Russians started buying large quantities of stablecoins shortly after the launch of a Ukrainian-specific operation. Learn why this currency has become so popular and how you can buy stablecoins.
What is a stablecoin
To estimate the price of services or goods, offline people make use of fiat currencies. However, the world of cryptocurrency comes with its own set of metrics, such as the amount of transactions that occur on the blockchain and block size, hashrate and so on. We’ve added functions to the blockchain in order to enable it to be accessible to not only technical experts, but also to ordinary users.
Stablecoins are digital coins that are tied to the price of the US dollar (USD) in a ratio of 1:1. Tether introduced its first stablecoin in the year 2015, USDT. Tether also provides other stablecoins like Circle’s USDC or BUSD. These coins are issued by Binance, a crypto exchange. The last letter indicates the name of the company that invented it.
Stablecoins are a simple way to convert fiat savings into digital currency, which can be traded instantly or used to invest. Stablecoins can also help you save money on your crypto savings. When you are experiencing high volatility, you can transform your cryptocurrency into stablecoins in order to be patient for better conditions. The main benefit of using stablecoins is that when the exchange rate of your national currency is fluctuating and there are difficulties with purchasing a foreign currency, stables become an alternative choice for settlements, and also ensure the security of savings.
What is the reason why demand for stablecoins has grown?
Russia’s need for cryptocurrency to protect savings has increased in the past two weeks. Both the amount of cryptocurrency users as well as the deposits of rubles has grown on cryptocurrency exchanges. In addition to bitcoin the second most-loved cryptocurrency is stablecoins, in particular USDT.
According to data, the number and frequency of visitors to trading platforms have increased by 2 to 3 percent since February. Demand for USDT is higher than that for bitcoins and other popular cryptos. Because the stablecoin acts like a cash substitute for American dollars, it’s not a viable option to purchase it right now.
The EXMO cryptocurrency exchange has seen an increase of ruble deposits. Binance’s exchange stopped working using Russian Visa and Mastercard bankcards.
For Russians living in other countries cryptocurrency, particularly stablecoins are a convenient option to transfer money between countries even if Russia is currently under Western sanctions. Stablecoins permit you to swiftly transfer savings from rubles to foreign currencies.
There has been an increase in the volume of cryptocurrency transactions that are conducted on P2P platforms. These are where the transactions that involve crypto currencies take place between people. The platform acts as an intermediary guarantee and facilitator of the transaction. After purchasing a cryptocurrency, the user transfers the money to his cryptocurrency wallet, before transferring it to a credit card.
Instructions on how you can purchase Stablecoins right away
The most secure method to shield you from scammers is to invest in stablecoins via a centralized exchange. However, many of these websites have implemented restrictions and make it impossible or difficult for Russian passport holders. One option is to choose decentralized crypto exchanges, which do not store user funds. A commission is paid for each operation that takes place on an DEX platform.
This is a model that allows for partners to interact in a mutually beneficial way. Different p2p networks connect people who are looking to buy and trade stablecoins. Here are some great deals on buying cryptocurrencies for rubles. The platform acts as a guarantor to the transaction.
The transaction is carried out in 2 stages:
The buyer pays the seller the amount the buyer would like to buy stablecoins.
The seller transfers the buyer’s cryptocurrency to his crypto wallet.
Use only reputable p2p websites to ensure you don’t lose your money. Before you make any purchase, check the number of orders and the percent of completion. It indicates that the seller is trustworthy when there are more transactions. Even though a low rate of success and a site that is well-known cannot guarantee that you will be “thrown”, it is possible to experience delays and poor responses from the seller.
There are two kinds of cryptocurrency exchangers.
Online – With the online exchanger users fill out a form and then receives the payment information (in rubles) then transfers to receive cryptocurrency into his account.
Online exchangers service automatically. Make sure you verify the amount prior to transferring rubles. If you don’t, the machine could not recognize the payment. To use the services of an exchanger, you’ll need to pay a fee of 3-10% of the transaction amount.
Offline exchangers operate similarly to banks – you are able to complete transactions only while visiting the exchanger.
How do I get rid of it?
In times of falling rubles, and the inability to purchase dollars or euros, cryptocurrencies have been one of the only viable options to preserve capital. Similar scenarios have been witnessed in Turkey and Venezuela.
Stablecoins, or digital equivalents to the dollar can be a great alternative to foreign currencies. In https://lindsay-didriksen.technetbloggers.de/what-exactly-is-a-stablecoin-how-do-you-purchase-it to other crypto currencies, they don’t suffer from fluctuations.
In general, experts suggest using stablecoins in order to carry out actions that are currently not available in Russia due to the restrictions that are imposed. After you’ve completed these tasks it’s a good idea to withdraw your stablecoins into cryptocurrency and cash.