tether alternative ?

[ray_d]

hello
many people said tether and USDC is not safe because it centralized can freeze , but they said Dai is better decentralized
so i want to know what is best  is Dai good ? or another thing is better ?
thank you

[Outhue]

They are not safe if your money isn't clean.

Are you a hacker? A fraudster? Are you into an unclean source of money?

If someone or a victim reports your address to the right source or agencies, your address can get monitored resulting into freezing of USDT and USDC.

DAI is decentralized, your information source is accurate, but DAI has less volume compared to other centralized stablecoins, it is left for you to make a choice, good luck with that.

It won't hurt to do your own research too though.

[Charles-Tim]

It is true that you do not have full control because Tether can freeze your USDT, while Circle can freeze your USDC. It is true that DAI can not be frozen.

But know that DAI is backed by some coins of which USDC is made up of 70% of it or so. Which means if anything bad happens to USDC and it falls out of USD peg, also DAI will fall out of USD peg and the price will become volatile and fall.

[dkbit98]

hello
many people said tether and USDC is not safe because it centralized can freeze , but they said Dai is better decentralized
so i want to know what is best  is Dai good ? or another thing is better ?
thank you

Bitcoin is the best tether alternative.
All stablecoins are losing value all the time because of constantly rising inflation, and they can all be frozen, banned or go to zero for some reason.
I would not hols any stablecoin long term, but only for short term trading.

[btcltcdigger]

I mean, depending on where you live, especially if outside of EURO zone, tether is still king.
Dai is ok i guess, but even dai got hit by regulators hard. I'd still prefer USDC over dai

[ray_d]

Thanks for all replay , the tether is good and i dont have problem with it , but my sister currently live the place that maybe not safe for this , so she told me need best safe Stable coin alternative , i searched and many person said Dai is best
and always or most of the time  is $1 = 1 Dai 
but i just want to sure is Dai good or there is another safe decentralized Stable coin
thank you

[sunsilk]

Thanks for all replay , the tether is good and i dont have problem with it , but my sister currently live the place that maybe not safe for this , so she told me need best safe Stable coin alternative , i searched and many person said Dai is best
and always or most of the time  is $1 = 1 Dai 
but i just want to sure is Dai good or there is another safe decentralized Stable coin
thank you

I think DAI is your best option if she's from that country that might sanction someone who's going to use USDT. The rest of the known stable coins are centralized and made by centralized exchanges.

There is also GUSD that's made by Gemini but it's the same as USDC and USDT that are centralized. So, if she's going to have some issues with USDT and not with DAI then proceed with the latter.

Otherwise, just transfer Bitcoin and if it's not a huge amount even with high volatility, the worth of it won't be affected a lot.

[ray_d]

Thanks for all replay , the tether is good and i dont have problem with it , but my sister currently live the place that maybe not safe for this , so she told me need best safe Stable coin alternative , i searched and many person said Dai is best
and always or most of the time  is $1 = 1 Dai 
but i just want to sure is Dai good or there is another safe decentralized Stable coin
thank you

I think DAI is your best option if she's from that country that might sanction someone who's going to use USDT. The rest of the known stable coins are centralized and made by centralized exchanges.

There is also GUSD that's made by Gemini but it's the same as USDC and USDT that are centralized. So, if she's going to have some issues with USDT and not with DAI then proceed with the latter.

Otherwise, just transfer Bitcoin and if it's not a huge amount even with high volatility, the worth of it won't be affected a lot.

thank you , only please tell me is Dai under erc20 eth network ? because she asked me  there was several dai so she don't know which one is correct

[ultrloa]

hello
many people said tether and USDC is not safe because it centralized can freeze , but they said Dai is better decentralized
so i want to know what is best  is Dai good ? or another thing is better ?
thank you

Nothing is safe, all of those stable coins is prone for whatever negative situation you might think so better not to think about holding it or leave it on your wallet. Since we don't know what's going to happen with those coins in future.

But you can choose those what has been suggested by people. But for me I always trust Bitcoin rather than using those stable coin out there since we could really look forward that nothing bad will happen with this coin. But I'm sure you are worried about volatility so I guess the options are already been given and its up for you which stable coins out there you like to used. Also try to look at the CMC since for sure you will find lots of stable coin options out there.

[sunsilk]

I think DAI is your best option if she's from that country that might sanction someone who's going to use USDT. The rest of the known stable coins are centralized and made by centralized exchanges.

There is also GUSD that's made by Gemini but it's the same as USDC and USDT that are centralized. So, if she's going to have some issues with USDT and not with DAI then proceed with the latter.

Otherwise, just transfer Bitcoin and if it's not a huge amount even with high volatility, the worth of it won't be affected a lot.

thank you , only please tell me is Dai under erc20 eth network ? because she asked me  there was several dai so she don't know which one is correct

Yes, it's under ERC20 network of Ethereum. But look also on the exchange where your sister is probably signed up because it is also supported in other networks.

There's also the BSC(BEP20) support for DAI. And for some other exchanges, there is the polygon network. So I think that it's the same DAI that she's seen but different networks.

Choose only the network that you'll send it to her so, maybe stick to ERC20(ETH).

[hugeblack]

If you have time, you can read this article^[1]. It will explain all the risks associated with stablecoins, why DAI is the best option (in terms of the possibility of freezing), and whether these risks are important to you.

There's also the BSC(BEP20) support for DAI. And for some other exchanges, there is the polygon network. So I think that it's the same DAI that she's seen but different networks.

I do not recommend using the BSC (BEP20) blockchain, as it is centralized and Binance could freeze all tokens there.


[1] https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-iv-stablecoins-for-human-rights-blacklists-and-traceability-6d74ee17c25d

[Cryptohygenic]

I understand your point but do you understand the economy backup for the Dai is volatile that if it is pegged to hedge the cryptocurrencies volatility, it will be unable to keep it coins users funds on stability to where it is not economically vulnerable of depreciating in values. The USDT is better on this term than the Dai when considering stability to peg the value.

[bettercrypto]

hello
many people said tether and USDC is not safe because it centralized can freeze , but they said Dai is better decentralized
so i want to know what is best  is Dai good ? or another thing is better ?
thank you

Maybe it depends on the decision you make, op, if you put a huge amount in usdt or usdc I would say the risk is high. Because for me it is better to use that but don't stay in stablecoins for a long time, and you should also see if its liquidity is high compared to Dai that you are talking about.

But like I said it depends on what you do, because I just do what I do, I just converted from usdt to our fiat currency here in the country I belong to, actually.

[TastyChillySauce00]

plenty of tether alternative in the market, you want MiCA compliant stablecoin? go with DAI.

you want delta neutral decentralized stables? go with USDe, resolv USD and so on including DAI

but if you're talking about freezing money, even the so called decentralized stablecoin can sometime have freeze function in their contract which allow the contract owner to freeze your money.
so really, if you want to find stablecoin that don't freeze, better checkout their contract code.

[sunsilk]

There's also the BSC(BEP20) support for DAI. And for some other exchanges, there is the polygon network. So I think that it's the same DAI that she's seen but different networks.

I do not recommend using the BSC (BEP20) blockchain, as it is centralized and Binance could freeze all tokens there.


[1] https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-iv-stablecoins-for-human-rights-blacklists-and-traceability-6d74ee17c25d

Thanks.

It's just another option just in case his sister doesn't have an idea on it. But I agree to you that it shouldn't be the one to be used for sending DAI and simply choose the ERC20 network.

I wonder now how this went for OP and her sister since they have the idea now on which stable coin to choose from as an alternative to Tether. And it seems that there are more countries that are restricting USDT into their jurisdiction.

[Marvell1]

They are all stablecoins and stablecoins are only for short term purposes so I think you don't need to worry too much and you can use any coin because they are almost the same.

If you take the time to research, you will find that Fud about tether or any stablecoin have been around for years but they still exist and are legal to this day. So there's no need to make things so serious.


The only thing you should be concerned about is the MICA law if you live in Europe because Tether refused to comply and they were banned from the European market. And if you don't live in Europe, USDT, USDC or DAI...are fine.

[Reatim]

.
DAI is decentralized, your information source is accurate, but DAI has less volume compared to other centralized stablecoins, it is left for you to make a choice, good luck with that.

It won't hurt to do your own research too though.

one of the things you have to consider is the trading volume which some stablecoins like dai may not have high of since we know that tether is the most popular and biggest stablecoin as per marketcap right now

lower trading volume will mean higher transaction fees and another thing to consider is a lesser known stablecoin will not be in a lot of exchanges or platforms and you might find yourself having a hard time moving one coin from one platform to another if one platform do not accept the stablecoin you are using

[virasog]

Bitcoin is the best tether alternative.
All stablecoins are losing value all the time because of constantly rising inflation, and they can all be frozen, banned or go to zero for some reason.
I would not hols any stablecoin long term, but only for short term trading.

I agree with you that we should hold Bitcoin instead of stablecoins, but I have been in crypto for many years and have seen the 2017 bull market and the 2021 bull market both of them. So if you are holding only Bitcoin through the bear markets of 2018 and 2022 that may be okay but a person who sells his bitcoin in bull seasons can accumulate more cheaper bitcoin in the bear season and increase his bitcoin by quite a lot.

I don't know how many more cycles we have but it is better to sell in a bull market and buy back in a bear season and in that case we need to convert the bitcoin into stablecoins and unfortunately we do not have a perfect stable coin yet

[asriloni]

Thanks for all replay , the tether is good and i dont have problem with it , but my sister currently live the place that maybe not safe for this , so she told me need best safe Stable coin alternative , i searched and many person said Dai is best
and always or most of the time  is $1 = 1 Dai 
but i just want to sure is Dai good or there is another safe decentralized Stable coin
thank you

DAI is now being upgraded into the USDS, and it has also ability to frozen your money.

If you're keen in using DAI, use it for a short term. I'd not recommend you to keep DAI for long term as it can be a disaster.

You're looking a safe stable without a function to freeze your money, and use DAI for short term only.

[DeathAngel]

Tether is my undisputed, number one stablecoin to use but I know Coinbase prefers USD. I think USDT or USDC are totally fine. If you want to sit in stables to wait for better opportunities to re-enter the market though, I insist you keep them on a hardware wallet, rather than an exchange, especially if you plan to stay in stables for a significant period.