In recent years, Dash has become one of the more popular cryptocurrencies around due to the anonymity it provides its users. In this guide, I’ll give you a short overview of the currency and explain the different methods you can buy it online, and even offline.
In order to buy Dash follow these steps:
- Get a Dash Wallet (Ledger Nano S, Edge)
- Get your Dash address
- Go to CEX.io and sign up
- Buy Dash via the brokerage service / trading platform
- Withdraw your Dash coins to your wallet.
If you want a detailed review of Dash and additional buying options keep on reading.
1. What is Dash?
Dash is a popular open source, peer to peer (P2P), decentralized cryptocurrency that focuses on anonymity, ease of use and fast transactions. The Dash Core team consists of around 50 employees who are continually improving the protocol. Dash forked out of Bitcoin’s protocol back in 2014.
Dash promotes anonymity by enabling a feature called PrivateSend. This feature 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, which allows payments confirmation 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.
As you can see, Dash has a number of advantages over Bitcoin, as it ensures nearly instantaneous, private transactions while Bitcoin isn’t completely anonymous. Dash also manages to address other main issues Bitcoin faces – the ability to track transactions on the Blockchain and slow confirmation time.
For a deeper explanation about Dash watch this excellent video by Box Mining
2. How to buy Dash in 3 Simple 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
Most popular hardware wallets support Dash so you can choose from the Ledger Nano S, the TREZOR one, TREZOR Model T and KeepKey. Hardware wallets keep your private key (i.e. your funds) offline and are nearly impossible to hack. However, unlike software wallets they have a price tag.
Dash Desktop Wallets
The easiest way to store and use Dash is to use a desktop wallet like the Electrum Dash Wallet. 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. iPhone users can also use Edge or the Dash Core wallet for iOS. Android users have the same options as iOS users plus the awesome Coinomi wallet.
Once you have your Dash wallet you will need to get your Dash address. A Dash address is a long string of numbers and letters (case sensitive) that starts with an “X”. Here’s an example:
Step 2 – Find a Dash Exchange
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 or Ether can simply trade it for Dash using Binance.
Purchase Dash with a Credit Card / Wire Transfer
eToro – Platforms like eToro allow you to instantly invest in Dash however they don’t give you actual access to your coins and you can’t send coins from eToro to other people. In other words, this platform is only good if you want to speculate on the price.
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.
CEX.io – Established in 2013, CEX.io is one of the oldest companies in the game. You can buy Dash through their brokerage services or use their exchange and deposit money via your credit card.
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. BitPanda is available in Europe only.
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.
Buy Dash Directly With Cash
Dash ATMs – Can be found across three locations in the United States: Oregon, Florida, and New York. 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 such as the United States, Canada, Brazil, Germany, Latvia, Poland, and the Philippines.
A chat with their customer support revealed that they can sell Dash at nearly the going market rate. WallofCoins can do that since they are an escrow service that simply holds sellers’ coins for them. By offering this escrow service, they are able to facilitate a fiat to cryptocurrency transaction relatively inexpensively and send Dash to buyers quickly and directly.
After cash deposit verification, it takes about 15 minutes to receive your Dash. With WallofCoins, people who want to purchase Dash directly with cash can do so for about a 1% fee, while avoiding having to purchase Bitcoin first.
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.
Dash is one of the main contenders when it comes to anonymous cryptocurrencies (other alternatives include Zcash and Monero). As one of the earlier cryptocurrencies out there, Dash has continuously held the top positions in terms of market cap. Whether or not Dash will be the prefered method for anonymous transactions remains to be seen.
For additional information about Dash Check out Dash’s official documentation