I won't even respond to your main question. It is because you are wrong in your primary reasoning that you will convert your Bitcoin into DAI because of its decentralization.
With your Bitcoin, you own the most and in fact the only truly decentralized cryptocurrency. So if your reason is decentralization, forget about the DAI and stick to your Bitcoin.
If you plan to keep your DAI for 1-2 years, the risk is already immeasurable. It is multiplied several times. Keep your Bitcoin even for 10 years and you are still safe.
Topic: Best way to convert Bitcoin to DAI and safe storing? (Read 108 times)
As far as I know, you cannot directly exchange your BTC to DAI, and upon checking, Uniswap[1] has the most volume right now. However, you Uniswap only has DAI/ETH trading pair which means you need to trade your bitcoin to ethereum first, and then trade your ETH to DAI.
Yes he can as long he can convert his bitcoin to wrapped btc. Uniswap have liquidity for that. He can also convert that wbtc into dai, even tha pairing is via usdt or any stablecoin cause uniswap can convert it directly, just need to incurred some fees. Regarding conversion of btc to wbtc, not sure where this is done on dex but can easily be converted if you send it ti binance.I forgot the exchange wallet but there is a mutlisupported wallet that no need kyc and can convert btc into dai directly. Will edit for the name.
Hello. I would like to get some advice from you.
I need to exchange several bitcoins (3-5) from my electrum wallet to DAI stable coin.
1. What is the best way to do this? Exchange without KYC? Atomic Swap? (NO centralized exchanges)
2. Which wallet should I use to store DAI ? (I'm a little scared to keep such a sum of money in a meta mask in my browser)
Are there any analogues of electrum for ether tokens?
3. I chose DAI because of its decentralization and the inability to get a coin lock. Do you think this is correct? (I will keep the DAI for about 1-2 years)
Thank you for your advice, community!
To get started, you buy a ledger nano X hardware wallet.I need to exchange several bitcoins (3-5) from my electrum wallet to DAI stable coin.
1. What is the best way to do this? Exchange without KYC? Atomic Swap? (NO centralized exchanges)
2. Which wallet should I use to store DAI ? (I'm a little scared to keep such a sum of money in a meta mask in my browser)
Are there any analogues of electrum for ether tokens?
3. I chose DAI because of its decentralization and the inability to get a coin lock. Do you think this is correct? (I will keep the DAI for about 1-2 years)
Thank you for your advice, community!
Customize your wallet to work and use metamask.
Even if your metpmask gets hacked, there is nothing hackers can do. I hope you know that your seed phrase should not be given to anyone. If someone asks for this phrase, then he is a scammer or the service has been hacked.
https://www.ledger.com/academy/security/the-safest-way-to-use-metamask
Next, we read my article. You don't need to trust anyone, everything works in a decentralized way.
https://bitcointalksearch.org/topic/--5290331
https://bridge.renproject.io/
became more friendly and comfortable.
Try it for a test on small amounts.
btw is there a reason why you need to change it to stable coin, if you're storing it for at least a year? why not keep it as btc? i also agree that hardware wallet is one of the best choice to keep your money. it's quite cheap for someone who has 3 bitcoin or more.
btw, as an alternative you can use rsk. first you need to convert your btc to rbtc, and then sell your rbtc to rdai, and then convert your rdai to dai with the token bridge. make sure you read about it first and test it with a small amount first, better be safe than sorry.
https://developers.rsk.co/rsk/rbtc/conversion/with-ledger/
https://tokenbridge.rsk.co/
btw, as an alternative you can use rsk. first you need to convert your btc to rbtc, and then sell your rbtc to rdai, and then convert your rdai to dai with the token bridge. make sure you read about it first and test it with a small amount first, better be safe than sorry.
https://developers.rsk.co/rsk/rbtc/conversion/with-ledger/
https://tokenbridge.rsk.co/
1. What is the best way to do this? Exchange without KYC? Atomic Swap? (NO centralized exchanges)
As far as I know, you cannot directly exchange your BTC to DAI, and upon checking, Uniswap[1] has the most volume right now. However, you Uniswap only has DAI/ETH trading pair which means you need to trade your bitcoin to ethereum first, and then trade your ETH to DAI.You can use bisq[2] to exchange your BTC to ETH if you really want to avoid centralized exchange and do not want to undergo the KYC process.
2. Which wallet should I use to store DAI ? (I'm a little scared to keep such a sum of money in a meta mask in my browser)
Are there any analogues of electrum for ether tokens?
DAI is an ERC-20 token which can be stored to ERC-20 compliant wallets such as Metamask or MyEtherWallet and the only thing you can do to increase the layer of your security is to integrate your Metamask wallet with a Ledger or Trezor hardware wallet which can cost you for about $100 - $200.Are there any analogues of electrum for ether tokens?
3. I chose DAI because of its decentralization and the inability to get a coin lock. Do you think this is correct? (I will keep the DAI for about 1-2 years)
@mk4 has a better explanation in terms of asset-freezing for DAI.
Single Collateral DAI(SAI) and Multi-Collateral DAI(DAI)
Besides USDT on the Liquid network(which isn't really THAT accessible right now, hopefully in the future), the DAI/SAI stablecoin, which is both from the MakerDAO project, are the only stablecoins on the list that's unfreezable as you may see.....
Also, not because DAI/SAI are unfreezable right now, it doesn't automatically mean that it will be like this forever. Remember, there's still a single core team working on this project, and they can easily change the code today if they wanted or needed to. Not because they're bad people per se, but they might need to comply to government's requirements sometime in the future.
Besides USDT on the Liquid network(which isn't really THAT accessible right now, hopefully in the future), the DAI/SAI stablecoin, which is both from the MakerDAO project, are the only stablecoins on the list that's unfreezable as you may see.....
Also, not because DAI/SAI are unfreezable right now, it doesn't automatically mean that it will be like this forever. Remember, there's still a single core team working on this project, and they can easily change the code today if they wanted or needed to. Not because they're bad people per se, but they might need to comply to government's requirements sometime in the future.
[1] https://uniswap.org/
[2] https://bisq.network/
Hello. I would like to get some advice from you.
I need to exchange several bitcoins (3-5) from my electrum wallet to DAI stable coin.
1. What is the best way to do this? Exchange without KYC? Atomic Swap? (NO centralized exchanges)
2. Which wallet should I use to store DAI ? (I'm a little scared to keep such a sum of money in a meta mask in my browser)
Are there any analogues of electrum for ether tokens?
3. I chose DAI because of its decentralization and the inability to get a coin lock. Do you think this is correct? (I will keep the DAI for about 1-2 years)
Thank you for your advice, community!
I need to exchange several bitcoins (3-5) from my electrum wallet to DAI stable coin.
1. What is the best way to do this? Exchange without KYC? Atomic Swap? (NO centralized exchanges)
2. Which wallet should I use to store DAI ? (I'm a little scared to keep such a sum of money in a meta mask in my browser)
Are there any analogues of electrum for ether tokens?
3. I chose DAI because of its decentralization and the inability to get a coin lock. Do you think this is correct? (I will keep the DAI for about 1-2 years)
Thank you for your advice, community!
Jump to: