The cryptocurrency markets have had a tumultuous week and are looking increasingly unstable following “Monday’s Massacre.” According to cryptocoinsnews.com the total market cap of Bitcoin, Ethereum, Dash and all cryptocurrencies has fallen by more than $25 billion since peaking at $117 billion in mid-June.
The instability and speculation on how bad this dive will be for BTC-USD and the other cryptocurrencies have prompted me to investigate other cryptocurrencies such as Dash and the exchanges they are traded on such as Changely.
Dash began as Darkcoin in 2013 and has always focused on resisting miner dominance (by using a multitude of cryptographic algorithms), innovation, and resolution of both potential and existing problems. Despite a checkered history it has always survived and is now a serious contender to Bitcoins Gold.
Set up a Dash wallet
Like all virtual currencies you’re going to need a place to hold your Dash. Normally I like to use exchanges, however Dash core is relatively lightweight compared to Bitcoin and can therefore be downloaded on to a reliable laptop.
The wallet can be downloaded from Dash.org
On the website click “Get Dash” and then Download the Dash Core Installer:
Follow the installer prompt and your Dash wallet will start up. Just like Bitcoin Core the Dash wallet will need to synchronize with the network.
The synchronization will take around 3 hours with an Ethernet connection; compare this to Bitcoin which can take several weeks.
Once all the nodes are synchronized you are ready to buy Dashcoin.
How to convert Bitcoin or Ethereum to Dash Coin
There are many ways to buy Dash coin, one way is on the Bitpanda exchange. If you don’t own any Bitcoin or Ethereum or other coin then do this step first. However, the purpose of this article is to convert other cryptocoins in to Dash.
Once your Dash wallet is downloaded, set up and synchronized you can click on receive in the wallet menu tabs, you will be able to view your Dash Coin address. Right click on the address to copy.
Then go to a cryptocoin exchange such as Changely and set up an account. An exchange such as this will enable you to change your cryptocurrency in to any other denomination through a temporary address.
Follow the prompts and enter the address from your Dash wallet. You will then be presented with a Bitcoin or Ethereum address. This address can then be used as a halfway point to convert in to Dash Coin.
Copy the address and then go to the exchange or wallet where your Bitcoin or Ethereum is stored. Click on “Send money” and enter the address from Changely. Your coin will be sent to the exchange and Changely will send Dash coin to your Dash wallet.
- Check and double check addresses.
- Ensure you are sending the right coins to the right address.
- Check for Email confirmations.
- Be patient as the network is often overloaded.
Bitcoin has now been converted to Dash and stored in the Dash wallet.
I am in no way associated with Dash coin, nor do I offer financial advice. I do however believe in Dash, based on the fact that it has so far proved extremely resilient in the crypto landscape.