Russians began to purchase stablecoins at a large scale following the launch of a special operation to stop Ukraine. Let’s figure out why this cryptocurrency is so sought-after, how to purchase stablecoins, and who it could assist in the event of sanctions.
What is stablecoin?
To calculate the cost of goods and services that are not available in the offline market, people often use fiat currency. But cryptocurrency has its own metrics: the number and size of transactions that occur on the blockchain blocks, block sizes, hashrate, etc. We’ve added functions to the blockchain in order to make it more accessible to not just experts but also ordinary users.
Stablecoins (digital coins) are linked to US dollars (USD) in a ratio of 1:1. The first stablecoin was introduced by Tether in 2015 – USDT. There are also other stablecoins on the market, such as Circle’s USDC, or BUSD which is issued by the Binance crypto exchange. The name of the company that created it is indicated by the last letter.
With the help of stablecoins savings made in fiat can be converted easily into digital currency that can be immediately used to trade or invest. Additionally, you can reduce the amount of your crypto savings by using stabilitycoins when the market is in high volatility. It is possible to change cryptocurrency into stabilitycoins and wait for the right conditions to allow you to continue. Stablecoins have the advantage that they can be utilized in situations when the exchange rate isn’t stable , and purchasing one is difficult.
Why has the demand for stablecoins risen?
Russia has seen an increase in demand for cryptocurrency in the last week, helping save money. The number of people who use cryptocurrency has increased as is the quantity of ruble deposit made through cryptocurrency exchanges. Alongside bitcoin, the second most popular cryptocurrency is stablecoins, in particular USDT.
The data from various platforms for trading show that the influx of customers has increased from 2 to three times since February. The interest in USDT is higher than demand for bitcoins and other popular cryptocurrencies, because the stablecoin acts as a substitute for cash American dollars, which it isn’t available to purchase right now.
https://notes.io/Quam trading platform saw an influx of huge amounts of rubles deposits. Binance has stopped accepting Visa as well as Mastercard Russian bank cards.
For Russians living in other countries cryptocurrency, specifically stablecoins are a convenient option to transfer money between countries even though Russia is under Western sanctions. Stablecoins let you quickly convert your savings from rubles into foreign currency.
The volume of transactions that use cryptocurrency among individuals has grown via p2p-based platforms. The platform serves as an intermediary for the transaction as well as a guarantee. After purchasing a cryptocurrency the buyer transfers it to his crypto wallet, and then transfers it to a bank card.
Instructions: How to Buy stablecoins now
Crypto Exchanges
Purchase stablecoins through an exchange that is centrally located to be secure and shield yourself from scammers. There have been restrictions on certain sites that make it impossible to Russian passport holders to use these coins. Decentralized crypto exchanges (DEX), that don’t hold user money can be a viable option. A commission of a specific Blockchain is charged for every transaction on the exchange platform.
P2P platforms
It is a model of equal-to equal interaction. P2P platforms offer users the ability to join and purchase or trade stablecoins. Here are some great deals on buying cryptocurrencies for rubles. The platform is an guarantor for the transaction.
The transaction is carried out in two stages:
The buyer gives the seller the amount that he would like to purchase stablecoins.
The seller will send the buyer a cryptocurrency to his crypto wallet.
Only use trusted p2p sites to ensure you do not lose your money. Prior to https://diigo.com/0obn49 is made ensure that you verify the total amount of your order and the proportion of completed orders. The seller will be more reliable if they’ve got numerous orders. A low success rate on a site with an established and well-known audience will not automatically mean you’re “thrown” however it increases the chance of delays and slow seller response.
Exchangers
There are two kinds of exchangers for cryptocurrency:
– Online – In an online exchanger, the user fills in their personal information into a specific field, gets payment details and rubles, completes the transaction, and receives cryptocurrency to the wallet.
Online exchangers service automatically. You must confirm the amount prior to transferring rubles. Otherwise, the robot could not recognize the payment. The exchanger will be charged a commission that is between 3 and 10 percent of the amount of transaction.
Offline exchangers function the same manner as branches of banks do . You can only do business by going to the exchanger.
How to remove limitations
In times of falling rubles and inability buy dollars or euros, cryptocurrencies have proven to be one of the only viable options to save capital. A similar situation has already occurred in different countries like Venezuela as well as Turkey.
Stablecoins, or digital versions of dollars, are an excellent alternative to foreign currency. And , unlike other cryptocurrency that are prone to fluctuations.
Experts recommend that you use stablecoins for tasks that are not currently possible in Russia due to restrictions. After completing these tasks, it is preferable to withdraw the stablecoins and then convert them into cash, or other decentralized currencies.