After the start of a special operation in Ukraine, Russians began to buy stablecoins on a massive scale. Let’ кардано курс at why this cryptocurrency is so popular, how to purchase it, and what it could do to us in the wake of sanctions.
What exactly is a stabilizecoin?
In the world of offline, people use fiat currencies to calculate the cost of products and services. However, the world of cryptocurrencies is characterized by its own measures – the number of transactions on the blockchain as well as block size, hashrate, and the list goes on. We have added features to the blockchain in order to make it more accessible to not only technical experts but also ordinary users.
Stablecoins can be described as digital coins whose value is linked to the US dollar (USD), in a ratio of 1:1. The first stablecoin was introduced by Tether in the year 2015, namely USDT. There are other stablecoins on the market, including Circle’s USDC or BUSD which is created by the Binance crypto exchange. The last letter denotes the company that developed the coin.
Stablecoins are a simple way to convert your savings from fiat money into digital currency, which can be traded instantly or used to invest. Stablecoins are also a great way to make money from your cryptocurrency savings. In times of high volatility, you can transform your cryptocurrency into stablecoins in order to keep an eye on conditions. The main benefit of stablecoins is in the event that the rate of exchange for your national currency is not stable and it is difficult buying a foreign one and stablecoins are an alternative choice for settlements, and also ensure the security of savings.
What is the reason for an increase in demand for stablecoins?
Russia has seen an increase in cryptocurrency demand as a means of protecting savings over the past 2 weeks. In addition to the increase in cryptocurrency-exchange deposits as well as an increase in people who use. Stablecoins in particular, USDT are the second most-loved cryptocurrency behind bitcoin.
According to data that show the frequency and number of visitors to trading platforms have grown by 2 to 3 percent since February. Because the stablecoin serves as an alternative to money American dollars (which it is not possible to purchase at the moment), interest in USDT has outpaced the demand for bitcoins as well as other well-known cryptocurrency.
EXMO the cryptocurrency exchange platform reported an increase of huge amounts of ruble deposits. Binance’s exchange stopped working with Russian Visa and Mastercard bankcards.
The convenience of the use of stablecoins and cryptocurrency for money transfers between countries is a big advantage for Russians who have visited across the globe. Stablecoins are a great way to transfer savings quickly between rubles and foreign currency.
In order to facilitate transactions between people using cryptocurrencies, the volume of cryptocurrencies that are purchased and sold via the p2p platform has increased. The platform itself acts as an intermediary for the transaction and a guarantee. The customer buys cryptocurrency and then transfers the money to his crypto wallet. Next transfer the money to a bank account.
Instructions: how to buy stablecoins now
You can safeguard yourself by purchasing stablecoins on a centralized platform. Certain exchanges have put in restrictions which make it unsuitable or impossible to use to Russian passport holders. There are also cryptocurrency exchanges that are decentralized (DEX) that don’t hold the funds of users. A specific commission for a Blockchain is charged for every operation on such an exchange platform.
Platforms for P2P
This is a partnership model that allows interaction in a fair and equal manner. Many p2p platforms allow users to join and purchase or sell stablecoins. It is here that you can discover amazing deals on purchasing cryptocurrency for rubles. The platform acts as a security for the transaction.
The transaction is completed in two stages
The buyer pays the amount to be purchased in stablecoins to the seller.
The seller sends the buyer a crypto currency to his crypto wallet.
In order not to lose funds, you must make sure you use only reputable and proven p2p platforms. Before you make any purchase be sure to check the number of orders as well as the percentage of completion. This will show that the seller is trustworthy when there are more transactions. It is unlikely to be “thrown” if your rate of success is low, but the site is well-known and well-known. However, you might encounter delays or slow response from the seller.
There are two types of exchangers for cryptocurrency:
– online – in the exchanger online, the user enters his details into a specific form, receives payment details in rubles, completes a transfer and receives cryptocurrency into his wallet.
The exchangers online are automated which means that when you are making an exchange in rubles, be sure to verify the amount as otherwise the robot won’t be able to accept the transaction in the event of an error. The exchanger will be charged a commission that is between 3 and 10 percent of the amount of transaction.
Offline exchangers operate in similar to banks branches. You can make a payment only by going into the exchanger.
How do I get rid of it?
Cryptocurrencies are among the only a few options that can be used to save capital in times when the ruble is falling and is not able to purchase euros or dollars. Similar conditions have also been observed in Turkey (Venezuela) and Venezuela (Ecuador).
Stabilcoins are a fantastic alternative to foreign currency. They’re essentially a digital version of the dollar. They do not suffer from volatility like other cryptocurrencies.
Experts suggest that you use stablecoins to conduct tasks that are not currently possible in Russia because of the restrictions. The operations can be accomplished with stablecoins. You can then withdraw these coins as cash or decentralized cryptocurrency.