How to get Started with USDC?

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When many people think of cryptocurrency, they usually think in terms of volatility and risk. Stablecoins provide a way to safely use cryptocurrency without having to worry about a reduction in value or crazy market dumps. Circle’s USD (USDC) is one of the stablecoins created to help users get more out of crypto as it is pegged to the US dollar. 1 US dollar = 1 USDC. As a result of this stability, many people prefer USDC for payments and as a reserve in tough bear market conditions. To buy this stablecoin, you need an exchange.

Best cryptocurrency exchange to buy USD Coin

It is easy to buy USDC; a lot of centralized exchanges allow you to buy and even sell it. However, if you are looking for the best place to buy this coin with the lowest fees, then you should definitely check out:

1. Coinbase

Coinbase Logo

Coinbase

5/5

FUNDING METHODS

Debit & Credit Bank, PayPal, ACH, Bank Transfer

CRYPTOCURRENCIES

40+

COUNTRIES

100+

2. Kraken

Kraken Logo

Kraken

5/5

FUNDING METHODS

Wire Transfer, ACH

CRYPTOCURRENCIES

20+

COUNTRIES

300+

3. Crypto.com

Crypto.com logo

Crypto.com

5/5

FUNDING METHODS

Crypto, Credit Card, Bank Transfer, Debit Card

CRYPTOCURRENCIES

200+

COUNTRIES

80+

4. Prime XBT

Prime XBT

Prime XBT

5/5

FUNDING METHODS

Crypto, Credit Card

CRYPTOCURRENCIES

7

5. BEXPlus

BEXPlus logo

BEXPlus

5/5

FUNDING METHODS

Crypto

CRYPTOCURRENCIES

5

6. Binance

Binance logo

Binance

5/5

FUNDING METHODS

Wire Transfer, ACH, Credit Card, Debit Card

CRYPTOCURRENCIES

175+

COUNTRIES

100+

What are the benefits and drawbacks of the USD Coin?

Pros

Cons

What is USDC?

The USD coin was created nearly a decade ago by Jeremy Allaire, who sought to invent a digital dollar that could be used anytime, anywhere as a means of payment. But, the coin had a rocky start and seemed to be less appealing to the public in its early days. Despite its rough beginnings, USDC now has a 24-hour trading volume of 6 billion USD. For more accountability, Grant Thornton, a globally acclaimed accounting firm gives monthly reports on the reserves that back USDC.

Is USDC relevant in today’s digital economy?

Stablecoins like USDC plays a critical role in today’s digital economy. Every day people are not the only beneficiaries of USDC. Institutions and market makers also benefit from the stability this coin offers, especially when it comes to transaction settlement time. It is far easier and faster to use USDC transactions to settle on-chain than to use the dollar. Stablecoins like USDC also allow people to receive and send dollars, especially in places where it might be highly expensive or cumbersome to do so.

Where to Buy USDC?

You can buy USDC directly from your bank account or credit card from a host of popular centralized exchanges. If you prefer to use decentralized exchanges, then you may need to swap a cryptocurrency you have, say Bitcoin, to get USDC. It is important to note you can buy less than $1 worth of USDC, provided the exchange you choose to use allows it. Buying and selling of USDC are extremely cheap, as most transactions cost less than $0.5, whether you are buying $10, 000 worth of USDC or selling $10 worth of the stablecoin.

How does the USD Coin measure up to other cryptocurrencies?

No doubt, the USDC is a cryptocurrency built on the blockchain, like any other cryptocurrency such as Ethereum or Bitcoin. However, unlike Bitcoin, USDC is far more stable and safer for investors. One standout feature of the USD coin is: institutions apart from Circle can issue it out. As far as a financial institution is permitted by Circle, it can issue the stablecoin. Few cryptocurrencies have this feature, which makes USDC a safer coin for investment and payments.

Conclusion

USDC is a stablecoin that has stood the test of time to become a leader in the crypto market. With enough reserve assets, the coin’s price would likely remain stable for a long time unless something happens to Circle. If you have always wanted a transparent stablecoin, then you should seriously consider USDC.

Frequently Asked Questions

No, the USD coin is not connected to the US government in any way. It is owned by Circle and managed directly by Centre, a syndicate under Circle.
Although the USD coin and USDT are both stablecoins, they are different. Each appeals to a particular set of people. For example, if you are a trader and frequently need to convert your crypto to stablecoin, you may lean towards USDT. If you are more passive with crypto and prefer more stability, then USDC may appeal to you more.
Not directly. Coinbase is one of the exchanges under the Centre syndicate, so in part it owns a portion of USDC like other members.
This depends on your needs. Do you need to hold a stablecoin for the meantime or need to make a dollar payment? If yes, then you may consider buying USDC. However, this is not financial advice.
You can pay for USDC with other cryptos, regular money like dollars or euros, or with your credit card.