What exactly is a stablecoin? How do you purchase it?
Since the beginning of a special operation in Ukraine, Russians began to purchase stablecoins in large quantities. Let's discover why this cryptocurrency has gained so much popularity and how to purchase stablecoins.
What is Stablecoin?
To calculate the price of goods, and services in offline environments the people use fiat currency. But the world of cryptocurrencies is characterized by its own measures - the volume of transactions on the blockchain, block size, hashrate, and the list goes on. We developed an electronic asset that is linked to fiat currencies and precious metals, in order to improve understanding of the blockchain's features.
Stablecoins (digital coins) are linked to US dollars (USD) in a ratio of 1:1. Tether launched the USDT cryptocurrency in 2015, was the first to issue the cryptocurrency. There are also other stablecoins, including Circle's USDC or BUSD created by the Binance cryptocurrency exchange. The last letter indicates the company that developed the coin.
With the aid of stablecoins savings in fiat can be easily converted to digital currency that can be immediately traded or invested. https://cryptonewsru.com/sanctions-on-russia-including-crypto/ is also possible to reduce the amount of your cryptocurrency savings by using stablecoins during high market volatility. You can change your cryptocurrency into stabilitycoins, and wait for conditions that are favorable to continue. What is the best part about stablecoins? They can be utilized to settle your savings and safeguard your money when the exchange rate for the currency of your country is low.
What is the reason for an increase in demand for stablecoins?
Russia has witnessed an increase in the demand for cryptocurrency in the past week in order to save cash. The number of people who use cryptocurrency has also increased , as and the volume of ruble deposits made on exchanges that deal in cryptocurrency. Stablecoins, specifically USDT, are second-most popular cryptocurrency, after bitcoin.
According to research that show the frequency and number of visitors to trading platforms have been increasing by between 2 and 3 percent from February. Since USDT is a stablecoin that USDT stablecoin can be used as a substitute to cash American dollars, which are currently unavailable and there is greater interest than ever before in USDT.
EXMO cryptocurrency trading platform saw massive influx of ruble deposits. The reason is that the Binance exchange has stopped working using Visa and Mastercard credit cards that are issued in Russia.
For those Russians who have gone overseas, cryptocurrency and particularly, stablecoins are an ideal option to transfer funds between countries while Russia is subject to Western sanctions. Stablecoins are a quick way to convert savings made from rubles into foreign currency.
The use of cryptocurrency for transactions between individuals have increased in volume and price on platforms for p2p. The platform acts as an intermediary in the transaction and a guarantor. After buying cryptocurrency, the user makes the transfer directly into his crypto account and then to his bank account.
How to purchase stablecoins on the internet
Crypto Exchanges
The most secure method to shield your self from scammers is to buy stablecoins on an exchange that is centralized. Some of these sites have put in restrictions that make it difficult or even impossible to use to Russian passport holders. As one of the solutions, you can use cryptocurrency exchanges that are decentralized (DEX) which don't store funds of users. Each operation on such DEX platform DEX platform is subject to a charge from a particular blockchain.
P2P platform
This is a partnership model of inter-action on equal terms. Various p2p platforms connect users who want to buy and sell stablecoins. Here are some amazing deals on buying cryptocurrencies for rubles. In addition, the platform itself acts as a guarantor of the transaction.
The transaction is carried out in two steps:
The buyer will transfer to the seller's card the amount the buyer wants to purchase stablecoins.
The seller transfers the buyer a cryptocurrency in his cryptocurrency wallet.
Make sure to use only trusted p2p sites to avoid losing your money. Before you make any transaction, verify the order number and percentage of completion. The seller is more trustworthy if they have many orders. You will not be "thrown" even if the success rate isn't high, but the site is well-known and well-known. However, you may face delays or a slow reaction from the seller.
Exchangers
There are two types if cryptocurrency exchangers.
Online: The online exchanger allows users to enter his information, get payment details, perform an exchange and transfer cryptocurrency to his wallet.
Online exchangers operate completely automatically. If you pay payments in rubles make sure that the amount you pay for is accurate. In the event that it is not, the robot won't recognise it. The exchanger will be charged a commission between 3-10 percent of the amount of transaction.
Offline exchangers operate in exactly the same way as bank branches. You are able to make payments only by entering the exchanger.
How to get rid
Cryptocurrencies are now one of the best solutions to preserve capital in the face of a falling ruble and the inability to buy euros or dollars. Similar circumstances have been witnessed in Turkey, Venezuela, and Turkey.
Stablecoins, or digital equivalents of the dollar, are an excellent alternative to foreign currencies. In contrast to other crypto currencies that are prone to fluctuations.
Stablecoins are generally favored by experts to carry out operations that are not available in Russia due to restrictions. After performing these operations it is preferable to withdraw stablecoins , and convert them into cash, or decentralized currencies.