Dash has emerged as one of the most popular digital currencies. No, it’s not as valuable as Bitcoin with a $2.5 billion market cap compared to Bitcoins $100 billion-plus market cap. Still, Dash’s focus on technological soundness and ease-of-use bode well for the currency’s long-term potential. It’s all the better that Dash is backed by a focused team consisting of 50 some developers and other professionals.
Dash initially launched at just $11 per coin, but is currently valued at $300 plus. Daily volumes also regularly hit $100 million, making it one of the most widely traded currencies as well. Before jumping into how to buy Dash, let’s examine some of its competitive advantages. After all, knowing “why” you should buy is often more important than how you should buy.
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.
The Advantages of Dash Over Traditional Cash and Other Alt Currencies
Dash aims to “the” digital cash that can be spent just about anywhere. In order to accomplish this, Dash offers PrivateSend and InstantSend, both of which should help it accomplish its mission. Let’s dig in.
- PrivateSend– One of the biggest benefits of alt-coins is their ability to enable confidential transactions. With PrivateSend, Dash will send coins through a large number of MasterNodes, making it very difficult to trace where the coins initially came from.
- InstantSend– Despite the advanced security provided by PrivateSend, Dash transactions can be conducted in less than 1 second. This is due to Dash’s InstantSend feature, which ensures quick, painless transactions.
PrivateSend and InstantSend offer Dash traders both faster transaction speeds and more privacy than Bitcoin. Many also argue that Dash is harder to hack and scam than Bitcoin. This makes it more viable for everyday transactions, whereas Bitcoin’s shortcomings limit it to being used as a trading commodity or asset, rather than as an everyday currency.
The Steps You Need to Take to Buy and Trade Dash
First, Get a Wallet
You need to get a Dash wallet to hold your Dash coins. There are many different types of Dash wallets. If you’re just looking to dabble in Dash, say using it for small purchases and familiarizing yourself with the coin, a mobile app or desktop wallet will probably suffice.
The DashCore wallet is a good choice as far as digital wallets go. It enables all of the features of Dash, including PrivateSend and InstantPay. Other wallets, like the Electrum Dash Wallet, are also worthy of consideration. However, Electrum, among others doesn’t offer all of Dash’s features, such as InstantPay.
Note: You can invest in Dash without a wallet if you only want to speculate on price. Please see the eToro section below for more information
Dash Hardware Wallets Are Arguably a Better Choice
If you plan to invest in Dash and want to hold large amounts of the coin, it’s best to get a hardware wallet. Hardware wallets offer many advantages over their software counterparts, including the ability to be unplugged from the Internet. The hardware wallets offered by KeepKey, Ledger, or Trezor are generally good bets.
Second, Buy Some Dash Coins
Got your wallet? Good. Now it’s time to fill that wallet with Dash coins. You can use a number of platforms and methods to buy Dash. However, buying Dash with fiat currencies can be difficult, especially for those new to cryptocurrencies. Technologies are emerging that will change this, but for now, the process can be a bit tricky.
Using Bitcoin and Other Cryptocurrencies to Buy Dash
It’s easiest to buy Dash with another cryptocurrency. If you have Bitcoin or another widely used digital currency, you can head to one of many different crypto exchanges and start trading right away. ShapeShift, Kraken, Poloniex, Bitfinex, and Changelly are just some of many platforms you can use to start trading Bitcoin for Dash.
Don’t have crypto currencies, or don’t want to use them? Don’t worry, there are still several ways to trade, but it may take a few days or more to get started.
Use eToro to “Buy” Dash
eToro offers a quick albeit it pricey way to “buy” Dash. Why do we keep putting buy in “”? With eToro, you don’t actually buy Dash, Bitcoin, or other digital currencies outright. Instead, eToro provides a “Contract for Difference.” If you buy Dash at $300 and prices rise to $350, eToro will pay you the $50 difference when you execute the contract. Likewise, if you buy Dash at $300, and prices drop to $250, you’ll pay eToro $50. CFDs offer an interesting way to invest in digital currencies, but remember, you’re not actually buying them.
Buy Dash Via a Wire Transfer
Wire transfers from your bank or other financial institution offer a lot of conveniences. With a wire transfer, you’ll generally sign up for an exchange that allows for easy wire transfers. Then you’ll deposit your fiat currency and start trading. Let’s go over a few such exchanges.
AnyCoinDirect– As the name implies, you can get (just about) any major coin through AnyCoinDirect, which also happens to be the largest exchange in Europe. If you are located in Europe, you can make a SEPA transfer directly into your account. Fees are quite reasonable. After you’re verified, it’ll take roughly 2 days to get your Dash coins.
Kraken– One of the most reputable cryptocurrency exchanges. With USD or EUR, you can deposit funds into your account via a wire transfer. Then you just have to buy your Dash.
Buy Dash with a Credit Card
Looking to buy Dash with a credit card? You have a few options. Some exchanges allow you to buy Dash with a credit card. Cex.io is one such exchange. Changelly is another exchange that both offers Dash and allows you to use a credit card.
You can use your credit card to deposit money and then purchase dash. eToro also allows you to use a credit card. Remember, however, that you are buying a CFD rather than a credit card.
One of the coolest Dash features is their ATM machines. These ATMs make it easy to buy Dash directly with cash. However, the fees are high. Currently, ATMs are located in only a few locations. In the US, there are Dash ATMs in Oregon, Florida, and New York. Abroad, there are several Dash ATM locations. You can buy Dash via ATM in Australia, Eastern and Western Europe, Taiwan, Hong Kong, and elsewhere.
Using WallofCoins to Get Dash
one of the easiest ways to buy Dash and other cryptocurrencies in the United States, the Philippines, Latvia, Germany, and more. Simply head to a bank and deposit money into their bank account via a teller. Then you text them through their platform to confirm the transaction. Next, a seller will send you your coins. Fees come in at only about 1%.
WallofCoins is perhaps the easiest and quickest way for newer users to purchase Dash, Bitcoins, and other alternative currencies. Generally, you’ll receive your coins within about 15 minutes of depositing the money. However, you have to physically go to the bank and make the deposit in person, with a teller, which can be a pain.
Third, Deposit Your Coins Into Your Wallet
So now you have your Dash coins in hand. Hurrah! Word of advice, don’t leave your Dash or other cryptocoins in the exchange. Instead, deposit them into your wallet. Exchanges are meant for exchanging, not securing your Dash and other digital currencies. Wallets offer much better protection.
If you need help with the transfer, please see your wallet and exchange providers’ website. Generally speaking, the process isn’t too difficult and doesn’t take long. However, your first go around might be a bit confusing.