After the start of an exclusive operation in Ukraine, Russians began to purchase stablecoins in large quantities. Let’s see why this cryptocurrency is so well-loved, what it takes to buy it and what it has to offer to us in the wake of sanctions.
What is an Stablecoin?
In the world of offline the use of fiat currencies to estimate the cost of products and services. However, the world of cryptocurrencies employs its own measures like block size, hashrate or the amount of transactions. We have created an electronic asset that is linked to fiat currencies and precious stones in order to increase the accessibility of blockchain.
Stablecoins (digital coins) are tied to US dollars (USD) in a ratio of 1:1. Tether released USDT in 2015 as the very first cryptocurrency. There are various stablecoins that are available, like Circle’s USDC or BUSD issued by Binance cryptocurrency exchange. The last letter indicates the company that created it.
Stablecoins convert savings made in fiat into digital currency which can be immediately traded or utilized to invest. Furthermore, with the help of stablecoins, you will be able to save the size of your crypto savings – in times of extreme volatility in the market crypto can be converted into stablecoins before waiting for better conditions. Stablecoins are a great alternative to purchasing foreign currency in times when exchange rates are volatile. This allows faster settlements as well as security.
Why has the demand for stablecoins increased
Over the past two weeks, demand of cryptocurrency as a means to protect savings has jumped in Russia. The number of crypto currency users as well as deposits in rubles have increased on cryptocurrency exchanges. The second most-popular cryptocurrency, after bitcoin, are stablecoins and specifically USDT.
Based on statistics of visits to various trading platforms, the number of users has grown 2-3 times since February. Demand for USDT is higher than that for bitcoins or other well-known cryptocurrency. Since the stablecoin functions like a cash alternative to American dollars, it’s difficult to purchase now.
EXMO cryptocurrency exchange platform has seen an influx of huge amounts of rubles deposits. The reason is that the Binance exchange is no longer working with Visa and Mastercard credit cards that are issued in Russia.
For http://b3.zcubes.com/v.aspx?mid=8130724 who live abroad cryptocurrency, particularly stablecoins, can be a simple option to transfer money between countries even though Russia is subject to Western sanctions. Stablecoins provide a fast way to convert savings in rubles into foreign currency.
There’s been an increase in the number of cryptocurrency transactions on P2P platforms. These are the platforms where the transactions that involve crypto currencies take place between individuals. The platform serves as an intermediary guarantor and facilitator of transactions. When a cryptocurrency is purchased the buyer transfers it into his crypto wallet, and then to a bank card.
How to Buy Stablecoins Now
You can safeguard yourself by purchasing stablecoins via a centralized platform. Some of these sites have implemented restrictive measures that make it impossible or impossible to use to Russian passport holders. There are crypto-exchanges that are decentralized (DEX) which means that user funds are not held. A certain commission from a Blockchain is charged for every operation that is carried out on this exchange platform.
This is a type of interaction that operates in a way that is equal. A lot of p2p platforms permit users to connect to buy or sell stablecoins. It is here that you can discover amazing deals on purchasing cryptocurrency currencies in rubles. The platform also functions as a guarantee of transactions.
The transaction takes place in 2 stages:
The buyer pays the amount he wants to buy stablecoins on his seller’s credit card.
The seller transfers the buyer’s cryptocurrency to his crypto wallet.
In order not to lose money, you need to make sure you use only reputable and proven p2p platforms. Important: Before any transaction is initiated be sure to check the total amount of your order and the percentage of completed orders. The more of them, the better, it will mean that the seller is reliable. You won’t be “thrown” even if your success rate is low, but the site is popular and well-known. However, you may encounter delays or slow reaction from the seller.
There are two kinds:
– online – in the online exchanger, the user enters his details into a specific form, is given payment details in rubles, completes the transfer and gets cryptocurrency to his wallet.
The exchangers online are automated which means that when you are making an exchange in rubles, be sure to verify the amount, as the robot won’t acknowledge the payment in the event there is an error. The exchanger will be charged a commission that is between 3 and 10 percent of the amount transferred.
Offline exchangers function in similar to banks branches. You can make a payment only by going into the exchanger.
How can I get rid of the restrictions?
Cryptocurrencies are among the several options that could be used to help save capital in the event that the ruble drops and it is impossible to purchase dollars or euros. A similar situation has already been observed in other countries, such as Venezuela and Turkey.
Stablecoins, or digital equivalents to the dollar They are a fantastic alternative to foreign currency. And , unlike other cryptocurrency that are prone to volatility.
In general, experts recommend using stablecoins to perform operations that are currently unavailable in Russia due to restrictions that are imposed. These operations can be completed using stablecoins. Then, you can withdraw these coins into cash or in decentralized cryptocurrency.