Crypto Academy Week 7 - Homework Post for [@yohan2on]. Stable Coins - Part 2

in hive-108451 •  3 months ago  (edited)

I’m very glad and privileged to be a par taker in the homework given by @yohan2on.


And thank you for the opportunity.

A stablecoin is a digital asset that remains stable in value against a notched external traditional asset class.

A stable coin decreases the price amplitude to change by boosting its value against a conventional asset, such as a amalgamation of currencies, a single fiat currency, or other worth good prices substances.

USD stable coin

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What is USD coin
USD Coin is a digital stablecoin that is notched to the United States dollar and runs on the Ethereum blockchain and the Algorand Blockchain. Each USDC is corroborated by a dollar held in earmark.

Is USD safe and how is it safe?

USD Coin is secure to use. Similarly to all Ethereum-based cryptocurrencies (ERC-20 tokens), it's enciphed in and safeguarded by its smart contracts and the wallets of users who own it.

USD coin was able to enter into various corporate partnerships. This is a built-in part of their business activities, accrediting some options for the stablecoin USD coin holders to somehow increase their annual tolerant gains.

USDC, a Digital Dollar

  • It is a 1:1 distribution of a single US dollar on the Ethereum blockchain
  • Each USDC is 100% USDC, a Digital Dollar
  • USD contained in bank accounts of the issuer, subject to regular public taking down of USD reserves
    How is it used?
  • USDC proceed along the ERC20 standard and can thus be used with any app that abides tokens based on that standard
    • This means a stable digital dollar can now be used to purchase any digital interest in the crypto ecosystem
  • Programmable dollar that can be exercised by developers and fintech businesses
  • by a conforming USD held in bank accounts of the issuer, subject to regular public reporting of USD reserves
    How to use the USDC.
  • USDC perambulates the ERC20 standard and can thus be used with any app that accepts tokens based on that benchmark
    • This means a stable digital dollar can now be used to purchase any digital interest in the crypto ecosystem
  • Programmable dollar that can be employed by developers and fintech businesses

How do I purchase USDC on Coinbase?

Coinbase customers from eligible regions can buy USDC on their website @coinbase.com and in the Coinbase iOS and Android apps.
Bought USDC tokens will be displayed as an asset within your Coinbase wallet on their website @coinbase.com or download the Coinbase mobile app.

What are the fees for converting USDC?

For US customers only: Digital Currency Conversions beginning or halting with USDC are contended with as Digital
Currency Purchases and Digital Currency Sales in order given, and are charged a spread and Coinbase Fee as stated above for "Buy/Sell Transactions".

When inducing from USD to USDC only, Coinbase reliquishes the fee for transactions made with a US bank account or USD Wallet. Buying USDC with a credit or debit card will incur the standard charge for each transaction.

Can I send USDC to Coinbase?

Exactly, but only to the USDC wallet in your Coinbase account. Do not deposit USDC to any Coinbase wallet addresses other than your USDC wallet. Coinbase will not be able to gain tokens sent to the wrong address.

When emplacing USDC from Coinbase to another address or exchange, please make sure the receiver supports USDC. If you hand over to an external (non-Coinbase) address or wallet that does not support USDC, you will need to directly contact their support team for assistance.

Conclusion

In conclusion, I would want to emphasize that its important to mention here that all investment comes with its own risk surpassingly in digital assets which has very high volatility, an investor should be careful in making research and bespeaking advice from professionals before investing in any asset.

Thank you very much for reading
Cc:
@steemitcurator01
@steemitcurator02
@yohan2on

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