USDC is regarded as the world’s most reliable dollar which is intended to be secure, stable, and open to everyone. In this blog post, we will talk more about USDC and share with you where and how you can purchase this stablecoin.
Table of Contents
What is USDC?
USD Coin (USDC) is a digital currency that is designed to maintain a stable value by being fully backed by U.S. dollar-denominated assets. It is a tokenized version of the U.S. dollar, with each USDC coin intended to closely mirror the value of one U.S. dollar.
This stability classifies USDC as a stablecoin and distinguishes it from the highly volatile price fluctuations often seen with other cryptocurrencies like Bitcoin and Ethereum.
Key Features of USDC
USDC has a number of features that make it quite unique. These are:
- Global Accessibility: USDC is designed to be universally accessible. It facilitates near-instantaneous transactions for sending, spending, saving, and trading globally.
- Regulatory Compliance: Issued by Circle, USDC adheres to stringent regulatory standards. Circle also publishes monthly attestation reports to enhance user trust through transparent reserve verification.
- Secure Transactions: USDC offers a secure and efficient value exchange that enables rapid cross-border transfers without requiring traditional banking infrastructure.
How Does USDC Work?
Unlike cryptocurrencies like Bitcoin, which make use of mining for token creation, new USDC tokens are created or minted when users or businesses deposit U.S. dollar-backed currency into their accounts with the issuer.
This process establishes a 1:1 exchange and converts USD into USDC with transaction records maintained on a blockchain. Conversely, when USDC is exchanged for USD, the tokens are burned and removed from circulation to make sure that the number of circulating USDC tokens always matches the USD held in reserve.
How to Buy USDC?
You can buy USDC conveniently and affordably through cryptocurrency exchanges such as Coinlocally, which simplifies the process of buying, selling, and holding USDC and other digital currencies.
To purchase USDC on Coinlocally, you can follow two methods which are explained below.
Buying USDC via the Coinlocally Market
- Start by creating an account on the Coinlocally website.
- Go to the Market section, found at the top of the page.
- Search for USDC and begin the trading process.
Buying USDC Instantly
- Register an account on Coinlocally. Provide the required information and verify your email address.
- Complete the KYC verification after logging in. Note that Coinlocally also enables cryptocurrency purchases without KYC.
- Fund your account by choosing a payment method in the Deposit section and following the on-screen instructions.
- Use the search bar to find USDC, input your desired purchase amount or quantity, and confirm the transaction.
Where to Buy USDC?
For those looking to acquire USDC, the Coinlocally exchange offers a viable option. Coinlocally aims to provide convenient cryptocurrency trading, notably by offering the potential for transactions without mandatory KYC verification. This is particularly appealing to users who value privacy and prefer to avoid extensive personal information disclosure.
More importantly, Coinlocally emphasizes its low-fee structure which provides you with a more economical trading experience. So, if you are seeking to reduce the costs associated with cryptocurrency transactions, Coinlocally has you covered.
Methods for Buying USDC
Coinlocally provides several ways to purchase USDC, including:
- Credit or debit cards
- Bank transfers
- Mobile payment options
- Cryptocurrency deposits
Final Words: Is USDC a Good Investment?
USDC is not intended as an investment vehicle, but rather as a stable digital currency. Its purpose is to maintain a consistent value pegged to the U.S. dollar, meaning that its value should remain relatively constant over time.
With that being said, if you are looking for cryptocurrency investments with potential for price appreciation, you’d better explore volatile cryptocurrencies such as Ethereum.
FAQs
What is USDC?
USDC is a stable digital currency that maintains a consistent 1:1 value ratio with the U.S. dollar by being fully backed by U.S. dollar reserves.
Can I Buy USDC Without KYC?
Yes, the Coinlocally Exchange gives you the chance to buy USDC without the KYC verification.
What Are the Fees for Buying USDC?
The fees associated with purchasing USDC fluctuate depending on the specific platform and payment method used. You can check out the fee structure on Coinlocally.
How Long Does it Take to Buy USDC on Coinlocally?
The time required to complete a USDC purchase on Coinlocally is usually a matter of minutes. However, keep in mind that the processing times depend on the network traffic as well as the payment method that you select.
