- Description and information about Crypto Currency USD Coin
- Where and how to start investing in USD Coin Crypto Currency?
- Reviews for USD Coin Crypto Currency. What do they write in the forum and in the press?
- Where and how to buy USD Coin? What Stock Exchange will be the best?
- Where to check the USD Coin rate? Reliable sources
USD Coin is not an ordinary cryptocurrency – it is a so-called stable-coin. Its value is not subject to fluctuations typical to the cryptocurrency market, as it closely correlates with the exchange rate of the American dollar (USD). Is it worth buying this cryptocurrency? What functions do stablecoins perform, and what benefits can you gain from owning them?
You do not profit from currency fluctuations with stablecoins
Stable-coin cryptocurrencies are fundamentally different from Bitcoin, Litecoin, or Stellar. Their defining feature is a price anchoring in some other asset, usually a traditional one. The most common reference point for stablecoins is fiat currencies, such as the US dollar, the euro, or the British franc. With this fixation, you can be sure that the price of a stablecoin will remain the same, meaning equal to the price of a specific fiat currency.
Stablecoins are not an investment object – they only provide more security when buying other cryptocurrencies and facilitate transactions. With stablecoins like USD Coin, investors don’t have to buy Bitcoin first to transfer it to their exchange account and then purchase another digital currency. Stablecoins allow you to avoid having to buy fiat currency when you want to take a break from the exchange. In other words: if you want to make sure that your funds are not subject to exchange rate fluctuations, exchange your cryptocurrency for stablecoins.
As stablecoins are cryptocurrencies, they are not regulated as a full-fledged payment method. Thus, an investor does not have to pay income tax, for example, until he or she exchanges stablecoins for fiat currency.
We will now look at one of the most well-known stablecoins: USDC.
Description and information about Crypto Currency USD Coin
USD Coin is the result of a collaboration between three organizations: Centre, Circle, and Coinbase. Since its launch, the cryptocurrency has been a stablecoin and was created to make life easier for investors. 1 USDC has the same value as 1 USD (US dollar). Thanks to the Ethereum ERC20 protocol, international transfers in USD Coins take no longer than a few minutes. Besides, facilitating international transactions was one of the main goals of the creators. With the launch of the USDC token, investors worldwide can trade cryptocurrencies with each other without using fiat currencies. All USD Coins are backed by US dollars held in a real-world bank account.
USD Coin is a token supported by Ethereum. So USD Coins can be stored in an ETH-compatible wallet, such as Coinbase.
Where and how to start investing in USD Coin Crypto Currency?
USD Coin is not a rewarding investment object. It was not created for investment. If you are looking for a cryptocurrency to invest in with the hope of making a profit, USDC will not meet your expectations, just like any other stablecoin. The USDC token is only meant to facilitate cryptocurrency trading and to protect the interests of investors who want to temporarily withdraw from an exchange without converting their funds into fiat currency (which, after all, involves a certain fee, as well as the need to pay income tax in many countries).
Before buying USDC, it’s worth asking yourself why you want to do this. If you are going to withdraw from playing on the stock exchange, and for some reason, you don’t want to exchange your virtual money for a fiat currency (e.g. USD) – buying USD Coin will be the right move. However, if you are looking for a currency that you could make money on – better invest in another type of cryptocurrency.
Reviews for USD Coin Crypto Currency. What do they write in the forum and in the press?
We based our opinion on USD Coin on a wide range of sources, from the manufacturer to users and testers.
The rapid growth of popularity USD Coin can prove that this product is a breakthrough in medicine.
We collected reviews about USD Coin from various people who had the opportunity to try it out, but we also asked specialists for feedback.
Product reviews available on the web relate to its high quality and reliable performance.
Recent press reports indicate that USD Coin has rocketed to the top of all stablecoins over the past few weeks, overtaking Tether (USDT), which has so far ranked at the very top. According to Glassnode’s February 1, 2021 report, the amount of USDC on exchanges increased by 112% in January, bringing the total to a staggering $915 million! This year alone, approx. One billion new USDCs have been issued, with more than half of that amount going to centralized exchanges.
According to experts at Glassnode, investors are accumulating tokens so that they can spend them on upcoming downturns. This impressive number is a clear signal that all drops are likely to be redeemed quickly. Some media reports suggest that the spectacular increase in USDC numbers was caused by Circle, which introduced “the most stablecoin-to-fiat” in an effort to provide easy and fast transfers from USDC to USD.
When it comes to user reviews on forums, USDC does not cause any controversy. Internet users are happy with the token, point out its usefulness, and recommend it to each other as a solid stablecoin that can be trusted. Interestingly, USD Coin enjoys more favor among forum members than the Tether cryptocurrency, which is also pegged to the US dollar. Perhaps Tether’s bad press is to blame, or perhaps USD Coin is simply more stable. Either way, it ranks among the top stablecoins.
Where and how to buy USD Coin? What Stock Exchange will be the best?
Buying the USDC token does not pose the slightest difficulty. You can purchase it on all major cryptocurrency exchanges, including binance.com, as well as at exchange offices. It is also worth taking advantage of the possibility to purchase USDC on Coinbase.
Where to check the USD Coin rate? Reliable sources
You can check the USD Coin rate on any major cryptocurrency exchange (we particularly recommend the binance.com platform). Alternatively, there are exchange offices and mobile apps that display each digital asset’s rates in real-time.