Russians started to buy stablecoins in large amounts after the opening of a specific Ukrainian operation. Learn why this cryptocurrency has become so popular, and how stablecoins can be bought and how it can help when sanctions are put in place.
What is a stablecoin?
In the offline world the use of fiat currencies to estimate the cost of goods and services. However cryptocurrency comes with its own measures that include the amount and number of transactions on the blockchain block sizes, hashrate, block sizes, etc. We developed an electronic asset that is linked to fiat currencies and precious metals to help understanding of the blockchain’s features.
Stablecoins are digital coins that are linked to the US Dollar (USD) at 1:1. Tether introduced USDT in the year 2015 as the very first cryptocurrency. Tether also provides other stablecoins such as Circle’s USDC or BUSD. что такое токен are issued by Binance, a crypto exchange. The creator company is indicated by the letter that ends in.
With the help of stablecoins, savings in fiat currency can be easily converted into digital currency and immediately traded or invested. Additionally, with the aid of stablecoins, you will be able to make the most of your crypto savings in periods of high volatility in the market and the cryptocurrency can be transformed into stablecoins before waiting for more favorable conditions. The main advantage of stablecoins is their ability to be used as an alternative for settlements in cases where the exchange rate is not stable and it’s hard to buy a foreign one.
Why has stablecoin demand grown?
The demand in Russia for crypto to protect savings has increased over the past two weeks. Both the amount of crypto currency users as well as deposits in rubles have been increasing on cryptocurrency exchanges. The second most-popular cryptocurrency, following bitcoin, are stablecoins and specifically USDT.
Based on statistics from visits to different trading platforms, the amount of transactions has grown by 2-3 times since February. Interest in USDT surpasses the demand for bitcoins and other popular currencies, since the stablecoin is an alternative to cash American dollars that it isn’t available to purchase right now.
EXMO cryptocurrency trading platform saw an influx of huge amounts of rubles deposits. Binance has been unable to accept Russian Visa and Mastercard credit cards issued in Russia.
For Russians living in other countries cryptocurrency, particularly stablecoins are a convenient way to send money between different countries, even though Russia is under Western sanctions. Stablecoins enable you to quickly change your savings from rubles into foreign currency.
The volume of transactions made using cryptocurrency between people has increased via p2p-based platforms. The platform acts as an intermediary between the transaction and a guarantee. After purchasing cryptocurrency, the user transfers it into his crypto wallet and after which he transfers it to a credit card.
Instructions on how to purchase Stablecoins right away
Buy stablecoins from an exchange that is centrally located to be secure and guard yourself from scammers. Certain exchanges have implemented restrictive measures that make it impossible or impossible to use for Russian passport holders. One option is to choose cryptocurrency exchanges that are decentralized and do not store user funds. A commission of a specific Blockchain is charged for every transaction on the exchange platform.
Platforms for P2P
This is a partnership model of interaction that operates on the same terms. There are numerous p2p websites that connect people who wish and need to sell or buy stablecoins. Here are some fantastic deals to purchase cryptocurrencies at rubles. In addition, the platform itself acts as a guarantor of the transaction.
The transaction can be completed in two stages
The buyer pays the amount he would like to buy stablecoins on his seller’s card.
The seller sends the buyer cryptocurrency into his crypto wallet.
It is recommended to use only reputable and tested p2p services to ensure that you do not lose money. It is important to check the quantity of orders and the percentage of orders completed before you make any payment. Sellers who have more orders will be reliable. Although a low success rate and a well-known website does not mean that you are “thrown”, it is possible to experience delays and slow responses from the seller.
There are two types of exchangers for cryptocurrency.
– Online: The online exchanger allows users to input his personal information, receive payment details, perform transactions and then transfer the cryptocurrency into his wallet.
Online exchangers operate completely automatically. If you are making an exchange in rubles, ensure that the amount is accurate. Otherwise, the robot will not recognize it. If you wish to use the services offered by the exchanger, you will need to pay a fee of 3-10% of the transaction amount.
Offline exchangers work exactly the same way as branch banks. They can only conduct the transaction when you visit an exchanger.
How to get rid
In the face of a falling ruble, and inability to purchase dollars or euros Bitcoins are among the most effective options for capital preservation. Similar circumstances have been witnessed in Turkey, Venezuela, and Turkey.
As a substitute for currency exchange, stablecoins are the best option, because they’re basically a digital analogue of the dollar, and they aren’t vulnerable to fluctuation, unlike other cryptocurrencies.
Experts suggest using stablecoins to perform transactions that are not currently possible in Russia due the restrictions. After completing these tasks, it is preferable to withdraw the stablecoins and then transform them into cash or into decentralized currencies.