What is DASH and How to buy DASH coin

DASH is an open source peer to peer cryptocurrency that offers instant transactions (InstantSend), private transactions (PrivateSend). It was formerly known as DarkCoin and XCoin that is originally launched in Jan 2014. 

Dash is built on Bitcoin’s core code with additional features. It utilizes a two-tier network. Certain network functions, such as creating new blocks, are handled by the miners. The second tier of the Dash network consists of “masternodes” which perform PrivateSend, InstantSend, and governance functions.

Dash is designed to have a total supply of 18 million coins and the current circulating supply of Dash is 7.4 million

A. How to buy DASH coin

Step 1: Get Bitcoin / ETH:   

You can invest in DASH using fiat currencies (USD, EUR etc) as well as convert your BTC & ETH to DASH.  Buying though fiat currencies will need opening account with the relevant exchange with verification requirements. I suggest to buy Ethereum or BitCoin and convert it to DASH.

You can buy Ethereum and BitCoin from Coinbase ( one of the the most popular exchange that allows purchase through debit card or credit card of bank account). If you use my referral link for opening account at CoinBase,  we both will get $10 as referral bonus.

If you are in country where CoinBase is not available, you can check other options to buy BitCoins and Ethereum – Read my post here.

Step 2:  Open an Account with Binance  and convert BTC / ETH to DASH.

a) Now create an account with Binance (a crypto currency exchange that allows to convert one crypto coin into another). Binance supports the exchange of Ethereum to Cardano (ETH/ADA),

b) After you open the account at Binance, you need to transfer the Ethereum from Coinbase (or other exchange) to Binance.

Go to the Funds Tab –> Select ETH wallet –> Choose “Deposit” option –> you will get an address to which you need to send ETH.

Go back to Coinbase and send the ETH to Binance address. It will take few minutes (10-15 minutes) before your ETH is reflected in Binance wallet.

c) Buy DASH – Go the “Markets” tab (or DASH / ETH Link) and see in the middle of the page. You have option to buy ADA there.  There are two option :

  • Limit order: Allows to manually set a price at which you want to buy ADA
  • Market Order: Buys ADA automatically at the best available price.

You can go for the Market Order type to get your order filled instantly.

Step 3: Transfer DASH to your personal wallet (Optional)

a) This step is optional as you can keep your DASH at Binance exchange so that you can sell it in future instantly or you can choose to transfer in to your personal wallet.  You can install free DASH from official wallet site (https://www.dash.org/get-dash/

b) Download and install the wallet as per the link.  (Note: it is 1GB file). Once the wallet is open, it will show that it is “Out of Sync” and will need to keep your computer on for next couple of hours to get sync. In the meantime, you can still recieve your DASH into your wallet.

You need to set a password using Setting –> Encrypt wallet option.  Now,  and Press ‘request payment’. it will show the wallet address that you need to transfer DASH to this wallet.

b) Once you have created the wallet, login to Binance and click on “Funds” -> Deposits Withdrawal. Search for DASH and click on Withdraw.

Enter your DASH wallet details and set the amount as “Max”  and Submit. Make sure the details are correct. You will receive an email to confirm the withdrawal as well as code for the 2 factor authentication.

Once it is done, DASH will be transferred from Binance to your personal wallet.

Other Points to note:  Buy Dash from Exchanges

  • Changelly:
    Bitfinex – USD supported and offers mobile app
  • HitBTC: Popular exchange
  • Binance
  • Poloneix
  • Bittrex – Cryptocurrencies exchange.
  • CEX.io: Another popular website to buy Dash using Credit/debit card
  • Kraken – Euro and US dollar exchange.
  • Livecoin – Online exchange supporting wire transfer (SWIFT).

B. How does DASH compare with other Alt Coins

Listing:  DASH started trading from Feb 2014 and it was listed at $0.21 with valuation of less than $1m 

Current price:  Current price is $1172  (valuation $9 billion)  which means  9000 times since launch.   Sine Jan 2017 (price $11 with valuation of $78 million) , it has increased to $9 billion i.e. 11000% returns.

C. Key things to note about DASH and future price prediction

  • In Nov 2017, DASH upgraded the software that increases the blocksize to 2MB, and further reduces the transaction fees. It is planned to have 5MB blocksize in near future.
  • DASH is available at multiple crypto exchanges that increases the liquidity.
  • people who own dash can transfer the coins to prepaid debit cards like SpectroCoin and spend the money wherever debit cards are accepted.
  • Dash’s biggest competitors are Bitcoin, Bitcoin Cash, Ripple, and Litecoin.

Feedback / Suggestions / Queries/ Comments

If you have any feedback, comments, suggestion and queries around Cardano (ADA) or any other coins and exchanges, feel free to use the comments box below.

 

Check my posts on other Trending Coins

 

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