If you want to widen your cryptocurrency investments, Dash Coin (DASH) is a great digital currency you need to invest in. Here are some easy-to-follow steps for anyone who wants to purchase Dash coin.
What is Dash Coin?
Dash Coin is a cryptocurrency that has built its focus around instant transactions, private transactions, and low fees. It was originally developed for enhancements to the inadequacies of Bitcoin in offering front-end privacy and quicker transaction time. Dash has private and instant transaction settlement capabilities arising from the two-tier network, including miners and masternodes.
Setting Up a Dash Wallet
But before you can buy Dash coin, you’ll need a secure place to store it. That’s where a Dash wallet comes in. Here is how to set this up:
- Select a Wallet: Dash wallets can belong to either hardware kind as Ledger Nano S; desktop kind as Dash Core; or mobile kind as Dash Wallet on iOS and Android. Generally, for beginners, a mobile wallet is the most straightforward.
- Download and Setup: Once again, download the wallet software from the official Dash website or visit the website your chosen wallet provider. Follow download and setup instructions.
- Backup Your Wallet: You will be given a recovery phrase during setup. Write it down, save it, keep it very carefully because that is actually the key you will use to restore your wallet if the worst happens and you lose everything.
How to Buy Dash Coin
Once you have a wallet ready, you can proceed to buy the Dash coin. There are several methods to purchase DASH:
Cryptocurrency Exchanges: The most popular place to buy is on a major exchange. Primary crypto exchanges such as Binance, Kraken, and Coinbase offer buying and selling of DASH. Here’s how to buy DASH on an exchange:
- Create an Account: Open an account with the exchange and follow their verification process if needed.
- Deposit Funds: Add funds to your exchange account. Most exchanges accept deposits made in fiat currencies like USD or EUR, and other cryptocurrencies such as Bitcoins or Ethereum.
- Purchase DASH: Proceed to the trading section and choose the trading pair through which you would like to purchase DASH—for example, DASH/USD or DASH/BTC. Place your buying order for the Dash coin.
Peer-to-Peer Marketplaces: Buy Dash Coin directly from other people on P2P platforms such as LocalCryptos. It can give you more anonymity, like using bank accounts or PayPal. To use a P2P marketplace:
- Find a Seller: Browse through offers of sellers who are selling Dash coins.
- Initiate Trade: Begin a trade involving a seller and follow the instructions on the platform until the trade is complete and successful.
Dash ATMs: Some locations already have ATMs selling the Dash coin. These ATMs accept cash payments or pay-outs with existing cards. They basically can be used to purchase DASH right away. Use online services such as CoinATMRadar to find a Dash ATM near you.
Protect Your Dash Coin
Providing that the Dash coin has already been purchased, its security has to be ensured:
- Withdraw to Wallet: Withdraw the DASH to your wallet from the exchange. It is less risky to store your funds in your personal wallet than on the exchange in case it gets hacked.
- Enable Two-Factor Authentication: This step provides an additional layer of security; enable 2FA on wallet and exchange accounts.
- Regular Backups: Periodically back up your wallet and store your recovery phrase in a safe place. This helps you recover your funds if anything happens to your device.
Conclusion
There is one very simple way to purchase Dash coin, provided you will follow the right steps. Safe buying and storage of DASH include setting up a secure wallet, picking a trusted platform, and greatest of all, security methods. Dash Coin offers a fast transaction with low fees, so whether you are new to cryptocurrency or simply looking to diversify holdings, Dash Coin would be a bright addition to any portfolio.