We are living in an era, where every then and now, technology brings new concepts. Some of them are beneficial while others come with more disadvantages. With the introduction of cryptocurrencies, Bitcoin and Ethereum became quite famous and gave the traders a new platform to invest their money in. But the main problem with these cryptocurrencies was their volatility, which gave rise to the concept of stablecoin. A stablecoin is a type of cryptocurrency whose value varies around a specific value changing at a minimum margin. A stablecoin always has a predefined value and does not work like other cryptocurrencies for which the values vary radically, and trading occurs like other commodities. Basically, stablecoins’ value remains constant for some time and does not work like a commodity or an exchange. DAI is one of the stablecoins, which means that DAI is non-volatile, and its value remains stable. If you have also heard about Dai, and want to know about how to buy DAI in India, read the article and know more about it.
About DAI Cryptocurrency:
DAI is the first decentralized stablecoin that aims to have its value lying near 1 USD. It got issued on the Ethereum blockchain. Since its existence in 2013, it has witnessed continuous progress, in terms of both market cap and its usability. It is based on an innovative and new concept and has become a crucial part of the blockchain ecosystem. There are many reasons to invest in DAI crypto. One of the main reasons is that its value will always be around 1 USD. That makes DAI not only a coin but a currency as well that you can spend later in the future. Hence, being stable in price is the primary reason to invest in DAI cryptocurrency.
How To Buy DAI In India?
If you are looking for a crypto exchange platform that allows you to purchase cryptocurrency using Indian currency and make a transaction from India, there are tons of them. Some of the most popular and trustworthy ones are Wazirx, Binance, Giottus, CoinDCX, BuyUCoin, and many more. To make the trading easy for you, I will describe a few of these platforms, along with the detailed steps to buy crypto. These platforms allow you to buy DAI coins by making a transaction in Indian currency without exchanging currency. Here are the detailed steps for purchasing DAI in India using the Binance platform, which is the largest crypto exchange platform across the globe.
Step 1: Open the Binance website and click on Login / Register. On the registration page, enter your registered email id, set a secure password, and click on the Register button. A verification mail will be sent to you. Open the email and verify your account.
Step 2: Login to the Binance website or app, and a dialog will appear asking for the SMS authentication. Go ahead with the verification and enter your registered mobile number. An SMS will arrive on the mobile number entered.
Step 3: Click on the P2P Trading option present on the top of the home page. Select the currency as USDT and select the seller from the list below.
Step 4: Enter the amount of USDTs you want to purchase and select the payment method listed by the seller you selected.
Step 5: Make the payment in INR for the USDTs you mentioned in the previous step. Once the payment gets done, USDTs will get added to your P2P wallet.
Step 6: Go back to the Binance website and check the USDTs. Once the USDTs get released, click on the Transfer to Spot Wallet option to transfer USDTs.
Step 7: On the home page, click on the Markets tab. On the next page, select the Fiat Market under the Spot Market option. Then, search DAI in the search bar.
Step 8: Select DAI in the search result. A new page will open showing the current price and past trend of DAI. Enter the number of DAI cryptos you want to buy and click on the Buy DAI button. Confirm your transaction.
Other Cryptocurrency Platforms:
I have explained the steps using the Binance platform. For your convenience, I have listed two more platforms that offer investors to trade in DAI crypto. You can use any of these platforms to purchase DAI using Indian currency.
CoinDCX is an India-based exchange platform that allows you to buy DAI coins. It has lakhs of active users that ensures its reliability. It offers many options for investors, such as trading with margin, crypto to crypto, Spot, Futures, Insta, etc. Also, it has an array of coins, including Bitcoin, Ethereum, Binance coin, DAI, Cardano, Tron, and many other big names in the crypto market. To use CoinDCX, create an account using a registered email Id. Verify the KYC and then enter the bank details through which you want to do transactions. Then under the Markets option, search DAI and start with the trading.
BuyUCoin is one of the largest and most trusted crypto platforms having more than 500K traders linked to it and holding more than 100 crypto pairs to invest in it. It is a secure platform where traders can instantly sell, buy, store, and trade cryptocurrencies. To start your trading journey with BuyUCoin, open the BuyUCoin website or mobile app and create an account. After that, enter your bank details. Then, get the KYC done for your account. Now, click on the Direct Buy option under OTC Desk. Search the DAI coin and purchase it.
DAI is a self-assured coin that allows traders to invest in it even with closed eyes. It claims that one can buy DAI coins and get them exchanged with US Dollars anytime across the world. It has been best recommended for the focused users, traders looking for a barrier against volatility, and investors looking for crypto loans and earn interest. In short, DAI offers a reliable investment in the crypto market. I hope the article might have helped you in understanding the DAI cryptocurrency in depth and will guide you in deciding whether you should invest in it or not.