Following the launch of a special operation in Ukraine, Russians began to buy stablecoins on a massive scale. Let’s discover why this cryptocurrency is so well-known and how to purchase stablecoins.
What is Stablecoin?
To estimate the cost for products and services in the offline world most people use fiat currency. However, the world of cryptocurrencies is characterized by its own measures – the number of transactions on the blockchain, block size, hashrate, and the list goes on. We’ve added new features to the blockchain in order to make it more accessible to not just experts, but also everyday users.
Stablecoins (digital coins) are tied to US dollars (USD) in a ratio of 1:1. The first stablecoin was launched by Tether in 2015 with the name USDT. Other stablecoins are also available on the market such as Circle’s USDC and Binance’s BUSD. The company that created the coin is identified with the last letter.
Stablecoins let you transform your savings in fiat into digital currency that can be traded immediately or invested. You can also save on the amount of your crypto savings by using stablecoins during high market volatility. You can change your cryptocurrency into stabilitycoins, and then wait for favorable conditions to continue. The best thing about stablecoins? They can be utilized to settle your savings and secure your money in the event that the exchange rate of the currency of your country is low.
Why has the stablecoin market grown?
Russia has seen a rise in the demand for cryptocurrency to protect savings over the past two weeks. The number of cryptocurrency users has also increased as is the quantity of ruble deposits made on exchanges that deal in cryptocurrency. Stablecoins, specifically USDT are the second most-loved cryptocurrency, after bitcoin.
The data shows that since the end of February the number of users visiting various trading platforms has increased by about 3 percent. Since the stablecoin can be used as a replacement for money American dollars (which it isn’t able to buy right now) The demand for USDT has outpaced the demand for bitcoins as well as other popular cryptocurrency.
EXMO cryptocurrency trading platform has recorded an increase in the amount of ruble deposits. The reason for this is that the Binance exchange has stopped working using Visa and Mastercard bank cards issued in Russia.
The cryptocurrency and stablecoins are great ways to transfer funds between countries, even if Russia is under Western sanctions. Stablecoins can be used to convert savings from rubles into foreign currency.
There has been an increase in the volume of cryptocurrency transactions that are conducted on p2p platforms. These are the platforms where the transactions that involve crypto currencies take place between two individuals. The platform acts as an intermediary, guarantee and facilitator of transactions. After purchasing a cryptocurrency, the user transfers the money to his crypto wallet, and then to a bank card.
Instructions: how to buy stablecoins today
Crypto Exchanges
To guard yourself against fraudsters It is recommended to buy stablecoins from a central trading platform. Some of these sites have put in restrictions that make it difficult or even impossible to use for Russian passport holders. As one of the solutions is using decentralized crypto exchanges (DEX) which do not hold user funds. For each operation on such a DEX platform the commission for a specific blockchain is due.
P2P platforms
This model is a model of partnership for interaction in a fair and equal manner. https://mcfaddenleth51.widezone.net/section-1/mcfaddenleth51-s-blog/why-is-cardano-establishing connect users who want to purchase and trade stablecoins. You can find amazing deals for buying rubles in cryptocurrencies. In addition the platform itself serves as a security for the transaction.
The transaction is completed in two steps
The buyer will pay the purchase amount in stablecoins to the seller.
The seller sends the buyer cryptocurrency into his crypto wallet.
Make sure to use reputable p2p websites to ensure you don’t lose your money. Before you make any purchase make sure you check the amount of orders and the percentage of order completion. If there are a lot of orders, this indicates that the seller is reliable. If the rate of success is not high, and the site is large and well-known, this does not mean that you will be “thrown” however, there is the possibility of delay and slow response from the seller.
Exchangers
There are two types if cryptocurrency exchangers.
Online – In the exchanger online where the user has to fill out a form , and later receives payment details (in rubles) and makes a transfer to receive bitcoin into his account.
Exchangers on the internet are automatically serviced, so when making the transfer in rubles carefully check the specified amount, as the robot won’t acknowledge the payment in the event there is an error. If you wish to use the services offered by the exchanger, you will need to pay a commission of 3-10 percent of the transaction value.
Offline exchangers operate in the same manner as branch banks. They can only conduct transactions by going to an exchanger.
How do you get rid
In the event of a plummeting ruble and the inability to buy dollars or euros cryptocurrency is one of the most effective solutions to preserve capital. Similar circumstances have also been observed in Turkey (Venezuela) and Venezuela (Ecuador).
Stablecoins, which are digital equivalents to the dollar, are an excellent alternative to foreign currencies. And , unlike other cryptocurrency, they don’t suffer from fluctuations.
Experts suggest using stablecoins for operations that aren’t permitted in Russia in the present time due to restrictions. These operations can be completed by using stablecoins. You can then transfer these coins into cash or in decentralized cryptocurrency.