Russians started to buy stablecoins at a large scale following the start of a special operation to stop Ukraine. Let’s learn why this cryptocurrency was so well-liked, the ways to purchase stablecoins and how it can help in the face if sanctions are imposed.
What is a stablecoin
To calculate the cost of products and services that are not available in the offline market most people use fiat currency. The world of cryptocurrency comes with its own metrics, such as the number of transactions, the size of blocks and hashrate. We created a digital asset that is tied to fiat currencies and precious metals in order to add additional capabilities to the Blockchain.
Stablecoins (digital coins) are linked to the US dollars (USD) in a ratio 1:1. Tether launched USDT in 2015 as the very first cryptocurrency. There are also other stablecoins, including Circle’s USDC or BUSD created by the Binance cryptocurrency exchange. The last letter signifies the company that created it.
https://timm-mckenzie-2.technetbloggers.de/new-information-on-the-guideline-of-cryptocurrencies-in-russia let you transform your savings from fiat into digital currencies that can be traded immediately or invested. Stablecoins can also help you make money from your crypto savings. In times of high volatility, you can convert cryptocurrency into stablecoins to wait for better 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 acquire a foreign currency.
What is the reason why increase in demand for stabilizecoins?
Russia has seen an increase in the demand for cryptocurrency as a way to safeguard savings over the past 2 weeks. The amount of deposits of rubles through cryptocurrency exchanges have also been increasing, as has the number of people who use them all over the world. The second most sought-after cryptocurrency, after bitcoin, are stablecoins and specifically USDT.
According to data from different trading platforms, the influx has increased 2-3x since February. Since the USDT stablecoin is able to be used to substitute to cash American dollars that is currently unavailable, there is more interest than ever in USDT.
The EXMO cryptocurrency exchange has seen an increase in deposits in rubles. Binance has been unable to accept Russian Visa and Mastercard credit cards that are issued in Russia.
Cryptocurrency and Stablecoins are both convenient ways to transfer funds between different countries, even when Russia is under Western sanctions. Stablecoins allow you to swiftly transfer your savings between rubles and foreign currencies.
The use of cryptocurrency for transactions between individuals have increased in both volume and cost on p2p platforms. The platform acts as an intermediary guarantor and facilitator of the transaction. The buyer purchases cryptocurrency and transfers the money to his cryptocurrency wallet. Next transfer the money to an account at a bank.
Instructions: How to purchase the stablecoins you need right now
Crypto Exchanges
Stablecoins that you purchase on a central exchange is the best method to guard yourself against scammers. Some of these exchanges have implemented restrictive measures which make it unsuitable or impossible to use for Russian passport holders. Another option is to utilize cryptocurrency exchanges that are decentralized and do not hold user funds. A specific commission for a blockchain is required for each operation.
P2P platforms
This is a relation model of equal-to equal interaction. A variety of p2p websites connect users who want to buy or trade stablecoins. Here you can find great offers on buying cryptocurrency for rubles. You can also use the platform to guarantee the transaction.
Two steps are necessary to complete the transaction:
The buyer will transfer to the seller’s account the amount for which he wants to buy stablecoins.
The seller will send the buyer a cryptocurrency to his wallet in crypto.
It is recommended to use only reputable and tested p2p services to ensure that you do not lose money. Important: Before making any transaction, make sure you verify the number of orders accepted and the percentage of completed orders. If a seller has more orders is likely to be trustworthy. A low rate of success on a website with a well-known and large audience will not automatically mean you are “thrown” however it will increase the risk of delay and slow seller response.
Exchangers
There are 2 types:
Online: The exchanger lets the user input his personal information, receive payment information, complete an exchange and transfer cryptocurrency in his wallet.
Online exchangers work completely automatically. If you make payments in rubles make sure that the amount you pay for is exact. Otherwise, the robot will not be able to be able to recognize it. To use the services of an exchanger, you will need to pay a commission of 3-10 percent of the transaction value.
Online exchangers function similar to branches of banks. This means that you can perform transactions at the time you visit the exchanger.
How can I remove any the restrictions
Cryptocurrencies are now one of the best solutions to preserve capital in the face of falling rubles and the inability to purchase euros or dollars. Similar circumstances have been witnessed in Turkey, Venezuela, and Turkey.
In the absence of currency exchange, stablecoins are the best choice, as they’re basically digital versions of the dollar. Furthermore, they are not vulnerable to fluctuation, unlike other cryptocurrencies.
Experts recommend that you use stablecoins to carry out tasks that are not currently possible in Russia due to restrictions. These operations can be completed by using stablecoins. You can then withdraw these coins into cash or a decentralized cryptocurrency.