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What is a stability coin and how do you buy them?
Russians began buying stablecoins masse following the launch of a specific Ukrainian operation. Learn why this cryptocurrency became so popular, how to buy stablecoins and how it can help in case sanctions are in place.

What is stablecoin?

To determine the price of items and services that are not available in the offline market, people often employ fiat currencies. But cryptocurrency comes with its own measures: the number and size of transactions that occur on the blockchain blocks, block sizes, hashrate and more. To provide features to the blockchain that are accessible not only to technical specialists, but also to ordinary people, we've created a digital asset tied to fiat currencies, or precious metals.

Stablecoins can be described as digital coins that are tied to the US dollar (USD) in a ratio of 1:1. Tether issued the first stablecoin, USDT, in 2015. There are also other stablecoins, including Circle's USDC or BUSD issued by Binance cryptocurrency exchange. The name of the company that created it is indicated by the letter that ends in.

With the aid of stablecoins savings in fiat currency can be converted easily into digital currency and immediately used to trade or invest. It is also possible to reduce the amount of savings you earn through stablecoins. If there is significant fluctuations in the market, your cryptocurrency could be converted into stablecoins. Wait for best conditions. Stablecoins have the advantage that they can be used in times when the foreign exchange rate is not steady and buying them is difficult.

What is the reason why increase in demand for stabilizecoins?

Russia has seen an increase in demand for cryptocurrency over the last week, helping save cash. In addition to the increase in the deposits of cryptocurrency exchange as well as an increase in the number of users. In addition to bitcoin the second most sought-after cryptocurrency is stablecoins. In particular USDT.

According to statistics from different trading platforms, the amount of transactions has grown 2-3 times since February. Since USDT is a stablecoin that USDT stablecoin can be used as a replacement for cash American dollars, which are inaccessible There is more demand than ever before for USDT.

For instance, the EXMO cryptocurrency exchange reported an enormous influx of ruble deposits. The reason for this is that the Binance exchange has stopped working with Visa and Mastercard bank cards that are issued in Russia.

For Russians who have traveled overseas, cryptocurrency and specifically, stablecoins, can be a great option for money transfers between countries while Russia is subject to Western sanctions. Stablecoins can be used to convert savings in rubles to foreign currency.

To facilitate transactions between people who use cryptocurrency, the amount of cryptocurrencies being purchased and sold through the P2P platform has grown. The platform functions as an intermediary to the transaction as well as a guarantee. After purchasing cryptocurrency, the buyer directs it to his crypto account, before transferring it to his bank card.

How to buy stablecoins online

Crypto Exchanges

The safest way to protect you from scammers is to invest in stablecoins via an exchange that is centralized. However, many of these websites have implemented restrictions and make it impossible or difficult for Russian passport holders to use. As one of the solutions, you can use decentralized crypto exchanges (DEX) which don't store funds of users. https://www.latimes.com/business/technology/story/2021-12-24/a-beginners-guide-to-cryptocurrency for a blockchain is required for every operation.

P2P platforms

This is a partnership model that allows collaboration with equal rights. There are numerous p2p websites that connect people who wish and require to trade or purchase stablecoins. It is here that you can find incredible deals on buying cryptocurrency currencies in rubles. At the same time, the platform itself acts as a guarantee for the transaction.

The transaction is carried out in two stages:

The buyer transfers to the seller's account the amount the buyer would like to purchase stablecoins,

The seller will give the buyer a crypto currency to be used in his crypto wallet.

Use only reliable and tested p2p platforms to ensure that you do not lose money. Important: Before making any transaction, ensure that you check the amount of orders accepted and the percent of orders fulfilled. If a seller has more orders is likely to be trustworthy. A low success rate for a site that has an extensive and well-known following will not automatically mean you're "thrown", but it will increase the risk of delay and slow response.

Exchangers

There are two kinds of cryptocurrency exchangers.

- Online – In an online exchanger, the user inputs their information in a particular field, is given payment information and rubles, performs the transaction, and receives the cryptocurrency in their wallet.


Online exchangers provide automatic service. Make sure you verify the amount prior to transferring rubles. If you don't, the machine could not recognize the payment. The exchanger will charge a commission that is between 3 and 10% of the transaction amount.

Offline exchangers work similarly to branch banks. You can only make the transaction when you visit an exchanger.

How do I get rid of it?

In the event of a declining ruble and inability to purchase euros or dollars Bitcoins are among the best alternatives for capital preservation. Similar circumstances have been witnessed in Turkey and Venezuela.

https://time.com/nextadvisor/investing/cryptocurrency/should-you-use-crypto-like-cash/ can be a great alternative to foreign currency. Because they are basically a digital representation of the dollar used in the US, they are not subjected to volatility and unlike other cryptocurrencies.

Experts recommend that you use stablecoins to carry out operations currently not possible in Russia because of the restrictions. After completing these tasks, it is preferable to withdraw stablecoins , and change them into cash or other decentralized currencies.

My Website: https://www.latimes.com/business/technology/story/2021-12-24/a-beginners-guide-to-cryptocurrency