DAI is yet another stablecoin cryptocurrency that we will be covering, following our USDC article. Just like all other stablecoin, DAI’s main goal is also to stay as close as possible in value to a currency, in this case, the US Dollar. Of course, it is highly efficient in doing so, which is why many people are now owners of DAI.
When translated in crypto casino language, DAI grants many benefits that, for example, the US dollar cannot, due to regulations, third-party involvement, and more. Now, if you are an owner of DAI and a crypto casino enthusiast, then you’d definitely want to combine both, right? This is exactly the reason why many owners have started accepting DAI as a payment method at their crypto casinos.
Overall, nowadays, using crypto as a payment method is way more convenient, stress-free, frustration-free, and most importantly, beneficial in terms of deposits and withdrawals. If you are wondering what exactly is DAI, and how is it different from other stablecoins and regular cryptocurrencies, that information is covered below.
To understand DAI better, we will need to get into some of its history and purpose. In Q4 of 2017, DAI was initially released on the cryptocurrency market, hosted on the Ethereum blockchain. It is an open-source model. The token is being developed, overlooked, and regulated by the company MakerDAO. Together, the two are considered to be one of the first to bring an example of what DeFi (decentralized finance) is, which received attention and a considerable adoption rate.
The main goal of DAI as a stablecoin is to minimize volatility, ensure security, and enable DeFi features, which can include lending, borrowing, and trading cryptocurrency. It also ensures safety when the crypto market collapses.
Even more importantly, DAI is way safer than most centralized stablecoins on the market, due to its semi-decentralized nature. This happens because DAI isn’t backed by the US dollar in the physical world. Rather, it is backed by collateral in the form of Ethereum.
What is interesting about DAI is its rather decentralized nature. This is the complete opposite of most stablecoins that are currently getting the spotlight. However, there is a reason for DAI to be in the top 25 cryptocurrencies by market cap.
First and foremost, the fact that it is a stablecoin is probably its biggest advantage, although some risk-takers might argue. We all know how volatile the crypto market is and probably will continue to be. For this reason, it is important to have a cryptocurrency to act as a safe haven for when the market is going down the drain yet once again. So the keyword, in this case, is stability.
It is highly liquid, which means that if you want to make a withdrawal and turn your DAI into fiat currency, you will have no trouble doing so. In contrast, some cryptocurrencies such as the almighty Bitcoin definitely have trouble keeping up. There are many occasions where people are having trouble turning their bitcoin into fiat, due to the congestion of the blockchain.
The fact that DAI is managed by a non-private company definitely comes as a big plus. MakerDAO is a highly decentralized autonomous organization. They control DAI through a unique software protocol. Due to this, all transactions are public and are recorded through smart contracts. This makes the system almost completely transparent and less susceptible to manipulation and corruption. As a bonus piece of information, the DAI software is governed in a very democratic way, due to the voting of participants in the token’s ecosystem.
DAI has a block time of about 5 minutes, requiring 20 confirmations. This is way better than Bitcoin’s 10 minute block time and Ethereum’s 7 minute block time. This will allow you to start playing almost as soon as you create your account and click on that “Deposit” button. Of course, this can sometimes take a bit more, depending on the casino you choose.
Interestingly enough, DAI has no transaction fees. However, it should be noted, in case you are not familiar already, that crypto exchange platforms such as Coinbase, Binance, Kraken, and more, have their own internal fees. These are different for each country, so we suggest doing research on that.
There are many other reasons why DAI is a great token, which is why we have a pros & cons list, to keep the information neat and tidy.
As you already know, DAI has many advantages over other cryptocurrencies and fiat currencies. This is especially true when compared to stablecoins, due to DAI's decentralized nature, whereas others like USDT and USDC are centralized. Let's take a look at the pros & cons list now, and see what makes DAI such a strong crypto casino payment option.
New online casinos accepting Dai deposits
The best places to purchase DAI from are Uniswap, Binance, Coinbase, Kraken, KuCoin, FTX, Gemini, Huobi Global, and other major CEXs. Of course, each of these has different transaction fees, so make sure you check up on that. Due to the demand for DAI, it is expected to be available on smaller CEXs in the near future as well.
Needless to say, you will need a crypto wallet where all of your DAI will be stored at. This is also the place from which you will deposit tokens, and withdraw your winnings to. Most CEX platforms offer integrated wallets, such as Binance, Coinbase, Kraken, etc. But if you wish to store your assets somewhere else, you can also use Metamask, Exodus, and more.
Due to the decentralized nature of DAI and the fact that it is a stablecoin, its demand is forcing more and more crypto casinos to be accepting it as a payment method. As we discussed, there is a good reason for all that, including remaining anonymous while trading it and using it to play.
Stablecoins are a great way for those who are making their first step towards crypto casinos to test the waters, before deciding whether it is for them or not. The wide betting limits ensure you will be playing in a low-risk environment, although experienced players might want to test the upper limits that usually go to the thousands. Either way, DAI also ensures you won’t be losing any value on withdrawal. Overall, we recommend checking out DAI, as it definitely has a lot of benefits you can reap.
Well, this is due to many reasons, but mostly because it is one of the few decentralized stablecoins. Usually, stablecoins are centralized and lack transparency, although they also ensure stability and strive for top-notch security. DAI, on the other hand, remains completely transparent, and the fact that it is decentralized means that manipulation and corruption of the market are nearly impossible.
No, but do not lose hope. Due to DAI’s rise in popularity, owners are forced to add it as a payment method, especially because of the demand of their players. If you wish to see DAI added to your favorite crypto casino, do not hesitate to contact them, as it can sometimes make the difference between the token being added or not.
Yes, DAI is a decentralized cryptocurrency, and just like all other cryptocurrencies, it is available for worldwide use. This is especially useful for those who are living in a place where restrictions and rules against online gambling apply. If you are worried about your activity being tracked, you can even use a VPN service which will do the trick.
DAI is a stablecoin pegged to the US dollar. This means that it will always be worth $1 unless the blockchain completely fails, or in a similarly extreme scenario, which is highly unlikely, due to its decentralized nature.