What exactly is a stability coin and how do you buy them?
Russians began buying stablecoins masse shortly after the launch of a Ukrainian-specific operation. Let's discover why this cryptocurrency has become so popular and how you can buy stablecoins.
What is a stabilizecoin?
To estimate the price of services or goods offline consumers use fiat currencies. But the world of cryptocurrency comes with its own measures that include the amount and number of transactions on the blockchain blocks, block sizes, hashrate and more. We've added functions to the blockchain to enable it to be accessible to not just experts but also ordinary users.
Stablecoins (digital coins) are linked to US dollars (USD) in a ratio 1:1. Tether created the first stablecoin, USDT, in the year 2015. There are other stablecoins on the market, for instance Circle's USDC or BUSD that is issued by the Binance cryptocurrency exchange. The name of the company that created it is indicated by the last letter.
Stablecoins permit savings made in fiat to be transformed quickly into digital currency. This allows you to trade or invest instantly. Additionally, you can reduce the amount of your cryptocurrency savings by using stablecoins when the market is in high volatility. It is possible to convert cryptocurrency into stabilitycoins and wait for the right conditions to allow you for the conversion to continue. The best thing about stablecoins is that they are used to pay off your savings and protect your funds when the exchange rate for the national currency is low.
What is the reason why demand for stablecoins increased
In Russia the cryptocurrency market has experienced an increase in the demand for it over the past two weeks in order to safeguard savings. The number of crypto currency users and ruble deposits has grown on cryptocurrency exchanges. Stablecoins have a second place in popularity to bitcoin and bitcoin, with USDT being the most sought-after.
According to the statistics of visits to various trading platforms, since the end of February, the influx of users has increased by a factor of 2-3. Since the USDT serves as a substitute for cash American Dollars, the demand for USDT is greater than demand for bitcoins, as well as other popular cryptos, however it's not easy to buy now.
EXMO cryptocurrency trading platform saw massive influx of ruble deposits. Binance has stopped accepting Visa as well as Mastercard cards that are issued in Russia through the exchange.
The convenience of cryptocurrency and stablecoins for money transfers between different countries is a huge advantage for Russians who have traveled abroad. Stablecoins allow you to quickly transfer savings from rubles to foreign currencies.
Individuals who make transactions using cryptocurrency have witnessed an increase in the volume and value on p2p platforms. The platform serves as an intermediary, guarantee and facilitator of transactions. The user purchases cryptocurrency and deposits it to his crypto wallet. Then the user transfers the money to the bank account.
Instructions: How to Buy stablecoins now
Crypto Exchanges
You can safeguard yourself by buying stablecoins through an online platform that is centralized. But to date, some websites have introduced various restrictive measures that make it difficult or even impossible for those who are holders of an Russian passport to use these. For one solution is to use decentralized crypto exchanges (DEX) that do not hold user funds. https://stripe.com/use-cases/crypto that is performed on DEX platform DEX platform is subject to a commission from a specific blockchain.
P2P platforms
This is a partnership model of interaction which operates in a way that is equal. There are many p2p websites that connect users who want and require to sell or buy stablecoins. You can find some great bargains on buying cryptocurrencies at rubles. The platform serves as a security for the transaction.
The transaction is executed in two phases:
The buyer sends to seller the amount that the buyer would like to buy stablecoins.
The seller will give the buyer a cryptocurrency to be put into his cryptocurrency wallet.
Use only reliable and tested p2p services to ensure that you do not lose money. Important: Before making any transaction, make sure you confirm the number of orders accepted and the proportion of the orders that were fulfilled. The seller is more reliable if they've got many orders. Even if https://cryptonewsru.com/ is not high and the website has a huge following however, that does not mean that you'll be "thrown". But there are the possibility of delays and slow responses by the seller.
Exchangers
There are two types:
Online - With the online exchanger, the user fills in a form and receives payment information (in rubles) and makes a transfer, and receives bitcoin into his account.
Online exchangers are able to be automated. Therefore, when you make a transfer using rubles, ensure that you have verified the amount. If not, the robot might not be able to recognize the transaction. The exchanger will be charged a commission that is between 3 and 10% of the transaction amount.
Offline exchangers function exactly the same way as branch banks. It is possible to make a transaction by visiting an exchanger.
How to remove the restrictions
Cryptocurrencies are now one of the few effective solutions to preserve capital in the face falling rubles and the inability of purchasing dollars or euros. Similar circumstances have also been observed in Turkey (Venezuela) and Venezuela (Ecuador).
Stablecoins, or digital versions of dollars, are an excellent alternative to foreign currencies. In contrast to other crypto currencies that are prone to volatility.
In general, experts advise using stablecoins to conduct actions that are currently not available in Russia due to the restrictions that are imposed. Following the completion of these operations, it is best to withdraw stablecoins , and transform them into cash or decentralized currencies.