Russians started to buy stablecoins in huge quantities following the start of a special operation against Ukraine. Let’s discover the reason why this cryptocurrency is well-known, what you can do to purchase stablecoins, and who it could help in the face of sanctions.
What is a stablecoin?
To determine the cost of products and services in non-traditional environments the people use fiat currency. The blockchain world is a different world with its own metrics. They include the number of transactions and block size, as well as the block size and hashrate. We created a digital asset which can be linked to fiat currencies and precious metals to add more functions to the Blockchain.
Stablecoins are digital coins whose value is dependent on the US dollar (USD), in a ratio of 1:1. Tether released the first stablecoin in 2015: USDT. Tether also has other stablecoins such as Circle’s USDC or BUSD. These coins are issued by Binance which is a cryptocurrency exchange. The last letter indicates the creator company.
Stablecoins allow you to convert your savings from fiat money into digital currency, which can be immediately traded or invested. Stablecoins can also help you reduce the cost of your crypto savings. In times of high volatility, you could convert cryptocurrency into stablecoins to keep an eye on conditions. The primary benefit of stablecoins is their capability to serve as an alternative to settle settlements in cases where the exchange rate is not stable and it’s hard to purchase a foreign currency.
Why is there an increase in demand for stablecoins?
In Russia the cryptocurrency market has experienced an increase in demand over the past two weeks in order to protect savings. The number of cryptocurrency users has increased as and the volume of ruble deposit made through exchanges that deal in cryptocurrency. Apart from bitcoin the second most sought-after cryptocurrency is stablecoins. In particular USDT.
According to statistics from visits to different trading platforms, the amount of transactions has increased 2-3x since February. Since the USDT acts as a currency alternative to cash American Dollars, the demand for USDT is greater than demand for bitcoins, as well as other popular cryptos, but it is difficult to buy right now.
EXMO cryptocurrency trading platform has recorded an influx of large amounts of deposits in rubles. Binance has stopped accepting Visa as well as Mastercard cards issued in Russia by the exchange.
For Russians who have been abroad, cryptocurrency and, particularly, stablecoins are an ideal option for money transfers between countries even though Russia is subject to Western sanctions. Stablecoins make it easy to swiftly transfer your savings between rubles and foreign currencies.
In order to facilitate transactions between people using cryptocurrency, the number of cryptocurrency being bought and sold on P2P platform has grown. The platform serves as an intermediary in the transaction and a guarantor. The buyer buys cryptocurrency and then transfers the money to his cryptocurrency wallet. Next the user transfers the money to the bank account.
How can I buy stablecoins online
Crypto Exchanges
The best way to safeguard yourself from fraudsters is to invest in stablecoins via a centralized exchange. There have been restrictions on certain websites which make it hard for Russian passport holders to use these coins. It is also possible to use crypto exchanges that are decentralized (DEX) that don’t keep user funds. When you make a transaction on a DEX platform the commission for the specific blockchain is due.
P2P platforms
It is a model of inter-action on the same terms. Many p2p platforms allow users to join and purchase or trade stablecoins. You can find some great bargains on buying cryptocurrencies at rubles. In addition the platform itself serves as a guarantee for the transaction.
купить cardano takes place in two stages:
The buyer pays the amount to be purchased in stablecoins to the seller.
The seller transfers the buyer’s cryptocurrency into his crypto wallet.
To prevent losing money, only use the most reliable and trustworthy p2p platforms. Prior to any transaction be sure to check the number of orders and the percent of completion. The higher the number the higher, it means that the seller is trustworthy. It is unlikely to be “thrown” if the success rate isn’t high however, the website is well-known and well-known. However, you might encounter delays or delayed reaction from the seller.
Exchangers
There are two kinds of exchangers for cryptocurrency.
– Online – In an exchanger online, the customer inputs their information in a particular field, gets payment details and rubles, completes an exchange, and receives cryptocurrency to the wallet.
The exchangers online are automated, so when making the transfer in rubles be sure to verify the amount as otherwise the robot won’t recognize the payment in case there is an error. A commission of 3-10% is required for exchanger services.
Offline exchangers operate similarly to branch banks. You can only make transactions by going to an exchanger.
How can I remove any restrictions
The rise of cryptocurrencies has made them one of the most effective solutions to preserve capital in the event of a falling ruble and the inability to purchase euros or dollars. Similar scenarios have been witnessed in Turkey and Venezuela.
Stablecoins offer a viable alternative to foreign currencies. Since they’re a digital representation of the dollar in the United States They are not subject to volatility and unlike other cryptocurrencies.
The majority of experts advise using stablecoins in order to perform tasks that are not currently available in Russia due to restrictions that are imposed. These operations can be completed using stablecoins. You can then withdraw these coins into cash or decentralized cryptocurrency.