The world of cryptocurrency is attracting new interest every day. However, actually purchasing your first coin can be an intimidating process for new users. Not everyone wants to start with Bitcoin, some are more interested in the possibilities of a platform like Dash, which boasts faster transfer times as well as privacy options. Therefore BeInCrypto has created a helpful walk-through for those looking to get their feet wet and buy their very first Dash.
Bittrex, a Cryptocurrency Exchange
Generally the easiest place to get your first cryptocurrency is going to be an exchange. An exchange allows you to literally trade between different assets, in this case currencies. There are many different cryptocurrency exchanges available, but for today’s walk-through we’re going to keep it simple. Often an exchange like Coinbase is ideal for a first purchase, but some coins like Dash are not yet available on that platform. Another fairly user friendly option is Bittrex, and that will be what we use for today’s tutorial.
However, this tutorial is slightly more advanced than our Bitcoin tutorial, and that’s because at this time the easiest way to purchase Dash is using Bitcoin. Therefore if you haven’t already tackled getting some Bitcoin, we recommend you head over to our “How to Purchase Your First Bitcoin” guide. From here on, we will assume you are prepared to fund your Bittrex BTC wallet from somewhere.
The very first time you access the Bittrex site, you should be met with a button that says “Sign Up,” so go ahead and click there to get the ball rolling.
Enter your basic info such as account type (personal or corporate) and email address, then set a strong password and click “create account.” After this you will be prompted to fill out some additional profile details, including some “Know Your Customer” information. This is to verify your identity, keep the exchange compliant with regulations, and prevent the practice of money laundering. If you don’t want to give this information, there are exchanges that don’t require it. Generally speaking though, any reputable exchange in compliance with the law will likely require this before letting you take assets off of the platform.
Another important part of setting up your account will be to enable two-factor authentication. Two-factor authentication increases security on your account by ensuring that even if somehow an attacker gains access to your password, they can’t access your portfolio without your phone as well. Using an authenticator app like Google Authenticator is preferable over simple SMS authentication, as the latter still leaves the user vulnerable to SIM swapping techniques, but anything is better than nothing.
Making Your First Purchase.
Okay, you’re all set up on Bittrex and you want to buy some Dash! The next thing you need to do is fund your Bitcoin wallet, as previously mentioned. From your home market screen, click on the “Holdings” tab in the top right corner of the screen.
This will bring up all available cryptocurrency wallets. You should navigate to the “Bitcoin” wallet and click on the “Deposit” button on the right. This will bring up your BTC wallet address, and it is this address that you will want to fund.
Send as much Bitcoin as you want, depending on how much Dash you want to purchase. You will have to wait a little while for the blockchain transaction to confirm, but then you will be ready to trade. Now you will want to go back to the “Markets” tab, and scroll down until you see “Bitcoin Markets.” On the right hand side there should be a search bar, so go ahead and type “dash” into it. This should bring the “BTC-DASH” pair, which you should then click on.
You should now see a terminal window, which shows a candle chart, live market data, and below has the order books as well as a Buy/Sell window.
Scroll down to that window. Make sure the “Buy” tab is highlighted. Here you will see your available BTC and DASH balance, and below the parameters of the transaction. Set the order as a “Limit Order.” Bid price, when clicked on, brings up a slider between the current Bid and Ask, but you can also type in any value. For simplicity, keeping it set to the suggested default should be fine for now. Next type in the quantity of Dash you want, and the total cost of the transaction (in Bitcoin) will be shown underneath. Feel free to leave the “Good Till Cancelled” option as it is. Take note that Bittrex will take a fee for your purchase. This is generally true of most exchanges, and often the more convenient and streamlined the process is, the larger cut an exchange will take. Longer-term buyers would likely want to use a service with smaller fees if they plan on making regular purchases, but this is another spot where each user should do their own homework.
Review all of the details and if everything looks acceptable, hit the “Buy DASH” button at the bottom. This will generate your order. There is no guarantee that your order will get filled immediately, but for small amounts at near current market prices it is likely you won’t wait long. You can track your order below in the”Open Order” window, which is also where you will cancel it if you decide you have changed your mind before it gets filled.
Assuming all goes smoothly, in just a matter of moments you will likely get an order confirmation, followed by the change being reflected in your available funds. At this point you are now the proud owner of some Dash! You can feel free to buy or sell it as you like, or transfer it off of the platform to store in your own wallet or another exchange. Note that moving coin off of Bittrex may be subject to limitations depending on your level of verification, as previously mentioned.
Congratulations! You just bought your first Dash! However, this is just the beginning. Depending on what interests you about cryptocurrency, there are many avenues for more education. If you want to explore trading, there are many, many more options out there for buying and selling digital assets. Perhaps you want to help develop, well there’s no shortage of information or projects out there to jump in on. On the other hand, if you just want to be part of the conversation, there’s plenty of people talking about Dash on social media. Whatever you do, welcome to the wild and exciting world of cryptocurrency!