basic knowledge
This instruction is primarily intended for those who talk about the possibility of paying with cryptocurrencies in online stores or services. The method involves transferring a virtual amount to a crypto wallet number. This is somewhat similar to replenishing a mobile balance when a phone number and amount are specified.
It is important to understand that crypto transactions do not work on the return principle like banks. It is extremely important to correctly indicate all the data without making a single mistake when buying with crypto.
The first thing you need to have for such transactions is a crypto wallet. Both are physical and virtual in “flash drive” form, that is, they are created through applications.
For Russians, the most convenient way to replenish a crypto wallet in the face of restrictions is exchange offices. “Exchangers” are owners of cryptocurrencies registered on one of the official sales platforms. Deals are best made with those with a high average rating and lots of positive reviews.
Transactions are handled by transferring real money to a bank account and then transferring a cryptocurrency amount to a wallet. So, these are two parallel processes.
First of all, it is worth considering Russian crypto sellers. They will be able to receive free transfers from Russian banks.
The transfer of rubles, dollars and other currencies to a foreign bank means that the Russian bank must be connected to the SWIFT system (the international system for transferring information about payments between banks – socialbites.ca). And this is far from the only problem.
Currently, there are many bans that prevent Russians from actively exchanging cryptocurrencies through foreign “exchangers”. These include restrictions on transactions abroad with Russian Visa/Mastercard debit cards, a limit of $10,000 on cash exports outside of Russia, and a limit on transfers of up to $50,000 per month from residents to non-residents.
What is the best crypto wallet?
The least risk, considering the anti-Russian sanctions, Use Ledger hardware walletBitRiver financial analyst Vladislav Antonov is sure.
He told socialbites.ca that it was expensive, but worth the money. On the official website, the price tag of such a wallet starts from 14,990 rubles, depending on the model.
The crypto wallet is made in the form of a USB flash drive where the user’s keys are stored. Simply put, physical media contains data for transactions on the blockchain network. Thus, users make the purchase.
This wallet option is extremely secure as it provides complete isolation of critical data from a computer and smartphone – potentially hacked gadgets.
Antonov said, “There is currently “oxygen” for Russian crypto investors.
Ledger Nano S is cheaper, but suitable only for computers, while Nano X will cost 29,990 rubles, but will also be compatible with smartphones.
Officially, the company reported that it will not be able to bring Russians new wallets to the country yet, and all imported devices have already been sold. However, such crypto wallets can still be purchased in online stores. Some sellers with high ratings and many positive reviews sell crypto wallets at a discount. Therefore, the Nano S is offered at a price of 5.5 thousand rubles, and the Nano X – 13 thousand rubles.
In contrast, Aaron Chomsky, head of the investment department of the ICB Fund, preferred crypto wallet apps Guarda and Exodus.
Through them, it will be possible to manage assets from any device connected to the Internet, be it a laptop or a smartphone. In addition, they will not only be able to store cryptocurrencies, but also send and receive cryptocurrencies.
“This is a faster and more cost-effective way, but there are certain security risks if you plan to store large quantities and only make small purchases. We should also not forget that there may be possible bans for Russians in the future,” he said.
According to him, the apps are available for download and will be available for use shortly after a username and password are created.
“The user immediately gets the wallet numbers for the available coins and can use them in their business,” Chomsky said. Inside the app you can also exchange dollars and other currencies for crypto.
Which cryptocurrency to use?
Vladislav Antonov from BitRiver suggested don’t get hung up on choosing a specific cryptocurrency for payments. According to him, you should first look at which digital currencies this or that service accepts for payment.
However, the expert explained that it is desirable to always have free stablecoins in the crypto wallet. [криптовалюты, стоимость которых привязана к той или иной обычной валюте — «Газета.Ru»]To buy the desired token on the exchange at any time and pay for purchases or services made with it.
“Since it is closely linked to the American stock market, it is now risky to constantly hold money in cryptocurrency and there is a risk that it will fall more than 30% from current levels,” Antonov warned.
He also pointed out that if it’s just about purchases, you shouldn’t try to earn on the odds of unreliable crypto assets. According to him, the US Federal Reserve tightens its monetary policy. [аналога Центрального банка — «Газета.Ru»] It even affects virtual currencies.
Aaron Chomsky of the ICB Fund said that newcomers to crypto wallets should pay attention to the following. fixed money For regular shopping.
“The most obvious means of exchanging the dollar is USDT (or Tether – socialbites.ca). This is a coin pegged to the dollar. In other words, to issue 1 USDT, the issuer must have at least $1 on their balance sheet,” explained the expert.
According to him, stablecoins are also ideal for purchasing other smaller tokens. Chomsky added that this approach to cryptocurrencies is popular in Venezuela.
Another advantage of USDT is its integration with most of the largest exchanges, namely its ease of purchase. Chomsky suggested buying Tether on the Tron network (i.e. looking for USDT TRC 20 cryptocurrency to buy).
“This will significantly save on commissions and even provide additional comfort regarding possible blocking of the account due to sanctions,” the expert said. The fact is that the Tron network was started by a Chinese entrepreneur and is not tied to the jurisdictions of the United States and Great Britain.
What is the best way to convert rubles to cryptocurrencies?
BitRiver financial analyst Vladislav Antonov assured that there is no fundamental benefit to using certain exchanges to convert rubles to crypto.
According to him, the main rule of such a transaction is after the conversion of the ruble through foreign currency. immediately pull them into your wallet in the form of a USB flash drive.
Aaron Chomsky, head of the investment department of the ICB Fund, admitted that there is no exchange for coins with a radically more favorable exchange rate for the ruble.
“In current conditions it is better to convert the ruble (like any other currency) through exchangers. They can be found in collectors, for example BestChange,” said the expert.
Best Replacement Service It provides constant monitoring of exchange rates of digital currencies to conventional currencies, and also shows all the main exchange offices, both with the participation of employees and automatic ones that do not require the participation of a third party.
BestChange is pretty much the same as opening the “Maps” service and typing “currency exchange” in the search box and then seeing the addresses and exchange rates of the points. The service also supports Russian sellers.
“If you use the services of highly rated heat exchangers, this is a pretty safe route,” Chomsky added.
Artem Deev, head of the analytics department of AMarkets, told socialbites.ca that it will be your best option for transforming online purchases. Opening a multi-currency account in a crypto wallet.
Among the advantages of this option, he listed the ability to manage various cryptocurrencies from one wallet, as well as fast conversion between accounts and the ability to quickly exchange one cryptocurrency for another with one of his colleagues or friends.
potential cons
BitRiver’s Vladislav Antonov noted that the crypto wallet creation procedure may seem more complicated and cumbersome than the standard card payment that the vast majority of Russians are used to.
He also warned that there is high cryptocurrency volatility in the world, as is the case with exchange rates. “The purchase may be expensive due to the exchange rate difference and network commission,” said the expert.
Aaron Chomsky of ICB Fund is confident that choosing an app will help avoid the hassle of setting up a crypto wallet on a USB drive. The expert explained that it remains only to get used to the interface.
“If an unscrupulous counterparty decides to allocate the money to him and does not fulfill the terms of the transaction, problems may arise. Unfortunately, it is still very difficult to prove the fact of cheating,” he complained.
Artem Deev of AMarkets explained that the risks in cryptocurrency payments are growing in the same way as payments made with traditional plastic cards.
“The more you pay, the more you attract scammers. Do not reply to emails, spam and keep the keys to the wallet,” he said.