Buy DAI Token in India?—?Step by Step guide for beginners
Buy DAI Token in India?—?Step by Step guide for beginners
How to Buy DAI Token?
What is DAI Token?
DAI is a stable coin based in Etherea (stable-price cryptocurrency), which is managed by the Maker Protocol and the autonomous organization decentralized by MakerDAO. The DAI price is pegged to the US dollar and backed by a collection of other cryptocurrencies that will be put in smart contracts when a new DAI is released.
DAI is an ERC-20 token, designed to work as a stable coin or stable coin with an anchor value for the dollar. This currency is issued in a decentralized manner thanks to guarantees that always guarantee its issuance.
Key elements of DAI Token include:
- Financial freedom with no volatility: A currency you control, stable in price. Generate Dai immediately on your terms.
- Earn Dai: Squeeze your Dai with the other 6.94 M from the Maker Community’s Dai Savings Rate.
- Decentralized governance: The Maker Protocol and its intelligent contracts govern a community of MKR token holders.
- A growing ecosystem: More than 400 applications and services including wallets, Defi platforms, games, and more have been integrated with Dai.
How to Buy DAI Token?
Buy DAI Token in India?—?Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and selling Dai Token in India as well as other cryptocurrencies. Below is a step by step guide to buying Dai Token via BuyUcoin:
Step 1?—?Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to make in-depth research before you decide what one is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2?—?Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
Step 3-KYC
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centers. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4-Google 2 step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered.
Step 5-Add Bank details
Add your name credentials, the account name of the holder, and the IFSC code information.
Trade DAI Token in India
Since DAI is just a token on Ethereum, everyone with DAI without permission can use or build it. DAI works as an ERC20 token as an integral part of any decentralized application (DP) that requires a stable asset or payment system. MakerDAO algorithms manage the price of DAI automatically, so no one has to trust the money to stay stable.
MKR holders profit from a drop in the overall supply of MKR if the system works as planned and one DAI is equal to one US dollar, making MKR more uncommon and valuable.
Can I Use Regular Money to Buy DAI Token?
Yes, you can use regular money to buy DAI Token as BuyUcoin is one of India’s leading crypto exchanges that support trading with fiat currencies like INR. The main benefit of DAI is its soft sticking to the US dollar’s price. DAI has the main benefit of being run by decentralized self-organization via a software protocol, rather than by a private company.
As a result, Smart Contracts powered by Ethereum issue and burn all tokens openly, making the entire system more transparent and less prone to corruption.
Getting a DAI Token Wallet
As BuyUcoin is a multi-exchange wallet all the tokens are viable to exchange with INR and it also supports good and efficient cold storage wallets for cryptocurrencies.
One of the main uses to prevent crypto-assets such as Ethereum or Bitcoin from being volatile is to keep them stable or counterweight. The stable DAI value means that it is good for investors or merchants who think the market will decrease. DAI is also one of the most ideal crypto assets to spend because DAI is stable.
DAI Token Exchanges
Using BuyUcoin as an intermediary exchange mechanism, you may effortlessly trade any token or coin. The most immediate way of getting DAI is through a loan on the oasis platform of MakerDAO. You may also trade or exchange the DAI on the same platform.
Conclusion
It starts with a logo it wants to be as omnipresent and recognizable as symbols for the dollar ($), euro (€), and pound (€) in the world and the “First Unbiased currency”
To be the first reliable mainstream currency, millions of people will have to use the DAI, a task which not only requires branding, but also marketing and education. Although it is not an easy task, it can only be achieved with no other stable coin.
Buy Avalanche(AVAX) Coin in India?—?Step by Step guide for beginners
Buy DAI Token in India?—?Step by Step guide for beginners was originally published in BuyUcoin Talks on Medium, where people are continuing the conversation by highlighting and responding to this story.
Text source: BuyUcoin Talks - Medium
