Russians began buying stablecoins masse following the launch of a special Ukrainian operation. Find out why this cryptocurrency is so loved, how to buy stablecoins and how it could help face sanctions.
What is Stablecoin?
The use of fiat currencies in the offline world to calculate the cost of goods and services. However the world of cryptocurrency comes with its own measures: the number and size of transactions on the blockchain blocks, block sizes, hashrate and so on. We have added features to the blockchain to allow it to be more accessible to not just technical experts, but also everyday users.
Stablecoins are digital coins whose value is linked to the US dollar (USD) in a ratio of 1:1. Tether issued the first stablecoin USDT in 2015. There are other stablecoins that are available, like Circle’s USDC or BUSD issued by Binance cryptocurrency exchange. The last letter marks the name of the company that invented it.
With the help of stablecoins, savings in fiat currency can be easily converted into digital currency and immediately traded or invested. You can also save on the value of your cryptocurrency savings by using stablecoins in times of high market volatility. You can convert cryptocurrency into stabilitycoins and wait for conditions that are favorable to proceed. The main benefit of using stablecoins is when the exchange rate of your national currency is not stable and it is difficult buying a foreign one and stablecoins are an alternative option for settlements and the safety of their savings.
Why has the market for stablecoins increased?
Russia has seen a rise in cryptocurrency demand as a means of protecting savings over the past two weeks. The number of users has also increased , as well as the amount of ruble deposit made through exchanges that deal in cryptocurrency. Alongside bitcoin the second most sought-after cryptocurrency is stablecoins. In particular USDT.
According to the statistics of visitors to different trading platforms, from the end of February, the influx of users has increased by a factor of 2-3. Since the stablecoin can be used as an alternative to cash American dollars (which it is not possible to purchase at the moment), interest in USDT has outpaced the demand for bitcoins and other popular cryptocurrency.
EXMO cryptocurrency platform witnessed an increase in the amount of rubles that are deposited. Binance was unable to accept Visa and Mastercard cards that are issued by Russia through the exchange.
If you’re a Russian and have moved abroad, crypto, and particularly stablecoins, can be used to make money transfers between countries. Stablecoins are a great way to swiftly transfer savings between rubles and foreign currency.
The volume of transactions that use cryptocurrency between people has increased via p2p-based platforms. The platform serves as an intermediary to the transaction, as well as a guarantor. When a cryptocurrency is purchased, the user transfers the money to his cryptocurrency wallet, before transferring it to a credit card.
Instructions: How can I buy the stablecoins you need right now
Stablecoins bought through a central exchange is the most effective way to protect yourself from scammers. There have been restrictions on certain websites that make it impossible for Russian passport holders to use these currencies. There are decentralized crypto-exchanges (DEX) which are where the user’s funds are not kept. A specific commission for a Blockchain is charged for every operation on such an exchange platform.
This is a model that lets partners interact on equal terms. There are many p2p websites that connect users who want and require to trade or purchase stablecoins. There are amazing offers on buying cryptocurrencies in rubles. The platform is an guarantor for the transaction.
Two steps are necessary for the transaction to be completed:
The buyer pays the amount to be purchased in stablecoins to the seller.
The seller will send the buyer a crypto currency to his cryptocurrency wallet.
Use only reputable p2p websites to protect your funds. Important: Prior to any transaction is initiated, make sure you check the order total and the percentage of orders that have been completed. A seller who has more orders will be reliable. Even though a low rate of success and a site that is well-known will not guarantee that you are “thrown” but it is possible to experience delays and slow responses from the seller.
There are two kinds:
Online – When using the exchanger online, the user fills out a form and then receives payment information (in rubles) then transfers to receive cryptocurrency in his wallet.
Exchangers online can be serviced automatically. Therefore, when you send a transfer in rubles, make sure you verify the amount. In the event that you do not, the robot will not recognize the payment. The exchanger will charge you a commission of 3 to 10% of the transaction amount.
Offline exchangers function the same way as banks branches do . You can only make transactions by visiting the exchanger.
How do I get rid of it?
кардано крипта are now one of the most effective methods of securing capital against a falling ruble or inability to access euros and dollars. Similar circumstances have been witnessed in Turkey, Venezuela, and Turkey.
Stablecoins can be used as a substitute for foreign currency. They are digitally equivalent to dollars and, therefore, more stable than other cryptocurrencies.
Experts suggest using stablecoins to perform operations that are currently impossible in Russia due the restrictions. Following these operations it is best to convert stablecoins into cash or decentralized cryptocurrencies.