Dash is a digital asset that was created so that peer to peer transactions could take place anonymously and quickly. The Dash protocol uses a decentralized autonomous organization (DAO) that is overseen by Dash masternodes. The Dash protocol is a two-level platform that fairly encourages nodes to assist in maintaining a distributed governance system. For those operating on the Dash network, they can lock at minimum 1,000 Dash in order to gain masternode status. Nodes on the Dash protocol are similar to those that operate on Bitcoin’s blockchain. The Dash nodes retrieve transactions from the mempool and organize them into a block. Block rewards generated on the Dash network are shared among the protocol’s masternodes, miners, and a reserve fund that is held by the project to cover expenses of future maintenance and upgrades to the platform. When mining on Dash, the transactions in the mempool are ranked from highest to lowest network fee. If you submit a transaction with a high network fee it is likely to get processed quickly. You can also choose to make your transaction anonymous by utilizing the PrivateSend feature.
To buy DASH on Beaxy you will need to do so by way of the DASH-BTC trading pair. This means that you will need to open an account, fund it with Bitcoin (BTC), and use the DASH-BTC trading pair to buy or sell DASH. Follow the steps below to complete this process.
1. Open an account on Beaxy
Opening an account on Beaxy is quick and easy. Go to Beaxy.com and click register. Next, fill in the form with your information. After completing the registration form you will be able to log in to your account and complete the KYC process by submitting documents that prove your identity. If you are a citizen of the United States you will need to submit a clear copy of your driver’s license. If you reside outside of the United States you will need to submit a clear copy of your passport. KYC verification can be approved in as little as 5 minutes.
2. Purchase Bitcoin
Now that you have a verified account on the Beaxy Exchange trading platform, you will need to add Bitcoin (BTC) to your account so that you can trade on the DASH-BTC trading pair. If you already have BTC that you want to use can you visit the Deposit tab in the My Account section of the exchange and add that BTC to your account. If you need to purchase BTC, also in the My Account section of the exchange, click on the Buy Crypto tab. Begin by entering the amount of your local currency that you want to spend on Bitcoin. You will then be brought to Simplex’s website where you can complete the transitions. Once the purchase is complete, you will see your new BTC in your Beaxy wallet.
3. Exchange BTC to DASH
At this point, you have registered and verified your account as well as funding it with BTC. All that’s left to do is visiting the DASH-BTC trading pair on Beaxy. If you want to purchase DASH as the best available price, submit a market order for the amount you want and your transaction will be completed immediately. If you want to buy or sell DASH at a specific price, enter a limit order and determine the amount of DASH you want and the price you are willing to buy or sell it for.
DASH value and price
On 10th June 2020, the cost of DASH was 0.00761234 BTC, and its market cap was 690,635,823 dollars. It is ranked 22 amongst all cryptos with a daily volume of 22,704,530 dollars.
DASH advantages and disadvantages
The DASH developers implemented optional transaction privacy in the protocol. This gives participants of the DASH network the flexibility to keep sensitive information encrypted while allowing for other data to be broadcasted to the DASH blockchain. Those sending DASH can enable the PrivateSend feature to ensure that the details about the transaction such as the amount, time, and receiving address stay confidential.
Similar to PrivateSend, the DASH developers built a transaction option called InstantSend which allows participants willing to pay a higher network to gain priority access and have their transactions verified instantly.
The DASH team took criticisms early on due to a large movement of DASH coins that occurred when the blockchain was initially launched. It is said that the core development team received 2 million of the 18 million DASH coins that were created with the blockchain.
Best DASH wallet – how to choose
Before you can buy or sell a digital currency you will need to have an associated wallet that is compatible with the blockchain that tracks the digital currency that you want to buy or sell. There are two types of digital currency wallets that are built for different purposes. The cold storage wallet is built for enhanced security and lack in terms of convenience. Cold storage wallets are not connected to the internet and generally require a complicated process in order to gain access to them. This is done on purpose. If a cold storage wallet was easy to get into that would lead to more hackers being able to steal crypto from cold storage wallets. The other type of wallet is called a hot wallet. Hot wallets are essentially the opposite of cold storage wallets. They are connected to the internet and can be easily accessed. Typically, a simple username and password are all that is needed to gain entry to a hot wallet.
The decision on using a cold storage wallet or a hot wallet comes down to how many funds you are holding in the wallet, how often you will use the wallet, and how long you plan to have the funds in that wallet. If you want to keep your holdings safe for the longterm and don’t plan on using the wallet frequently, you should store your DASH in a cold storage wallet. If you are only holding a small amount for a short period of time and want to have convenient access to the wallet, then you can use a hot wallet to store your DASH.
Buying DASH on Beaxy is a breeze. Open and verify your account in minutes. Add Bitcoin to your account through a deposit or by using the Simplex portal and be ready to buy and sell DASH.