With a market capitalization of $5B at the time of this writing, DASH controls 1.16% of the cryptocurrency market share. Since launch, DASH valuation has been up and even after peaking at around $1300 in early January 2018 and dropping to current levels, there is a lot that this currency can solve.
Mind you, this coin is based off Litecoin and Bitcoin source codes and solves a couple of weaknesses found in Bitcoin. Currently, each coin trades at $635 down with a daily average volume of $99.3M from 7.9M DASH coins in circulation.
What is DASH?
DASH is a brainchild of Evan Duffield who sought to solve three key challenges he saw in Bitcoin. With DASH-previously DarkCoin, he sought to improve things as network governance, transaction speeds and issues of privacy.
Remember that Bitcoin transactions are traceable and not completely anonymous as many believe. If your public key is cracked, so is your identify. Besides those three concerns, DASH is on the fore front and pushing for mass adoption of digital money.
For fast transaction and fees, DASH employs an innovative two-tier design and a governance system that allows users to vote on any source code improvement. Unlike Bitcoin and other PoW cryptocurrencies, miners are tasked with transaction validation and all but rather than receiving 100% of all the coin reward, DASH allocates them 45%. The other 45% goes to Master Nodes and the remainder, 10% goes towards network development. The network also produces blocks every 2.5 minutes and uses X11 hashing which is more power efficient.
To enhance network security from Sybil Attacks, any node in the network can upgrade and become a master node as long as they have a minimum 1,000 DASH. Master nodes receive 45% of all block reward and are indispensable within DASH network. They are the ones who vote on system improvement, process instant payments and enhance transaction privacy within the DASH network.
How to Buy DASH
At the moment, there are 129 different ways of buying DASH from more than 10 cryptocurrency exchanges. However, very few allow fiat purchases. BitFinex is an exception. This is how you buy DASH from this liquid and reliable exchange:
- Set up, verify and login to your BitFinex account
- Fund your account by linking your bank account with BitFinex exchange wallet or sending some ETH or BTC from an external wallet as CoinBase.
- Under Trading, click on DASH and DASH/USD or DASH/ETH or DASH/BTC depending on the type of funding currency.
- Specify the amount or size of DASH you want to buy at prevailing market rates and click “Exchange Buy”
- After settlement, BitFinex will automatically transfer the purchased DASH to your exchange’s wallet.
Where to Store DASH
It is best practice to transfer purchased coins from any exchange because of security concerns. Yes, most of them allow you to control the coin’s private keys but when there is a hack, it might takes months before you are reimbursed. You might not even get your coins even after arbitration.
There are several hot wallets that you can rely on. DASH Core is available for Windows, OSX and Linux. Others include Jaxx, Exodus, Coinomi and Dash Wallet.
If you want that extra layer of security, I highly recommend Ledger Nano S hardware wallet. However, Trezor and KeepKey offer similar services.