Cryptocurrencies are all the rage right now, but they can be incredibly volatile. This volatility can make them a risky investment, which is why many people are choosing to swap their crypto for stablecoins instead. So, what are stablecoins and how do they work? Let’s take a closer look at how to swap crypto to stablecoin, the benefits of making the swap, as well as how this plays out in the world of gambling at WAGMI online crypto casino.
Why Would You Want to Swap Your Crypto?
Swapping your crypto to stablecoin comes with a number of advantages. First of all, it helps you avoid the volatility associated with cryptos and makes it easier for you to plan for the future. Stablecoins also offer increased privacy and lower fees than other forms of payment, making them attractive to those looking to gamble online.
So, how to Swap Crypto to Stablecoin?
Swapping crypto to stablecoin is easy and secure. All you need is an exchange account that allows you to make this type of transaction. Once you’ve signed up and funded your account, follow these steps:
• Select the currency pair that you want to trade – eg Bitcoin/USD Tether (USDT)
• Enter the amount of coin or token you’d like to trade
• Confirm the transaction and wait for it to be processed
It’s important to remember that all exchanges will have different fees associated with their services, so make sure you read up on these before making any transactions.
Types of Stablecoin and How Much is It
There are a number of different types of stablecoins, each with their own benefits and drawbacks. The most common stablecoins are those that are pegged to the US dollar, such as Tether (USDT) and TrueUSD (TUSD). Other stablecoins include Dai (DAI), which is pegged to the price of Ethereum, and BitShares (BTS), which is pegged to a basket of currencies.
But before you learn more about the steps to how to swap crypto to stablecoin, it’s important to know which one to choose. Let’s take a closer look at the essential differences between the most common stablecoins – Tether (USDT), TrueUSD (TUSD) and Dai (DAI).
Tether (USDT) is the oldest and most well-known stablecoin. It is pegged to the US dollar and is backed by physical USD reserves. This makes it a relatively safe investment, as it is less volatile than other cryptos. However, there have been concerns about Tether’s legitimacy in the past, and some believe that it is not actually backed by USD reserves.
TrueUSD (TUSD) is a newer stablecoin that is also pegged to the US dollar. Unlike Tether, however, TrueUSD is fully collateralized and regulated. This makes it a safer option for investors, as it is backed by real-world assets.
Dai (DAI) is a different type of stablecoin that is not pegged to the US dollar. Instead, it uses a system called “targeting” to maintain its stability. Dai is backed by Ethereum tokens, and its value is kept stable by constantly adjusting the amount of Dai in circulation. This makes Dai less risky than other stablecoins, as its value is not dependent on one specific currency.
Now you know the difference between fiat-backed stablecoins and crypto-backed stablecoins, you’re one step closer in learning exactly how to swap crypto to stablecoin. The next thing to think about is costs. The cost of stablecoins varies depending on the type and size of coin. Tether, for example, is one of the cheapest stablecoins available, with a transaction fee of just 0.1%. TrueUSD is slightly more expensive, with a transaction fee of 0.2%. Dai is the most expensive, with a transaction fee of 1%. BitShares is also more expensive than other stablecoins, with a transaction fee of 2.5%.
How to Swap Crypto to Stablecoin: Step-by-Step Guide
The first step is to find a reputable stablecoin exchange that offers a crypto-to-stablecoin swap. Some of the more popular exchanges include Gemini, Bitfinex, and Coinbase.
Once you have found an exchange that meets your needs, you will need to create an account and deposit your crypto assets. Verify your account and complete the necessary steps to ensure that you are in compliance with the exchange’s policies.
Next, select the stablecoin you want to swap into and find the corresponding pairing. For example, if you want to exchange your Bitcoin for USDC, look for the USDC/BTC trading pair.
Finally, enter the amount of crypto you want to swap and hit the “submit” button. Review the details of the transaction and make sure that everything looks correct before hitting “confirm.” After the transaction has been processed, your stablecoin will be deposited into your account. Now you know all about how to swap crypto to stablecoin, step-by-step!
Why You Should Convert Your Cryptocurrency Into Stablecoin
Cryptocurrencies like Bitcoin and Ethereum are incredibly volatile, which can make them a risky investment. Stablecoins, on the other hand, are less volatile and offer a number of advantages over traditional cryptocurrencies. Here are just a few of the benefits of stablecoins:
• Stability – One of the biggest advantages of stablecoins is their stability. Unlike cryptocurrencies like Bitcoin and Ethereum, stablecoins are less prone to price fluctuations, making them a more reliable investment.
• Privacy – Stablecoins offer increased privacy and security compared to other forms of payment. They also have lower fees than traditional cryptocurrencies, making them attractive to those looking to gamble online.
• Flexibility – Stablecoins are flexible and can be used for a variety of purposes, including as a means of payment, investment, or store of value.
Overall, learning how to swap crypto to stablecoin gives you access to all these great advantages! Stablecoins are becoming increasingly popular among investors and gamblers alike.
Gambling With Stablecoin at WAGMI
In looking at how to swap crypto to stablecoin, we talked a bit before about using stablecoins in online casinos, and WAGMI is no exception. As one of the leading crypto casinos on the market, we offer a wide range of bitcoin games – from slots to blackjack – as well as amazing bonuses and promotions that can give you even more value for your money.
What’s even better is that at WAGMI Casino, we also accept stablecoin transactions! All you need to do is sign up, deposit stablecoin into your account, and start playing. Slot games are one of the most popular types of casino games. They are easy to play and can be very exciting. There is a variety of crypto slot games to choose from at our casino, so players can find one that fits their taste.
Table games are another popular type of game. They can be a bit more challenging than slot games, but they offer more opportunities to win big payouts. Besides, live dealer games are the latest trend! These games allow players to experience the excitement of playing casino games with real dealers. There is a wide variety of live dealer games available in our game library, such as live roulette and blackjack, so players can find one that fits their preference.
Now you know how to swap crypto to stablecoin, it’s worth remembering that swapping to stablecoins is a great way to make sure that your investments are safe and secure. Plus, if you decide to gamble online with it at WAGMI Casino, you’ll be able to take advantage of some amazing bonuses, promotions and game selection for even more value. So, what are you waiting for? Start swapping today!