After the start of a special operation in Ukraine, Russians began to purchase stablecoins in large quantities. Let’s find out the reason why this cryptocurrency is sought-after, how to purchase stablecoins, and how it can assist in the event of sanctions.
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For estimating the cost of goods or services offline consumers make use of fiat currencies. But, the world cryptocurrency employs its own measures like block size, hashrate , or the amount of transactions. To provide features to the blockchain that can be understood not only to technical specialists as well as to everyday users, we have created an electronic asset that is that is linked to fiat currencies or precious metals.
Stablecoins (digital coins) are tied to US dollars (USD) in a ratio of 1:1. Tether launched the USDT cryptocurrency in 2015, was the first to issue such a cryptocurrency. Other stablecoins are on the market such as Circle’s USDC and Binance’s BUSD. The last letter indicates the creator company.
With the help of stablecoins savings made in fiat can be easily converted into digital currency and immediately traded or invested. Stablecoins let you save your crypto investments. When the market is in a state of instability you can transform cryptocurrency into stablecoins in order to be able to wait for more favorable market conditions. The most significant benefit of stablecoins is the capability to serve as an alternative to settle settlements when the exchange rate is unstable and it’s hard to buy a foreign one.
What is the reason why the market for stablecoins has grown?
The demand in Russia for cryptocurrency to protect savings has increased in the past two weeks. In addition to the increase in the deposits of cryptocurrency exchange and withdrawals, there has been an increase in people who use. The second most-popular cryptocurrency, following bitcoin, are stablecoins and particularly USDT.
The data from various platforms for trading show that the influx of users has increased by 2 to 3 times since February. Because USDT is a stablecoin that USDT stablecoin is able to be used as a substitute to cash American dollars, which is not available, there is more demand than ever before for USDT.
The EXMO cryptocurrency exchange has seen an increase of deposits in rubles. Binance has stopped accepting Visa and Mastercard cards that are issued by Russia through the exchange.
Stablecoins and cryptocurrency are convenient ways to transfer funds between countries, even if Russia is subject to Western sanctions. Stablecoins allow you to transfer your savings quickly from rubles to foreign currencies.
The number of transactions for purchase and sale of cryptocurrencies on P2P platforms that allow transactions that use cryptocurrencies are conducted between people has also grown. The platform functions as an intermediary in the transaction and a guarantor. The user purchases cryptocurrency and transfers it to his cryptocurrency wallet. After that transfer it to an account at a bank.
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Crypto Exchanges
Stablecoins bought through a central exchange is the best method to protect yourself from scammers. Unfortunately, a lot of these exchanges have implemented strict measures that make it impossible or difficult for Russian passport holders. There are also crypto exchanges that are decentralized (DEX) which do not hold the funds of users. Each transaction on the DEX platform is subject to a fee from a particular blockchain.
P2P platforms
It is a model of equal-to equal interaction. There are numerous p2p websites which connect users who are looking and need to sell or buy stablecoins. There are a lot of deals for buying rubles in cryptocurrencies. The platform also functions as a security for transactions.
The transaction is executed in two stages:
The buyer gives to the seller the amount at which he would like to buy stablecoins.
The seller will transfer the buyer’s cryptocurrency into his crypto wallet.
It is recommended to use only reputable and tested p2p platforms to avoid losing money. Before you make any transaction check the order number and the percentage of complete. A seller who has more orders is likely to be trustworthy. A low success rate for a site that has an established and well-known audience will not automatically mean you’re “thrown”, but it increases the chance of delay and slow seller response.
Exchangers
There are two kinds of cryptocurrency exchangers.
Online – The user fills out the form specifically to receive the payment information in rubles. make a transfer, then receives cryptocurrency in his wallet.
Online exchangers will automatically take care of your transfer. If you don’t verify your account, the system won’t accept the transaction. For the services of the exchanger, you will need to pay a fee of 3-10 percent of the transaction value.
– offline exchangers work similarly to bank branches – you can make a transaction only when going to the exchanger.
How do you get rid
Cryptocurrencies are one of several options that could be used to help save capital when the ruble falls and is not able to purchase euros or dollars. Similar circumstances have been observed in other countries, such as Venezuela as well as Turkey.
Stablecoins can be utilized as an alternative to foreign currency. They’re digitally equivalent to the dollar and therefore are more secure than other cryptocurrency.
Experts recommend using stablecoins for operations that are currently impossible in Russia because of the restrictions. After performing these operations it is recommended to withdraw stablecoins and transform them into cash or other decentralized currencies.