Last updated on February 26th, 2018 at 03:09 pm
Dash Is Digital Cash
Dash is a popular open source, peer to peer (P2P), decentralized cryptocurrency that offers a number of advantages over fiat currency, Bitcoin, and other cryptocurrencies. The Dash Core team consists of around 50 employees who are continually improving the protocol. By focusing on ease of use, exposure, and technological advancements, expect Dash to be a long-term player in the cryptocurrency space.
Dash started out at around $11 in the beginning of 2017 and has increased in value to over $200 throughout the year with a market cap of over $1.5 billion. It’s currently the 5th largest altcoin out there.
What Are The Advantages Of Dash?
According to the Dash company website, Dash is “digital cash” that can be spent anywhere. Dash enables a feature called PrivateSend that mixes coins through Masternodes in order to make it nearly impossible to track a transaction from start to finish.
Dash also has a feature called InstantSend, allowing payments to confirm in less than a second, while avoiding the double spend problem that is a common concern with other cryptocurrencies. In addition, Dash is secure, as transactions are confirmed by miners who collectively host thousands of servers around the world.
Simply put, Dash allows people to purchase everyday items as quickly and privately as they would with cash.
What Advantages Does Dash Have Over Bitcoin?
Dash has a number of advantages over Bitcoin, as it ensures nearly instantaneous, private transactions. These two features, along with high-quality security will likely enable continued adoption, especially for real world transactions that require speed and anonymity.
Realistically, Bitcoin won’t ever be used for everyday transactions like buying milk and bread, unless its core protocol changes dramatically. In addition, anyone looking for privacy will choose Dash over Bitcoin, as Bitcoin isn’t completely anonymous.
Want to buy some Dash? Here are the steps:
Step 1 – Get a Dash Wallet
Before starting the process of buying Dash you’ll need to get a Dash wallet. Much like Bitcoin wallets, there are different types of Dash wallets. For large amounts of Dash always use a hardware wallet. If you’re just “playing” with the currency a mobile or desktop wallet will do as well.
Dash Hardware Wallet
Dash Desktop Wallets
The easiest way to store and use Dash is to use a desktop wallet like the Electrum Dash Wallet. However, this wallet doesn’t have a lot of the desirable features like InstantSend and PrivateSend so it may not be the best choice for users who are looking for full scale functionality.
Anyone looking for all the benefits of Dash should use the Dash Core wallet available for Mac, Linux, and Windows.
Dash Mobile Wallets
There are a few mobile Dash wallets available for both Android and iOS. Jaxx is the most popular choice for both platforms. In addition, iPhone users can use DashWallet v.0.9. Hash Engineering Solutions and Coinomi also make Dash mobile wallets for Android exclusively.
Step 2 – Buy Dash
Purchasing Dash or any cryptocurrency, including Bitcoin, is often far trickier than it should be for anyone who is new to this industry. Individuals who already own Bitcoin can simply trade it for Dash on a number of different cryptocurrency exchange websites (e.g. Changelly, Shapeshift).
Unfortunately, people who are trying to exchange fiat for Dash face an uphill battle. Anyone who has been involved in the cryptocurrency space for some time knows how hard it used to be to purchase Bitcoin. Don’t worry though, times are changing, as there are new ways to purchase Dash directly with cash that we will discuss shortly.
Purchase Dash with a Credit Card
CEX.io – Established in 2013 CEX.io is one of the oldest companies in the game. While you can’t buy Dash through their brokerage services, you can use their exchange and deposit money via your credit card.
eToro – Platforms like eToro don’t give you actual access to your coins and you can’t send coins from eToro to other people. The only thing that can be done with the platform is to buy and sell Litecoin for fiat currency (i.e. Dollars, Euros, etc.). Meaning this platform is good if you only want to speculate on the price. This method is only valid if you live outside of the US.
IMPORTANT! If you use eToro you don’t actually need a Dash wallet as they don’t supply you the actual coins. Also, Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. So keep in mind that your capital is at risk.
BitPanda – Allows you to buy Dash using your credit card, Skrill account, SEPA transfer or SOFORT transfer. Buying on Bitpanda requires verification and buying limits are relatively low (600 euros). BitPanda is available in Europe only.
Purchase Dash with a Wire Transfer
Kraken – Another well respected altcoin exchange. Kraken allows you to fund your account with USD or EUR through a wire transfer and then buy Dash directly.
AnyCoinDirect – A website that makes it relatively easy to purchase Dash directly through a SEPA transfer for customers who are located in Europe. They are the biggest cryptocurrency exchange in Europe and their fees aren’t overly expensive. After being verified, it takes about 2 days to receive Dash.
Buy Dash Directly With Cash
Dash ATMs – There are three locations in the United States, in Oregon, Florida, and New York, where users can buy Dash directly from an ATM. While the fees are high, this is one of the easiest ways to acquire Dash. ATM locations to purchase BTC and other cryptocurrencies can be found at CoinATMRadar.
WallofCoins – Users can buy Dash at near spot price by simply depositing cash at a local bank in many countries like the United States. In addition, WallofCoins is available in Canada, Brazil, Germany, Latvia, Poland, and the Philippines.
A chat with customer support revealed that they can sell Dash at nearly the going market rate, as they are an escrow service, simply holding a seller’s coins for them. By offering this escrow service, they are able to facilitate a fiat to cryptocurrency transaction relatively inexpensively and send Dash directly to buyers quickly.
After cash deposit verification, it takes about 15 minutes to receive Dash. When it comes down to it, people who want to purchase Dash directly with cash can do so for about a 1% fee, while avoiding having to purchase Bitcoin first. It should be noted that people who want to purchase Bitcoin, can also do so at WallofCoins, simplifying the process of purchasing cryptocurrency substantially.
Exchange Bitcoin For Dash
Step 3 – Move the Dash coins to your wallet
Once you finish buying Dash don’t forget to move the coins into your personal wallet. Never leave coins on an exchange as they can be lost or stolen. Once the coins reach your wallet you officially own Dash.
Need more info? Check out Dash’s official documentation