Short for “Digital Cash”, Dash is one of the longest-running mid-high market cap coins today. From being one of the biggest altcoins several years ago, it now maintains a place just outside of the top 10 most valuables coins. However, there is much to be excited about in regards to Dash, and its ongoing development.
This guide will show you how you can get your first Dash coins, through the popular Binance exchange.
What is Dash?
Dash is a transactional cryptocurrency, occupying a strong position in two different markets. Along with Monero and ZCash, Dash is positioned as one of the strongest privacy-centric coins, through the network’s “PrivateSend” feature. This allows users to send and receive Dash without others being able to trace the transaction (and by extension, the users’ wallets).
More significant, though, is the progress Dash has made in real-world crypto adoption. Its ease of use for transactions has lead to Dash becoming a leading alternative to struggling national currencies in nations such as Venezuela and Colombia. On the back of resources devoted by the development team to growing their reach in South America, there are currently over 3000 merchants accepting Dash as payment in the nation, making it one of the most widely-used cryptocurrencies in the real world.
On top of these two selling points, Dash also presents an inviting case to investors, with the ability to earn passive income by running a Dash Masternode.
Interested? Here’s how you can buy Dash tokens.
Step 1: Register for an account on Binance
The best option to buy Dash tokens at this time is by exchanging Bitcoin or Ethereum on a large exchange like Binance. Currently few major fiat gateways or exchanges offer the ability to buy Dash with options such as credit or debit card, or bank transfer.
The first step, if you haven’t already, is to register for an account on Binance.
Step 2: Verify your account
After opening your account, you will need to submit several verification documents before you can begin trading.
Additionally, take this time to set up 2-Factor Authentication to protect your account.
Step 3: Send BTC or ETH to your Binance account
Once your account is set up and verified, you’ll need to have some Bitcoin or Ethereum in your Binance wallet to trade with.
If you don’t already hold either of these coins, or your want to buy more, you can purchase either with a credit or debit card on site such as Coinmama and Changelly, or through a fiat exchange like Coinbase.
To send coins to your Binance account, go to the menu at the top of the page and select “Funds”, then “Withdrawals”.
Select the coin you are going to send from the dropdown menu.
You will be shown a wallet address to send your coins to. Make sure you only send the specified coin to this address (i.e. BTC to the BTC wallet, or ETH to the ETH wallet). Any other coin sent here may be lost.
Step 4: Wait for confirmation
Wait for Binance to confirm the transaction. It often completes nearly instantly, though can take up to several hours depending on the network load.
Step 5: Find and select the BTC or ETH pair
When your transaction has been completed successfully, move into the exchange section of the site. Get here by selecting “Exchange”, then “Basic”.
Go to the search box on the right side of the page. Choose the coin you are trading with, and search for “Dash”. Click on the pair that comes up (DASH/BTC or DASH/ETH).
Optional: Use Binance’s advanced tools to buy at the right time
Binance offers data, such as real-time analytic charts, trading volume and order history to help you make the right moves at the right time.
They also give you the ability to set limit orders. This means you enter the price you want to buy or sell Dash for, and the exchange will automatically make your trade once the price hits this point.
Step 6: Choose the amount of Dash to buy
In the box underneath the trading charts, choose the amount of Dash you want to buy, and the price you want to buy at. Alternatively go to the “Markets” tab, where you can buy Dash for the current market price (this is recommended for beginner or novice traders).
Step 7: Buy Dash!
Click the green “Buy DASH” button, and you’re done!
Step 8: Move your coins to a secure Dash wallet
The best practice in crypto is to keep your coins in a secure wallet, off an exchange, when not trading. This way, you have total control over the security of your funds, instead of putting your trust in the exchange’s security measures.
To do this, you’ll need a wallet that supports Dash. For the highest level of security, you can invest in a hardware wallet like the Ledger Nano S or the Trezor Model T. Alternatives include the Dash Core wallet for Desktop or mobile, and multi-coin wallets such as Exodus (for desktop) or Coinomi (for mobile).
Once you have your Dash wallet ready, you’ll need to withdraw your coins from Binance. To make a withdrawal, go to “Funds”, then “Withdrawals”.
On the next screen, choose Dash from the dropdown menu.
Now enter the address from your Dash wallet. Double check the address is correct, then hit Submit.
Once again, wait a few moments for Binance to confirm your transaction has been completed. When it clears, the coins should appear in your Dash wallet.
Read more about DASH on UseTheBitcoin! You can read about how Dash’s innovative masternode system works, or, alternatively, how you mine the popular coin.
For investors, you can read about Dash’s proof-of-stake economics works, or go straight to the DASH price prediction and technical analysis article which is updated regularly.