Mini Guide for Dash Coin Beginners

Mini Guide for Dash Coin Beginners

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Blockchain

We have been seeing how Bitcoin and other cryptocurrencies took the world by storm. Debut of each cryptocurrency year-by-year skyrocketed people’s interest in the Crypto world. However, unlike other altcoins which took substantial time to diffuse in the crypto space, Dash Coin became instantaneously popular.

It has been around for few years (Launched in January 2004), and because of its present functionality & reliability, it is giving tough competition to Bitcoin and other cryptocurrencies.  The significant success in expanding to regions with Banking & Currency problems, experts suggests that we can see an incredible rise in Dash in the coming years.

dash coin to buy

So, let’s start from the beginning & know:

What is Dash Coin?

The word ‘Dash’ is a linguistic blend of words which means Digital Cash, self-explaining. Formerly known as XCoin & Darkcoin, it’s an open source cryptocurrency which helps in immediate transactions, secured contract & token fungibility. Dash is known as the first decentralized autonomous body among its contemporaries.

It was created out of fork (from Bitcoin’s code) & has all functionalities similar to Bitcoin and actually even more than that including, the advantage of clear privacy & security, its acceptance globally plus the accessibility level it provides.

It may not have the captivation like Bitcoin, but it has quite a sizable community.

what is dash coin
Image Source: AIExpress.com

How to Create a Dash Wallet?

So, before you get into the trading process, you are required to create a dash wallet. Similar to Bitcoin, a user can have different type of digital wallets such as: Hardware Wallets, Phone Wallets, Paper Wallets & Desktop Wallets.

Best Dash Wallets: Hardware Wallets

Affordable option for users who are looking for secure storage & value.

Proffers precocious security features for your private keys.

If you are looking for an offline wallet which can store multiple cryptocurrencies.

best hardware dash wallets
Image Source: Cryptonijas

Best Dash Wallets: Phone Wallets

Supports – Dash InstantSend feature but not PrivateSend functionality.

Can hold 70 cryptocurrencies & more than 200 tokens.

Best for Beginners.

Compatible to work on any blockchain.

Allows you to invest in over 25 cryptocurrencies simultaneously at one place.

best dash phone wallet
Image Source: android developer.co.in

Best Dash Wallets: Desktop Wallets

Official wallets developed by Dash Developers.

Has an ability to convert one crypto to another.

Remember, choose the wallet according to your needs & requirements. Buy, Download or Sign up to have your own wallet where you can store your Dash coins.

best dash desktop wallet
Image Source: 99altcoins.com

How to Buy Dash?

Unlike other cryptocurrencies that can be purchased with BTC or Ethereum. Dash can be bought with fiat currencies as well. Now that you have created your own dashcoin wallet, it’s time to buy some:

  • In order to buy with Fiat Currencies, certain exchanges are available which have options to buy dash to USD, they are HitBTC & EXMO.
  • In order to buy dash with other cryptocurrencies (such as BTC & Ethereum) you can go to, Changelly, Shapeshift and others.
  • To buy Dash with credit cards, wire transfer or cash you can go to the following sites: CEX.io, eToro, BitPanda, Kraken, AnyCoinDirect, WallofCoins, Poloniex or Bitfinex.
how to buy dash
Image Source: dashforcenews

Other Popular Dash Exchanges

  •  Uphold
  •  Indacoin
  • CoinSwitch
  • BitMEX
  • Alfa Cashier
  • ACX
  • Altcoin Trader

Just get a new Dash Wallet > Go to any dash exchanges mentioned above > Buy Dash with credit card/wire transfer/cash > And move all your coins into your dashcoin wallet for further transactions.

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Dash vs Bitcoin

The main objective behind introducing Dash coin was to elucidate two of the biggest problems related to Bitcoin. First was the lack of privacy, and second was the speed of transactions.

Reasons Why Dash is Better Than Bitcoin: Dash vs Bitcoin

dash or bitcoin which one is best
Image Source: Cointelegraph
  • The average transaction fee for Dash is US$0.10, while the average transaction fee for Bitcoin is between US$2-US$4.
  • Average block time taken by Dash is approx. 2.5 Minutes (a feature known as InstantSend allows payments to be confirmed in just few seconds), whereas Bitcoin takes over 10 Minutes and can last up to an hour. Ridiculously Slow!
  • Dash provides optional privacy features such as PrivateSend which makes impossible to trace a transaction, therefore, no digital footprint!
  • The main difference lies between Dash coin & Bitcoin is the formula used to mine coins. During Dash Mining X11 formula is used that is modified version of Proof of Stake (PoS) formula.
  • Like other cryptocurrencies, even Dash’s performance hasn’t been stable, however it is gaining momentum according to the current stats. It’s current market cap is $1,386,996,316 at the point of writing.
  • Dash have their own blockchain & it’s the world’s first self-funding & self-governed blockchain protocol. Read about the following key features Dash introduced that Bitcoin doesn’t have.

Clear all your doubts and then decide who wins the war- Dash vs Bitcoin.

You might want to read: Biggest Myths About Bitcoin

Where to see current Dash Coin Prices?

At the point of writing this blog, the total value of Dash is approximately $166.24 USD. However, you can follow the websites mentioned below to check Dash coin prices on regular basis.

  • CoinGecko

coingecko for see dash coin price

The best platform to assist you in deciding which altcoin to hold and invest in. CoinGecko ranks the potential of an altcoin by quantifying & qualifying the data related to its market value. They rank the cryptocurrencies based on the popularity, liquidity (measures the market share), public interest & market capitalization.

  • CoinMarketCap

coinmarketcap to check dash coin price

The website follows a digestible format to present the relative sizes of cryptocurrencies & gives a broad overview of the market. Its undoubtedly the most reliable resource to catch latest dash coin prices. And get clear idea about any particular altcoin’s circulation in the market, its volume (how much traded in a day), its supply, what exchanges it trades on & all the social media buzz around it.

  • TradingView

trading view to check dash price

It has a simple, aesthetic & easy to use interface which shows clear price charts on the home page. You can easily convert altcoin’s prices into any currency. The website also displays altcoins history like, from which price it started to all the fluctuations it faced and other related information. User can go through the charts & videos to better understand the market and its future predictions.

  • KITCO

kitco website to see pricing of dash coin

From latest Dash prices to listing of world’s leading cryptocurrency exchanges to analyze Dash coin prices in various currencies to comparing Dash with other cryptocurrencies. You will find everything here, it can be a great place for beginners to start with cryptocurrencies. The website provides Basics of altcoins, guides you about cryptocurrency mining. You can even download their app for much handiness.

Apart from these, you can also get in touch with – Cryptoidol, Coincodex, Bitinfocharts, Digital Coin Price, Cointelegraph etc. to see current dash coin prices and learn about Dash in depth.

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Best Bitcoin Wallets For iPhoneNew in Crypto space? Looking for best storage or best bitcoin wallets? Read on to find your ideal digital wallet.

Begin With Dash Mining

Dash, best known for its privacy & Instant sending, Dash Mining is as simple as mining other cryptocurrencies. Remember mining dashes means earning dash coins. So, without wasting any time further, let’s start with how to dash mining:

How to Mine Dash Coin?

  • As Bitcoin uses single tier network to mine, Dash works on two-tier network. The first tier is- after cracking the blocks, miner adds transactions on the Blockchain.
  • The second tier is incorporated of special servers known as master nodes that contain optional privacy features for secure mining & transacting. The use of second tier- is solely responsible for the security & anonymity of users.
  • We have mentioned the best dash wallets above, get one for you where you will store all your coins. They are easily downloadable!
  • You need a Dash Mining Hardware which is a specialized & dedicated computer meant to solve cryptographic problems & serve no other purpose. We suggest using ASIC Miner which undoubtedly rules the market as the best mining hardware. Stands for Application Specific Integrated Circuit, this super computer decrypt the complex algorithms & enable miners to display their Proof of Work.

Dash uses PoW as a consensus mechanism, whatever mathematical problems miners solve, it has to be get approved by others on the same network what it’s called PoW.

  • When network approves the solution, miners add blocks they have mined or solved in the blockchain to receive dash coin rewards.
  • Whatever reward is broken down, it is divided between the Miner, Masternodes & the system.
how to mine dash coin
Image Source: hashgains
  • Another method to do dash mining is with Dash Cloud Mining. If you do not want to indulge in the problems related to buying hardware & other equipment, then you can step into cloud mining. Here you can work on mining with sharing processing power & lessen energy costs.

You will be provided with a hash power from remote mining farms & through this you can start mining dash. Quite an economical way to dash mining!

Best Cloud Mining Websites

Carry out due diligence before investing in the following cloud mining websites. As there is risk of fraud involved, totally opaque mining operations, and deficiency in controlling and flexibility.

  • Genesis Mining
  • Hashflare
  • MinerGate
  • Hashperium
  • BitMiner.io

Do remember, no cloud mining website awards free services or free trials and if some company is offering them, its most likely a scam.

Also, according to various sources, there have been cloud mining viruses detected when you use system’s power to mine Dashes. Be sure to run a malware detector in case you face some abnormality with your computer.

dash cloud mining website
Image Source: hashflare
  • Since you are beginner, it might be a possibility that you cannot afford to buy & use specialized dash mining software & hardware. In that case you can get into mining pools.
  • Since solo mining will not be so profitable to mine coins as an amateur, you should rather join mining pools. They are good option, when you are new to mining dashes. They have high probability of generating block rewards as compare to mining alone.
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Popular Dash Mining Pools

  • Multipool
  • P2Pool Dash
  • MiningPoolHub
  • AntPool

Apart from these, you can check popular Dash Mining Pools here!

You might be thinking that why one wouldn’t just buy dash coins directly. However, the answer is profit! Setting up the machine can be quite fruitful in the long-run, it’ll continue to bring mined altcoins for many months.

dash mining pools
Image Source: cryptocomes

Best Dash Mining Calculators

If you have any confusion while dash mining and you are not sure how profitable it would be to mine selected altcoins, then you need a Dash Mining Calculator to give you an estimation about the current difficulty, block rewards, Dash to USD prices etc. you need to input certain parameters such as hashrate, pool fees, power (watts), hardware costs etc.

These are probably the best tools for investors:

  • Dash Mining Calculator
  • Aircoin Mining Calculator
  • CryptoCompare
  • What To Mine
  • CoinWarz
  • CryptoRival
  • Cryptoground

These tools can also help you in calculating how profitable it would be to mine other altcoins as well apart from dash coin.

Remember, few seconds on these dash mining calculators will be most confusing so be patient when you use them. As ultimately these dash mining calculators will measure profitability for you, compute the cost of certain transactions, avoid common missteps, analyze if an operation is worth the investment or not and act as a helping hand before you begin with the dash mining process.

dash mining calculator
Image Source: CoinWarz

Final Words:

The explosion in the crypto space due to dynamic & fluctuating crypto-prices where all the major cryptocurrencies that are struggling to keep their bullish pace for longer span. Crypto experts are believing that there is high probability of Bitcoin being in the red and Dash might surprise the market and will nearly double their market caps.

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Top 10 Frequently Asked Questions About CryptocurrencyStill confused about Cryptocurrencies? No worries, this blog explores the most common questions to ask about cryptocurrency. Find answers to...
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