Absolute Beginners Guide to Using PoolTogether

You want to join on “Pool” on PoolTogether but you have no idea how? This is the guide for you!

Using PoolTogether requires you to have two things. The first is “Dai” and the second is a cryptocurrency wallet to store your “Dai” and interact with the PoolTogether website. Let’s start with what Dai is and how to get it.

Step 1: Getting Dai

So what the heck is “Dai”? Dai is the name of the cryptocurrency you use to join a “Pool” on PoolTogether. The important thing to know about Dai is that it’s pegged to the value of the US Dollar. So 1 Dai = 1 US Dollar. You may have heard about “Bitcoin” and how the price changes a lot. Dai is designed to be the exact opposite. The price is designed to always equal 1 US Dollar. The price does sometimes change by a penny or two but for practical purposes just assume 1 Dai = 1 Digital US Dollar.

So that’s what Dai is but how do you get it? There are lots of ways to buy Dai, for simplicity, we’ll tell you about one way. But if you already know a different way feel free to use that! We recommend buying Dai using your debit card on Coinbase. If you don’t have an account with Coinbase already you’ll need to sign up for one.

Step 2: Getting a Wallet for Your Dai

Now that you have Dai you’ll need to put that Dai into a “Wallet” to interact with PoolTogether. Just like there are lots of different places to buy Dai there are also lots of different places to get a wallet to store your Dai, again, for simplicity we’ll recommend just one way, that’s the Coinbase Wallet App. Once you download the app you can link the wallet to your Coinbase account and transfer your Dai! Note that PoolTogether is built on the Ethereum blockchain so that means when you use Dai you need to pay a small transaction fee in Ethereum. So if you don’t own any Ethereum, buy a little of this on Coinbase as well and use it in your wallet.

Step 3: Join a Pool on PoolTogether!

Now that you have Dai and your wallet you can join a Pool on PoolTogether! To do that, navigate to “PoolTogether.us” from “Explore” section of the Coinbase Wallet. Once you are on the PoolTogether website just tap “Join Pool” and you’ll get walked through the steps to join!

That’s it! We hope lots of people who have never used any cryptocurrencies use PoolTogether. If you’re having trouble with any part of this, feel free to email us at hello@pooltogether.us