How to Buy Dash (DASH)
Beginner’s Guide
What Is Dash (DASH)?
Dash (DASH) is a cryptocurrency that was launched in 2014 as a fork of Bitcoin. It is a decentralized, open-source blockchain network that is designed to provide fast and inexpensive transactions. Dash was initially known as XCoin, then changed its name to Darkcoin before finally settling on Dash, which is short for “Digital Cash.”
One of the key features of Dash is its PrivateSend function, which is designed to provide enhanced privacy for users. PrivateSend uses a system of “mixing” to obfuscate the origin and destination of transactions, making it difficult to trace them on the blockchain. This provides a level of anonymity that is not available with Bitcoin or other cryptocurrencies.
In addition to its privacy features, Dash also uses a two-tier network to improve scalability and transaction speed. The first tier, known as the “masternode network,” is composed of nodes that perform advanced functions such as InstantSend and PrivateSend. The second tier is made up of regular nodes that perform basic functions such as verifying transactions and maintaining the blockchain.
Dash is also known for its fast transaction times and low fees, making it a popular choice for merchants and consumers alike. The project has a strong focus on adoption and is actively working to increase its usage and visibility in the cryptocurrency space.
How to Buy Dash Summary
- Get a Dash wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Dash (e.g. Binance ,Coinbase, Gate , Bitfinex , Kucoin)
- Deposit money and make the trade
- Withdraw the Dash to your wallet
Buying Dash in 3 Simple Steps
Step 1 – Get a DASH wallet
DASH Hardware Wallets
If you’re looking to securely store your Dash (DASH) holdings, a hardware wallet is one of the best options available. Hardware wallets are physical devices that provide an extra layer of security by keeping your private keys offline and away from potential hackers. Here are some of the best hardware wallets for storing Dash:
Ledger Nano S: The Ledger Nano S is one of the most popular hardware wallets on the market and supports a wide range of cryptocurrencies, including Dash. It features a secure chip and a built-in display for added security.
Trezor Model T: The Trezor Model T is another popular hardware wallet that supports Dash. It features a touch screen display and supports a wide range of other cryptocurrencies as well.
KeepKey: KeepKey is a simple and easy-to-use hardware wallet that also supports Dash. It features a large display and a simple user interface, making it a great choice for beginners.
Ellipal Titan: The Ellipal Titan is a newer hardware wallet that offers a high level of security and supports a wide range of cryptocurrencies, including Dash. It features a large touch screen display and is designed to be easy to use.
Overall, hardware wallets are a great option for storing your Dash securely. By keeping your private keys offline, you can ensure that your holdings are protected from potential hacks and thefts.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
DASH Software Wallets
Software wallets are another popular option for storing Dash (DASH) cryptocurrency. These wallets can be downloaded and installed on your computer or mobile device, and offer a convenient and easy-to-use way to store your DASH holdings. Here are some of the best software wallets for storing Dash:
Dash Core Wallet: The Dash Core Wallet is the official wallet for Dash and is available for download on Windows, Mac, and Linux. It supports all of the features of the Dash network, including InstantSend and PrivateSend.
Exodus: Exodus is a popular multi-cryptocurrency wallet that supports Dash and a wide range of other cryptocurrencies. It features a simple and intuitive user interface, making it a great choice for beginners.
Jaxx Liberty: Jaxx Liberty is another popular multi-cryptocurrency wallet that supports Dash. It is available for download on Windows, Mac, and Linux, as well as mobile devices. It features a clean and user-friendly interface.
Atomic Wallet: Atomic Wallet is a multi-cryptocurrency wallet that supports over 500 different cryptocurrencies, including Dash. It features a simple and intuitive user interface, as well as built-in exchange functionality.
Guarda: Guarda is a multi-cryptocurrency wallet that supports Dash and a wide range of other cryptocurrencies. It is available on Windows, Mac, Linux, and mobile devices, and features a user-friendly interface and built-in exchange functionality.
Overall, software wallets are a convenient and easy-to-use way to store your Dash cryptocurrency. They are available on a wide range of devices and platforms, making it easy to access your holdings whenever you need to. However, it is important to remember that software wallets are more vulnerable to hacking and theft than hardware wallets, so it is important to take appropriate security measures to protect your holdings.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest DASH software wallets to get started with are undoubtedly Exodus, Atomic Wallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Dash (DASH) Exchange
Buy Dash through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Dash through Coinbase
- Coinbase is a convenient and cheap way to buy Ethereum and the platform is open to 200+ countries). Coinbase will sell you CRO for a variable fee that depends on your payment method (credit cards have a higher fee than wire transfers), order size and market volatility. Here’s how you buy Ethereum on Coinbase: Open a Coinbase account Add your payment method (Credit card or bank account) Go to “Buy/Sell” and select the amount of Ethereum you desire Click “Buy Cronos”
Buy Dash through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy Dash through Bitfinex
- Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.
Buy Dash through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Step 3 – Withdraw Your Dash
Once you decide on an exchange, open an account and buy your Dash. Make sure to withdraw the Dash from the exchange to your personal wallet. Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
Overview
Who Are the Founders of Dash?
Dash was founded by software developers Evan Duffield and Kyle Hagan. The project was originally called XCoin, changing its name to Darkcoin two weeks later before rebranding again to Dash in March 2015 in an effort to positively change its image.
Before launching Dash, Duffield was a software developer with experience in finance, from his time working at Hawk Financial Group, as well as in public relations, having developed machine learning algorithms and search engines. He first conceived of Dash in 2012 as a way to add more anonymity to Bitcoin — hence, originally calling it Darkcoin. Duffield has claimed that he started it as a hobby, coding it in just one weekend. Duffield served as CEO of Dash Core Group — the company that supports the continued development, integrations and other activities of Dash — until December 2017 when he stepped down to focus on other strategic initiatives.
Hagan co-authored the original Darkcoin whitepaper alongside Duffield. However, he left the project early on in December 2014.
What Makes Dash Unique?
Dash (DASH) is a cryptocurrency that aims to offer fast, secure, and inexpensive digital transactions. It was launched in 2014 as a fork of Bitcoin, with the goal of addressing some of the key limitations of the Bitcoin network, including slow transaction times and high fees.
One of the key features that sets Dash apart from other cryptocurrencies is its two-tier network architecture, which consists of masternodes and regular nodes. Masternodes are full nodes that are responsible for facilitating advanced features, such as InstantSend, which allows for near-instant transactions, and PrivateSend, which provides enhanced privacy and anonymity.
Another unique aspect of Dash is its decentralized governance system, which is managed by the masternode network. Masternodes are required to hold a certain amount of DASH as collateral, which incentivizes them to act in the best interest of the network. They can vote on proposals for network improvements and changes, and receive a portion of the block rewards as compensation for their services.
Dash also features a robust and active development community, which is constantly working to improve the network and add new features. In recent years, Dash has introduced a number of innovations, including the Evolution platform, which aims to make Dash more user-friendly and accessible to a wider audience.
Overall, Dash’s focus on speed, security, and innovation, combined with its unique two-tier network architecture and decentralized governance system, make it a compelling cryptocurrency with a strong community and a bright future.
How Many Dash (DASH) Coins Are There in Circulation?
The maximum number of Dash tokens that can be issued is 18,921,005. However, this figure ultimately depends on how the governance decides to allocate the 10% of block rewards reserved for budget proposals. If none were ever allocated, only 17,742,696 DASH would ever be emitted. New Dash tokens are created through a proof-of-work mining algorithm in which the token emission rate is decreased by one-fourteenth, or approximately 7%, every 210,240 blocks, or about every 383 days.
Approximately 45% of new DASH is awarded to miners, 45% to masternodes and 10% to fund future proposals. In August 2020, a proposal was approved that will, once in effect, change the ratio of coins awarded to miners and masternodes from 50/50 to 40/60, respectively.
Within the first 48 hours of Dash’s launch, approximately 2 million coins were mined, which significantly exceeded the planned emission schedule. Dash was originally forked from Litecoin, which suffered a similar issue at its launch due to a bug in its difficulty adjustment algorithm. While it is well-documented that Dash inherited the bug from Litecoin, there has, nonetheless, been widespread speculation about whether the resulting fastmine was intentional to benefit early miners.
How Is the Dash Network Secured?
Dash uses a two-tier network to secure its transactions. The first tier consists of nodes that carry out mining operations under a proof-of-work consensus protocol, meaning that they compete to solve complex cryptographic problems and at least 51% of nodes must approve a transaction for it to be added to the blockchain.
The PoW algorithm used by Dash is called “X11” — a custom hashing algorithm developed by Dash founder Duffield that uses a sequence of 11 hashing algorithms. According to Dash’s documentation, X11 is “one of the safest and more sophisticated cryptographic hashes in use by modern cryptocurrencies.”
The second tier consists of masternodes operating under a proof-of-service consensus algorithm in which masternodes are rated based on their history of providing good services to the network. Masternodes oversee the network and have the power to reject new blocks added by nodes if they were approved improperly. They also enable Dash’s ChainLocks feature, which increases security because every 12 hours, a rotating group of masternodes observe and confirm all new blocks added to the blockchain. Dash’s developers have stated that this protects the network against 51% attacks.