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Understand the Dai wallet
Dai (DAI) is a digital currency. It is not like your fiat currency. It's one type of currency in the form of digital code. Let's understand in brief, you can store your fiat currency in a hard wallet, but how can you store your digital currency when the point comes to security? Here, the Dai wallet came into existence.
A Dai wallet is one type of application or software program, or you can say it's a digital application where you can store/hold your Dai without any hesitation because it's very safe. Technically, it's like a bank. Once you credited your currency to the bank. Your bank application shows the number that you have credited to the bank. Same in the Dai wallet, you will see the exact amount you have invested and a quantity according to your money.
Now the question is, what else comes in the wallet? The wallet comes with a security key (private key) called a wallet address to accept and send the Dai.
Let's understand how wallets work.
- How can you receive Dai?
- Start google and type Dai.com wallet app and choose to receive options.
- Select in which wallet you want to receive Dai. Keep in mind selecting a BCH wallet option if you are receiving Dai cash. Else select DAI wallet while you want to receive Dais.
- Now, the wallet generates an address. At that address, you can receive coins. Copy that address and provide it to cryptocurrency exchange or any person who is sending you Dais.
How can you send Dai?
- Open the Dai.com wallet app and select the Send option.
- The first way is to scan the QR code with your phone app or copy the receiver address into your mobile app.
- Choose the right wallet, select BCH while sending Dai Cash or select DAI while you want to send Dais.
- Enter the correct value before sending. And before it, check all the details carefully because any small mistake will put you in trouble.
Here, you should know how many wallets exist today to store Dais or any cryptocurrency coins. There are web, mobile, and hardware wallets that are in work today to store or hold any cryptos or Dais.