Since the beginning of an operation that was specialized in Ukraine, Russians began to buy stablecoins en masse. Let’s discover why this cryptocurrency has become so popular and how you can buy stablecoins.
What is a stablecoin
To determine the cost of services and goods in offline environments, people use fiat money. However, the world of cryptocurrencies is characterized by its own measures – the number of transactions on the blockchain, block size, hashrate, and other such things. We have created digital assets that are linked to fiat currencies and precious metals to help understanding of the features of blockchain.
Stablecoins (digital coins) are linked to the US dollars (USD) in a ratio 1:1. Tether was the first to release the USDT cryptocurrency in the year 2015, was the first company to launch such a cryptocurrency. There are other stablecoins available, such Circle’s USDC or BUSD issued by Binance cryptocurrency exchange. The last letter from the company’s creator is highlighted by the closing letters.
Stablecoins make it easy to convert your savings from fiat money into digital currency, which can be immediately traded or used to invest. You can also reduce the amount of crypto savings by using stablecoins. If there is a lot of fluctuations in the market, your cryptocurrency could be converted into stablecoins. Wait for best conditions. The primary benefit of stablecoins is their ability to be used as an alternative for settlements in cases where the exchange rate is instabil and it’s hard to purchase a foreign currency.
What is the reason for an increase in stablecoin demand?
In the past two weeks, the demand for cryptocurrency as a way to protect savings has jumped in Russia. In addition to the growth in cryptocurrency-exchange deposits, there has been an increase in the number of users. Stablecoins are second in popularity to bitcoin and bitcoin, and USDT being the most well-known.
Based on https://cryptofshg375.werite.net/post/2022/05/14/What-exactly-is-a-Stablecoin-And-how-do-you-purchase-them from visits to different trading platforms, the influx has grown by 2-3 times since February. Because USDT USDT acts as a currency replacement for cash American Dollars, demand for USDT is more than the demand for bitcoins and other cryptos that are popular, however, it’s not easy to buy now.
EXMO cryptocurrency trading platform reported an increase in the amount of deposits in rubles. Binance’s exchange stopped working using Russian Visa and Mastercard bankcards.
Cryptocurrency and Stablecoins are both convenient ways to transfer funds between different countries, even when Russia is under Western sanctions. Stablecoins let you quickly exchange savings in rubles to foreign currencies.
The amount of purchases and selling of cryptocurrency on the p2p platform, where transactions using cryptocurrencies take place between individuals, has also increased. The platform itself acts as an intermediary and guarantees of the transaction. After purchasing cryptocurrency, the customer makes the transfer directly to his crypto account, and then , to his bank card.
Instructions: How to Buy stablecoins now
Buy stablecoins on an exchange that is centrally located to be safe and protect yourself against scammers. Some of these exchanges have put in restrictive measures that make it impossible or unusable to Russian passport holders. It is also possible to use decentralized cryptocurrency exchanges (DEX), which don’t hold user funds. When you make a transaction on an DEX platform there is a fee for a specific blockchain is paid.
This is a relation model of equal-to-equal interaction. There are many p2p websites that connect users who want and require to trade or purchase stablecoins. You can find some great offers on buying cryptocurrency for rubles. The platform also functions as a guarantee of transactions.
The transaction is completed in two steps
The buyer pays the amount to be purchased in stablecoins to the seller.
The seller transfers a cryptocurrency wallet to the buyer.
In order not to lose funds, you must utilize only reliable and tested P2P platforms. Before you make any purchase make sure you check the amount of orders as well as the percentage of order completion. This will show that the seller is trustworthy if there are more orders. If the rate of success is not high, and the website is big and well-known, it does not mean you’ll be “thrown” however, there is the possibility of delay and slow response of the seller.
There are two types of cryptocurrency exchangers.
Online – The user completes an online form that allows him to get the payment information in rubles. transfer funds, and receives cryptocurrency to his wallet.
Online exchangers are able to be automated. Therefore, when you send a transfer in rubles, make sure you verify the amount. If not, the robot might not recognize the payment. The exchanger will charge you a commission between 3-10% of the transaction amount.
Offline exchangers work in the same manner as branch banks. They can only conduct the transaction when you visit an exchanger.
How do you eliminate restrictions
Cryptocurrencies are now one of the few effective alternatives to save capital in the face an eroding ruble as well as the inability to purchase dollars or euros. Similar circumstances have occurred in different countries like Venezuela and Turkey.
As an alternative to other currencies, stablecoins can be the most suitable option because they’re essentially an electronic version of the dollar. Additionally, they are not subject to volatility, unlike other cryptocurrencies.
Stablecoins are generally recommended by experts to be used to carry out tasks that are not possible in Russia because of restrictions. It is preferential to convert these transactions into cash or any other cryptocurrency that is decentralized once you’ve completed the process.