How to Buy Dash in Australia
This article has been created for those wanting to buy Dash in Australia. Dash is a cryptocurrency with a substantial worldwide following, including a strong Australian contingent.
We aim to give you all the information you need to have you buying Dash in minutes. In addition, we cover what Dash is, how to store it and what makes it unique.
How to buy Dash with Easy Crypto Australia
Easy Crypto Australia specializes in simple and fast Dash purchasing. The following animations will help you buy Dash in Australia almost instantly. If you want to dig a little deeper, we recommend you read the entire article.
From here, you can log in to your bank via the POLiPay system (or if you don’t want to use POLi you can use a standard bank transfer, using the alternative button) pay for your order and you should have your Dash in no time!
What is Dash?
DASH has a long and storied history, having been around since early 2014. The creators wanted to take the premise of Bitcoin but make a cryptocurrency that was more anonymous (as Bitcoin transactions can be traced on the blockchain). At the time of writing it is a top 25 crypto in terms of market cap value.
Dash was originally named Xcoin, re-branding to DarkCoin. The final re-brand was completed to better represent what the creators were trying to achieve. Dash has a unique governance structure that includes the use of ‘masternodes’. To own a masternode, you will require 1000 DASH that is staked to the network. Masternodes store, validate and serve the blockchain to users.
The most interesting aspect about masternodes are their ability to vote for changes to the Dash ecosystem. Without consensus from nodes, the changes cannot be ratified. Owners of masternodes receive rewards for this service. Traditional miners also receive rewards. 10% of Dash rewards per validated block are sent back to the Development team to help drive innovation and fix any issues or bugs.
Which wallet will suit you for storing your Dash?
There are various different wallets you can use to store your Dash in Australia.
When deciding upon a wallet to hold your Dash, you have mobile, Mac, Hardware and PC options available. Dash can also be stored as part of a masternode setup, to collect blockchain rewards (this is more advanced and not covered in this document).
Exodus has grown its reputation as one of the most popular wallet for users in Australia and the world. It’s slick interface makes storing and monitoring your Dash investment easy, with support available at your fingertips.
Exodus is user friendly, is easy to install, setup and get started with. It is compatible with hardware wallets (Trezor is excellent for this) and provides a secure and flawless user experience. Due to this, it is very beginner friendly but still caters to the advanced crowd.
Australian’s will enjoy the private key encryption, the large selection of crypto assets, a human support system and the ability to install the app on a mobile phone. You can also sync your wallet between your mobile and desktop wallets.
Dash has in built compatibility with the Trust Wallet, which makes it a breeze for Aussies to store Dash. The Trust Wallet was already a popular mobile wallet, however, Binance recently purchased the company and since that time, Trust has went from strength to strength.
Boasting strong reviews, high security, a positive reputation and multi-coin support, there are many reasons to choose Trust Wallet as your mobile crypto storage wallet.
Ledger Hardware Wallet
If you are looking for another layer of security, a hardware wallet is the perfect option for storing your Dash in Australia. Ledger hardware wallets support Dash and allow you to store your private key offline, where it is much harder to be accessed and used to steal your crypto.
Ledger is a well-known wallet brand, has a strong focus on security, utilises user friendly software and supports many cryptocurrencies, including Dash. If you are storing a larger amount of crypto, consider purchasing a hardware wallet to add that extra step to prevent nefarious attempts at taking your digital assets.
Other tips when purchasing Dash in Australia
It is good practice to have a basic understanding of cryptocurrency tax principles before purchasing Dash in Australia. Digital Currency is a round the clock trading system, which is unpredictable and has potential for large profits, as well as losses. We recommend you understand the tax outcomes of your Dash purchase by perusing the official ATO documents here. A preliminary discussion with an Accountant that has a background in cryptocurrency is probably your best course of action.
In general Dash to AUD and AUD to Dash is a taxable event. When this occurs, there are Capital Gains Tax (CGT) considerations, which are similar to property investment rules.
When buying Dash (or any crypto) you should be focused on understanding the security in storing and accessing it. Dash transactions cannot be reversed, so it is imperative you understand how to back up your wallet and learn how to create strong passwords. If you are using a hardware wallet, you need to find a safe storage place for this at your premises when not in use.
When dealing with anything in the financial world, the reality is there are potential scammers looking to fraudulently obtain your assets. If you are proactive and informed, you will deter scammers and ensure you do not lose any of your precious Dash. The number one security focus initially should be a strong passphrase that you can utilize. Look at this article for help in creating a password. Another big issue with security is nefarious social engineering. Do not allow others to create passwords for you, trade for you, access your account, or buy on behalf of others.
Find out more about password security: Password Security Lesson
Dash Frequently Asked Questions (FAQ)
Q. When was Dash created?
A. January 2014.
Q. Who created Dash?
A. Dash was created by the Evan Duffield, and was originally called Xcoin.
Q. Did Dash have an ICO?
A. Dash did not have an ICO, but began life with an ‘insta-mine’ which auto-created 2 million Dash when it was launched.