Russians began to buy stabilizecoins in masse in the wake of the launch of a unique Ukraine operation. Let’s look at why this cryptocurrency is so well-loved, what it takes to get it and what it could do to us in the wake of sanctions.
What is stablecoin?
The use of fiat currencies in the offline world to determine the price of products and services. However, курс кардано of cryptocurrencies comes with its own set of metrics, such as the volume 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 just technical experts but also ordinary users.
Stablecoins (digital coins) are tied to US dollars (USD) in a ratio 1:1. Tether launched the USDT cryptocurrency in 2015, was the first to issue this kind of cryptocurrency. Other stablecoins are available on the market, such as Circle’s USDC (or BUSD) issued by Binance cryptocurrency exchange. The last letter indicates the company that developed the coin.
Stablecoins convert savings made in fiat into digital currency that can be traded immediately or used to invest. Stablecoins also allow you to make money from your cryptocurrency savings. When you are experiencing high volatility, you can change your cryptocurrency into stablecoins and wait for better conditions. Stablecoins have the advantage that they can be utilized in times when the foreign exchange rate isn’t as stable and buying one is difficult.
Why is there an increase in demand for stablecoins?
In the last two weeks, demand for cryptocurrency as a way to protect savings has jumped in Russia. The number of people who use cryptocurrency has increased as is the quantity of ruble deposit made through cryptocurrency exchanges. Along with bitcoin, stablecoins, especially USDT are the second most widely used cryptocurrency.
According to data from different trading platforms, the influx has grown 2-3 times since February. The demand for USDT is greater than the demand for bitcoins and other popular cryptocurrencies. Because the stablecoin acts like a cash substitute for American dollars, it’s impossible to purchase it right now.
EXMO cryptocurrency trading platform saw massive influx of ruble deposits. Binance is no longer accepting Visa and Mastercard Russian banks cards.
The convenience of the use of stablecoins and cryptocurrency for transfers of funds between countries is a big benefit for Russians who have traveled to other countries. Stablecoins allow you to swiftly convert your savings from rubles into foreign currency.
The amount of purchases and sale of cryptocurrencies through the p2p platform that allow transactions that use cryptocurrencies take place between individuals has also grown. The platform itself functions as an intermediary and guarantor of the transaction. The user buys cryptocurrency and then transfers the money to his crypto wallet. After that, he transfers it to an account at a bank.
Instructions on how to buy stablecoins immediately
Crypto Exchanges
Stablecoins purchased on a centralized exchange is the best method to guard yourself against scammers. However, to date, a few websites have introduced various restrictive measures that make it difficult or even impossible for those who are holders of the Russian passport to use these services. Decentralized cryptocurrency exchanges (DEX) which don’t hold user money can be a viable option. A specific commission for a Blockchain is charged for each transaction on the exchange platform.
P2P platform
This model is a model of partnership for interactions on equal terms. There are many p2p websites which connect users who are looking and need to sell or buy stablecoins. Here , you can find fantastic deals on buying cryptocurrencies for rubles. The platform also functions as a guarantee of transactions.
The transaction takes place in two steps:
The buyer pays the amount he would like to buy stablecoins to the seller’s account.
the seller sends the buyer a cryptocurrency into the buyer’s crypto wallet.
To ensure that you don’t lose money, you need to make sure you use only reputable and proven p2p platforms. Before making any purchase, verify the order number and percentage of completion. The seller is more reliable if they have lots of orders. Even if the success rate is low and the site has a large following but it doesn’t necessarily mean you will be “thrown”. However, there are risks of delays or slow response by the seller.
Exchangers
There are two types:
Online – The user completes a special form to receive payment details in rubles. transfer funds, and receives cryptocurrency in the wallet of his.
Exchangers online can be automatically serviced. Thus, if you send a transfer in rubles, ensure that you have verified the amount. In the event that you do not, the robot will not recognize the payment. To use the services of an exchanger, you’ll have to pay a commission of 3-10 percent of the transaction value.
Offline exchangers function similarly to branch banks. They can only conduct the transaction when you visit an exchanger.
How do you get rid of restrictions
In times of falling rubles, and the inability to purchase dollars or euros, cryptocurrencies are among the only viable options to preserve capital. Similar circumstances have also been observed in Turkey (Venezuela) and Venezuela (Ecuador).
Stabilcoins are a fantastic alternative to foreign currencies. They are an essentially digital analog of the dollar, and don’t suffer from volatility like other cryptocurrencies.
Experts recommend that you use stablecoins for operations currently not possible in Russia because of the restrictions. After performing these operations it is preferable to withdraw stablecoins , and transform them into cash or decentralized currencies.