What Are The Risks Of Using Dai Stablecoin? How Can You Buy DAI?

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makerdao dai coin risks trading

Want to stop worrying about the price of crypto? DAI is an independent, decentralized, peer-to-peer digital currency with a strong belief that its value will always rise.

There is a strong belief that Dai’s value will always rise, making it a good store of wealth. Many people do not spend theirs because of fear that it will rise after they have spent it. DAI can be used as a currency with little risk as it’s a stable coin whose value is always around 1USD. Hence, it can be used as a currency without any risk.

How To Buy Dai Coins?

The Kucoin exchange offers Dai as one of its assets. To get the stablecoin onto the platform, you have two options. The first is to deposit Bitcoin or any other crypto in your wallet.

Another option is to buy Bitcoin and use it to pay for Dai. Kucoin is not as user-friendly as Coinbase. If you’re a newbie, you should stay away from this platform. However, if you’re an experienced user, it may work for you.

Coinbase: Dai was recently added to Coinbase, but it remains a popular way to buy crypto online. Signing up is quick and easy. You can pay with credit card or bank account. It has been confirmed over many years that Coinbase is a reliable and secure cloud-based wallet. When you have invested heavily in Cryptocurrency, it is best to use a personal wallet. It is more secure.

DAI vs USD: Should You Keep Your Savings In The US Dollar?

Even though DAI is a stable coin, it has had a series of challenges in the past. The DAI coin experienced a crash in 2020, which impacted its stability a little. As a result, developers devised a way to support it with USDC, an alternative stablecoin that will allow it to remain pegged to USD.

In 2020, four months after the market crash, the stablecoin also faced challenges. When the DeFi lending protocol was upgraded, the stablecoin destabilized again, causing the community to vote to increase MakerDAO’s debt ceiling.

Furthermore, regulators introduced the STABLE Act in order to put stablecoins on par with conventional banks. Many fear that this legislation will negatively impact DAI, since it operates as a decentralized system.

The stablecoin will continue to grow regardless of the challenges it faces, now and in the future.

DAI: The Future Of Finance In Your Hands

Based on the general outlook, DAI prices are expected to continue rising regardless of any challenges. The developers say their goal is to make DAI a global currency that is unbiased, the first of its kind.

In addition, the team plans on developing a logo that will be recognized globally as a DAI symbol, similar to Euro, Pound, and USD symbols.

To become the most popular trustless cryptocurrency, DAI stablecoin needs to attract millions of users, not just brand recognition. The MakerDAO team also needs to engage in serious marketing to reach new audiences.

DAI is already gaining recognition after being adopted by DeFi Projects. As more and more projects use it, it will be easier to get millions of users to its ecosystem.

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