Altcoin

All you need to know about Dash – and how to buy it

Also in this article: What is Dash? Which wallets can I use? Do mining and hosting Masternodes still make sense? Our experiences.


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All you need to know about Dash – and how to buy it (c): dash.org

20.02.2018

Unfortunately, Bitcoin can only be considered a pseudo-anonymous cryptocurrency: As soon as you assigned a person to a transaction address, you can follow all of his or her transaction due to the blockchain, which is visible for everyone. Fortunately, there are safe and anonymous altcoins like Dash, Zcash or Monero. Check out our experiences which include mining, wallets and how to buy DASH. In addition, you will find out if still makes sense to invest in Dash.





Zusammenfassung: Dash auf einen Blick

  • Digital Cash = Dash
  • Founded in January 2014 by Evan Duffield. At this time, it was called Darkcoin
  • Market capitalization: Dash
  • So far, 7.8 million of about 22 million DASH were mined
  • Based on Bitcoin Code = compatible with wallets made for Bitcoin
  • Instant Send = transactions are confirmed after 1.3 seconds on average (you must pay extra fees)
  • Every 2.5 minutes a new block is mined
  • Mining algorithm: X11 (500GH/s)
  • Block reward of 3.1 DASH, will decrease every year by 7.1%
  • Mining rewards: 45% goes to the miner, 45% goes to Masternodes, 10% goes to developer team and special projects
  • Masternodes can decide which projects receive parts of the 10% (you need 1,000 DASH)

What is Dash?

The name Dash is a so-called blending of the two words “digital” and “cash”. The original idea of this cryptocurrency is to use it every day for all kinds of transactions. Although Bitcoin is the most well-known cryptocurrency, there are still some prevailing problems making the coin not the ideal one for every purpose. Besides the well-known volatility of Bitcoin, there are also problems in the areas of fungibility, the time it takes to verify a transaction and also the pseudo anonymity, to name a few. Furthermore, even if it is a decentralized currency, there are more problems that come along with this model. The question is whether the community can react to appearing problems as quick and qualified as they should. Just remember Segwit 2X update, in which the community discussed whether to implement a bigger block size or not. Every miner has different wishes, depending on the mining hard- or software. Due quite a lot of big players, their different opinions might slow down possible progress of the cryptocurrency.

Opposed to Bitcoin, Dash pays Masternodes for their efforts which makes it profitable for investors. Besides surveilling the network, Masternodes are also responsible for services like syncing, Darksend or so-called instant transactions.

In addition, Dash is totally fungible which means that every DASH has the same value. Amongst other reasons, it is the case because DASH are not traceable at all, in contrast to Bitcoins. Doing illegal businesses with Bitcoins could lead to these coins not having the same value for some people anymore. DASH is not traceable which ensures that every DASH has and will always have the same value as every other DASH. The technology that is used here is called Darksend. Sender and receiver do not communicate directly and therefore all transactions on the blockchain are not traceable for single people, which is, according to Dash, 100% safe! Bitcoin on the other hand uses addresses that can be traced. So, if you happen to know which account belongs to which person, you could track every single transaction this person has done.

The Masternodes at Dash are paid for their services, which makes it more lucrative for investors. In addition to the monitoring of the network, they are also responsible for the fact that services such as Syncing, Darksend or so-called Instant Transactions can be performed.

The fact that mining rewards not only go to miners themselves (45%), but to Masternodes (45%), the developer team and special projects (10%), helps Dash, to face all problems that could appear for Bitcoin in the future. Paying a core developer team and also special projects to promote Dash makes it easy to ensure a continual progress. It also allows for quick surveys and polls among the community to push Dash into higher spheres.

Dash Masternodes vs. DASH Mining – is it worth it?

Dash is a two-tier network. Besides miners there are second network that consist of Masternodes / Full Nodes. Tasks are distributed evenly: while miners of the first network are responsible for all normal transactions and the VERHINDERUNG of double transactions, Masternodes are responsible for all special features that Dash offers and that differentiates Dash from other currencies. Besides surveilling the network, Masternodes are also responsible for Darksend and the quick instant transactions. As mentioned before, Masternodes get rewards for these services.

If you want to host a Masternode, you must meet the following requirements:

  • 1,000 DASH (get them on Bitfinex, Binance* or Kraken)
  • A server/VPS with Linux
  • Dedicated IP address

The server does not have to be the latest model, the requirements are quite low, but owning 1,000 DASH might be the biggest obstacle. But in case you can afford 1,000 DASH, or have bought 1,000 DASH before, you are eligible to host a Masternode to earn your deserved rewards!

Dash mining is possible using a CPU, GPU and also ASICs. In addition, you can mine DASH in pools. Like Bitcoin, the mechanism behind mining are complex tasks that must be solved by miners to mine the next block. This is called Proof-of-work and is used by many cryptos, so it’s nothing new.

Using a CPU for mining is possible, but because of the advanced technology of GPUs and especially ASICs, the chance of mining a block is quite low and it might be hard to earn any rewards. But if you decide to mine DASH with your CPU, you just need a computer running on Windows and the software that can be downloaded on the corresponding websites. You are then ready to join a mining pool to start mining DASH!

Using a GPU, which is the chip on a graphics card, is way better than using CPU, but is still not as fast as mining with ASICs. This is the reason why not many people use GPU for mining DASH. Like mining with CPU, you just need the corresponding software to set up your system for mining. Make sure to check out the different software for AMD and NVIDIA chips! If you consider mining with GPU, you should also consider joining a pool.

The third and also best method to mine DASH is using ASICs, which is an acronym for “Application-Specific Integrated Circuit”. As you can see, these ASICs are specifically built for mining which is their only use. Buying ASIC miners with Hash Rates of about 10GH/s to 30GH/s will cost around $ 1,000 to $ 10,000.


We recommend using Genesis Mining*, if you want to mine DASH!


Our recommendation:
If you decide to mine DASH, we recommend not to use CPU or GPU but ASICs instead. Processors of CPUs and GPUs are way too slow to mine DASH which is why buying ASICs is the only option that makes sense. Because of the price for ASICs ($ 1,000 – 10,000 per unit), you should definitely check out the current status of DASH and also possible newer ASIC devices. Technologies in this sector are developed really fast.

Dash Wallets – which one should I use?

If you want to safely keep your DASH, there are many options. In case you also want to trade with DASH and want to have all your cryptos in one place, you should consider exchanges like Bitfinex.com* (our review ) or Binance.com* (our review ). Check out our detailed reviews for Binance and Bitfinex.


If you don’t want to use exchanges because you don’t want to trade, you can safely store you DASH on wallets like the Dash Core Wallet, Dash Electrum Wallet or even the mobile versions for Android or iOS. Even safer are Hardware wallets like Trezor, KeepKey and Ledger Wallet*. Furthermore, you have the option to put all of your DASH in a paper wallet just like you can do with your Bitcoins.
Software wallets like Exodus (our review ), Jaxx (our review ) or BitKan are also possible options.

Our recommendation:
If you want to use DASH as a cryptocurrency for every day use, it makes sense to check out the offered mobile wallets. When you have more cryptos than just DASH, you should consider your preferred exchange like Binance or Bitfinex or a hard-/ software wallet like Trezor or Exodus.

DASH chart analysis – is it still worth buying Dash?

At the moment, DASH is worth about 720 USD. See here for latest information: Dash
Analyzing the chart, we can see that the price for DASH more or less continually rose from March until mid-December from $100 to its peak of roughly $1,400. As with many other coins, the price fell almost constantly down to $ 500 in February 2018. You should not be too scared about that fact because pretty much all altcoins were bearish during that time. As soon as the cryptomarket recovers, DASH will rise again which means that now could be a good moment to buy some DASH.

Because of the afore mentioned positive characteristics of Dash that make Dash more special than other coins, we at hulacoins.com are sure that Dash has the potential to rise to new heights in the future.

Where can I buy Dash?

If you consider buying DASH, please check out the big exchanges. Pretty much all of them offer DASH in exchange for BTC. You can also use pages like anycoindirec.eu or Litebit.eu to buy DASH directly with fiat currency. To buy your first DASH, have a look at our step-by-step explanations for Bitfinex, Anycoindirect and Litebit.eu.

How to buy Dash on Bitfinex and receive a 10% discount on trading fees

First, you need to register on Bitfinex.com (our review ) which should not be a problem. If you just want to exchange bitcoin for Dash, there is no need to verify yourself. Only if you wish to gain access to some additional features like trading with fiat currencies (e.g. Euros or US Dollars), you need a verification which usually takes 6-8 weeks to complete.

Please keep in mind that if you have opened an account after 01/01/2018, you will need to have cryptocurrencies or fiat money worth $ 10,000 on your account to be able to trade. You do not need to have that amount on your account all the time: You just need it once. If you registered before 2018, you do not need to worry about that. To get more information on Bitfinex, check out our review.

You will receive a 10% discount on trading fees for the first 30 days at Bitfinex when you use this link Bitfinex.com* or the referral code “o0ui9F5j1e” on your registration.

Bitfinex-Test © "bitfinex.com Screenshot"


Step 1:

As soon as you are registered on Bitfinex.com you need to transfer some Bitcoins to your exchange wallet. You can only exchange Dash up to the amount of BTC that are on your account and in your exchange wallet.


Step 2:

Click on “Trading” and then “Dash”, where you select “Dash/BTC” (or “Dash/USD” if you have a verified account and have USD in your exchange wallet.

Dash © "bitfinex.com Screenshot"

Step 3:

Update the current price by clicking on the green button in the “order form” box. Now you can type in the amount of Dash you would like to buy. By clicking on the green button above the box “amount Dash”, the maximum amount of Dash you can buy with your Bitcoins will automatically be filled in.
To set the order and buy the given amount of Dash, just click on the green button “exchange buy” at the bottom left.

Dash © "bitfinex.com Screenshot"

The order is set and is now available for other traders to be accepted. Usually this just takes a couple of minutes on Bitfinex.com. You can check your orders below the chart where you can also change your orders afterwards if you wish to do so.

Please note:

If you place bigger orders it might happen that your order is processed piece by piece. You do not need to worry in this case but if exchange rates change during this time, you should adjust you the price. To do so, just cancel your order and place a new one with a better price (see step 3).


Our rating:
It is quick, easy and cheap. Therefore, we recommend it!
Downside: Dash exchange only with Bitcoin – if you want to exchange it for USD you need to verify your account which takes some time. You cannot exchange Dash for Euro.

 

How to buy Dash on Anycoindirect

After your registration on anycoindirect.eu* (our review ), you can buy Dash right on the spot. If you are a resident of Germany, you can use the “Sofort-Kauf” option without further requirements. Using Giropay requires an uploaded copy of your ID.
Depending on your home country, you have several options. The only viable payment method for all European countries is “SEPA credit transfer”. In this case, all Dash you have bought will be credited to your account as soon as your money is transferred which might take 1 or 2 days.
Check out the gif below to see which other payment methods you can use in your country!

Zcash © "Anycoindirect.eu Screenshot"

Without giving too many details about yourself you can buy Dash for up to € 100. To raise the limit, you must verify yourself which can be done step by step up to an identification process using Skype.

As soon as you have chosen a payment method you can use in your country, click the tab “buy” to then select Dash (at the bottom). In the green box “Buy Dash” you can either select the amount of Dash you would like to buy or the amount of Euros you would like to spend to buy Dash.

Dash © "Anycoindirect.eu Screenshot"


Anycoindirect.eu does not supply Dash wallets or crypto wallets in general. Therefore, you need your own Dash wallet. Check out our offline wallet review or get an online wallet on bifinex.com. Copy your Dash wallet address and paste it into the “Dash address” box.
To finalize the purchase, agree to the terms of condition and press “buy”.

Our rating:
Upside: Purchase Dash with fiat currencies like Euros
Downside: Higher fees compared to other exchanges which makes the price for each Dash about 5-10% higher.

How to buy Dash on Litebit.eu

To register on LiteBit.eu*, you just must give your name, email address and a password. This paves the way for buying Dash in just a blink of an eye! The minimum order value is set at € 100. Check out our detailed LiteBit.eu review here .
Watch out: If you wish to trade for up to € 500 (or € 3,500 per week), you must give your private address and a telephone number.

Zcash © "LiteBit.eu Screenshot"

On LiteBit.eu you can choose from many payment methods:

  • MyBank (worldwide)
  • LiteBit-Credits (worldwide)
  • SEPA Bankwire (all over Europe)
  • SOFORT (all over Europe)
  • GiroPay (Germany, Austria)
  • iDeal (only for the Netherlands)
  • Bancontact (only for Belgium)

Watch out:

Before using SEPA credit transfer, you must verify your bank account through a 1 cent transfer. This takes about 3 days, which is normal for all credit transfers. Even though you are not verified, you can buy Dash nonetheless. Just follow steps 1 to 4 and complete your purchase. As soon as your money reaches the account of LiteBit.eu, they will transfer your Dashs at the current exchange rate.

Dash © "LiteBit.eu Screenshot"

Step 1:
Choose Dash and type in the amount of Dash you wish to buy.


Step 2:

Select “Receive Address” and type in your Dash address. If you have an account on Bitfinex.com, you can choose your Dash wallet here.

Another option are offline wallets. To learn more about offline wallets, check out our reviews: Jaxx Review and Exodus Review .


Step 3:
Choose your payment method.


Step 4:

Agree to the LiteBit terms and conditions and click “next”. You will then be directed to your chosen method of payment.


Unsere rating:
Litebit.eu is quick and easy to handle.
Upside: lots of payment methods with fiat currency (Euros)
Downside: Higher fees compared to other exchanges which makes the price for each Dash about 5-10% higher

 

Bottom line: Our forecast for Dash and the ways to buy Dash

It is quite easy to purchase Dash on all the afore-mentioned exchanges.
The reviewed exchange providers all have their up- and downsides:

  • Anycoindirect and Litebit.eu are similar to each other: Both do not supply online wallets, but you can use Euros to buy Dash and do not need Bitcoins to do so. But be warned: The purchase will be more expensive compared to Bitfinex.
  • On Bitfinex.com, you need Bitcoins or US Dollars (after the verification) to buy Dash, but there is an online wallet and the price is attractive. The price is considerably cheaper than on Anycoindirect or Litebit.eu.

The future of Dash – our forecast

Dash’s intention and basis aims at consistent growth and can be considered as solid. Because many problems that arose or could arise with Bitcoin were addressed in the initial phase before they launched the cryptocurrency, the potential of Dash is huge. Especially the fact that mining rewards are distributed between Masternodes, miners, the developing team and special projects brings along some advantages over other cryptos. We are certain that because of the named advantages, Dash will remain in the top 20 of all cryptocurrencies.

The "Instant Send" feature and the low transaction fees suggest that Dash could be used as an everyday means of payment in the near future, which is also the intention of the coin.
The currently turbulent times on the crypto market offer the opportunity to buy Dash at fairly low prices and then benefit from a possible future increase.

Are there any alternatives to Dash?

Two other anonymous cryptocurrencies are Zcash (our review ) and Monero (technical analysis ) (how to buy ) that both have encryptions that enable the users to make non-traceable transactions. If you want to learn more about Zcash and Monero, check out our articles in which you will find the most important information but also how to buy them in a quick and easy way!

As with all other cryptocurrencies, too, everyone should decide for themselves whether to invest in the cryptocurrency or not. Please make sure not to invest all your money in a single cryptocurrency as you might lose your investment.

 



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