Tuesday, June 25, 2024

How To Buy Stablecoins Safely? Simple instruction

What are stablecoins?

A stablecoin is a digital currency whose value is pegged to the exchange rate of another asset. The first such cryptocurrency, USDT from Tether, appeared in 2015. It is linked to the value of the US dollar at a ratio of 1:1. There are other stablecoins, such as USDC from Circle or BUSD issued by the Binance crypto exchange. Stablecoin issuers keep on their balance sheet the necessary amount of assets to provide a link to their digital coin.

How to buy stablecoins?

The process of buying stablecoins is no different from buying other cryptocurrencies. You can get stablecoins using crypto exchanges, p2p platforms and exchangers:

  • Crypto exchanges

The safest way in terms of protection against fraudsters is to buy stablecoins on a centralized exchange. Or could be to use decentralized crypto exchanges (DEXs) that do not store user funds. It must be remembered that for each operation on the DEX, a commission is charged for the specific blockchain on which it takes place.

  • Buying stablecoins “with hands”

Various p2p platforms connect users who want to buy and sell stablecoins. On such sites, you can find a profitable offer for buying digital coins for Us Dollar. The transaction takes place in two steps:

first, the buyer sends the amount for which he wants to buy stablecoins, and then the seller sends the cryptocurrency to the buyer’s wallet. In order not to lose money, you need to use only proven and reputable p2p platforms and merchants.

  • Exchangers

There are two types of cryptocurrency exchanges: online and offline. In the case of

online exchangers, the user enters his data in a special form, receives the details for payment in Us Dollar, makes a transfer and receives cryptocurrency to his wallet.

Usually, online exchangers are serviced automatically, so you need to make a transfer in us dollar in a strictly designated amount, otherwise the robot will not recognize the payment. For their services, exchangers charge a commission of 3-10% of the transaction amount.

Offline exchangers work on the principle of bank branches. This means that a transaction can only be made by directly visiting the exchanger.

Rescue from restrictions

Cryptocurrencies often become the only possible rescue of capital in the face of a falling national currency and the inability to buy dollars or euros, that a similar situation occurred in other countries – Turkey and Venezuela.

Stablecoins are definitely the best alternative to foreign currencies, since they are the “digital analogue of the dollar” and are not subject to volatility, like other cryptocurrencies, for example,” the expert noted.

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