Dai: Cryptocurrency without the price fluctuations

Dai is a digital asset aimed to provide the advantages of crypto-currency, but with a stable price. Dai is designed to always be equal in value to one US dollar. We've prepared this website to help you learn all about it.

For live market data, visit Dai Central.

Key Things To Know

Dai is like electronic cash.

Dai is designed for you to use for commerce and trade, just like cash. Like cash, Dai is not an investment - rather, it's a means of exchange. It's designed to maintain value of a single dollar, so you always know the value of what you're holding. Dai is not a speculative asset and does not confer any rights beyond its purchasing power.

You control your funds.

With Dai, you are the only one who can access your funds, unless you choose otherwise. There is no bank and no custodian, and yet it's completely secure. You can access your money from anywhere in the world. You can send it to anyone, all over the world, without any intermediary. There is no central authority that can take away your Dai.

Dai is relatively new technology.

We believe Dai and other stablecoins hold a great promise for a more free economic future, for more people across the globe. Yet, like any new technology, it is best to familiarize yourself with it before using it. We've created this website to help you do exactly that. Please read further and feel free to explore the various online resources.

Common Questions

Stablecoins in general and Dai in particular are a new concept. You should understand them before using them. Let us try and help.

What are stablecoins?

Stablecoins are crypto-currencies that are stable in value. Specifically, Dai is a crypto-currency that is designed to always be equivalent in value to one dollar.

So Dai is a crypto-currency, like Bitcoin?

How do I know it's not going to go up and down and value like Bitcoin does?

Dai is like Bitcoin in some ways - for instance, they both rely on blockchain technology. But it's not like Bitcoin in other, important ways. Namely, Dai is designed to maintain its value pegged to one dollar. This is done via carefully-designed technological and financial feedback mechanisms. You can learn more about this here.

Why would I use Dai when I can use dollars?

First of all, dollars are great! You should definitely use them whenever appropriate. We love dollars, too 😉. However, Dai has a few interesting use cases to offer. Using blockchain technology, your Dai is securely held to your name without relying on a bank or any other custodian. You can access it from anywhere in the world where you have network access, without limitation. And you can send it electronically to anyone, anywhere, for pennies. Moreover, unfettered access to US dollars is not possible everywhere in the globe, whereas you can use Dai anyywhere you have an internet connection.

How do I convert my Dai to dollars?

I mean, when it comes time to pay for goods and services in real life, I need to use dollars (or some other local currency)...

Indeed. In the future, you might be able to pay directly with Dai, but that is not a common option yet. There are services that allow you to convert local currencies to and from Dai, but it is admittedly quite early and there aren't many options. That's why we've created this little website - to help raise awareness and list the options that do exist.

How do I know this Dai thing will truly keep its value as one dollar?

Can you promise me this will always be the case?

This is a good question. Unfortunately, nobody can ever promise you that your money will keep its value or purchasing power - these risks exist when you have cash in hand or in the bank, too. Likewise, we cannot make such a promise about Dai, simply because that would be irresponsible. However, a lot of thought and science have been applied to ensure Dai does maintain its peg to the dollar. Perhaps more important, Dai has been in the field since December 2017 and has a great record of maintaining its value despite severe volatility in the crypto market throughout this time. You can browse Dai's historic rates here or its rate in the last 24 hours here.

Who is behind Dai?

The MakerDAO team, a dedicated team of experienced and smart people who have been working on this project for years. Check out their website for more information.

Are you affiliated with MakerDAO?

No, this website is not affiliated with the MakerDAO team in any way. We created this website out of simple desire to raise awareness to Dai, as we believe it offers important advantages and we want to see it succeed.

Converting Fiat Currencies To & From Dai

Following are a few services that can help you convert your local currency to/from Dai.

Note that we are not affiliated with or resposible for any of these services, and we do not make money if you use them. Additionally, we can't guarantee the full accuracy of this information, as the ecosystem is evolving very fast. Our aim is offer the best starting point we can and we encourage you to do your own research.

NameDescriptionFrom FiatTo FiatFeesCountries Served
WyreWyre is a US-based company that offers an API for financial products. Their service seems good and worth mentioning, but sadly it is not aimed at consumers. If you are software developer or an entrepreneur, this might be of interest to you. We might provide a conversion service powered by Wyre in the future - contact us if you'd like to work on this.YesYesLowGlobal
ChangellyA service that lets you exchange cryptocurrencies and fiat currencies. The service seems straightforward.YesNoHighGlobal
GatecoinA crypto-exchange that allows you to deposit and withdraw dollars and buy and sell Dai.
Warning There have been some issues with fiat withdrawals - see their statement here.
RipioA crypto-currency exchange focused on Latin America. Per MakerDAO's announcement, "Ripio will be listing Dai in Argentina, Brazil and, very soon, Mexico, which means Ripio will provide the infrastructure for on / off ramp from fiat to Dai in Argentine Pesos, Brazilian Reais and Mexican Pesos". See more details here.YesYesMediumArgentina, Brazil, Mexico
Opening a Collateralized Debt Position (CDP)Behind the scenes, this is the way all Dai gets created and it is open for anyone to use with bare-minimum fees. However, using it not only requires an understanding of cryptocurrency, but it also requires that you own Ethereum and are willing to make an implicit bet on its market value. Regardless, if you want to understand how Dai works, we recommend you study this option. You can learn more about how this works here.NoNoMinimalGlobal