The stablecoins was being heralded as a one way trip to the salvation of the digital currencies market and an answer to the uncertainty of prices of the asset class. In essence, a stablecoin is a cryptocurrency that has its value tethered to a certain instrument that has a stable exchange rate in the real world. The latter can be anything from gold and silver to oil and natural gas. Stablecoins are thus secured by actually tangible reserves and have some form of collateral backing them, unlike classical digital assets that have their prices rely solely on the model of supply and demand that is subject to speculation and manipulation.
Crypto asset types can vary depending on the type of project releasing them. Stablecoins are seldom intended to act as internal currencies for specific projects, but rather as assets released for the general public. Examples of stablecoins that have gained widespread support on the digital market include USDT Tether and USDC, both of which have proven that being tethered to the US Dollar is a sound means of ensuring relative price stability.
In fact, when users decide to buy USDT, they are doing so for either use of the asset in some specific Web3 or blockchain-based application, or for ensuring that their savings are stored in a digital form. Since many fiat cash means are now depreciating, people are rushing to convert their fiat into digital form. This is where stablecoins provided by the United States Dollar advance their proposition as reliable alternatives for value storage and preservation.
Buying Stablecoins The Where and How
In order to buy USDC or any other stablecoin, users can resort to several proven and reliable venues that have been developed and thrived starting from the beginning of the blockchain-based industry. Among the most widespread places to buy stablecoins are: Exchanges; P2P exchanges; Decentralized exchanges.
These platforms are safe and reliable, since most have been operating on the market for a long time and have the necessary funds to ensure uninterrupted operation. More importantly, these platforms allow users to buy any listed digital currencies with PayPal. Some platforms cater to localized audiences. As an example, some exchanges give users the ability to pay with GBP. In general, users can buy with any currency they have at their disposal, depending on the on-ramp the exchange provides.
Key Takeaways
Unlike the issue with Bitcoin, which is extremely volatile, stablecoins retain their exchange rate and give some certainty about their real worth some time into the future. Exchanges are the most reliable places for buying stablecoins, given the reality that some even offer extended services like VISA gift card bonuses. The giftcard is actually a phenomenon that only recently made its way into crypto space. Users can resort to such cards if they want to make an original and unusual gift to a friend or loved one and give them a memorable access key into Web3 and cryptocurrency applications. With Bitcoin in the UK giving ground and stablecoins taking over, it is only a matter of time before the digital tradable market does away with the last remnants of rampant uncertainty of prices and becomes increasingly predictable in price terms.
