Follow These Steps To Buy DAI (DAI) Stablecoin – All You Need To Know

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By Crypto Vibe

How To Buy DAI (DAI)

DAI is a stablecoin based on the Ethereum blockchain. The crypto is developed and issued by the MakerDAO decentralized autonomous organization. DAI is collateralized by a combination of other cryptocurrencies deposited into smart-contracts. If we talk about the key advantages, DAI is a soft-peg to the US dollar price. This means that in tumbling market times, crypto users tend to focus on stablecoins to retain the market value of their assets. If you want to buy DAI (DAI) and need to know how to do it, we have got you covered.

How to buy DAI (DAI)

Register On Crypto Exchange

Since DAI is an altcoin, it can not be purchased directly with money. You will first need to buy Bitcoin (BTC) or Ethereum (ETH). To do that, you need to register on any of the credible crypto exchanges like Coinbase.

Buy Cryptocurrency With Cash

Once registered on the crypto exchange, you can buy BTC or ETH by paying cash through bank transfer or using an instant cash deposit (applicable in some countries).

Transfer Cryptocurrency To Altcoin Exchange

You will need to transfer your purchased cryptocurrency to an exchange that allows DAI trading. Some of the popular altcoin exchanges include, Binance, HotBit, and Poloniex. Just like other crypto exchanges, you will need to register on any of these first. While this may be valid, you may need to first check which of the altcoin exchanges allow DAI trading.

Deposit Your Crypto

After registering for altcoin exchange, you will be eligible to exchange your cryptocurrency. However, the exchange policies may vary depending upon the alt exchange you are using. If you want to deposit BTC to an exchange, you will find a string of random numbers saying ‘BTC address’ in the exchange app. Once you locate it, click on ‘Copy Address’ or simply select the address by right-clicking and copying the address.

Now, head to your crypto exchange e.g. Coinbase, and go to the Portfolio page. Once the page is open, click on your assets list and then click ‘Send’.

You can now paste the copied wallet address to the ‘Recipient’ field and click on ‘Send’ to proceed.

Once your exchange is successfully through, you will receive a confirmation email from your altcoin exchange.

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Purchase DAI

You can now open your altcoin exchange and select BTC from the options above the search bar. We choose BTC because we are trading bitcoins to purchase DAI. Now, type “DAI” in the search bar and you will find the available sets of pairs.

Select the pair to see the price chart. Once you are ready to make the purchase, click on the green button ‘Buy DAI’.

Following the above-mentioned steps, you can easily buy DAI (DAI) with your BTC or ETH on any of the altcoin exchanges.