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Cryptocurrency is becoming ever more popular as both a means of secure and private commerce and an investment. Unfortunately, most markets tend to be volatile, which has led to the need for stablecoins, a variety of cryptocurrencies tied to an underlying asset such as a fiat currency. These stablecoins facilitate trading. On crypto exchanges, fiat is exchanged for a stablecoin, which can then be used to trade for other crypto tokens. Dai is one of the most widely used stablecoins.
Who created DAI?
Dai is maintained and regulated by MakerDAO, a decentralized autonomous organization formed in 2014 by Rune Christensen, a Danish entrepreneur. On December 18, 2017, Dai was officially launched on the main Ethereum network, alongside its associated smart contracts. Rune Christensen has been quoted as saying that the name is based on the Chinese character 貸, which translates as “to lend or to provide capital for a loan.”,During its first year of existence, the price of Dai was consistently kept close to one US dollar, despite the price of Ether (the only available collateral at the time) declining by over 80% during this period. In September 2018, MakerDAO received a $15 million investment from venture capital firm Andreessen Horowitz, who accomplished this by purchasing 6% of all MKR tokens.
How do I exchange and Trade Dai?
You need to use a cryptocurrency exchange such as Rubix to trade Dai. Although each exchange varies the details of how they operate, there are some basic steps you can follow:,Set up an account with the exchange of your choice. Dai is one of the more well-recognized stablecoins, so there are plenty of choices for this.
Log in on your Rubix account, either through a browser or your smart device.
Purchase your Dai with your choice of fiat (USD, BGP or EUR, for example) or cryptocurrency.
Invest, trade or send it to someone as needed.
Exchange DAI using Rubix
The Rubix wallet has an in-built trading tool that makes it simple to purchase Dai. You can trade directly from your Rubix account, exchanging Dai for the cryptocurrency of your choice or fiat currency. As well as Dai, the Rubix app supports most major cryptocurrencies and all the major fiat currencies, making it possible to do all your trading in one place simply and efficiently. Rubix’s enhanced security features also make it safe for all your cryptocurrency trading needs.
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