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DAI, the stable cryptocurrency that goes hand in hand with the dollar and is recommended for those who start investing

2021-05-22T06:41:22.882Z


It is used to save, ward off inflation and buy American currencies without restrictions. Silvana Saldisuri 05/19/2021 6:01 AM Clarín.com Services Updated 05/19/2021 6:01 AM In recent times, the sale of cryptocurrencies in Argentina began to position itself as a viable alternative to store dollars, in the face of current restrictions, and to stay safe from the strong devaluation fluctuations of the peso. These operations attracted the attention of many savers and investors who were


Silvana Saldisuri

05/19/2021 6:01 AM

  • Clarín.com

  • Services

Updated 05/19/2021 6:01 AM

In recent times, the sale of cryptocurrencies in Argentina began to position itself as a viable alternative to store dollars, in the face of current restrictions, and to stay safe from the strong devaluation fluctuations of the peso.

These operations attracted the attention of many savers and investors who were looking for new ways to hedge against inflation.


Currently the

criptomonedas

best known and referred to

as

Bitcoin

 or

Ether

 is still characterized by

high instability

, therefore its use and investment in them are still relegated to high -

risk area, marked by the lack of guarantees.

DAI is the first decentralized stablecoin that is pegged to the dollar.

Photo: Clarín Archive

However, there is a newer variant that emerged from the latest efforts to reduce the volatility of

virtual currencies

.

It is about the

stablecoin

(stable currency) called 

DAI

that is tied to the price of the dollar and that is recommended to learn and start investing in cryptocurrencies without taking so much risk. 

What are

stablecoins

or

stablecoins

?

Unlike Bitcoin and other altcoins, stablecoins are cryptocurrencies with stable value.

The most common are usually tied to "fiat" currencies (ie,

euro

,

dollar,

etc.).

They are also known as the "digital dollar".

Likewise, they can be backed by other crypto assets or, less frequent, by algorithms that meet the stable value of the same.

This is how they partly achieve their stability ”, explains 

Mariano Craiem, 

Co-founder and CTO of Satoshitango, to

Clarín

.

And he detailed that stablecoins are the cryptocurrencies with which a first-time and / or conservative investor can start investing, and stay protected from market fluctuations.


How is DAI different from other cryptocurrencies?


"What is unique about DAI is that it is a currency that is backed by a set of assets, which reside in the Etherium network, and which are visible to everyone at all times, 24 hours a day, 7 days a day. week. It is like the summit of transparency ", explained

Mariano Di Pietrantonio

, CSO - Chief Strategy Officer of MakerDAO, a company dedicated to the growth of DAI.

"This means that any user can know at all times the number of transactions in DAI, the support, strength and health of the site behind this cryptocurrency," he added.

Any user can know at any time the number of transactions in DAI.

Photo: MakerDAO

As explained from SatoshiTango, those who make DAI available to their users, this "digital dollar" allows:

● Protect yourself against

inflation

and

devaluation

: it is possible to save the amount you want and they are like dollars since they have a stable and constant value.

● Avoid the

fluctuation of the price

of other cryptocurrencies.

● Make

remittances

: payments can be made internationally by converting pesos to cryptocurrencies, and those crypto converting to dollars, euros, etc. and vice versa. 

● Make

deferred payments

.

Receive payments from abroad

in Dai.

● Exchange them

 for other cryptos such

as Bitcoin, Ethereum, Litecoin

What audience is DAI aimed at?

"This digital currency is recommended for

all audiences

. Because it serves as a hedge against inflation.

DAI

is very

popular

in many

Latin American countries

where price levels are very high," said Di Pietrantonio of MakerDAO.


Meanwhile, he added that "in turn, it is a very fast gateway to other types of investments within the crypto world that have other returns in relation to other traditional finances."

DAI is very popular in Latin American countries where inflation levels are very high.

Photo MakerDAO

What is DAI's relationship to the dollar?


DAI is the first decentralized stablecoin that is

pegged to the dollar

: it maintains a

value of 1 to 1

with the North American currency.

In this way it maintains its purchasing power.

Meanwhile, it

facilitates safe savings

by circumventing short-term constraints. 

Depending on the exchange house or trading platform with which DAI is operated, the client may invest in pesos and charge in dollars, an option that allows obtaining the North American currency legally, through an alternative market to the traditional one and

without restrictions.

What do I need to do before opening an account to trade cryptocurrencies?

First of all, you have to choose which trading platform you are going to operate with.

These are sites that function as a kind of cryptocurrency "exchange houses": they allow you to open a kind of virtual account or wallet through which you can buy, sell or save bitcoins.

In Argentina there are several companies that offer this service.

Among the best known platforms are Ripio, Satoshi Tango, Let's Bit, Tienda Dollar, SeSocio and Buenbit, among others.

How to open an account to trade "crypto"?

As a first step, the sites will ask to register by entering the main personal data.

They can then demand to verify the reported identity by sending a photo of the DNI and then taking a selfie.

"That account generates a unique stablecoin address that is a personal identification of the account, as if it were a bank CBU", explains the specialist in Blockchain and Cryptocurrencies at SeSocio,

Lucas Marincovich

.

Once this is finished

, the wallet is created.

LN

Look also

Cryptocurrencies: how to open an account to start trading and how much does it cost to maintain it

Strenna 2021: when it is charged, how the amount is calculated and what should be done with the money

Source: clarin

All news articles on 2021-05-22

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