Russians started to buy stablecoins at a large scale following the announcement of a specific operation against Ukraine. Find out why this cryptocurrency has gained so much popularity and the best way to buy stablecoins.
What is stablecoin?
To calculate the price of services and goods in offline settings People use fiat money. The world of cryptocurrency comes with specific metrics, such as the number of transactions, the size of blocks, and hashrate. We have created an electronic asset that is linked to fiat currencies and precious stones in order to increase the accessibility of blockchain.
Stablecoins (digital coins) are linked to the US dollars (USD) in a ratio 1:1. Tether launched the first stablecoin in 2015, USDT. Tether also offers other stablecoins like Circle’s USDC or BUSD. These coins are issued by Binance an exchange for crypto. The company that created the coin is identified by the letter that ends in.
Stablecoins permit you to transform your savings in fiat into digital currencies that can be traded immediately or invested. Stablecoins let you save your cryptocurrency investments. In times of uncertainty you can transform cryptocurrency into stablecoins in order to be able to wait for more favorable market conditions. And the main advantage of stablecoins is in the event that the rate of exchange for the nation’s currency is unstable and you face difficulties buying a foreign one the stablecoins can be a viable choice for settlements, and also the safety of their savings.
What is the reason why demand for stablecoins has increased?
In Russia the cryptocurrency market has experienced an increase in the demand for it over the past two weeks as a way to secure savings. The number of cryptocurrency users has also increased , as is the quantity of ruble deposits made on exchanges for cryptocurrency. Stablecoins, particularly USDT are the second most-loved cryptocurrency behind bitcoin.
According to research that show the frequency and number of visitors to trading platforms have been increasing by between 2 and 3 percent since February. Because the USDT stablecoin can be used as a replacement to cash American dollars, which is currently unavailable, there is more interest than ever before in USDT.
EXMO cryptocurrency exchange platform has seen a huge influx 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 ease of using cryptocurrency and stablecoins for money transfers between different countries is a huge benefit for Russians who have traveled to other countries. Stablecoins can be used to convert savings from rubles into foreign currency.
To facilitate transactions between people using cryptocurrencies, the volume of cryptocurrencies that are purchased and sold through the p2p platform has increased. The platform acts both as an intermediary or an guarantor to the transaction. When https://anotepad.com/notes/6q4a73di is purchased, the user transfers it into his cryptocurrency wallet, and then transfers it to a bank card.
How to Buy Stablecoins Today
Crypto Exchanges
To protect yourself from fraudsters To avoid being a victim of fraud, buy stablecoins through a central trading platform. However, there have been restrictions on certain sites that make it difficult to Russian passport holders to use these currencies. As one of the solutions is using decentralized crypto exchanges (DEX) that do not hold user funds. For each operation on such the DEX platform, a commission of one specific blockchain is paid.
P2P platforms
It is a model of interaction that operates on the same terms. There are numerous p2p websites that connect people who wish and require to trade or purchase stablecoins. Here are some fantastic deals to buy cryptocurrencies for rubles. In addition the platform itself functions as a guarantor of the transaction.
The transaction is accomplished in two stages:
The buyer sends to seller the amount is needed to purchase stablecoins.
The seller sends the buyer cryptocurrency into his crypto wallet.
Use only reputable p2p websites to protect your funds. Important: Before making any transaction, ensure that you check the amount of orders that have been received as well as the percentage of completed orders. If you see a lot of orders, this indicates that the seller has reliability. A low success rate on a site with an extensive and well-known following does not mean that you’re “thrown” however it increases the chance of delay and slow seller response.
Exchangers
There are two types of exchangers for cryptocurrency.
Online – In the online exchanger users fill out a form , and later receives the payment information (in rubles) and makes a transfer to receive cryptocurrency into his account.
The online exchangers will process your payment automatically. Be sure to verify the amount before you transfer rubles. Otherwise, the robot could not recognize the payment. The exchanger will charge you a commission between 3-10 percent of the amount of transaction.
Offline exchangers operate in the same manner as branches of banks do . You can only make transactions by visiting the exchanger.
How to get rid of restrictions
The cryptocurrency market is one of the only a few options that can be used to preserve capital in times when the ruble is falling and it is impossible to purchase euros or dollars. A similar situation has already occurred in other countries – Venezuela as well as Turkey.
In the absence of foreign currencies, stablecoins are the most suitable option because they’re basically digital versions of the dollar, and they are not vulnerable to fluctuation, unlike other cryptocurrency.
Experts suggest using stablecoins to perform tasks that are currently not possible in Russia because of restrictions. After performing these operations it is best to withdraw stablecoins into cash or decentralized cryptos.