Dash Wallet: The safest wallets for storing your Dash coins
Dash is one of the earliest cryptocurrencies to be launched, making its debut in 2014. It has maintained a spot on the top 20 cryptocurrencies by capitalization over the last twelve months.
Dash has its unique features and differs from Bitcoin in some identifiable ways.
Dash has a range of advantages as well as verifiable use cases of interest. In other words, Dash can be evaluated on the basis of its underlying value just like Bitcoin, and with unique selling points. Dash was designed to avoid regular hard forks as seen on the Bitcoin blockchain.
The occurrence of hard forks on the Bitcoin platform is as a result of the lack of an adopted consensus. This makes it difficult for important changes to be implemented without a split, which gives rise to a new coin in the marketplace.
Dash uses a voting system to give the nod to any crucial changes that need to be made.
A transaction is completed within a second on the Dash platform compared to at least 10 minutes for Bitcoin. Bitcoin has grappled with concerns over the speed of transaction and associated transaction cost, but Dash excels in this regard.
Bitcoin transactions attract $6 on the average for processing while Dash attracts only 40 cents per transaction. When compared to what the banks charge for money transfer transactions, Dash attracts lower fees and expedited processing is the standard.
To a large extent, transactions on the Dash platform are public, yet anonymous. Personal information is obscured, although each transaction is verifiable. Enhanced privacy is also one of the standout features offered by Dash.
A Dynamic Potential
The payment possibilities and scenarios linked to Dash readily bring up a world of flexibility and innovation engendered by the Blockchain. It is a revolutionary answer to money transfer difficulties as it makes an instant transaction possible.
Dash also enables online shopping and takes away geographical barriers that restrict the experience of people in other continents. Dash takes the store into your living space irrespective of where you live on earth.
Merchants are provided a huge boost with Dash as a medium of exchange. They are able to offer their goods and expertise to a larger market without the cost and limitation of foreign exchange processing.
The built-in protocols on the Dash platform are hack-deterrent. Transactions are authorized using the X11 ASIC computational capacity powered by 200 TerraHash supported by about 5,000 servers around the globe.
The availability of wallet options is a huge plus for the Dash coin holder. There is no ambiguity in holding, storing, securing, and usage of tokens irrespective of where you live on the earth.
How Dash is Created
Dash, like Bitcoin, is a native token created through the process of mining. There are specialized and linked terminals that are put to use to resolve every given arithmetic difficulty which gives rise to new blocks on the Dash blockchain.
Every miner who successfully creates a block is rewarded for keeping the platform propagated. Dash tokens are not priced over the roof, and they sell for about $413 as of March 20.
Worthy to hold
In terms of suitability to be held as a store of value, Dash fits the mold. It not only serves as a medium of exchange but can also be held for competitive gain as its price surges. In terms of a market advantage, the enduring benefit is seen in the adoption of Dash by merchants and other enablers of commerce across the globe.
As long as Dash is put to use on a daily basis, its underlying value can be protected and leveraged upon. It has to be highlighted that in a marketplace of more than 1,000 altcoins, the volatility of price and value is a cause for concern. Dash is in a place of prominence as far cryptocurrencies are concerned with global focus fixed on the top 50 cryptocurrencies by market capitalization.
Storing Dash Coins
Dash tokens are not sold in local grocery stores like some piece of cutlery. They are available online and can be bought at a click of a mouse on exchanges and several marketplaces.
You can register for an account within a few minutes on platforms like Kraken, Changelly or Coinbase, and buy Dash with your debit or credit card. There is a network of 1,400 postal locations across America where you can buy Dash using a custom token ATM. In other parts of the globe, online purchase is the most feasible option.
Types of Wallets
Having bought Dash coins, the next step is to secure it, and this is where the wallet comes in. While you need a physical wallet to keep your cash, a digital wallet will house your cryptocurrency. Safe wallets can be downloaded from the official Dash website with a range of hardware, web, and mobile wallets available as options.
A wallet in a physical location. Your wallet is out of the reach of online attacks
A desktop wallet is built to be downloaded on your PC, and in the safety of your home or office. You will be able to control access to your wallet using private keys with transaction data kept out of the reach of prying eyes.
There is also no fear of hackers compromising or stealing your tokens in this scenario. The safety of a desktop wallet is reinforced since it is not connected to any server nor hosted by any proxy network. Your personal data is also kept safe and cannot be shared in its offline mode.
The risk associated with the usage of this kind of wallet is a physical loss. If there is any damage to your house or office, your desktop will be destroyed. This risk can be mitigated by keeping a backup elsewhere. You can also re-install on another computer and regain access as long as your log-in details are intact.
An example of a desktop wallet is the Exodus wallet, and it has multi-currency storage capacity. Exodus is convenient to use and newbies will be comfortable to navigate its layout.
Your accessible wallet around the clock. Access your digital assets anywhere and anytime
Mobile wallets are easy to download using your mobile gadgets, and they are available on iStore and Google Play. Most mobile wallets are exchanged-based, and you can use them for the storage of multiple currencies.
The major threat to exchange-based mobile wallets is the one posed by hackers along with a possible exchange shut down. This risk can be mitigated by sending your tokens to offline wallets. Coinbase, Binance, and Luno offer web-based mobile wallets that allow you to access your account, store, sell and buy tokens at your convenience.
Other mobile wallets are hosted by private companies and they do not broadcast your transactions. You can link to an exchange from many mobile wallets without exiting your wallet window. This feature makes it easy to carry out a transaction at your convenience.
An example of a non-exchange hosted mobile wallet is Coinomi, and it allows your transactions to be anonymously by hiding your IP address,
Your online wallet at the click of a mouse. Stay online and trade with ease.
Browser wallets are available on your browser, and since they are interfaced to the web, you need an internet connection to access them. The convenience associated with browser wallets makes it possible to access, retrieve or exchange your tokens in a few minutes. You can log-in to this wallet and complete your transactions with minimal delay.
While you need to use your internet connection to access a browser wallet, the wallet is not an online wallet. Your access to the wallet is governed by private keys, which you have to keep safe at all times. Loss of your private keys might lead to the loss of your account and tokens. To mitigate this, you have to maintain a duplicate record of your private keys in printed form or some other retrievable means.
MyDashWallet is an example of a browser wallet and enables you to utilize Dash features like PrivateSend, InstantSend, and SecureSend.
Like a padlock, your wallet is in your hands. Control access, keep safe, and no worries.
A hardware wallet is described by many cryptocurrency reviewers as the safest means of storing your tokens. Hardware wallets are like the good-old padlocks with no online linkage whatsoever. In modern terms, they look like flash drives and have no vulnerabilities like mobile or web-based wallets.
Hardware wallets are akin to desktop wallets in some ways. A hardware wallet is stored in a location like your house or office. This means that hackers have no access to it at any time. The risk of loss, misplacement or damage is what the user has to contend with.
Trezor wallet is one of the most patronized hardware wallets, and you can buy one at cryptocurrency-themed stores. You can buy your hardware wallet through Amazon and other online marketplaces.
These wallets are also considered free of malicious attacks and not corruptible by computer viruses. When damaged, the data can be retrieved by using a send expression.
Your paper, your treasure. Your paper wallet gives you access to your stored tokens.
A paper wallet is the lesser known version of the wallet options. Both the address and private keys are created and duplicated on paper and custody of such gives the holder access to the token account.
Paper wallets can be created by using specialized services offered by specialty websites. You can also create one with ease using mnemonics. You can decide to come up with a phrase made up of the first letters of every word in your favorite quote or lullaby for the wallet ID creation.
No matter how you create a paper wallet, the edge is that it is severed from every mechanical device or apparatus. Loss of the paper asset is the biggest risk here, and damage is a threat of equal measure.
The Dash Core Paper Wallet is an example when looking at paper wallets and how they work. Holding this wallet gives you access to the wallet address, and you can receive tokens as a result of this from other sources. The private keys allow you complete transactions and gain access to the Dash account.
Dash has huge potential in the evolving marketplace of cryptocurrencies, and with your choice of wallet, you can safely store and retrieve your tokens in the way that best suits your needs.