Russians started to buy stablecoins following Ukraine’s special operation. Let’s figure out the reasons why this currency is so sought-after, how to purchase stablecoins, and who it could assist in the event of sanctions.
What is a stabilizecoin?
In order to estimate the cost of services or goods offline consumers utilize fiat currencies. The world of cryptocurrency comes with its own metrics, such as the number of transactions, block size, and hashrate. To include features on the blockchain that are understandable not just to tech-savvy experts, but also to ordinary users, we’ve developed an electronic asset that is linked to fiat currencies or precious metals.
Stablecoins are digital currency that are tied to the value of the US dollar (USD) in the ratio 1:1. The first stablecoin was released by Tether in 2015 – USDT. There are other stablecoins on the market, including Circle’s USDC, or BUSD which is issued by the Binance crypto exchange. The last letter marks the creator company.
Stablecoins permit savings made in fiat to be converted quickly into digital currency. This lets you trade or invest instantly. Stablecoins are also a great way to save money on your cryptocurrency savings. In times of high volatility, you could convert cryptocurrency into stablecoins to be patient for better conditions. What is the best part about stablecoins is that they can be utilized to settle your savings and safeguard your money in the event that the exchange rate of the currency of the country is low.
Why has the demand for stablecoins increased
Russia has witnessed an increase in the demand for cryptocurrency over the last week, helping save cash. The influx of ruble deposits through cryptocurrency exchanges have also grown, along with the number of users in general. Stablecoins rank second to bitcoin and bitcoin, and USDT being the most popular.
The data from various platforms for trading show that the influx of customers has increased from 2 to three times since February. Interest in USDT surpasses the demand for bitcoins and other popular cryptocurrency, as the stablecoin functions as a substitute for cash American dollars, which it is not possible to purchase at present.
For instance, the EXMO cryptocurrency exchange has recorded huge amounts of ruble deposits. Binance was unable to accept Visa as well as Mastercard cards issued by Russia through the exchange.
For those Russians who have traveled overseas, cryptocurrency and particularly, stablecoins can be a great option to transfer money between different countries when Russia is subject to Western sanctions. Stablecoins allow you to swiftly exchange your savings in rubles into foreign currency.
Transactions using cryptocurrencies between individuals have witnessed an increase in volume and price on platforms for p2p. The platform acts as an intermediary to the transaction as well as a guarantee. After buying a cryptocurrency, the user transfers the money into his crypto wallet, and later to a credit card.
Instructions: How to buy Stablecoins now
Crypto Exchanges
The safest way to protect your self from scammers is to invest in stablecoins via a centralized exchange. However, to date, a few of these sites have implemented various restrictions which make it impossible or difficult for people who have of an Russian passport to use them. There are also decentralized crypto-exchanges (DEX) which are where the user’s funds are not kept. Each transaction on DEX platform DEX platform will be subject to a charge from a specific blockchain.
P2P platforms
This is a relationship model of equal-to equal interaction. Numerous p2p sites connect people who wish to trade or buy stablecoins. You can find incredible deals on buying crypto currencies for rubles. The platform acts as a guarantor for the transaction.
The transaction takes place in two phases:
The buyer sends the amount he wants to buy stablecoins to his seller’s credit card.
the seller sends the buyer a cryptocurrency into the buyer’s crypto wallet.
To avoid losing cash, make sure you use a an authentic and reliable p2p platform. It is important to check the amount of orders placed and the percentage of orders completed before you complete any transaction. It indicates that the seller is trustworthy if there are more orders. You won’t be “thrown” when the success rate isn’t high However, the site is well-known and well-known. However, you might face delays or a delayed response from the seller.
Exchangers
There are two kinds of cryptocurrency exchangers.
– http://y8space.com/members-2/cardanozvod036/activity/2390399/ – in the online exchanger users input their details into a specific form, is given payment details in rubles, then makes a transfer and receives cryptocurrency to the wallet.
Online exchangers work completely automatically. If you make a payment in rubles, make sure that the amount you pay for is accurate. Otherwise, the robot won’t be able to recognize it. If you want to use the services of an exchanger, you’ll need to pay a 3-5% commission.
Offline exchangers function exactly the same way as banks – you are able to conduct transactions only by visiting the exchanger.
How to get rid
In times of falling rubles and inability buy dollars or euros, cryptocurrencies are among the few options available to help save capital. Similar situations have already been observed in Turkey and Venezuela.
Stablecoins can be utilized as a substitute for foreign currency. They’re digitally equivalent to the dollar and, therefore, more stable than other crypto currencies.
In general, experts advise using stablecoins in order to carry out tasks that are not currently available in Russia due to restrictions that are imposed. After you’ve completed these tasks, it’s a good idea to withdraw your stablecoins into cryptocurrency and cash.