Russians started to purchase stabilizecoins in large quantities in the wake of the launch of a specific Ukraine operation. Let’s see why this cryptocurrency is so popular, how to buy it and what it has to offer to us in the wake of sanctions.
What is an Stablecoin?
To determine the cost of services and goods in non-traditional environments People use fiat money. Blockchain is a different world with its own metrics. This includes the number of transactions that are made, the block size, the block size and hashrate. We have created digital assets that connect to fiat currencies and precious stones in order to increase the accessibility of the blockchain.
https://zenwriting.net/cryptoekko054/what-exactly-is-a-stablecoin-how-do-you-purchase-it are digital currencies that are tied to USD (the value of the US currency) in a ratio 1:1. The first such cryptocurrency was released by Tether in the year 2015, namely USDT. There are other stablecoins on the market, including Circle’s USDC, or BUSD which is created by the Binance crypto exchange. The company that created the coin is identified by the letter that ends in.
Stablecoins let you convert your fiat savings into digital currency that can be traded instantly or used to invest. It is also possible to reduce the amount of your crypto savings by using stablecoins when the market is in high volatility. You can change cryptocurrency into stabilitycoins and wait for the right conditions to allow you to proceed. And the main advantage of using stablecoins is that in the event that the rate of exchange for your national currency is not stable and it is difficult buying foreign currencies, stables become an alternative solution for settlements and increase your savings are protected.
Why has the market for stablecoins been growing?
In the past two weeks, demand for cryptocurrency as a means to protect savings has jumped in Russia. The amount of deposits of rubles on cryptocurrency exchanges has grown, along with the number of users all over the world. Stablecoins in particular, USDT are the second most-loved cryptocurrency after bitcoin.
According to statistics from visits to different trading platforms, the amount of transactions has grown by 2-3 times since February. Because the USDT acts as a currency alternative to cash American Dollars, the demand for USDT is greater than demand for bitcoins, and other cryptos that are popular, however, it’s difficult to purchase at the moment.
EXMO cryptocurrency platform has seen an rise in the deposits of rubles. Binance’s exchange stopped working using Russian Visa and Mastercard bankcards.
For Russians living abroad cryptocurrency, specifically stablecoins are a convenient option to transfer money between countries even though Russia is subject to Western sanctions. Stablecoins enable you to quickly exchange your savings in rubles to foreign currency.
There has been an increase in number of cryptocurrency transactions that are conducted on p2p platforms. These are platforms where the transactions that involve crypto currencies take place between two individuals. The platform serves as an intermediary for the transaction, as well as a guarantor. After purchasing a cryptocurrency the buyer transfers the money to his crypto wallet and then transfers it to a bank card.
Instructions: How can I buy Stablecoins now
You can protect yourself best by purchasing stablecoins via an online platform that is centralized. Some of these sites have implemented restrictive measures that make it impossible or even impossible to use for Russian passport holders. One solution is to use decentralized crypto exchanges, which do not store user funds. A commission is paid for each operation that takes place on the DEX platform.
This is a relationship model of equal-to equal interaction. A lot of p2p platforms permit users to connect and buy or trade stablecoins. It is here that you can discover amazing deals on purchasing cryptocurrency currencies in rubles. Additionally, the platform itself acts as a guarantor of the transaction.
The transaction takes place in two phases:
The buyer pays the amount to be purchased in stablecoins to the seller.
The seller will send the buyer a cryptocurrency that can be put into his digital wallet.
Use only trusted P2P sites to ensure you don’t risk losing your funds. Prior to any transaction make sure you check the amount of orders and the percent of order completion. This will show that the seller is reliable when there are more transactions. A low rate of success for a site that has a well-known and large audience doesn’t mean you are “thrown”, but it will increase the risk of delay and slow response.
There are two kinds of exchangers for cryptocurrency.
Online – In the exchanger online users fill out a form and then receives payment details (in rubles) and makes a transfer and then receives the cryptocurrency in his wallet.
Online exchangers service automatically. Make sure you verify the amount prior to transferring rubles. Otherwise, the robot might not recognize your payment. If you wish to use the services offered by the exchanger, you’ll have to pay a fee of 3-10 percent of the amount you are paying.
– offline exchangers work exactly the same way as bank branches – you can conduct transactions only by going to the exchanger.
How to remove restrictions
In the event of a declining ruble and the inability to buy dollars or euros cryptocurrency is one of the best alternatives to preserve capital. Similar circumstances are also present in Turkey and Venezuela.
As a substitute for foreign currencies, stablecoins are the best option, because they’re essentially an electronic version of the dollar. Furthermore, they are not subject to volatility, unlike other cryptocurrencies.
Experts suggest using stablecoins for tasks that are not currently possible in Russia due to the restrictions. It is preferential to convert these transactions into cash or other cryptocurrencies that are decentralized after you have completed the process.