Step 1: Buying Ethereum and Dai
In order to get Ethereum and Dai you'll need an account with a cryptocurrency exchange. A cryptocurrency exchange is a website that allows you to buy cryptocurrencies using your local currency.
It's possible you may already have an account with a cryptocurrency exchange, perhaps one you used to buy Bitcoin or a different cryptocurrency in the past? If that is the case, use that! If not, here are some recommendations.
- Coinbase is a popular option especially in the United States
- Kraken is another very popular exchange with more global coverage
There are many other popular options but we recommend these.
When you create an account on an exchange you'll often have the option to buy cryptocurrency using a debit card or using a bank account. If you're using a debit card you will have to pay a higher transaction fee to get the cryptocurrency but it will be faster. If you're using a bank account, you will pay a lower fee but need to wait around 7 business days to get access to your funds.
Once you create your account and choose a funding method you'll want to do two things:
1. Buy $5 worth of Ethereum, this will be enough to cover the transaction fees of using Ethereum network which the PoolTogether app is built on top of.
2. Buy Dai -- You can buy as much of this as you want to deposit into PoolTogether. Keep in mind that Dai is stable coin pegged to the USD. That means it is designed to NOT change in value (this is the opposite of Bitcoin and other cryptocurrencies that go up and down).
Once you have your Dai and Etheruem you're on to the next step of getting the Dai and Ethereum into a wallet you can use with PoolTogether!