How to buy, sell and trade Dash in Australia
Read our beginner’s guide to buying and selling DASH.
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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.
Quick guide: How to buy DASH
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy DASH. Compare some other options in the table below.
Where to buy DASH in Australia
You can buy DASH on a wide range of cryptocurrency exchanges, including the following:
A step-by-step guide to buying DASH
If you want to buy DASH, here’s what you need to do:
Step 1. Register for an account with an exchange that allows you to buy DASH
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.
Step 2. Deposit funds into your account
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.
Step 3. Buy DASH
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.
How to sell Dash
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.
Which wallets can I use to hold DASH?
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:
- Jaxx (desktop and mobile wallet)
- Exodus (desktop wallet)
- Coinomi (mobile wallet)
- KeepKey (hardware wallet)
- Ledger Nano S (hardware wallet)
- TREZOR (hardware wallet)
How Dash works
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:
- Fast. Transactions are confirmed within seconds.
- Private. The PrivateSend feature allows users to keep their activity and balances private by using a CoinJoin mixing technique.
- Secure. Transactions are confirmed by the X11 chained hashing algorithm and over 4,500 servers hosted around the world.
Key things to consider if you’re thinking about buying DASH
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:
- Supply. According to CoinMarketCap at the time of writing (20 February 2018), the circulating supply of DASH was 7,894,388 out of a maximum supply of 18,900,000 DASH.
- Availability. DASH is listed on an extensive range of global cryptocurrency exchanges, which not only makes it easily accessible for traders around the world but also increases the coin’s credibility.
- Acceptance. Another factor to consider is the widespread acceptance (or lack thereof) of DASH. You can find a list of merchants that accept DASH as well as debit cards that can be funded with DASH on the currency’s website.
- Market competition. Dash faces stiff competition from a number of other popular cryptocurrencies, including bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP) and Litecoin (LTC) as well as privacy coins like Monero (XMR) and PIVX (PIVX). The popularity and adoption of Dash relative to these and other competing coins will be an important factor that affects its value.
- Mining rewards. Miners receive 45% of the block reward in exchange for mining blocks. A further 45% goes to masternodes, while the remaining 10% is set aside for the development, marketing and infrastructure of the Dash network. This makes Dash a self-funding cryptocurrency. For example, Dash has reportedly provided US$1.2 million in funding to legal-marijuana-focused payment company Alt Thirty Six.
- Emission rate. Dash’s variable block reward decreases at a rate of 7.1% per year. According to the Dash whitepaper, “Dash will continue to emit coins for approximately 192 years before a full year of mining creates less than 1 DASH. After 2209 only 14 more dash will be created. The last dash will take 231 years to be generated, starting in 2246 and ending when emission completely stops in 2477.”
- Decentralised governance. Dash features a decentralised governance and voting system where any member of the community can submit a proposal for a new feature or change to the Dash network, and proposals are then voted on by masternodes.
- What’s in a name? With an emphasis on privacy and fast transactions, Dash has in the past been associated with illegal transactions. In an effort to move away from this reputation, the community voted to adopt the name Dash (formed from Digital Cash) rather than the earlier monikers of Xcoin and Darkcoin.
- Running a masternode. To run a masternode on the Dash network, a user must prove that they own 1,000 DASH. This measure is designed to prevent “Sybil attacks” on the network.
- Whitepaper and roadmap. Want to know more about Dash and how it works? Check out the whitepaper. For details of future developments and upgrades, take a look at the official roadmap.
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.
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