Dai Reviews

What is Dai?

Rune Christensen, a Danish businessman and entrepreneur, established MakerDAO in 2015, the original decentralized autonomous organization, hence the ''DAO'' which runs on smart contracts based off Ethereum platform. Making it ultimately democratic and far less prone to corruption by not being a traditional kind of company, MakerDAO issued the Dai token, with the ticker DAI, as a stable coin for the use of cryptocurrency investors. A stable coin is a stable-price coin generally soft-pegged to a fiat currency, such as US Dollar in this particular case, so that in the case of any fluctuations in the volatile market of crypto habitat, people have a safe haven like this since the DAI price is always 1 USD with little-to-none deviations. Dai value is created not out of thin air, but collaterals in the form of other cryptocurrencies deposited via smart contracts. This also means the supply is dynamic and entirely dependent on the collaterals lent to the network.

How to Buy Dai?

You can only earn Dai through investing on MakerDAO through your collaterals and other than that you have no other option unfortunately. But, being the stable coin it is, you can buy DAI on major cryptocurrency exchanges making it a preferable option due its ''docile'' nature. How much is Dai? Dai price can be found online. It can be noted here that there have been fluctuations in the Dai price however those were quickly corrected in a short space of time. Insignificant fluctuations are expected though, so do not be alarmed in such cases and make use of Dai value in times of stormy weathers to safeguard your cryptocurrency adventure.

How to Sell Dai?

Where to sell Dai? When the token’s use is expired for you, you can always trade in your DAI price fixed at 1 USD for other currencies the particular cryptocurrency exchange has to offer. It is even possible, in countries with fiat currencies weak against the dollar, to make profit out of the parity difference between X to USD and DAI to USD. So, at the right moment, should you have a lot to sell, sell DAI to rake in a handsome amount in profits without ever having to worry about how other traditional, hence non-stable coins do in the short run. All in all, ''How much is Dai?'' is not always an irrelevant one.

Dai Fees

Despite the fact that DAI transaction fee is not a concept since it is not ''fuel'' of some system it powers, there are various DAI trading fee charts associated with the cryptocurrency exchanges that offer it. Although there is a particular exception to it, we have not seen a widespread use of DAI transfer fee however almost all exchanges that deal in Dai crypto make a cut as Dai withdrawal fee sometimes up to 2 DAIs. It would be an appropriate practice to make your pick of exchange in accordance with the Dai trading fee they incur prior to signing up if you are likely to use the stable coin frequently.

Dai Mining

How to mine Dais? Simply, you cannot. There is no Dai mining software or a method for free Dai mining in its traditional sense. DAIs are incepted through collaterals lent to the MakerDAO through smart contracts therefore any cryptocurrency in existence is theoretically a part of the Dai mining pool that exists under certain conditions and without mining of course. So if you come across with a website claiming that they need some information to get you started with mining DAI, you should avoid it straight away for it is without a doubt a scam.

Dai Exchanges

Cryptocurrency exchanges prefer offering stable coins as they are in high demand and keep the liquidity running within their entity since they prevent investors from drying the exchange up in bearish times by withdrawing their assets. Despite not having been crowned as the most popular stable coin yet, some of the best cryptocurrency exchanges offer the decentralized DAI stable coin – meaning it is not minted by a certain company out of their own interests. The volume of trade who buy and sell DAI also is a good indicator of how active a certain DAI exchange is as it acts as a form of conversion between digital currencies.

How to Store Dai?

What is a Dai wallet? A DAI digital wallet is an Ethereum-based wallet so we could list the DAI crypto wallet types: hardware, software(web-desktop-mobile) and paper wallet. While USB-based ledgers are cold storages offering the ultimate level of security, the rest makes up for it by their ease of access and user-friendliness. How to get a Dai wallet? A hot wallet, meaning one that has connection to the internet, could be found with a simple search as there are companies specifically offering DAI digital wallets. Other than that, every cryptocurrency exchange would offer the DAI-convertibility of other coins and are supposed to offer a DAI wallet address at your convenience as well.

Dai Price

How much is Dai worth? We all love simple questions, don’t we? Insignificant deviations from the supposedly 1 USD worth Dai value are expected. From a distance, a DAI chart can get as smooth as shallow bay waters can get so DAI price prediction articles are close to non-existent since they would not mean anything to anybody anyway.

Is Dai Reliable?

Dai is secure as long as it is in demand – since MakerDAO does not mint DAIs and does not control its circulation, the existence of DAI is purely dependent on people’s desire to use it. DAI is not mined and does not come out of the blue – its inception relies on the value of collaterals lent on the network. So as long as people believe in the value DAI offers as in the utility it offers, DAI will be standing on its feet by its own.

Dai Reviews and Complaints

MakerDAO is an ingenious take at what decentralization context that cryptocurrencies popularized with the advent of Bitcoin and altcoins that followed. Far less prone to corruption running on codes and ultimately democratic thanks to its governance by MKR token owners, Dai customer reviews are mostly favourable since the logic behind it is quite useful and the only source of Dai complaints could only originate from the ambiguous supply, network problems, if any, and the conversion ratio of collaterals to generate DAIs for use.