What is Dash?
Before discussing how to buy Dash, let’s discuss what Dash is! Dash is a digital currency which was launched in January 2014 as Xcoin, and then later renamed as Darkcoin. In March 2015, Darkcoin then rebranded as Dash. Currently, Dash is the 5th largest cryptocurrency in the market.
Dash is a peer to peer, open source, and decentralized cryptocurrency that offers many advantages over Bitcoin and other types of cryptocurrencies. Dash was created to address the issues of bitcoin in terms of efficiency, accelerating transactions, improved financial security, and creating a decentralized governance and funding system.
Advantages of Dash
Dash allows users to make payments immediately either online or in-store through a protected open-source platform. It has a coin-mixing technique called PrivateSend, which uses anonymity to prevent tracking of transactions from beginning to end. PrivateSend mixes transactions from multiple parties as a single transaction, rather than separate transactions.
Dash is implemented on a network with dedicated servers popularly known as Masternode, which runs the Dash digital wallet and offers many excellent features such as locking transactions with InstantSend, coordination in mixing of coins, and a monthly voting system to implement changes quickly.
InstantSend is an extraordinary feature offered by Dash, which accelerates and confirms the transactions in four seconds. Additionally, Dash transaction fee is as low as $0.40. Dash can be used to purchase various items on a daily basis.
Advantages of Dash Over Bitcoin
Features such as instantaneous confirmation and private transactions are enabling Dash to be one of the leading cryptocurrencies in the market. These features combined with high-quality securities are likely to continue and can be adopted for real-world transactions such as buying everyday items. However, bitcoins are not used for buying milk and bread as it cannot be completely anonymous.
Additionally, funding for bitcoin development comes from various sources such as MIT Media Lab’s Digital Currency Initiative, Blockstream, Chaincode Labs Inc., Ciphrex, BTCC (Chinese exchange), and others. Dash is self-funded and self-governed, which means Dash network funds help to develop its network by itself. The coin supply is limited to 22 million, and the available supply is around 7.22 million.
How to Buy Dash
Step 1 – Get a Dash Wallet
It is necessary to buy a wallet before buying Dash. Similar to bitcoin, Dash has a wide range of wallets. Hardware wallets can be used to store huge amounts of Dash and for a smaller amount use a mobile or a desktop wallet.
Dash Hardware Wallet – Trezor, KeepKey, and Ledger are the most popular and highly secured Dash hardware wallets and any one of these can be used to store Dash for a longer period of time.
Dash Desktop Wallets – An Electrum Dash wallet, which is a desktop wallet, allows users to store and use Dash. This desktop wallet doesn’t provide advanced features like InstantSend and PrivateSend and thus it may not be a user’s choice. However, Dash Core wallet offers several benefits and is compatible with Mac, Linux, and Windows.
Dash Mobile Wallets – Jaxx is the most popular mobile Dash wallets available to suit both Android and iOS and iPhone users can use DashWallet v.0.9. Coinomi and Hash Engineering Solutions also develop Dash mobile wallets for Android platform.
Step 2 – Buy Dash
It is complicated to buy Dash or any other cryptocurrency for new users. However, mining experts who own bitcoins can exchange it for Dash on various cryptocurrency exchange websites. The following steps help new users to understand how Dash can be purchased.
How To Buy Dash with a Credit Card
CEX.io – CEX.io was established in 2013 and is one of the oldest and renowned companies in the cryptocurrency market. This company allows users to set up a profile on CEX.IO website and add VISA/MasterCard details and buy Dash coins.
BitPanda – BitPanda is a fully automated cryptocurrency platform that helps users to buy Dash with a credit card, Skrill account, SEPA (Single Euro Payments Area) transfer, or SOFORT transfer. Buying coins on BitPanda requires verification, and buying limits are set relatively low (600 euros). BitPanda is available only in Europe.
How To Buy Dash with a Wire Transfer
Kraken –Kraken is an altcoin exchange platform, which allows users to fund their accounts with USD or EURO via a wire transfer and use these funds to buy Dash. It also offers trading of Dash DASH/USD (Dash – US Dollar), DASH/BTC (Dash – Bitcoin), DASH/EUR (Dash – Euro)
AnyCoinDirect – AnyCoinDirect website offers a user-friendly platform that helps users to buy Dash directly through a simple SEPA transfer. AnyCoinDirect is one of the biggest cryptocurrency exchanges in Europe and offers this service for customers located in Europe. The transaction fee is not very high and it requires only two days for receiving Dash.
How To Buy Dash Directly With Cash
Dash ATMs – Dash ATMs are located in three places across the United States – Oregon, Florida, and New York. These ATMs are set up for customers to buy Dash directly from an ATM. Though the fee is relatively high, it is one of the easiest ways to purchase Dash. CoinATMRadar is a premier website mapping and tracking system or a map used by users to locate ATMs to purchase bitcoins and other cryptocurrencies.
WallofCoins – It is the only marketplace that allows users to buy and receive Dash instantly. As coins are stored prudently, users never have to worry about the safety of their coins. WallofCoins offers secured offline storage and its services are available in Canada, Brazil, Germany, Latvia, Poland, and the Philippines. This company also provides escrow services to buy Dash online for the current market rate and they can facilitate a fiat-to-digital currency exchange at inexpensive fees and send Dash directly to purchasers.
After verifying the cash deposit, it would take around 15 minutes to receive Dash. Besides these options, individuals who need to buy Dash directly with money can do so with a 1% fee, while abstaining from buying bitcoin first. WallofCoins also help individuals to purchase bitcoins in a similar way.
Exchange Bitcoin For Dash
Individuals who have purchased bitcoins and want to exchange BTC for Dash can use various exchanges such as ShapeShift, Changelly, Kraken, Poloniex, or Bitfinex.
Step 3 – Move the Dash coins to your wallet
After buying Dash, move all coins into the wallet and never leave coins on an exchange as they can be lost or stolen.
There you go! You now know how to buy Dash!
MasterNodes, PrivateSend, and InstantSend are the three prominent features that make Dash unique. Many legitimate merchants have begun accepting Dash. TenX, a Singapore based wallet has developed mobile app and debit card that converts Dash into fiat currencies.
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