If you are new to cryptocurrencies, the most important change to understand in comparison with the traditional banking system is that transactions occur directly between two parties without any central authority to facilitate the transaction. This also means that you are responsible for your own security – there is no bank or credit card company to reverse a transaction if your funds are stolen or lost. If you forget or lose your wallet file, recovery phrase or PIN, you will permanently and irrevocably lose access to your funds.
Dash is designed from the ground up to be fast, secure, fungible and private. In this sense, it is similar to cash or gold, but cryptocurrency can be spent locally and internationally with equal ease, if you are confident you are sending funds to the right destination. For these reasons, the Dash documentation has a strong focus on safety and understanding the concepts and features that drive the Dash ecosystem.
A few general safety guidelines:
- Do not trust any online service or person because they sound or look reputable. Always use an escrow service if you are buying peer-to- peer.
- Store your Dash on a hardware wallet if possible. If not, then store your coins in the official Dash Core Wallet or the official Dash Electrum Wallet.
- Do not use exchanges as wallets. Exchanges are for trading, not for savings.
- Mobile wallets should be used for day-to-day purchases, but do not keep large amounts of funds in them. Transfer funds as necessary.