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Blockchain technology is ideally suited for the release of digital money cryptocurrencies that users could exchange with each other. The exchange program automatically adds new transactions to the register and passes it on without requiring intermediaries.
Cryptocurrencies easily cross the borders of states and are not subject to the supervision of banks and regulators. But there is a problem of strong fluctuations in exchange rates. For example, bitcoin, which is freely traded, can greatly sink in price.
This problem was solved with the help of special cryptocurrencies, each coin of which is provided with real values (gold, fiat) in a bank account. For example, the USDT cryptocurrency exchange rate is rigidly tied to the US dollar, for this reason, it is convenient to make transfers or store savings with the help of such stablecoins.
Advantages of payments and transfers in cryptocurrency:
- Anonymity of transfers;
- High transaction speed;
- Low commission;
- Exclusion of the dollar from the exchange chain;
- Exclusion of intermediaries;
- The ability to pay for goods directly with cryptocurrency.
The situation with cryptocurrency transfers in Russia
Visa and Mastercard payment systems have suspended operations in Russia. Since then, all transactions on the cards of these systems are not available to Russians. This decision was announced a few days before the actual suspension of work. At the same time, the Russian authorities have imposed restrictions on the transfer and export of currency abroad, as well as the possibility of withdrawing it in the country.
The way out of this situation is cryptocurrencies. This is legal, since the Law on Digital Financial Assets prohibits Russian residents from only accepting cryptocurrency to pay for goods, works or services. There is no ban on transferring cryptocurrencies from a Russian user's wallet to a user's wallet from another country in Russian legislation.
For residents of Russia, the only simple and working way to transfer money abroad is cryptocurrencies.
How to get cryptocurrency
Cryptocurrency for transfer can be obtained using mining or bought.
Mining is the process of adding blocks to the block chain. According to the result of the work of special equipment, you receive a reward for cryptocurrency.
However, experts recommend buying cryptocurrency on spot exchanges. The course will be the most profitable for them and there is no need for special equipment and software.
To purchase, it is enough to simply register on the exchange, pass verification, connect Google 2fa and follow the instructions.
Digital Transaction Technology via Blockchain
Transactions when using cryptocurrencies are carried out via the Internet. At the preliminary stage, the presence of a specified number of coins in the wallet for performing the operation is checked. If the transaction is correct, then:
- the transfer goes on waiting;
- transaction information is included in the preliminary block;
- with high traffic and a large number of transfers in the network, a queue is formed, and processing time increases;
- first, payments with a high commission are processed, since they are higher in importance;
- the transfer is confirmed and goes to the new extracted block.
The speed of the transaction depends solely on the miner, whose algorithm is based on the fact that the priority parameter when confirming transactions is the amount of the fee offered by the sender for making the payment.
Instructions for transferring cryptocurrencies via AWEX
If you want to withdraw money abroad or transfer currency to the other end of the country, it is enough to have a smartphone or computer.
You need to go to the website http://awex.pro and register. You need to pass verification and enable double authentication for security.
To get started, you need to replenish the portfolio balance.
The required currency is replenished separately on the "Portfolio" page with the "Action" button.
To enter the cryptocurrency you need, you need to press the Action key in the Add Asset tab.
You will see a list of cryptocurrencies supported by the platform, select a coin from the list, or use the search (the search is carried out by ticker).
By clicking the Enter button, you will need to select the network corresponding to the sending network of your asset.
After selecting the network, you will receive the address for the deposit.
By sending and after receiving confirmation on the blockchain network, the asset will be displayed in the portfolio. Cryptocurrency is in your wallet.
Now you can transfer cryptocurrency for free inside the service, to the recipient's account. After receiving the transfer, you can exchange the cryptocurrency back to fiat. It is much more profitable to transfer cryptocurrency in this way, you do not pay for the blockchain transaction and the transfer fee.
Which cryptocurrencies are more profitable to use for transfers
Before making a transfer, pay attention to the cost of the commission, it may vary depending on the network load. The blockchain network is a chain of blocks consisting of confirmed transactions. And the blockchain network commission is a fee that the sender pays for making a payment in cryptocurrency
Examples of transaction fees in different currencies:
- BTC commission of $ 3.26, from 15 to 60 minutes for confirmation;
- XLM - $0.004 commission, 4 seconds for confirmation;
- XRP - $0.00078 commission, 4 seconds to confirm;
- NANO - commission of $ 0, 0.14 seconds for confirmation;
- USDT on the Tron blockchain commission is $ 1, 10-20 minutes for confirmation;
- ADA - the transfer fee was about $0.15, 10-20 minutes for confirmation;
- LTC - $0.041 commission, 30 minutes to confirm;
- Bitcoin Cash - $ 0.0024 commission, 2.5 hours for confirmation;
- Dash - $ 0.0043 commission, 15 minutes for confirmation.
There is a risk that during the transaction, the price of the transferred currency will fall, and the amount in absolute terms will decrease. Choose either stable coins or currencies that have high transaction speed, good liquidity and low commission.
If the task is to earn money in the future on the growth of the exchange rate, you can use the VTS for transfers. To reduce costs and risks, it is more convenient to transfer money using stablecoins and coins with a stable exchange rate.
If the transfer is carried out through a non-custodial wallet, you also need to have a certain amount of native coins on the wallet additionally to pay the commission.
The most convenient way to transfer is an internal transfer on a cryptocurrency exchange, since the exchange takes an equivalent commission in the asset that is withdrawn, and sometimes internal transfers within the service are generally free.
Transfers using cryptocurrencies are fast, cheap and secure. Mastering the technology will not be difficult for anyone who has at least once transferred money using a banking application or in the office of a credit institution.