Russians began to buy stabilizecoins in masse following the beginning of a unique Ukraine operation. Find out why this cryptocurrency is so loved, how to buy stablecoins, and who it could help facing sanctions.
What is a Stablecoin?
The use of fiat currency in the world of offline to calculate the cost of goods and services. However, the world cryptocurrencies employs its own measures such as block size, hashrate or the amount of transactions. To include features on the blockchain that can be understood not only to technical specialists as well as to everyday users, we have created a digital asset linked to fiat currencies or precious metals.
Stablecoins, also known as digital coins, are linked to the US Dollar (USD) at 1:1. The first such cryptocurrency was launched by Tether in 2015 – USDT. Other stablecoins are available on the market, such as Circle’s USDC (or BUSD) issued by the Binance crypto exchange. The last letter from the company’s creator is highlighted in the final letters.
Stablecoins can convert savings in fiat to digital currency that can be immediately traded or used to invest. Stablecoins can also help you reduce the cost of your crypto savings. When you are experiencing high volatility, it is possible to transform your cryptocurrency into stablecoins in order to keep an eye on conditions. And the main advantage of using stablecoins is when the exchange rate of the national currency is unstable and it is difficult buying foreign currencies the stablecoins can be a viable solution for settlements and increase the safety of their savings.
What is the reason why demand for stablecoins increased
Russia has witnessed an increase in the demand for cryptocurrency over the past week in order to save cash. Like the general number of cryptocurrency users and the surge in ruble deposits to cryptocurrency exchanges. Apart from bitcoin the second most-loved cryptocurrency is stablecoins, in particular USDT.
The data from various platforms for trading indicate that the volume of users has increased 2 to 3 times since February. Because the USDT stablecoin can be used as a substitute to cash American dollars, which are currently unavailable, there is more interest than ever before in USDT.
EXMO cryptocurrency platform has seen an rise in the deposits of rubles. Binance has been unable to accept Russian Visa and Mastercard credit cards that are issued in Russia.
For those Russians who have been to other countries, cryptocurrency and, specifically, stablecoins, are a convenient way to transfer money between different countries when Russia is subject to Western sanctions. Stablecoins allow you to swiftly change your savings from rubles to foreign currency.
The amount of purchases and selling of cryptocurrency on P2P platforms, where transactions using cryptocurrencies are conducted between people have also increased. The platform acts as an intermediary and guarantees of the transaction. The user purchases cryptocurrency and deposits it into his cryptocurrency wallet. Then transfer the money to an account at a bank.
What is the best way to buy Stablecoins Now
You can safeguard yourself by purchasing stablecoins via an centralized platform. However, there have been restrictions on certain sites that make it difficult for Russian passport holders to use these currencies. As one of the solutions is to use decentralized crypto exchanges (DEX) which do not store user funds. A commission is paid for each operation carried out on the DEX platform.
This is a partnership model that allows interactions in a fair and equal manner. Many p2p websites connect people who wish to buy or trade stablecoins. There are great deals for buying cryptocurrencies for rubles. Additionally, you can utilize the platform to assure the payment.
The transaction can be completed in two steps:
The buyer transfers the amount he would like to purchase stablecoins to his seller’s credit card.
The seller sends an electronic wallet with cryptocurrency to the buyer.
To avoid losing funds, you must utilize only reliable and tested P2P platforms. Before you make any transaction, verify the order number and the percentage of complete. The seller is more reliable if they’ve got many orders. If the success rate is not high, and the site is huge and well-known, this will not mean that you’ll be “thrown” however, there is a risk of delays and slow response from the seller.
There are 2 types:
– Online – In an exchanger online, the user inputs their information in a particular field, gets payment details and rubles, performs a transaction, and then receives cryptocurrency into the wallet.
https://setiweb.ssl.berkeley.edu/beta/show_user.php?userid=9319295 . Make sure you verify the amount before you transfer rubles. If you don’t, the machine might not recognize your payment. For the services of the exchanger, you’ll have to pay a fee of 3-10 percent of the transaction value.
Offline exchangers work the same way banks branches do . You can only transact by going to the exchanger.
How can I remove any the restrictions
The cryptocurrency is currently one of the most effective ways to save capital against the falling ruble or the inability to access euros and dollars. A similar situation has already occurred in other countries – Venezuela as well as Turkey.
As a substitute for other currencies, stablecoins can be the best choice, as they’re essentially digital versions of the dollar, and they aren’t subject to volatility, unlike other cryptocurrencies.
Stablecoins are typically recommended by experts to carry out operations that aren’t available in Russia due to restrictions. Following the completion of these operations, it is preferable to withdraw the stablecoins and then transform them into cash or decentralized currencies.