Ever since the emergence of Bitcoin on 3rd January 2009, the cryptocurrency became much popular all over the world. It introduced people to a new concept of decentralized money. And since then the interest in cryptocurrency among people started to grow. And now there are numerous alternatives in the crypto space. One such is USDC.
It has been noticed that investors are not much familiar with stable cryptocurrencies like USDC. It is not that they will go for investment in any crypto unless they are convinced about it through information. They may also like to know whether USDC is a good investment to go with and whether it can beat Tether, known to be the top stablecoin. Today, we are going to discuss it in this article. Besides this, we are also going to help you in listing the best USDC wallets.
What do you need to know about USDC?
Whenever it comes to knowing about USDC, it is very important to have a clear understanding of the stablecoins. These can be defined as those digital assets that have the potential to withstand volatility by tracking the values of more stable assets like fiat money including the U.S. Dollar. When it comes to storing USDC, then Ledger Nano S is the best USDC hardware wallet to consider.
Stablecoins are supported by another, like fiat currency or commodity. Stable cryptocurrencies do come as value-preserving assets within distributed ledger technology. They help lessen the administrative load and fees by curtailing the need for converting digital assets into fiat.
Mainly, stablecoins provide advantages and allow cash payments to individuals for their transactions or the trading of digital assets. Stable cryptocurrencies achieve this by pegging their value to a more stable asset, mainly a fiat currency, and an amount equal to the value of aggregate stablecoins that were issued to be held up as a backup.
The main idea behind stablecoins is to offer stability at crucial times of market volatility or at the time of exchange between different cryptocurrencies. These new breeds of cryptocurrencies perform as conventional forms of fiat currency with the added advantage of speedy transactions.
Whether USD Coin is a good choice to invest in?
The launch of the USD Coin stablecoin took place in 2018 September. It was pegged to the USD on a 1:1 basis. Centre Consortium, an organization founded by a fintech company Circle and Coinbase crypto exchange is known to have provided the coin. Now let us know whether it is safe to invest in the USD coin or not. Some factors make USDC proving the best. These make the stablecoin the best pick for crypto buyers mainly for beginners.
Can be transferred easily
One major benefit of USDC is it can be transaction takes in seconds no matter what time or date it is. Suppose there are two parties A and B having an Ethereum wallet, then it becomes easy for them to do transactions in seconds. This indicates the fact that if there is a large payment to be sent to a supplier overseas, then it will reach within seconds. In contrast, it takes around 3 days through wire transfers or ACH.
Compatibility with decentralized applications
The cryptocurrency decentralized applications, blockchain gaming, and exchanges ecosystem have been prevalent for the past years. Since USDC is an ERC-20 token, it is accepted by any application. This lets USDC holders purchase a range of items in the crypto-verse. These include blockchain games and collectibles like digital artwork.
Clarity and security
USDC guarantees security in holding funds rather than putting dollars in the bank, dependent on a private wallet that has been referred by a person.
Stable
Stablecoins truly justify their stability in withstanding market volatility. They also let exposure to the crypto space with no fear of market volatility.
The better alternative to USDT or Tether
If you ask whether USDC can be a better alternative to Tether, then the answer is of course YES. It can be preferred in place of Tether, and there are instances in the past wherein the quality of the USDT has come under doubt. Hence, investors can opt for USDC.
Conclusion
So this is all you need to know about USDC. In this article, we also answered your query on whether the latter crypto makes a better option for Tether. If you want to enquire about any best USDC paper wallets or USDC offline wallets, then you must log on to Cryptoknowmics.
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