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What is DAI?

DAI is a cryptocurrency which matches USD 1:1. It’s a “crypto US Dollar”.

DAI is created by committing Ether as collateral into a smart contract on the blockchain, and then borrowing the DAI for that collateral. Thus, it is not controller by any central entity, but by the blockchain itself.

The reason why it’s cheaper to pay with DAI on this website than with euro is because of additional administrative costs in processing fiat. As operators of a crypto on-ramp (Coinvendor.io), we have the ability to liquidate DAI easily, so this helps us avoid a whole lot of trouble with various powers-that-be, and the end process is much smoother for customers.

To find out more about how DAI is created, read this.

Note that you can pay in tokens other than DAI – Kyber, our payment provider – will automatically exchange your cryptocurrency for DAI. For a list of supported tokens, please see Kyber.Network.

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About store / owner

I’m Bruno. I own Bitfalls.com, a technical education portal about blockchain things. A while back I got worried about people’s preference for taking shortcuts: custodial wallets, staking pools, cloud-hosted nodes.

As people kept claiming that running an Ethereum node is expensive and that it needs a powerful computer, I created this store as a reaction to the blockchain-size FUD. What most people don’t realize is that in order to run a full node you only need a little under 200GB of disk space. To run a full archive node, however, you need much more – but almost no one has a need to use those. What’s more, a full node can run on a microcomputer like the NanoPC on a miserable 12 volts with very little bandwidth. Here’s a breakdown of the difference:

This store sells blockchain related hardware. Currently, it’s just NanoPC nodes configured to be plug and play. We sell them at cost, just to prove that you can indeed cheaply run your own Ethereum node. Later on, we might be offering some other hardware too, but that also will not be for profit.

Questions? Tweet at me.