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Dash (DASH) is a cryptocurrency that aims to make digital cash more usable. With a focus on transaction speed and privacy, Dash is designed to allow people all over the world to make instant, anonymous payments online or in-store.
Since its launch in 2014, Dash regularly features in the top 10 cryptocurrencies by market capitalisation. To find out more about how Dash works and how and where to buy DASH, keep reading.
This is our quick guide to just one way to buy DASH. Compare some other options in the table below.
You can buy DASH on a wide range of cryptocurrency exchanges, including the following:
If you want to buy DASH, here’s what you need to do:
The first step is to find a cryptocurrency exchange that lists DASH in one or more currency pairings. There are many possible exchanges you can use, so make sure you thoroughly compare the pros and cons of each platform to find one that meets your needs.
You can then sign up for an account by entering your email address and creating a strong password. On some platforms you’ll then be able to trade without providing any further information, but many exchanges require further details (such as your full name, contact details and photo ID) to satisfy KYC (Know Your Customer) laws before you’ll be allowed to place a trade.
Don’t forget to also enable two-factor authentication on your account for added security.
Many cryptocurrency exchanges don’t allow you to exchange fiat currency, such as Australian dollars (AUD), for DASH. If this is the case on your chosen platform, you’ll have to own or buy a crypto that’s listed in a currency pairing with DASH, such as Ether (ETH) or bitcoin (BTC), and then exchange it for DASH.
However, there are some exchanges that do allow you to trade AUD for DASH, such as CoinSpot. If you’re using CoinSpot, you can make a deposit by clicking the “Deposit AUD” link from your account dashboard and entering the relevant amount. Alternatively, you also have the option of depositing cash at a newsagency via blueshyft.
Navigate your way to the markets section on your chosen exchange and search for the currency pairing you want, such as BTC/DASH. If you’re using CoinSpot, click on the “Buy/Sell” link at the top of the page and search for “DASH”. It’s then a matter of clicking on “Buy DASH” and typing in the amount of DASH you want to buy or the AUD you want to spend.
Make sure you also review the total cost and specifics of your transaction before finalising your purchase.
If you want to sell your DASH holdings, you’ll need to follow a fairly similar process to that detailed in step 3 above. However, you’ll need to look for the “Sell DASH” link rather than the link to buy. It’s also important to remember that you may not necessarily be able to exchange DASH directly for the currency you want.
While you do have the option of storing any DASH you buy in your crypto exchange trading account, this does pose some security risks. Instead, you should move your DASH to a secure wallet compatible with this cryptocurrency.
On the Dash website, you’ll find downloads for the Dash Core desktop wallet (available for Windows, Mac and Linux operating systems), the Dash Core iOS wallet (for iOS mobiles), the Dash Wallet by Hash Engineering (for Android devices) and setup instructions for the Dash Core paper wallet.
Dash also recommends/provides links to the following wallets:
Previously known as Xcoin and Darkcoin, Dash was created by Evan Duffield in January 2014. The motivation behind this altcoin was to address several perceived shortcomings with bitcoin, including slow transaction speeds, high transaction fees and a lack of privacy.
Beginning as a fork from the bitcoin/Litecoin codebase, Dash doesn’t use a single mining algorithm like bitcoin or Litecoin; instead, it uses something known as X11, which is a collection of 11 algorithms designed to ensure the fair distribution of coins between miners. Miners create new coins and secure the blockchain for which they receive 45% of the block reward.
The second layer of Dash’s two-tiered structure is a dedicated network of servers known as masternodes. The role of these masternodes is to enable coin mixing for privacy, to process InstantSend transactions in less than a second and to vote on governance proposals. Dash’s network has grown to 4,500 masternodes.
Using this architecture, Dash is designed to offer transactions that meet the following criteria:
To find out more about Dash, check out our introductory guide.
Cryptocurrencies are complicated, volatile and highly speculative, so you’ll need to be fully aware of all the risks involved before buying or holding any cryptocurrency. If you’re thinking of buying DASH, consider the following factors first:
With thorough research and careful consideration of all the risks involved, you’ll be able to make an informed decision about whether you should buy DASH.
Picture: Shutterstock
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