralized finance. Dash avoids both problems with the creation of a second-layer solution where masternodes participate. 

Masternodes can effectively bypass the verification process by voting for any submitted transaction. If a majority decides that the transaction is valid, it will be processed on the blockchain network. By doing so, InstantSend technology allows instant transactions.

Final Word – Should you invest in Dash?

As only 10 years have passed since the birth of cryptocurrencies, adoption rates and real use cases are still rare in the sector. However, Dash managed to breach all expectations by delivering fast and cost-efficient transactions world-wide. There are more than hundreds of locations with ATMs where you can deposit and withdraw money with Dash.

While not as technically-developed as other privacy-oriented projects, Dash is still a great project for the following reasons:

  • Fast transactions combined with low fees
  • Decentralized governance system
  • Features for keeping your wallet funds private at all times

Dash is at the time of writing still within the top 20 cryptocurrencies according to data from CoinMarketCap, which is a rare sight for a project from 2014. While the privacy-oriented payment solution has an active team and community behind it, we still recommend that you do your own research before investing. You can learn more about Dash by visiting their official website, developer page, and community page.

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