How to Buy DASH Coin
Created in 2014 as XCoin and had a couple of name changes, Dash is a Cryptocurrency that is synonymous with Digital Cash. Sounds Promising? Let us guide you on how to buy Dash coin.
The core principles of Bitcoin are used to build the Cryptocurrency. Moreover, you can send and confirm transactions lightning fast using InstantSend functionality.
Using a feature called PrivateSend, you can send complete anonymous transactions. Theק network mixes all the coins of participants and posts them so that it is impossible to track back. To make a PrivateSend transaction the network needs at least three users to participate.
The Dash has a decentralized network similar to the Bitcoin network. The network contains miners from all over the planet, each “network node” is a possible miner, but to be a network node, you need to hold the complete blockchain locally and should serve any network requests.
In the Bitcoin network, every node has the same rights, benefits, and responsibilities. And a node is not required to perform mining. It can just maintain the blockchain. This architecture can create network issues if the miners or nodes joins and goes out of network randomly in huge numbers.
Dash overcomes this problem by implementing a two-tier architecture for network nodes. The first tier consists of Master network nodes. The other level consists of common nodes.
Master network nodes are responsible for providing high availability, thus making the network very stable. Any node in the network can become a Master node by providing a collateral of 1000 DASH provided the network allows new nodes depending on current network capacity. If a Master node found not up to the standards, the network eliminates the node.
The wallets are available on all platform like desktop, mobile, exchange, hardware, and paper, etc.
Dash.org provides the complete information on the officially supported and recognized wallets.
The current supply is 7.6 million. And doesn’t have a fixed supply limit. Each year, a 7% reduction rate will apply for the coins generated with each block. By 2150, the reduction rate of creating new coins would reach zero. So, new DASH coins cease to born.
Where to get DASH?
Mining is a good option. Being the top 10 Cryptocurrency DASH is traded in many Cryptocurrency exchanges. Some good exchanges trading DASH are Bitfinex, Kraken, Bittrex, and Poloniex.
If you are a merchant, you should start accepting DASH, and no barrier can stop you.
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 Coin?
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 identity. Besides those three concerns, DASH is on the forefront 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 Coin
At the moment, there are 129 different ways to buy DASH coin from more than 10 cryptocurrency exchanges. However, very few allow fiat purchases. BitFinex is an exception. This is how to buy DASH coin 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.
and that is how to buy dash coin from BitFinex
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 take 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.