Let's not forget stablecoins and possible scams
The role of stablecoins in the current crypto economy
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advantages and disadvantages of USDT, USDC and BUSD. What is it that characterizes stablecoins compared to other cryptocurrencies? the main function of these coins is to have a more stable value that protects from market fluctuations, a kind of value that can protect from the high volatility of crypto
stablecoins maintain their value through a regulation mechanism so 1 USDT can be exchanged for 1 dollar on any exchange There are currently more than 100 stablecoins on the market that maintain a 1:1 relationship with an asset that helps preserve its value. Almost all of them are designed to fulfill a specific or local task in an ecosystem, but in the case of USDT, its use has extended beyond a single ecosystem since we can find this stablecoin in spot markets, futures, among other exchanges.
There are several stablecoins that stand out for being the most famous, the best known is probably Teher USDT, which was developed by the Bitfinex exchange and launched as RealCoin in 2014. What makes this currency special is that it has a 1:1 parity with the dollar. , It even reached the third position in the ranking of the most popular crypto assets in terms of market capitalization and can boast of moving more than 80 billion dollars. Tether also makes it possible for transactions to be protected against constant fluctuations. As an alternative we have USD Coin USDC that also has a fiat guarantee, this digital currency was created in 2018, BUSD also stands out, the stablecoins promoted by Binance, the main exchange worldwide by volume of transactions in its BNB Chain network.
Tron features its USDD decentralized stablecoin. Like other stablecoins like UST, it features an algorithmic model pegged to an underlying asset with the goal of holding the PEG.
but friends of read.cash, we must remember that not everything is as beautiful as they paint it and it is important to dedicate time to the study of the crypto world and to know the latest updates and news, the great advantage today is the information about everything when it comes to cryptocurrency investments.
disadvantages of stablecoins Tether has raised some doubts regarding its capital reserves of working assets, before this the developers released a statement with evidence that supports that the coin developed by bitfinex has sufficient cash reserves despite all this, not all users are convinced of this and the use of other stablecoins has increased The popularity that Tether enjoys has allowed it to occupy a central role in the crypto industry, adopting itself as an alternative to the US dollar, like many other cryptocurrencies, transaction costs are reduced, operations are instantaneous and there is an international transfer
In particular, withdrawals in BUSD from Binance have no cost in the BNB Chain network and in the case of Tether, this currency is also used to disburse credits, loans and all kinds of Defi services.
But continuing with an unpleasant area but of great importance, we must communicate in the community the possible scams, which are continually on the web and in part due to the anonymity characteristic of transactions with cryptocurrencies as well as the fact of the great number of promotions and offers of new coins and tokens, which allow to deceive people who want profits in some new project.
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In this part I would like to comment on a piece of news that I found about a new form of scam in Venezuela using stablecoins as bait, CICPC alerts a new form of scam through whatsapp, some users of this platform in recent weeks have received strange messages and from unknown users like the one presented below and this message is a scam and it is a page called usdtcoin.com which is a mirror page (false) of a recognized market capitalization page of the cryptocurrency Tether (USDT) The operating mode is to offer discounts or free tokens in exchange for registering through a link on said page, and when performing the action of entering the link, this allows fraudsters to access your cell phone, bank passwords and social networks, this technique is called phishing, what should we do if we receive a message with these characteristics, it is easy to block the number and delete the message
the message with which they are scamming says the following: usdtbonim, hi jack new account jack 88 password jk 8808, current balance 745,517.66 USDT, please do not share this information, this is a message from a mirror page to scam to tell family and friends that Be very attentive and do not enter any link that you do not know its origin, this comes from a WhatsApp image in Venezuela, but in other countries these types of scams are also presented due to the globalization of crypto assets.
In summary, speaking from an economic point of view, when an investment is made it is necessary to have some type of insurance or backup assets and in such a volatile market in terms of securities it is more important to know how to have protection and it is here where stablecoins play a role of protector and assets that allow you to have liquidity whenever you want, with the same advantages of cryptocurrencies, possibility of obtaining great benefits, blockchain technology that is intrinsically safe, system outside the banking area, showing transparency, a participation in a market that is always open and that allows us to fight against inflation.
The issue of inflation is something very present in these times, especially after the effects of the coronavirus pandemic, and although in many countries the non-productive processes are returning to the path of economic recovery, but this is a process that takes time and work and while many investors will continue to opt for cryptocurrencies to escape the effects of inflation depending on the country where they have their assets.
korgeshy here I'm sorry for taking time to write a new article, but some work occupations have made it difficult to have the time to dedicate enough time to this great platform, but every day I go in to read several articles and say present in this community of readers, where every day we learn interesting things, it is an inspiration to be able to read all the experiences and knowledge of the users.
