How to buy Dai (DAI) in Australia?
- 1. Get an Ethereum wallet
- Since Dai is an ERC20 token you need an Ethereum wallet to purchase it.
- This is where you will store your purchased cryptocurrency. You can get a free online wallet or a hardware wallet.
- Elbaite does not hold your cryptocurrency in their own centralised wallet. Elbaite believes, your cryptocurrency is only yours if it is in your wallet.
- 2. Find an offer from a trusted seller
- Find an offer on a peer to peer exchange at a price and amount you would like to buy.
- Elbaite is a peer to peer exchange that connects trusted sellers to trusted buyers through our unique TraderTrust system.
- 3. Pay for your purchase
- Pay the agreed amount using your bank account.
- On Elbaite you can pay using OSKO / PayID or mobile banking to the Elbaite escrow bank account where it is kept safe until you receive your Dai in your wallet. The seller will never know your banking details, keeping your data private.
What is Dai?
The first decentralized, collateral-backed cryptocurrency, DAI is a crypto asset that attempts to maintain a stable 1:1 value with the U.S. dollar by locking other crypto assets in smart contracts.
DAI is the product of an open-source software called the Maker Protocol, a decentralized application running on top of the Ethereum blockchain, unlike other asset-backed cryptocurrencies, which may be issued by for-profit companies. As such, DAI maintains its value not by being backed by U.S. dollars custodied by a company, but by using collateralized debt denominated in ether (ETH), Ethereum’s cryptocurrency.
Due to its design, the supply of DAI cannot be altered by any party in the network. Rather, it is maintained through a system of smart contracts designed to dynamically respond to changes in the market price of the assets in its contracts.