What is USD Coin?
USD Coin (USDC) is a type of cryptocurrency that is referred to as a stablecoin. When trading, you will always be able to exchange 1 USD Coin for $1.00, which guarantees that you will receive in your wallet the exact amount of your earnings. This payment method is changing the traditional financial system, and it leads to a new era based on a blockchain-powered open financial system.
Advantages of trading with USD Coin
1. It is a stablecoin, so you will always be able to exchange 1 USD Coin for $1.00.
2. It guarantees that you will receive in your wallet the exact amount of your earnings.
3. You can make transactions in a few seconds and without commissions.
4. It allows individuals, with or without a bank account and from any country in the world, to hold the value of the dollar by simply using a mobile device and a digital wallet.
5. You can easily exchange USDC by FIAT money (e.g. dollar) or other cryptocurrencies.
6. It allows you to get paid for the revenues generated online using a debit card.
Where can you exchange USD Coin?
Foremost, blockchains are platforms that facilitate the trading of cryptocurrencies for other assets, including digital and fiat currencies. Therefore, USDC is supported on multiple blockchain platforms including Ethereum as an ERC-20 token, Algorand as an ASA token, Solana as a SPL token, TRON as a TRC-20 token, and Stellar as a native asset. Ethereum platform is the largest and most well-established, open-ended decentralized software platform with its own cryptocurrency called Ether (ETH).
What is the difference between centralized and decentralized platforms?
On the one hand, centralized exchanges operate as a third party between a buyer and a seller. So, these are companies are responsible for the clients’ holdings. Although this can offer great advantages such as reliability and intuitive use, they are highly vulnerable to the risk of hacking or bureaucracy.
On the other hand, decentralized exchanges allow users to interact with each other without the need for a third party. Even though these platforms cannot provide the same user-friendly usability as centralized ones, these offer advantages to prevent any risk from hacking.
Where can you store USD Coin?
You can store and make USD Coin transactions using digital wallets. These can be a device, a program on an app or online websites, or even a service offered by exchanges. These are the most reliable wallets that support Ethereum:
Debit card for USD Coin transactions
This card works the same way as a conventional debit card. So, you can use it for on-site and online payments. In addition, It is also used to withdraw money from ATMs.