How to exchange Bitcoin to Maker (MKR) at the Best Rates?
The Maker token (MKR) is the base of one of the most popular stablecoins – DAI. Stablecoins brought a new dimension to the crypto market. A new dimension void of the infamous volatility that the crypto market is known for. Maker is the governance and utility token of the platform that hosts the DAI stablecoin and it is our token of interest for this piece.
What is Maker (MKR)?
The MKR token is an ERC-20 token that enables users to borrow and lend cryptos without the hassle that traditional financial institutions are known for. Token holders have the ability to stake their token to earn voting rights to vote on suggested changes to the Maker network while ensuring transparency, stability, and efficiency of DAI coin.
The Maker protocol is an Ethereum-based software platform of the Maker Decentralized Autonomous Organization (DAO). The protocol enables users to mint and manage the platform stablecoin called DAI. So, the primary function of the Maker protocol is to run the DAI stablecoin that has its value pegged to the USD. The protocol was launched in December 2017, although it has been in progress since 2015.
Coming to MakerDAO, the organization includes only MKR token holders from all over the world. Just as holding shares in a company give shareholders an idea of how the company operates, holding the MKR token gives token holders an idea of how the Maker protocol operates. Maker is among the pioneer Defi projects to record great success. It is among the earliest Defi projects to come into the Defi space.
MakerDAO employs a dual token system that includes DAI stablecoin and MKR tokens. In response to the market volatility, MakerDAO devises the DAI stablecoin to be a new kind of crypto-based financial system except for the volatility that the crypto market is known for. DAI is constantly pegged to the USD and the MKR token is what is used to keep the stability of DAI. Stablecoins are traditionally pegged to either reserve fiat currencies or other physical assets like gold to keep them stable. However, that has been creating issues as we have seen with the battle between SEC and Tether. MakerDAO opted for the usage of the MKR token instead to serve as a counterweight to the fluctuations of price.
The main role of the Maker token is to ensure that a DAI stablecoin maintains a value of $1. To achieve that, MKR is burned and minted according to DAI price fluctuations, which helps a DAI coin keep its 1 dollar value.
The MKR token also serves as a governance token and gives voting rights to holders that make up the MakerDAO organization overseeing the DAI stablecoin. Although holding MKR doesn’t ensure any dividends, the holders get the right to vote on issues concerning the Maker protocol. However, the value of the MKR coin is expected to surge based on the success of DAI.
Bitcoin vs Maker
When comparing Bitcoin to Maker, there are few things to note about them. The difference between Bitcoin and Maker is what sets them apart from each other. Here are some of them in the MKR vs BTC debate.
|Dual token system||
Initially, 50 BTC, which is then halved every four years.
Why exchange BTC to MKR?
The one you go for between Bitcoin or Maker is entirely up to your preferences. Traders will always have their preferences when it comes to exchanging cryptos like Bitcoin and Maker. These preferences are part of the reasons traders will want to exchange their BTC for tokens like MKR.
Another reason for trading BTC to MKR will be to take advantage of the market shift if the MKR token will start to look bullish and make a considerable gain in the market. You can expect traders to go for it and exchange Bitcoin to Maker.
Furthermore, the chance to take part in the governance of the Maker protocol is another reason why users will want to exchange Bitcoin to Maker. Holding the MKR tokens earns users the right to vote on matters concerning the protocol.
How to exchange Bitcoin to Maker?
Exchanging BTC to MKR is easy; to do that you need a reliable partner to help facilitate your crypto exchange, which is something a platform like Swapzone does comfortably. To exchange a token means to trade or to swap the token for another one of the user’s choices. The real deal now lies in knowing the exact trustworthy place to carry out the coin swap.
Swapzone acts as an exchange aggregator to bring all the best BTC to MKR rates in the market from different exchange partners. Further details on how to complete the exchange on Swapzone are provided below in this article.
Why is Swapzone the best place to exchange BTC to MKR?
How to get an MKR token? You can get MKR tokens from Swapzone, which is an MKR exchange aggregator for the best MKR rate in the market. This positions Swapzone as the best place to get Maker token.
Before you proceed to select the MKR coin exchange you want, ensure you know the exact amount of MKR token you want to buy.
Step 1. On Swapzone, you can select any MKR pair from the list of tokens then the site will pull up from all the Maker exchanges.
Step 2. Go ahead to input the number of MKR tokens you want to exchange.
Step 3. Select the MKR exchange that suits you by clicking on the exchange button.
Step 4. Input the address where you want to receive the MKR crypto.
Step 5. There is also an option for a refund address, which is the address where the asset you are swapping will be refunded to incase of any issues.
Step 6. Click on proceed the exchange button to carry out the exchange.
Step 7. Don’t forget to rate the exchange and leave a review.
FAQ about exchanging BTC to MKR
What does the Maker token do?
The token serves as the governance and primary utility token for Maker’s decentralized lending platform.
How does voting work on the Maker Protocol?
Holders of the MKR token get to vote on vital decisions through a process called Executive Voting. Whenever an executive vote is passed, the winning proposal reflected in the vote is incorporated into the Maker protocol by changing the code to reflect the winning vote.
Is Maker coin a good investment?
According to Walletinvestor, Maker token is an awesome long-term investment option. A five years investment is expected to yield an earning of +378.89%. However, before investing in any crypto venture, it is necessary to do your due diligence.
Why is Maker better than Bitcoin?
Maker seeks to address many problems that are present in the traditional financial sector and it uses a combination of patented technologies to do that.
- Transparency Issues
MKR ignores the need to have centralized bodies in the process of a transaction. However, Maker takes transparency up to another level by ensuring that each meeting recording is released on the organization’s SoundCloud page for everyone to access.
MKR tokens address the issue of volatility that BTC is infamous for by ensuring its DAI coin maintains its dollar peg. This gives users more security in relation to the resilience of the Maker project.
- Community Governance
Holders of the Maker token can take part in the Maker’s ecosystem and the protocol uses community governance to allow token holders better control over the network’s future.
What is the real-time BTC to MKR exchange rate?
As of August 14, 2021, the real-time exchange rate for BTC to MKR is 1 BTC=12.117 MKR.
What are the other options to buy MKR?