How I bought ETH and Instantly took Loan (DAI) right from my Laptop?
It’s easy to buy ETH and take a loan from anywhere in the world now. All this process took barely 20 minutes for me. I am going to tell you the easy process through this short article.
I) Buy ETH from Localethereum.
Website Link: https://localethereum.com
This is an amazing website to buy/sell ETH in peer to peer manner. I prefer the P2P mechanism to buy cryptos. Following are the steps to buy ETH:
- Create an account on localethereum. I used my metamask account. You can also use your hardware wallet.
- On the trade page, apply your filters like country, buy, payment method and sort by popularity/price. I chose the below options:
3. Find a suitable trader and minimum to maximum trade amount they are offering.
4. Enter the amount (INR for me). Click open trade.
5. You can chat with the trader for any clarity. The trader will then fund the Escrow Smart Contract with the amount of Ethereum you have requested. It’s like locking their ETH in the smart contract.
6. You will pay them using the method you both have agreed upon(UPI for me).
7. On receiving the fund, they will release the payment and you will have it in your wallet.
The process will look like this:
II) Take Loan from InstaDApp.
Website Link: https://instadapp.io
- Go to Borrow section. Make sure you are connected to the Ethereum Main Network.
- Click Deposit Button.
3. Enter the amount of Ethereum you want to deposit and the DAI to generate. On entering DAI value, you can see CDP% of your ETH collaterals along with the estimated liquidation price.
4. Click Transact button and confirm the transaction in your Metamask.
5. After the successful transaction of Etherscan, your dashboard will show your recent CDP, its status, liquidation price, and all the required data.
Here is a video of how I took the loan:
That’s how you can take the loan easily on InstaDApp.
