Since the beginning of an exclusive operation in Ukraine, Russians began to buy stablecoins on a massive scale. Let’s find out why this currency is so well-loved, what it takes to buy it and what it can do to us in the wake of sanctions.
What exactly is a stabilizecoin?
To estimate the cost for goods and services in the offline world, people often employ fiat currencies. The cryptocurrency world has specific metrics, such as the number of transactions, block size and hashrate. We’ve added functions to the blockchain in order to enable it to be accessible to not only technical experts, but also everyday users.
Stablecoins (digital coins) are linked to US dollars (USD) in a ratio 1:1. Tether launched the USDT cryptocurrency in the year 2015, was the first company to launch the cryptocurrency. Other stablecoins are available on the market such as Circle’s USDC and Binance’s BUSD. The creator company is indicated by the last letter.
Stablecoins make it easy to convert your savings from fiat money into digital currency, which can be immediately traded or invested. Stablecoins can also help you reduce the cost of your crypto savings. When you are experiencing high volatility, it is possible to change your cryptocurrency into stablecoins and be patient for better conditions. The best thing about stablecoins is that they are used to settle your savings and protect your funds in the event that the exchange rate of the national currency is low.
Why has the demand for stablecoins risen?
In the past two weeks, the demand of cryptocurrency as a method to protect savings has jumped in Russia. In addition to the growth in the deposits of cryptocurrency exchange and withdrawals, there has been an increase in users. In addition to bitcoin the second most sought-after cryptocurrency is stablecoins. In particular USDT.
The data shows that since February ended the amount of people using various trading platforms has grown by 2 percentage. Since the stablecoin can be used as an alternative to money American dollars (which it is not possible to purchase right now), interest in USDT is higher than demand for bitcoins as well as other prominent cryptocurrency.
EXMO cryptocurrency platform has seen an increase in the amount of rubles that are deposited. Binance was unable to accept Visa as well as Mastercard cards that are issued in Russia through the exchange.
The convenience of the use of stablecoins and cryptocurrency for transfer of money between countries is a big benefit for Russians who have visited across the globe. Stablecoins can be used to transfer savings quickly between rubles and foreign currencies.
The use of cryptocurrency for transactions between individuals have increased in the volume and value on p2p platforms. The platform acts both as an intermediary and a as a guarantor of the transaction. After purchasing a cryptocurrency the user deposits the money into his crypto wallet and then to a credit card.
Instructions: how to buy stablecoins today
Crypto Exchanges
Stablecoins bought through a central exchange is the best method to safeguard yourself from scammers. Some exchanges have restrictions in place that make it hard or impossible to use for Russian passport holders, making it difficult to use some of them. Decentralized cryptocurrency exchanges (DEX), that don’t hold user money can be a viable alternative. A commission for a particular blockchain is needed for each operation.
Platforms for P2P
This is a partner model of inter-action on equal terms. A variety of p2p websites connect users who wish to trade or buy stablecoins. There are great deals for buying cryptocurrencies at rubles. In addition, the platform itself acts as a security for the transaction.
The transaction is completed in two stages
The buyer sends the amount he would like to buy stablecoins to his seller’s card.
курс кардано к доллару transfers the buyer a cryptocurrency to his crypto wallet.
To avoid losing money, use a an authentic and reliable p2p platform. Prior to any transaction make sure you check the amount of orders as well as the percentage of order completion. If a seller has more customers is more reliable. Even if the success rate is not high and the website is popular, it does not necessarily mean that you’ll be “thrown”. But there is a risk of delays or slow response by the seller.
There are 2 types of exchangers for cryptocurrency:
Online – on the online exchanger, the user enters his details into a specific form, gets his payment information in rubles, makes an online transfer, and then receives cryptocurrency to the wallet.
Online exchangers can be serviced automatically. So, if you send a transfer in rubles make sure to verify the amount. If not, the robot might not be able to recognize the transaction. The exchanger will charge an amount of 3 to 10% for the exchanger’s services.
– offline exchangers work similarly to banks – you are able to complete transactions only while going to the exchanger.
How do you remove the restrictions
The cryptocurrency market is now one of the best ways to save capital against a falling ruble or inability of euros and dollars. Similar situations have already been seen in Turkey and Venezuela.
As an alternative to foreign currencies, stablecoins are the most suitable option because they’re essentially an electronic version of the dollar. Furthermore, they are not vulnerable to fluctuation, unlike other cryptocurrencies.
Experts suggest using stablecoins to perform operations that are currently impossible in Russia due the restrictions. After completing these tasks, it is best to withdraw stablecoins , and change them into cash or decentralized currencies.