курс кардано started buying large quantities of stablecoins following the launch of a special Ukrainian operation. Find out why this cryptocurrency has gained so much popularity and how to purchase stablecoins.
What is a stablecoin?
To estimate the cost for goods and services that are not available in the offline market, people often use fiat currency. The cryptocurrency world has its own set of metrics, such as the number of transactions, the size of blocks and hashrate. We’ve added functions to the blockchain in order to make it more accessible to not just experts, but also everyday users.
Stablecoins refer to digital coins which are tied to USD (the value of USD, the US currency) in a ratio of 1:1. Tether released the first stablecoin, USDT, in the year 2015. There are also other stablecoins on the market, for instance Circle’s USDC, or BUSD that is created by the Binance crypto exchange. The company’s name as the creator’s last letter is highlighted by the closing letters.
Stablecoins make it easy to convert your savings from fiat money into digital currency that can then be instantly traded or invested. You can also decrease the amount of crypto savings with stablecoins. If there is a lot of volatility on the market, your cryptocurrency can be converted to stablecoins. Wait for most favorable conditions. One of the advantages of stablecoins is when the exchange rate of the national currency is fluctuating and you face difficulties purchasing a foreign currency, stables become an alternative option for settlements and the safety of their savings.
Why has the stablecoin market been growing?
Russia’s need for cryptocurrency to safeguard savings has grown in the last two weeks. In addition to the growth in deposits to cryptocurrency exchanges as well as an increase in users. Alongside bitcoin, stablecoins, particularly USDT, are the second most widely used cryptocurrency.
The data shows that since the end of February the amount of people who use various trading platforms increased by 2-3 percent. Because the stablecoin serves as an alternative to money American dollars (which isn’t possible to purchase at the moment) the demand for USDT has outpaced the demand for bitcoins as well as other popular cryptocurrency.
EXMO cryptocurrency platform witnessed an increase in the amount of rubles that are deposited. Binance stopped accepting Visa as well as Mastercard cards issued in Russia through the exchange.
For Russians who live abroad cryptocurrency, particularly stablecoins, can be a simple option to transfer money between countries even if Russia is currently under Western sanctions. Stablecoins provide a fast way to convert savings made from rubles to foreign currency.
The volume of transactions made using cryptocurrency between individuals has increased via p2p-based platforms. The platform acts as an intermediary to the transaction and a guarantor. The buyer purchases cryptocurrency and transfers it to his crypto wallet. Next the user transfers it to the bank account.
Instructions: How to purchase Stablecoins now
Crypto Exchanges
The best way to safeguard yourself from fraudsters is to invest in stablecoins via an exchange that is centralized. Unfortunately, many of these exchanges have implemented restrictive measures and make it difficult or even impossible for Russian passport holders to use. One of the options is to use decentralized crypto exchanges (DEX) which do not hold user funds. A certain commission from a Blockchain is charged for every operation on such an exchange platform.
P2P platforms
This is a type of interaction that operates on the same terms. Different p2p platforms connect people who wish to purchase and sell stablecoins. Here , you can find fantastic bargains on buying cryptocurrencies at rubles. Additionally the platform itself serves as a guarantee for the transaction.
The transaction is completed in two steps
The buyer will pay the amount of money to be bought in stablecoins to the seller.
кардано криптовалюта transfers the buyer a cryptocurrency to his cryptocurrency wallet.
To ensure that you do not lose cash, make sure you use a the most reliable and trustworthy p2p platforms. It is important to check the amount of orders placed and the percentage of orders completed before you finish any transaction. The seller is more reliable if they’ve got lots of orders. Even though a low rate of success and the site is well-known does not mean that you will be “thrown” but there is the possibility of delays and infrequent responses from sellers.
Exchangers
There are 2 types:
Online – When using an online exchanger, the customer fills in their personal information into a specific field, gets payment details and rubles, makes an exchange, and receives the cryptocurrency in their wallet.
Online exchangers can automatically take care of your payment. But, if you do not verify your account, the system won’t accept the transaction. The exchanger will charge an amount of 3 to 10 percent for the exchanger’s service.
Offline exchangers function exactly the same way as bank branches – you can complete transactions only while visiting the exchanger.
How to get rid
Cryptocurrencies are one of several options that could be used to help save capital in the event that the ruble drops and it becomes impossible to buy dollars or euro. Similar situations exist in Turkey and Venezuela.
Stablecoins can be a great alternative to foreign currencies. Because they are basically an electronic version of the US dollar They are not subject to volatility and unlike other cryptocurrency.
Experts recommend using stablecoins for operations that are currently impossible in Russia because of the restrictions. These operations can be completed using stablecoins. Then, you can withdraw these coins into cash or decentralized cryptocurrency.