DAI (DAI) is a token that falls within the stablecoin category. It was created and developed by the MakerDAO organization. This token is notable for being one of the few stable tokens that do not work by being tied to a physical asset such as the dollar or gold. Instead, DAI uses a complex network of smart contracts where other cryptocurrencies, such as Ethereum and Basic Attention Token, among others, are used as funds. Thanks to this, and to regulation through a governance token called Maker, the price of 1 DAI always remains equivalent to 1 US dollar.
Even though DAI works purely digitally, this is something that many people do not understand. DAI is a very consistent stablecoin and has proven to be strong in achieving its objective. Other stablecoins have been involved in controversies surrounding the auditing of bank accounts, but this is not something that has happened with DAI.
Can I use or purchase DAI on Ccoins Flip?
No, at the moment DAI is not available on Ccoins. However, DAI is one of the cryptocurrencies currently undergoing the approval process for inclusion on our platform. Very soon, users will be able to acquire DAI on the Ccoins P2P market and through Flip.
How much is 1 DAI worth?
Being a stable currency, DAI has a fixed price that does not fluctuate abruptly. Thanks to its design and operation, 1 DAI will always be worth 1 US dollar.
Is DAI a good option for making remittances?
Of course, being a stable currency it is perfect for long-distance remittances since it is very safe, fast, and cheap. A DAI transaction only takes about 3 minutes to confirm and its network fees are very low, making it a good option for making remittances.
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Of course! Stablecoins like DAI are highly appreciated by online merchants as they don’t have to deal with or worry about drastic drops in cryptocurrency prices.
DAI, being a digital asset that works through the blockchain network of another cryptocurrency such as Ethereum, is classified as a token, but it is not only a token. It is also called a stablecoin cryptocurrency, since it maintains the same price over time.
This is due to its design and infrastructure. Since DAI is created through a complex smart contract where other cryptocurrencies that support its value are stored, DAI always maintains a stable price of 1 USD.