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Guide

DAI is live on Bitbuy! [Full Dai Guide And How To Buy Dai in Canada]

Photo of Author Bitbuy Staff
February 10, 2020
Bitbuy Staff
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Dai is here! Now available in Canada with Bitbuy

Bitbuy is excited to launch it’s 8th cryptocurrency currently available for trading. Dai (DAI) is our newest coin and is our first stablecoin.
Dai is now available on Bitbuy Express, Bitbuy Pro Trade and the Bitbuy App. Large orders can also be fufilled for Dai via Bitbuy OTC services.

What is Dai?

Dai is a digital currency created by MakerDAO which is decentralized autonomous organization (DAO) built on the Ethereum blockchain..

Dai is a stablecoin, which means that 1 DAI will always be worth approximately $1 USD or (approx $1.33 CAD depending on exchange rate).

The project lives entirely on the Ethereum blockchain, utilizing smart contracts. This makes Dai a trustless and decentralized stablecoin. as there is no central authority or oversight. There is no single person or entity with a large portion of control of DAI, meaning it does not suffer from the common drawbacks of other stablecoins.

 

Image result for makerdao logo

Maker is a decentralized organization that created Dai

How does Dai maintain its 1 DAI to 1 USD value?

Unlikes other stablecoins which hold large reserves of USD or other currencies to ‘back’ their stablecoin, DAI is actually a cryptocurrency backed by other cryptocurrency.

Dai is backed by Ether (ETH) that is locked in transparently viewable smart contracts, on the Ethereum blockchain.

Dai maintains it’s value because the Ethereum that is in the smart contracts, will always exceed the value of Dai in circulation. When the price of Ethereum swings, it in turn changes the value of Dai in circulation. When Dai’s value moves too far from the 1 USD, a system of balancing incentives are enabled to move the price back. These incentives are a little complicated, but they can be simplified as essentially margin trading of Ethereum done automatically during price swings.

Why did Bitbuy choose Dai?

Crypto traders have long loved stablecoins for their ability to hold value in times fluctuations in value of crypto are unwanted. For example, sending digital currency from one exchange to another, or making a purchase with cryptocurrency and wanting to provide an exact equivilent amount of fiat currency. Traders have been asking Bitbuy for a stablecoin, and we’re excited to finally have delivered.  Bitbuy has selected Dai as it’s first stablecoin because of it’s unique properties listed above, and it’s compatibility with the emerging world of decentralized apps build on Ethereum. We look forward to seeing the Dai community grow!

How To Buy Dai In Canada

1) Create an account on Bitbuy

Provide some basic details about yourself and get instantly verified OR upload your verification documents

2) Fund your account

Fund instantly using Interac e-Transfer® or send larger amounts with Bank Wire.

3) Buy DAI

One click, and your done. Now you can send your Dai to a ethereum decentralized app, or your personal Ethereum wallet.

Get DAI in minutes on the Bitbuy mobile app

 

 

 

 

 


Photo of Author Bitbuy Staff
Bitbuy Staff
Bitbuy is a Canadian owned and operated digital currency platform. Trade on Bitbuy.ca or on the Bitbuy app today.
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