The Ultimate Dai Casino Guide 2023
More and more online casinos are embracing cryptocurrencies as a form of payment. This comes as no surprise, as digital currencies come with several advantages, such as decentralization, low fees, and fast transactions. One cryptocurrency commonly used in many gambling establishments is Dai Coin (DAI). In this article, we would like to delve deeper into DAI and its unique features. Additionally, we will provide you with everything you need to know about DAI casinos.
The Best DAI Casinos 2023
In the following list, you will find information about the bonus offers of various online casinos. All figures presented in Bitcoin or fiat currencies are provided for better comparability. You can easily convert them into DAI.
Table of Contents
- The Best DAI Casinos 2023
- What exactly is DAI?
- The Story of DAI
- How Does DAI Work?
- How does Dai Coin differ from other cryptocurrencies?
- How can I buy DAI?
- How do I create a wallet to store my DAI coins?
- What are the advantages and disadvantages of DAI?
- What sets apart a Dai Coin casino?
- How does registration work in a DAI casino?
- Which games are offered in DAI casinos?
- Are there any special bonuses for DAI casinos?
- Can I play in a Dai Coin casino using my smartphone?
- How secure are Dai Coin casinos?
- Dai Casino Alternatives
- Conclusion: Dai Coin is an interesting alternative to other cryptocurrencies
- Dai Coin FAQ
- What are the best Dai Coin casinos?
- Justbit Casino: Tournaments with Attractive Cash Prizes
What exactly is DAI?
Basically, there are two ways to acquire Shiba Inu: DAI is a decentralized stablecoin based on the Ethereum blockchain. Like other stablecoins, its value is pegged to another asset. This asset can be, for example, a precious metal like gold or a fiat currency like the US dollar. In the case of DAI, it is pegged to the US dollar, making it relatively stable in value.
The parity with the US dollar is maintained through Collateralized Debt Positions (CDPs) and the MakerDAO Oraclize (MCD), both components of the Maker protocol. Unlike most other stablecoins, DAI does not rely on a central institution. Control is decentralized through smart contracts.
The Story of DAI
It's interesting to take a look at the history of the Dai Coin. The cryptocurrency was created by Danish entrepreneur Rune Christensen and the decentralized autonomous organization MakerDAO, which he founded in 2015. Even before the emergence of the Ethereum blockchain, the team was working on the cryptocurrency. It continues to be supported by Vitalik Buterin, the globally renowned founder of Ethereum.
Originally, DAI was known as "Single Collateral Dai" (SAI). The coin could only be generated with Ethereum as collateral. In 2019, an update followed, allowing other cryptocurrencies to be used for generating DAI as well. DAI has numerous partners worldwide, including Alchemy Pay, Dether, and the World Bank.
How Does DAI Work?
We already know that the Dai Coin is based on the Ethereum blockchain. Now, let's take a look at how it functions. "Collateralized Debt Positions" (CDPs) are smart contracts of the Maker protocol. In these smart contracts, users of the cryptocurrency can deposit their collaterals, which in this case refers to cryptocurrencies that serve as security. In return for depositing the collaterals, users receive new Dai Coins. This process works because the Maker protocol can represent different smart contracts, including rules for generating new DAI. Due to its decentralized and stable nature, as well as the support for smart contracts, the Dai Coin, like other cryptocurrencies, can only function through the use of the blockchain.
Another unique aspect of DAI is "MakerDAO Oraclize" (MCD). This autonomous feedback system monitors all collaterals to ensure parity with the US dollar. Essentially, the collateralized debt positions (CDPs) are nothing more than virtual vaults for storing collateral while also providing the opportunity to obtain the liquid and stable cryptocurrency, DAI. To prevent the position from being liquidated, the value of the deposited collateral must exceed the value of DAI. This creates a buffer in the event of a sudden drop in the value of the cryptocurrency. Essentially, any user can mint new Dai Coins through the CDP function of the Maker protocol. This makes it a decentralized cryptocurrency that is not dependent on a private company.
How does Dai Coin differ from other cryptocurrencies?
The world of cryptocurrencies is so diverse that it can be difficult for beginners to keep track. Therefore, it is worth taking a look at the differences compared to other digital currencies. At this point, we would like to mention that the mentioned differences may not apply to all cryptocurrencies. Due to the large number of digital currencies, there are some that are similar to DAI. So let's take a look at some major differences between DAI and most other cryptocurrencies:
Many people still assume that cryptocurrencies are inherently decentralized. However, it's not that simple. While blockchain technology typically utilizes decentralized networks, an application is truly decentralized only when decentralization is implemented in all aspects. This is not the case with every cryptocurrency. The best example is other stablecoins that rely on a central institution. Tether (USDT), for example, is not a decentralized digital currency.
One of the biggest disadvantages of cryptocurrencies is the barriers to entry associated with them. Volatility, for instance, poses difficulties for many novices. In such cases, a coin like DAI is a good choice. Unlike most cryptocurrencies, DAI is not subject to significant price fluctuations. Moreover, users can use the currency for transactions as well as a store of value.
Cryptocurrencies are often criticized for a lack of transparency. Admittedly, this applies to many digital currencies, but not to DAI. All transactions are visible on the Ethereum blockchain. The transaction history can be easily traced, creating trust.
The most significant difference between DAI and other cryptocurrencies is stability. If you are looking for a secure digital currency, you can hardly go wrong with Dai Coin. The cryptocurrency aims to maintain a value of approximately one US dollar. Thanks to the smart contract system, volatility is significantly lower than with most other cryptocurrencies. Strong price fluctuations are almost non-existent.
These differences make Dai Coin a viable alternative to other cryptocurrencies. It is suitable for those interested in blockchain technology and digital currencies but do not want to compromise on security.
How can I buy DAI?
Since DAI, like other cryptocurrencies, is a decentralized currency, anyone in the world can buy DAI. All you need is a stable internet connection. If you want to buy DAI, there are various cryptocurrency exchanges to choose from, such as Binance, Bitpanda, and Coinbase.
The registration process on a cryptocurrency exchange only takes a few minutes. Once you have registered, the next step is verification. Many cryptocurrency exchanges allow you to buy and sell digital currencies without extensive verification. However, there may be limitations on the amount you can trade without verification. If you want to trade with higher amounts, usually a verification with a passport or ID card is required. Only the highest verification levels may require additional steps, such as proof of address.
In general, you can buy, hold, exchange, and sell DAI on cryptocurrency exchanges. However, whether you should do so is an entirely different question. In the past, there have been cases where cryptocurrency exchanges disappeared or fell victim to cyberattacks. To prevent such situations, you should consider creating a wallet.
How do I create a wallet to store my DAI coins?
In the world of cryptocurrency, there is a popular saying: “not your keys, not your coins.” This saying refers to the issue mentioned above. If you keep your DAI on a cryptocurrency exchange, you always run the risk of losing them. Therefore, it is best to create a wallet for storage. Wallets can be digital applications or physical devices like a Ledger. It is important to distinguish between “hot wallets” and “cold wallets.” Unlike physical cold wallets, hot wallets store cryptocurrencies online and are permanently connected to the internet.
Creating a wallet is free and quick, but it is important to take certain security precautions. This includes using a password that is difficult to crack. Another security measure is the “seed phrase.” Your seed phrase allows you to regain access to your wallet in case of emergencies. This means that even if you lose your Ledger, smartphone, or another device, you will still have access to your cryptocurrencies. Therefore, it is crucial to securely store your seed phrase. If you share it with another person, they can empty your wallet without any issues.
Another risk is phishing. It is dangerous to connect your wallet to websites. While this may be normal for cryptocurrency presales, fake websites created by cybercriminals can lead to the loss of all your coins. Despite these risks, wallets are the best way to store your cryptocurrencies. They are user-friendly and, in most cases, allow you to perform transactions and exchange coins.
What are the advantages and disadvantages of DAI?
No cryptocurrency is perfect, and DAI has its own individual advantages and disadvantages. Before deciding on whether to use this digital currency or engage in online casinos that accept it, it is important to consider both sides. Therefore, let's take a closer look at the pros and cons of DAI.
Advantages of DAI
Like other cryptocurrencies, DAI offers a high level of anonymity. Transactions are associated with a wallet rather than an individual. While transactions are publicly visible, it is still possible to maintain privacy.
2. Community governance
The DAI community has influence over significant decisions. Changes to the system are only possible with community consensus. This makes DAI both decentralized and democratic.
DAI is a decentralized currency, not controlled by a central institution. Monitoring and validation occur through a network of computers. This prevents any single party from taking control of the cryptocurrency, which is different from fiat currencies and most other stablecoins.
4. Fast transactions
Transactions with DAI are generally faster than most other payment methods. A transaction typically takes no more than a few minutes and can be completed in seconds in some cases.
As a stablecoin, DAI aims to mirror the value of the US dollar, making it more stable than other coins. It is not subject to high volatility, and significant price fluctuations are unlikely.
Since DAI is built on the Ethereum blockchain, all transactions are publicly visible. This transparency creates trust. Additionally, DAI's collateral reserves have undergone comprehensive audits, allowing users to verify the assets supporting DAI at any time.
Unlike fiat currencies, anyone with a stable internet connection can buy DAI. Purchasing DAI is possible through numerous cryptocurrency exchanges, and it can be stored either on the exchange or in a wallet.
Disadvantages of DAI
1. Dependency on Ethereum
DAI is based on the Ethereum blockchain, which makes it dependent on the performance and scalability of the Ethereum network. Any issues with the network can affect the functionality of DAI.
2. Complex system
Using DAI itself is not complex, but understanding the underlying system may require some time to delve into terms such as “Collateralized Debt Positions” (CDPs) and “Smart Contracts.”
What sets apart a Dai Coin casino?
Now that we have explained what DAI is, we can discuss Dai Coin casinos. Overall, they differ only to some extent from other online casinos. However, let's talk about their specific features. This way, you can more easily decide whether signing up at an online casino that accepts DAI is worthwhile for you.
How does registration work in a DAI casino?
In general, the registration process in a DAI casino is not much different from that of a traditional online casino. You can expect a straightforward signup process. Simply follow these steps:
- Visit the website of the Dai Coin casino.
- Click on the signup or registration button.
- Enter the required information.
- Agree to the terms and conditions.
- Verify your email address.
- Deposit funds using DAI.
- Enjoy playing!
Enter the required information. In rare cases, the registration process may be more complicated.
Which games are offered in DAI casinos?
Most online casinos that accept DAI offer a wide selection of games. The majority of these games are slot games. You can expect to find several hundred or even thousands of different slot machines from renowned game providers such as Betsoft Gaming, Microgaming, NetEnt, Playtech, and Red Tiger Gaming. There are slots with various payout rates and themes.
Progressive jackpots are also commonly offered in DAI casinos. While the payout rates of these slot machines may be lower than other slots, the jackpot keeps growing. The final jackpot amount depends on the number of players and the time it takes to win. Jackpots reaching several million dollars are not uncommon.
In addition to slot games, table games are worth mentioning. Table games include popular games like blackjack, poker, and roulette. A special form of table games is live games. Unlike traditional online table games, live games are based on extended reality, providing an atmosphere comparable to that of real casinos to some extent. Lastly, we should mention sports betting.
Not all DAI casinos offer sports betting, but if they do, you can place bets on a variety of sports. The majority of bets are on football, but many providers also cover more exotic sports such as e-sports games.
Are there any special bonuses for DAI casinos?
One of the main reasons to play at an online casino that accepts DAI is the availability of bonuses. You can expect the bonus offers to be better than at many other online casinos. Why is that? By using cryptocurrencies as a payment method, online casinos save time and money, allowing them to offer better bonuses. Most of these bonuses can only be obtained when you deposit funds using a specific cryptocurrency. In a DAI casino, that cryptocurrency is naturally DAI. If you deposit money with DAI, you can expect bonuses such as bonus funds, cashback, or free spins. This enhances both your winning chances and the overall gaming experience.
Can I play in a Dai Coin casino using my smartphone?
In today's era, there are so many smartphone users that almost every online casino has optimized its website for mobile devices. This naturally applies to Dai Coin casinos as well. In most cases, you can access all the games of the casino using your smartphone or tablet. There may even be a dedicated app available for the online casino.
How secure are Dai Coin casinos?
For many players, security is one of the most important aspects when signing up at an online casino. The level of security in a DAI casino ultimately depends on the specific provider. Not all online casinos are equally trustworthy, so it is significant to do your research beforehand. However, there is generally no reason to avoid a casino that accepts DAI due to security concerns.
Most online casinos that offer DAI as a payment method have security measures in place, such as SSL encryption. If you are unsure, it is best to consult reports and reviews from reputable sources, including our website, and consider the feedback from other players. This will give you a more in-depth understanding of the specific online casino and its level of security.
Dai Casino Alternatives
Conclusion: Dai Coin is an interesting alternative to other cryptocurrencies
As a stablecoin, Dai Coin is not subject to the strong price fluctuations seen in other cryptocurrencies. This makes it an alternative for those who prioritize decentralization and security. If you prefer Dai Coin over other digital currencies, a Dai Coin casino is the right choice for you. Many online casinos that accept DAI offer advantages such as attractive bonuses, a wide selection of games, and user-friendly interfaces.
Dai Coin FAQ
Dai Coin is a popular stablecoin and is available on most cryptocurrency exchanges. You can find it on platforms such as Binance, Bitpanda, and Coinbase.
Practically, all online casinos with DAI offer special bonuses such as free spins or additional funds for deposits made with Dai Coin.
There are several criteria to consider when selecting a good online casino with DAI. You should consider factors such as the game selection, bonuses, and usability.
If you prefer another cryptocurrency, there are plenty of alternatives. Numerous crypto casinos offer a range of altcoins for deposits and withdrawals.
Transactions with Dai Coin are fast and typically take only a few seconds to minutes.
What are the best Dai Coin casinos?
We have already discussed the features of DAI and online casinos that offer this cryptocurrency. Now it's time to find the right providers for you. Here are five of the best online casinos that accept DAI:
1xBit Casino: One-Click Registration
- Extensive selection of table games
- One-click registration
- Over 20 cryptocurrencies for deposits and withdrawals
The registration process in an online casino doesn't have to take long. However, it rarely gets as quick as it does with 1xBit Casino. You can sign up with just one click at this crypto casino. Only an email address is required for you to access your account whenever you want. The provision of personal data is not necessary, ensuring a high level of anonymity.
Another advantage is the wide selection of table games. Especially when it comes to live games, there is nothing to complain about. You have over 200 tables with live dealers to choose from. As for slot games, there are over 5,000 options available. In addition to DAI, deposits and withdrawals can be made using over 20 other cryptocurrencies. This level of options is rarely found even in large crypto casinos.
bc.game Casino: Two No Deposit Bonuses
- Chance to win a Bitcoin without making a deposit
- Flexible gaming experience on smartphones
- Competent support available through two channels
Most bonuses in online casinos require a deposit, but at bc.game, there are also several no deposit bonuses. In fact, there are two of them: First, you receive a small bonus ranging from one to three US dollars in the casino's native currency, BCD. Second, you get the opportunity to spin the wheel of fortune. If you're extremely lucky, your spin could result in winning a whole Bitcoin. It goes without saying that this is a substantial amount of money. We also appreciated the customer support at this online casino, as you can reach the support team through two channels. You can either use the live chat to communicate with them in real-time or simply send an email.
Cloudbet Casino: Bonuses with Long Validity
The key advantages at Cloudbet Casino are:
- Bonuses with a long validity period
- BTC rewards for loyalty points
- Wide selection of slot games from various providers
What immediately caught our attention at Cloudbet Casino is the longevity of their bonuses. Normally, bonuses are valid for only a week or a few weeks, but here, it's different: Most bonuses have an impressive validity of 365 days – an entire year. Another advantage of this online casino is the loyalty points system.
As you play, you earn loyalty points, and it's worth it: Every 800 loyalty points unlock 0.01 BTC. Given the current Bitcoin exchange rate, that's quite a substantial amount. Lastly, the wide selection of games should also be highlighted. There are numerous slots and table games, with a particularly noteworthy selection of jackpot slots. In total, there are 60 slot games available with high jackpots.
Justbit Casino: Tournaments with Attractive Cash Prizes
- Up to 45% cashback on the first three deposits
- Exclusive offers for Telegram subscribers
- Tournaments with high prize pools
New players receive a cashback of 45% up to €800. The maximum cashback amount is €200 for the first deposit, €250 for the second deposit, and €350 for the third deposit. To withdraw the received cashback, you only need to wager it three times. The tournaments for slots and table games are also interesting.
You can win substantial cash prizes, with prize pools often exceeding one million euros. Another special feature is the exclusive offers for Telegram subscribers. By subscribing to Justbit's Telegram channel, you can regularly expect promotions and offers.
Tsars Casino: Mystery Bonus Every Wednesday
The key advantages at Tsars Casino are:
- Wide selection of payment methods
- Mystery bonus on Wednesdays
- Modern SSL encryption
Tsars Casino offers a wide range of payment methods. In addition to DAI, you can pay with other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, and Tether. Even more exciting is the “Mystery Box”. Every Wednesday, there is a “Mystery Box” that rewards you for your deposits. The exact content of the box cannot be determined, as it is a mystery. Another advantage of this online casino is its security. It utilizes SSL encryption to ensure the secure transmission of sensitive data.