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April 5, 2019

Where to buy Dai with your local currency?

how to buy dai

Coindirect now fully supports MakerDAO’s Dai stablecoin. This means you can buy, sell, send, receive, and store Dai using your Coindirect Wallet. Learn more about Dai and how to buy it in your country below.

What is Dai?

Dai is a stablecoin pegged to $1 built on the Ethereum blockchain platform. Since it is pegged to a national currency but is collateralized by Ethereum, it is known as a cryptobacked stablecoins category. It will always be worth approximately $1 regardless of the amount of Dai in existence.

What makes Dai different from other stablecoins?

  • There is no central authority backing Dai’s value. This means it’s decentralised and not linked to any government or any one person.
  • It’s entirely built on the Ethereum blockchain using smart contacts. Even though it’s set to be worth $1, it is not actually directly tied to the US dollar.
  • Dai uses an economic mechanism called a CDP (Collateralized Debt Position) to stabilize the value of Dai so that it stays at a value of approximately $1. Read more on Dai here.

What are the benefits of using Dai as a stablecoin?

  • If receive 1000 Dai in Jan it’s worth $1000, it will still be worth $1000 in 6 months time – which means it doesn’t face issues related to inflation
  • It’s a better currency and store of value than most cryptocurrencies such as Bitcoin as it does not fluctuate drastically in price overnight. This means it could be very useful especially in countries with high inflation rates.

How to buy Dai?

Buying Dai in South Africa

You can use the ZAR Wallet to buy Dai using Rands if you are in South Africa and have a South African bank account. To purchase Dai tokens, you need to deposit funds into your ZAR wallet, go to your Dai wallet and buy Dai with ZAR. More on how to buy using the ZAR wallet here.

Buying Dai in Europe (SEPA Countries)

You can buy Dai directly in Euros using our new Euro Wallet. To purchase Dai tokens, you need to deposit funds into your Euro wallet, navigate to your DAI wallet and start buying.

Buying Dai using other Cryptocurrencies

You can buy Dai using other cryptocurrencies that you have on your Coindirect wallet or by depositing BTC, ETH, BCH, XRP, USDT, LTC or Dash into your free Coindirect wallet and convert it to DAI.

Buying Dai using the Marketplace

If there are vendors on the P2P marketplace in your country, such as Kenya and Nigeria, you can buy Dai with cash through the Marketplace.

Bonus: Tell more people where to buy Dai and get up to 7 XRP for each person you refer. You will both get 2 XRP when they sign up and verify their account and you will get an additional 5 XRP when they perform their first transaction. Find out more here.