Dash or Digital Cash that has been forked from the original bitcoin core was launched in 2014. Initially called XCoin (XCO), it then changed the name to DarkCoin, and finally settled with the name Dash or Digital Cash.
This article is heavily modified on October 2, 2018.
In this article, we will give you a brief introduction on DASH, its lifetime price chart, the Dash core group, and how to purchase the token in the Philippines.
Table of Contents.
What is Dash?
With bitcoin’s popularity came high transaction fees and long confirmations. A software developer named Evan Duffield came up with a solution.
Mr. Duffield was a bitcoin enthusiast since 2010 and together with his fascination, he was also eager to solve its transaction speed and lack of privacy. He had numerous ideas on how to make it happen but was shut down by the bitcoin core community as this will change the core’s code.
He then decided to create a new cryptocurrency based on the core’s code on January 18, 2014. This token was initially called “Xcoin” and then was changed to “DarkCoin” and finally settled with the name “Dash” in March 2015.
Dash has a unique peer-to-peer network that is fully incentivized. 45% of the mined coins go to miners, another 45% goes to the masternodes, and 10% to fund the system. The coin’s total supply is 18 million dash.
With a mission that Dash be used just the same as cash, it has InstantSend. This allows payments to get confirmed instantaneously (less than 1 second). Dash can also avoid “double spending” – which is a glitch that can cause a digital token to be spent more than once.
Aside from InstantSend, Dash also has PrivateSend. This feature mixes the coins through its *Masternodes to make transactions nearly impossible to track.
Dash also has a self-governing and self-funding protocol. This means everybody has a voice. If you have a proposal that can help it grow and improve, you just need to send it directly to the network for funding and win your case.
*Masternodes – Dash has a two-tier network, unlike Bitcoin’s one-tier. In Bitcoin, all the necessary jobs are handled by the miners. Dash, however, has miners creating the blocks and the Masternodes doing the PrivateSend, InstantSend, and governance functions.
Where to Buy Dash in the Philippines
As of this writing (September 26, 2018), DASH is not yet readily available in the country. Filipinos or other nationals residing in the Philippines have to buy DASH in cryptocurrency exchanges such as Abra, Changelly, or through traditional cryptocurrency exchanges.
Changelly Changelly is a cryptocurrency broker. This means that it works just like your regular money changer but online. It exchanges your token of choice from its list to another for a fee. For the sake of this article, we will choose BTC to DASH. You can easily make an exchange by funding your Changelly with BTC and exchanging it to DASH. Since it is a cryptocurrency broker, the price will rely on the market price. It has over 100 altcoins that you can exchange and will let you buy bitcoin with a credit card/debit card. Transactions using Changelly is easy and quick as it can only take 10-30 minutes. In using Changelly, you will need to have your BTC funds ready. Transfer it to your changelly BTC address and then exchange it to DASH. After successfully exchanging your BTC to DASH, don’t forget to keep it inside your DASH wallet for safe keeping. You can also use Changelly to purchase BTC using your credit card or debit card.
Abra is a cryptocurrency wallet and exchange app available in the Philippines. Currently, it has three natively supported coins bitcoin, litecoin, and bitcoin cash. Abra users are now able to do direct deposits and withdrawals using these three tokens.
In using Abra to purchase DASH, you will need to fund your account first. You can either have a PHP, BTC, LTC, or BCH in your account. If you want to make a deposit first using your PHP, you can do so using its partner Tambunting pawnshops. You can also transfer your BTC from your other wallet to your Abra wallet. Once funded, you can now exchange your fiat or any of the three tokens to DASH within the app.
Traditional Cryptocurrency Exchanges
This type of cryptocurrency exchange is your open book type trading platform. Users of this platform can either set their own buy/sell price or use the market price to purchase or sell their tokens. DASH has different kinds of trading pairs like DASH/USDT, DASH/BTC, DASH/USD, DASH/HT, DASH/TRY, DASH/BCH, DASH/ETH, DASH/RUB, DASH/EUR, DASH/KRW, DASH/GBP, DASH/PLN, XRP/DASH, ICN/DASH, B2BX/DASH, DASH/THB, DASH/COSS, DASH/WAVES, DASH/BRL, DASH/XMR, DASH/ZAR, DASH/UAH, DASH/DOGE, DASH/LTC, DASH/BTS, ZEIT/DASH, DASH/BITUSD, SMART/DASH, IOP/DASH. For the sake of this article, we will go with DASH/BTC.
- Binance – How to Trade Bitcoins for Altcoins Using Binance
- Huobi – How to Buy Altcoins Using Huobi.pro in the Philippines
- Cryptopia – How to Buy, Sell, Trade in Cryptopia with Bitcoins for Altcoins
- Bittrex – Beginners Guide on How to Buy Altcoins from Bittrex
- Poloniex – How to Buy Altcoins Using Poloniex From the Philippines
- KuCoin – How to Trade for Bitcoins for Altcoins using KuCoin
Steps in Buying DASH using Binance
- Register and verify your e-mail address (Register to Binance here!)
- Fund your Binance account by going to Funds > Deposit > BTC
- Use your BTC in your cryptocurrency wallet such as Coins.ph, Abra, Bitbit.cash, etc
- Go to Exchange and search the BTC/DASH trading pair
- Put the amount of DASH you want to buy and you can either set the price or buy using the market price.
- After completing the purchase, go to Withdraw > DASH.
- Make sure to deposit your purchased DASH in your DASH wallet for safe keeping.
The steps shown above is also applicable to other traditional cryptocurrency exchanges.
Buy BTC using Coins.ph
If you still don’t have any bitcoin funds, you can purchase BTC using the top cryptocurrency wallet in the Philippines, Coins.ph. You will need to register first, get verified, and complete the necessary KYC steps. After completion, you may now proceed to cash in. You can either cash in through 7-Eleven’s Cliqq kiosk, partner pawnshops like Palawan, or via UnionBank. After funding your Coins.ph account with PHP you can now convert it to BTC.
- Get your Coins.ph app (Register here!)
Buy BTC using Credit Card/Debit Card
If you want to purchase bitcoin using your credit/debit card, you can use Changelly. It will give you an option to process the payment on USD or EUR. It is a cryptocurrency broker and works just like a money changer so the price is set at the market price.
Abra is another option if you want to purchase through credit card.
The official wallet of DASH is DASH Core. It actually features other DASH friendly wallets that you can use.
Aside from Dash Core, hardware wallets are also available to securely store your DASH and away from hacking. You can use Trezor or Ledger.
Lifetime DASH Price Chart
Looking at the chart, DASH didn’t really hit it off until January 2017. Its first recorded price was 0.213899 USD on February 14, 2014. It broke the 1 USD mark on April of the same year. It was then on a steady streak of 3 USD to 9 USD until January 2017. By May 2017, it reached the 100 USD mark and it continued to climb. Just like other cryptocurrencies during the crypto hype on December 2017, DASH reached its peak at 1,601.94 USD a token on December 21. It went downhill from there and tried to recover on January 7, 2018 at 1,357.33 USD. After the quick resurrection on January, DASH sloped down and as of this writing (September 26, 2018), it is dancing around 180 USD to 200 USD a token.
DASH – Difference from other Coins
Since Dash wants to be as good as cash, it has InstantSend that lets a transaction be confirmed in less than a second. PrivateSend is also available where “masternodes” mixes the coins to make it impossible to track. Aside from that, it also has a two-tier network. The regular miners do the usual “mining work” while the masternodes will take care of the InstantSend, PrivateSend, and Governance.
DASH Key People
- Ryan Taylor, CEO, Dash
- Holger Schinzel, Quality Assurance, Automation, Testing, Dash (LinkedIn)
- Fernando Gutierrez, CMO, Dash (LinkedIn)
- Robert Wiecko, COO, Dash (LinkedIn)
- Philipp Engelhorn, Press & Multitool, Dash
- Glenn Austin, CFO, Dash (LinkedIn)
Additional tips for Dash Philippines
- You can trade Dash in person provided that both parties are in a secured public place.
- You can not hold your Dash inside your Coins.ph or Bitbit.cash wallet. As of the moment, both of these wallets do not support Dash.
- Do not keep your Dash inside crypto exchanges. Make sure to tuck them away inside your wallet as soon as you can.
Dash is Mr. Evan Duffield’s take on how to solve bitcoin’s high transaction fees and long confirmation. This token was initially called XCoin and then changed to DarkCoin and settled with the name Dash in March 2015. It has IntantSend that lets its user have their transaction confirmed in less than a second. It also has PrivateSend where tracking a transaction is impossible.