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How to Buy Dash in Australia

A Beginner’s Guide to Buying and Trading Dash Cryptocurrency in Australia

7 Min Read
Last Updated April 26th 2021

The guide will explain the best way to buy Dash (DASH) in Australia. You will also understand the step-by-step method of buying DASH in a cryptocurrency exchange. Moreover, the guide offers tips on selling the coin in the exchange, how to store it, and important things you should know before buying the token.

The Dash coin is a type of cryptocurrency that uses the Bitcoin network. It is a digital coin that was created by Evan Duffield, a crypto enthusiast, and a software developer. Created in January 2014, Dash coin is known as the most easy-to-use and easily scaled payment-centric crypto digital asset in the world.

The Dash coin is currently ranked as the 24th cryptocurrency globally and comes with a current market capitalization of almost $500 billion. The Dash coin is priced at $50.53. The word “Dash” is a blend of Digital cash. This coin has different exciting features such as Masternode, InstantSend, and PrivateSend.

If DASH has caught your attention and you’re looking to buy the crypto asset in Australia, the following guide will be a great companion.

 What is in This Guide?

QUICK GUIDE: HOW TO BUY DASH IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select DASH.
  5. Enter how many DASH coins you want to buy.
  6. Check the details and confirm your purchase.

buy dash

A Step-by-Step Guide to Buying DASH in Australia

New Investors looking to buy the Dash Coin will need to follow several steps:

1) Open an account with a platform that allows you to buy Dash

Firstly, you will need to look for an exchange that allows buying of the Dash coin. Since you have several possible exchanges, you will need to investigate to understand the pros and cons of the different Dash coin exchanges to understand the particular one that meets your expectations.

 After spotting the exchange that you need, you can then set up an account. Input your current email address and create a strong password.

While some exchanges allow you to begin trading right away, a majority of exchanges need you to send more details. You might be asked about your contact details, full names, and your passport ID. This is used to fulfill KYC rules before you begin trading on the platform. You will also need to enable the two-factor security features to guard against theft.

2) Deposit money into the account.

Many crypto exchanges never allow people to exchange fiat currencies like Australian dollars (AUD) to get the Dash coin.

If the platform you chose behaves this way, you will need to purchase the cryptocurrency, which is paired next to Dash. An example of such cryptocurrencies includes bitcoin (BTC) and Ether (ETH). Soon as you have done this, you can now exchange it for Dash.

Then again, certain exchanges like eToro allow you to trade in your AUD to get Dash coin. All you need to do is make a deposit, and it is all downhill from there.

3) Buy DASH

Next, you will need to go to the marketplace of the exchange that you choose. Try to look for the currency pairing which you are looking for, like BTC/DASH. People using eToro will need to click on the link – Buy/Sell – located at the upper part of the page.

They will then need to find – Dash. Now need to click on the tab – Buy Dash. They will then type in the needed Dash amount they are looking to buy. To finalize your transaction, you are needed to understand the total cost and the specifics of the transaction.

Check Out: Dash Price Prediction Forecast

Buying Dash with Another Cryptocurrency in Australia

You can buy Dash with another cryptocurrency such as Ethereum or Bitcoin. The following steps teach you how:

1) Choose any reliable platform

You will need to choose a good exchange that meets your requirements.

2) Open an account

You will now go-ahead to open an account in the chosen exchange of your choice. You can then sign up and begin your transaction. Ensure that you turn on the security features like the two-level authentication on the account before you deposit funds.

3) Deposit money into the account

Deposit funds into the chosen account. In some accounts, you need to click on – Funds – and go ahead and choose -deposits -and you then look for the token/coin to deposit.

4) Buy the Dash coin

The moment you now have the funds in your account, go to the exchange page and purchase the Dash coin. In most exchanges, you will need to click on the “Exchange” button and choose the cryptocurrency pair you are looking to trade, like “Dash/BTC.” Choose other features before selecting the amount of Dash you are buying.

Ensure to recheck all the details of the transaction before you go ahead to purchase it.

buy dash

How You Can Sell Dash

Investors looking to sell off their Dash coin will need to carry out a somewhat similar process to the third step above. But in this case, they will need to click on the tab – Sell Dash. Furthermore, you need to know that it might not be possible to directly exchange the Dash with your needed currency.

Which Wallets Can I Use to Hold DASH?

As a user of Dash, you can store the Dash that you have bought into your trading account for exchanging cryptocurrencies. However, using this option can be risky. Instead, you will need to move out all the Dash into a more secured wallet that is very compatible with digital cryptocurrency.

 It is highly recommended that users use specific wallets to hold their dash coins to safe storage. The recommended wallets for holding your Dash coin includes:

  • Jaxx (this is a desktop and mobile wallet)
  • Exodus (this is a desktop wallet)
  • Coinomi (this is a mobile wallet)
  • KeepKey (this is a hardware wallet)
  • Ledger Nano S (this is a hardware wallet)
  • TREZOR (this is a hardware wallet)

How Does Dash Work

Dash used to be none as Darkcoin and Xcoin and got created by Evan Duffield as an altcoin to help address the different shortcomings that bitcoin had. At that time, bitcoin had different demerits like slow speed of transaction, no privacy, and high transaction fees.

Dash begins in the form of a fork from the Litecoin/Bitcoin codebase. Dash never uses one single mining algorithm such as Litecoin or bitcoin.

Instead, Dash makes use of something called the X11. This is like a collection of 11 different algorithms developed to ensure the equal sharing of the coin among miners. The miners develop new coins and help secure the blockchain, and they get about 45% out of the total block reward.

 Dash uses a two-tier structure, and the second layer involves a collection of servers called masternodes. The primary function of the masternodes is to enable the mixing of coins for privacy, for the processing of the InstantSend transactions for lower than a second, and to take part in voting for government proposals. The Dash network has expanded to include 4,500 masternodes. With this algorithm, Dash has been designed to offer crypto transactions that satisfy the following elements:

  • Dash is known for rapid transactions that get confirmed in seconds.
  • Dash has a feature – PrivateSend – that allows users to ensure that all activities are private.
  • Dash is secured as all transactions get confirmed with the X11 chained hashing algorithm and uses more than 4,500 servers globally.

Read More: Is DASH a Good Investment?

Things to Consider When Buying Dash in Australia

The following as some of the important things you should know before buying Dash

1. Supply: Based on existing information, Dash has a current supply of about 8 million out of a total of 20 million.

2. Availability: The cryptocurrency is widely available and can be obtained extensively from a global network of exchanges. This enhances its accessibility and credibility.

3. Acceptance: Dash has widespread acceptance, which means that a significant number of merchants accept Dash. You can as well fund your debit card with Dash.

4. Market competition: Dash is faced with stiff competition from different competitors like bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Bitcoin cash (BCH), and others.

eToro – Best Exchange to Buy DASH in Australia 

etoro broker

eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.

Virtual currencies are highly volatile. Your capital is at risk.

Read More:

How to Invest in DASH

How to Choose Winning Altcoins

Top Cryptocurrencies and Their Challenges

FAQs

What is Dash?

Dash is digital money that makes it possible for anybody worldwide to make quick and easy payments all the time without using any central authority. The system uses a decentralized peer-to-peer platform and is fully secured with strong cryptography. 

Dash as a platform offers a user-friendly and safe method of payment without any barriers. Dash as a digital currency is divisible, inexpensive, portable, and very fast.

Who controls Dash?

Just like the email, Dash has an open protocol that nobody has control of. Without needing a central authority, just about anybody can write software to deal on the Dash network. You get to pay minimal fees (used to prevent malicious attacks), and you get to use the platform without any barriers.

How come Dash has value?

Just like any currency, Dash still has value because it is helpful to people. Due to this, there is a vast demand for it as a medium for exchanging goods and services.

What is Dash used for?

Because of its low fees and speedy transactions, Dash can be used globally as a practical substitute for credit cards and cash. It can also be used practically in the international remittances market. Dash is widely popular across regions where there are barriers to the traditional system of payments. It can also be used in places where excess inflation has rendered the existing currency practically useless.

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