Dash Wallet: The Complete Guide

/Dash Wallet: The Complete Guide

Dash Wallet: The Complete Guide 2018-02-04T11:41:13+00:00

The world of cryptocurrencies is growing and becoming more and more common constantly. Dash is a peer-to-peer digital currency that operates on an open-source basis. It offers its users instant transactions as well as private ones. It is known for operating based on self-governing and self-funding structure, thanks to which the users who make payments with Dash network are able to do work and add value to the network.

Just like in case of other cryptocurrencies, you have to keep dash in special wallets to ensure its security and enable transactions. In this article, we will target the wallets designed for Dash and learn more about them.

What is Dash Wallet?

Dash wallets are not like wallets you use for fiat money. A dash wallet is a software that lets people send, receive and store this digital currency. Thanks to the wallets, a dash is safe from theft, hacking and other treats, however, the level of the risk mainly depends on the type of wallet you choose to use (we will discuss that soon). Wallets for dash usually work the same way as wallets that are designed for other cryptocurrencies. Passwords these wallets are not recoverable, which makes the hacking process even more difficult.

What kind of Dash Wallets should you use

Just like in case of other digital currencies, Dash as well can be stored on wallets that work with various standards. The most popular ones are desktop wallets, paper wallets, hardware wallets and web wallets. Below you may find more details about each of these wallets along with their pros and cons.

Software Wallets (desktop wallets, iOS, and Android apps).

Software wallets are classified as hot wallets and have to be downloaded in form of a software into the user’s laptop, iOS or Android device. These are classified as some of the most convenient types of wallets.

Software wallets are very easy to download and use.

  1. Go to the official Dash website, App Store or Play store (make sure you are downloading a trustworthy app).
  2. Download the app.
  3. Provide the required information
  4. Get registered.
  5. Follow the simple instructions (may vary from app to app) and finalize the steps.

Paper Wallets.

In general, paper wallets are classified as cold storage wallets. They are a common method of storing Dash and appear to be safe dash wallets. Their main function is providing the user’s private and public keys on a piece of paper.

Pros

  • safe.
  • accessible.

Cons.

  • Someone may easily steal the paper if you do not keep it in a safe place.
  • If something happens to the paper, you cannot recover the dash.

Here is how you have to create a Dash Paper Wallet.

  1. Go to the official Dash website.
  2. Go to the “Paper Wallet Generator”.
  3. As you go there, you will see a lot of random numbers and letters.
  4. Move your mouse around, to make sure you get a completely random address.
  5. You will see random dots on your screen, showing the pattern of the mouse movement.
  6. Keep moving the mouse until the counter reaches zero.
  7. When the process is complete, you will get public and private addresses.
  8. You need to print the page and keep it.

Note: You can share the public address with other people to receive funds to your wallet, meanwhile, you should NEVER share the private address with anyone, and otherwise your funds may be stolen.

Hardware wallets.

Hardware wallets are classified as cold storage wallets and are considered the safest Dash Wallets, as they are offline.

Pros.

  • The safest of all types of Dash wallets.
  • The hardware wallets are portable and can be carried around.

Cons.

  • Not very convenient and accessible.
  • Can be quiet costly.

Here is how you can get a Dash Hardware Wallet.

  1. Order one online.
  2. Install the corresponding application on your laptop.
  3. Plug the Hardware Wallet into your laptop (USB area).
  4. Choose and memorize the PIN code (you will have to enter it each time you use your device).
  5. The secure generator will create a private seed that will consist of 24-words.
  6. You should record the 24-word seed on a paper and keep it somewhere safe.

 What Dash Wallet to use?

As now you have a better idea about different types of wallets, let us study different brands of Dash Wallets, to give you a better idea if you decide to buy one.

KeepKey (Rated 4.1 out of 5).

KeepKey is a Dash hardware wallet, which you may order online from Amazon or other reliable online shopping platforms.

Pros.

  • Very safe.
  • Good design.
  • Supports several currencies.

Cons.

  • An additional software has to be added.
  • Can get lost.

Trezor (Rated 4.3 out of 5).

An alternative Dash Hardware wallet can be Trenzor, another popular wallet with high reputations.

Pros.

  • Easy to use.
  • Security is ensured.
  • Supports various currencies.
  • Small in size.

Cons.

  • High price.
  • Easy to lose.

Ledger (Rated 4.5 out of 5).

Finally, the last but not least safe Dash Hardware Wallet appears to be the wallet known as Ledger.

Pros.

  • Safe.
  • Relatively a cheap hardware wallet.
  • Easy to setup and use.

Cons.

  • Can get lost.
  • Making transactions may be time-consuming.

Jaxx (Rated 3.2 out of 5).

Jaxx is a multi-cryptocurrency blockchain system, which supports Dash as well. It is a good Dash wallet classified as a software wallet. Here are some of the features that Jaxx has.

  • It is free to download.
  • No need to be registered or sign up for any service.
  • Users have complete control over their private keys.
  • Free customer support.
  • Allows changing platforms (e.g. from laptop to the phone app etc.).

Coinomi (Rated 3.8 out of 5).

Coinomi is a multi-cryptocurrency online wallet. Currently, Coinomi is available for Android only, however, the issue is in the process of fixation.

  • Favours users’ privacy in all possible ways.
  • The backup must be done only once.
  • It does not involve any intermediate stages.
  • No need to sign up.
  • Allows users to convert from one cryptocurrency to a different one.

LoafWallet (Rated 3.8 out of 5).

LoafWallet is a Dash software wallet designed for iOS and Android. You can download it for free from the App Store or Play Store.

  • Has a simple codebase.
  • Has a fast performance.
  • The software code is open and the app lets its users review or port into own projects.
  • Has a nice and useful design, which makes the use of the app easier.
  • Good customer support.

Exodus (Rated 4.2 out of 5)

Exodus is a software wallet, which lets its users store, manage and exchange Dash, along with other blockchain assets.

  • Exodus does not require any prior setups.
  • The data is completely private.
  • Allows the users to personalize the app with own preferences.
  • Easy to use even for complete beginners due to optimal design.
  • Allows exchanging one blockchain asset to a different one.

Dash Core Wallet (Rated 4.1 out of 5)

This wallet is also known as QT wallet because of the software it is developed with. The Dash Core Wallet is a professional wallet that downloads the blockchain (fully, may be big in size).

  • Private
  • Operates instantly
  • The user has the control over the wallet.
  • The wallet generates QR code and address book.
  • The backup is automatic.

The best Dash Wallet to use.

After being introduced to so many various Dash Wallets, as a user, the final decision is yours. However, to be able to choose the best Dash Wallet, you need to bear in mind that the following parameters are very important and helpful when it comes to choosing a Dash Wallet.

  • Security: This is an essential parameter for a wallet because the main aim for any wallet (both for digital and for fiat currency) is to keep the money inside as safe as possible. If you fail to choose a safe wallet, all your investments may be stolen.
  • Fees: Try to compare-contrast the fees that various wallets have to offer. For instance, many of the software wallets are for free, while the hardware wallets cost around $100 or even more. There is a reason behind this, as mentioned before it is all about safety. If you have a big amount of Dash then you definitely need a hardware wallet, while in case of smaller sum software wallets may be okay as well.
  • Customer Support: the support of the staff is very important, as it is often needed while installing, using or storing you Dash in a wallet. In such cases, you definitely do not want to be kept on a hold for weeks.
  • Ratings: Seeing what others have to say about any product is always helpful before purchasing any good or service. Dash Wallets are not an exception in this case.

Also, remember that no matter how good an online or software app is they are always vulnerable to hacks and thefts. In those terms, hardware wallets win the game as they are offline, therefore your Dash will be safer from “attacks”.

In a nutshell

Dash Wallets are very important when it comes to having a smooth and safe experience while using this digital currency. We hope this article was useful for you to have a better idea of what is important about Dash Wallets, the different features the wallets have to offer and so on. Please make sure to check out our website to learn more about other cryptocurrencies. Cheers, until next time!