Buy Dai in Australia easily using a peer-to-peer (wallet-to-wallet) trading platform like Elbaite cryptocurrency exchange.
To buy Dai (DAI) in Australia, simply:
1 - Get an Ethereum wallet
Since Dai is an ERC20 token, you need an Ethereum wallet to purchase it. This is where you will store your purchased Dai. You can get a free online wallet or purchase a hardware wallet. Elbaite is a non-custodial exchange. We do not hold your Dai in a centralised wallet, meaning you are free to use any crypto wallet of your choosing.
2 - Find an offer from a trusted seller on Elbaite cryptocurrency exchange:
Elbaite connects trusted sellers to trusted buyers. Find an offer on Elbaite at a price and amount you would like to buy.
3 - Pay for your DAI purchase
Pay the agreed amount using your bank account. On Elbaite you can pay using OSKO/PayID or mobile banking to the Elbaite escrow bank account where it is kept safe until you receive your DAI in your wallet. The seller will never know your banking details, keeping your data private.
The first decentralized, collateral-backed cryptocurrency, DAI is a crypto asset that attempts to maintain a stable 1:1 value with the U.S. dollar by locking other crypto assets in smart contracts. DAI is the product of an open-source software called the Maker Protocol, a decentralized application running on top of the Ethereum blockchain, unlike other asset-backed cryptocurrencies, which may be issued by for-profit companies. As such, DAI maintains its value not by being backed by U.S. dollars custodied by a company, but by using collateralized debt denominated in ether (ETH), Ethereum's cryptocurrency. Due to its design, the supply of DAI cannot be altered by any party in the network. Rather, it is maintained through a system of smart contracts designed to dynamically respond to changes in the market price of the assets in its contracts.
Why buy Dai (DAI) with Elbaite cryptocurrency exchange? Elbaite is the first non-custodial wallet-to-wallet Australian cryptocurrency exchange.
Unlike other Australian crypto exchanges that hold your cryptocurrency in their own centralised wallets, Elbaite's wallet-to-wallet trading means that your Dai is not held by us at any point. This is a safer and more simple trading process, giving you greater control and freedom over your cryptocurrency!
How do I store my Dai (DAI)? There are many Ethereum-based wallet options you can explore when it comes to safely storing your DAI, including using hot and cold crypto wallets. Conducting your own research is crucial to keeping your Dai safe.
What are Hot Wallets?
Hot wallets are crypto wallets that are connected to the internet. They offer better accessibility which simplifies more frequent trading. However, they offer less security against hacks and fraud incidents.
What are Cold Wallets?
Cold wallets are crypto wallets that are not connected to the internet. The two main types of cold wallets are paper wallets and hardware wallets such as Trezor and Ledger wallets. Cold wallets are a popular option for those who value security, or for traders holding Dai as a long term investment.
More DAI information