1. Sign up for Bitdenex
First of all, you need to sign up for an Bitdenex account. Your Bitdenex account is a secure place to store your Dash. Unfortunately, you can’t exchange your local currency into Dash without an registered account. Based on the current laws and regulations, you must have an registered account to be able to trade cryptocurrency.
The KYC and AML policy does not allow to trade anonymously. That’s the main reason why you have to sign up for an account, unless you only want to try the FREE account. For the free account, you only need an email address.
2. Verify your Bitdenex Account
You need to verify your Bitdenex account, after you sign up. In order to verify your Bitdenex account, you need to provide some documentation.
When all the details are correct, your account will be accepted. Once the verification steps are complete, you can start trading.
3. Buy & Sell DASH
To complete your account, you need to do some verification steps before you can fully use your registered Bitdenex account. Go through the verification steps and add the necessary documents. After you add the documents, we will check those and complete the verification after all documents are correct.
We always show you the current exchange rate before you trade. Bitdenex don’t determine the prices. The traders dertermine the prices, so make sure you check the rate before you place your order or limit order.
More Information about DASH
What is Dash (DASH)?
Dash (DASH) is a cryptocurrency optimized for speedy payments and privacy features. DASH utilizes a unique network structure built by both miners and the privileged machines called Masternode. With its obsolete community management system, anyone can submit and vote on proposals to improve environmental performance, utilization, and adoption.
The Dash protocol is protected from the Bitcoin protocol and introduces the Dash Masternode network. These areas will have high availability and provide the required network capacity to participate in the Easternode Reward Program
History of Dash
Dash, in which ‘Dash’ is a combination of ‘Digital’ and ‘Cash’, was released on January 18, 2014, as “Xcoin (XCO)” by Evan Duffield. On January 28, 2014, the name was changed to “Darkcoin” before it was finally renamed “Dash” on March 25, 2015.
Dash was blocked in Litecoin, and Litecoin was released in Bitcoin. A disturbance was triggered when the fork occurred, resulting in a $ 1.9 DASH mining deposit in the first two days. 1.9 million is about 10% of the total amount of Dash ever!After this technical error, Evan Duffield promised to restart the money but the Dash community did not approve the proposal and so the project continued.
Since its launch in 2014, the DASH cryptocurrency has been priced below $ 10 until the end of 2016. As you can see from the chart below, the Dash price started to rise in early 2017 and reached a high of $ 1540 on December 20, 2017.
What exactly are Masternodes?
Masternodes are like full-fledged areas in the Bitcoin network, except that they have to provide some service to the network and MUST have some sort of heavy investment in the system. To run Masternode, one has to invest 1000 DASH.
So, now the question that one has to ask is, why does Masternode need to make that kind of investment?
In return for their services, Masternodes are returned with a return on their investment. What this has done, in fact, is that it encourages Easterns to work well on the foundations of nature. Dash was the first cryptocurrency to use the Mastodeode model in its protocol.
Masternodes create a second chaotic network, follow the Evidence of an algorithmic service, and are more dominant than the first normal network of diviners.
This two-tiered system builds consistency between service evidence and performance evidence on the Dash network.
One node is turned on, managing a specific set of functions such as InstantSend and PrivateSend. They are also in charge.
Since using a masternode requires money and effort, in order to contribute to the functionality of the nodes, they are rewarded for their efforts. The pay is usually 45% of the block’s salary. However, to get a more concrete answer, we will need to test some parameters.
Easternode Reward System
As the number of active Masternodes in the DASH system continues to change, the reward continues to fluctuate according to this formula:
(n / t) * r * b * a
Therefore, the variables in the equation are as follows:
n is the number of Mastersode controller operators
t total number of Masternodes
r is current block salary (currently ~ 3.6 DASH)
b in blocks on a normal day. On a Dash network this is usually 576.
average Masternode payment (45% of average price)
Return on investment through the operations of the Easternode can be calculated as:
((n / t) * r * b * a * 365) / 1000
Order of Masternode
Masternodes can be used to take care of important tasks in a fast and reliable way. To emphasize the speed, one can select N pseudo Masternodes from the network to perform tasks. These Masternodes can accomplish the task without the entire network participating in them. This is a very different version of Bitcoin where the rest of the world has to play a part in the agreement.
The random pseudo-selection was performed using the following algorithm.
How do Transactions Work?
Let’s assume you already have a Dash cryptocurrency and have it stored in your Dash wallet. First, here are two important things you need to know about your Dash wallet.
Public Address: Think of this as your bank account number. This is generated randomly by a combination of letters and numbers that you can share with anyone who wants to send your payment.
Private Key: Think of this as your ATM PIN number you cannot share with anyone. And a random sequence of characters you need to access your Dash wallet to do the transaction.
So, let’s say you want to send the 1st Dash to your friend Kate. You will need to go through the following steps to make this transaction possible.
1. You can send 1 Dash coin to Kate’s public address by logging into your wallet with your private key.
2. Dash miners will add your transactions to the A block basically the Dash cryptocurrency release group that happens at the same time.
3. If you have selected the InstantSend service than your purchase it will be verified by Masternode. Alternatively, it will be confirmed by the average miner in 2-3 minutes.
4. Once that is done, all the other miners on the network will be notified. They will double check the results from the miner who has verified the transaction to make sure there are no errors and that the operation is working.
5. The Dash coin will then be transferred from you to Kate.
How this method works in the Dash network. Simple!
Before buying a Dash or other cryptocurrency, it is important to understand its future potential. After all, you are investing your hard earned money in the most unlikely market.
Is DASH Secure?
Dash cryptocurrency, like other cryptocurrencies, provides a secure way to exchange without the need of any third-party mediator.For example, if you make a payment using your Visa credit card Visa ensures that the transaction is completed securely. It also records all transactions for future reference.
Unfortunately, if the security of Visa or other such lawyers is violated, all of its users are at risk. In fact, there have been many cases recently when hijackers have raided banks and financial institutions, leading to loss of wealth for account holders. Dash cryptocurrency, built on top of blockchain technology, offers a secure option by making this process mandatory. Instead of relying on a centralized business such as a bank, Dash is certified by 4,943 hosted servers worldwide. Therefore, Dash can be considered secure, unless a bug is created in the technology itself, similar to what happened when the Dash was introduced. This is often called the “Instamine debate”.
When Dash was launched, 2 million Dutch were donated within 48 hours of the launch. If you remember, only 18 million Dash can be shared. One of the biggest beneficiaries of this bug is the Dash Maker. Since then, Dash has not faced any other security issues, but it raises doubts in investors’ minds. However, I would say that Dash is as safe as any other top cryptocurrency.
How Can DASH be Used?
Dash has many features that offer a line above other cryptocurrencies such as Bitcoin and Litecoin. Dash can be used to make transactions in a private and fast way because of these three things: Masternode, PrivateSend, and InstantSend.
Let’s take a closer look at each of them.
In the blockchain of Bitcoin there are miners confirming the transactions taking place in the block, and then, they get excited about their work. Similarly, in the Dash cryptocurrency blockchain, there are also miners, but the system is divided into two parts – Masternode and miners. The user must deposit a minimum of 1000 DASH to become a Masternode. Masternodes act as special servers that perform critical operations on the Dash crypto network. They are responsible for Private Transaction (PrivateSend), Instant Transaction (InstantSend) and the control and savings plan. These Masternodes improve network security and ensure that transactions are as fast as transfer payments. This costs money and effort from Masternodes, and is therefore rewarded by the network. Masternode receives 45% of the total proceeds from the mining DASH. So, suppose that a 1 DASH coin is donated by miners, it will be split as follows:
45% of the earnings (0.45 DASH cryptocurrency) goes to miners.
45% of the reward (0.45 DASH cryptocurrency) goes to Easternode.
10% (0.10 DASH cryptocurrency) goes to finance additional network upgrades.
One of the problems with the Bitcoin blockchain is that it is completely public. This means that if you make a Bitro transaction, anyone in the world who accesses the internet can find the following things about it:
The sender’s public and recipient’s public address for each Bitcoin transaction.
How much the transaction was worth?
What you have done in the past is where Bitcoin was involved?
Do you see the problem? It’s not like a fiat transaction where the details of each transaction are known only to the parties. However, Dash offers a service called PrivateSend that adds privacy to the transaction. Because of this, Dash transactions cannot be tracked, and user identities are not revealed to the world. As mentioned earlier, the private transaction is still being carried out by Mastodeode.
Even if all your transactions are legal (which I hope they are), would you really like to have the whole world know all about them? Let me guess, your answer is “no!” So, this is a huge advantage that Dash cryptocurrency offers with Bitcoin. This benefit is also what makes the dash crypto “visible”. Have you ever heard of emergence?
Well, traditional currencies (such as USD, EUR, JPY) all work. This means that any two $ 10 bills can replace one. As in 1 oz. with the same gold the same distance as the other 1 oz. with the same gold. This is not the case with Bitcoin. Since Bitcoin transactions can be tracked back, one can refuse to accept Bitcoin that was previously used for illegal trading.
Since Dash cryptocurrency coin transactions can be tracked, their history is unknown. This makes all Dash coins equal and soft.
On average, it takes 10 minutes for a Bitcoin transaction to be verified. On the other hand, it only takes a few seconds of work to be done via Visa or Mastercard. That’s a big difference, isn’t it ?!
This raised a number of questions on the scalability and mass adoption of Bitcoin. Dash resolves this by providing “InstantSend” a special service. Using InstantSend, the Dash transaction is almost verified by the Masternode network. There is an additional cost for the InstantSend service in addition to regular dash sales. The average Dash transaction is cleared by about 2.5 minutes, which is still improving with Bitcoin. But who wants to wait 2.5 minutes at a grocery store just to pay? No one. So, for a small fee, you can ask Masternodes to cancel your transaction within a few seconds.
These 3 helpful features give you a huge advantage over Dash cryptocurrency over many others like Bitcoin and Litecoin. In addition to these features, there is one thing that is unique in distinguishing it from the others.
Self-Governing and Self-Funding Protocol
In Bitcoin, when a block is mined, 100% of the reward goes to miners (ab). However, with Dash, 10% of all mining profits go back to Dash. It’s basically added to the budget used to fund the growth and growth of Dash crypto. This means that Dash cryptocurrency can fund its growth and adoption.
So, who determines the use of this fund? Also, it is done in a democratic manner when participants of the Dash network vote on various proposals as outlined on dash.org. As you can see, everyone in the Dash cryptocurrency community has the opportunity to voice their opinions and contribute to the development. This is especially important because blockchain is a modern technology that requires continuous development before it can be advanced.
As you can see, Dash cryptocurrency offers many improvements, both for the commercial and its business model. This is the reason why it is one of the top cryptocurrencies. Now that you know what Dash and the benefits are, let’s go ahead and see how the Dash transaction actually works.
What is double spending?
Double spending basically means spending the same amount of money on more than one purchase at a time. This problem has been circulated due to miners. In blockchain, transactions only occur when miners enter transactions in the blocks they set up.
Now suppose that, Alice would send 1 bitcoin to Bob and he would send the same coin to Charlie, the miners would place one transaction inside the block and, as they went on, put another one back, preventing double spending in the process.
So, how does Dash wrap up the problem of double spending while posting instant transactions?
Let’s go through the InstantSend steps:
Each time a block is inserted into a mine in a Dash, the miner sends a block hash. The block hash is used to select the masternode column. 10 masternodes in one quorum.
The quorum, between now and the time the next block is loaded (~ 2.5 minutes), becomes Dash Network’s “InstantSend authority”. So, suppose Alice wants to send Bob 1 DASH through InstantSend, the selected quorum will lock the purchase input and distribute the input information.
This lock ensures that double spending is prevented. Suppose Alice wants to send the input to Charlie and start spending twice as much money, because the input is already widespread, the network will reject the new transaction.
Both the sender and the recipient receive 5 transaction confirmations within a second confirming that the work has passed.