USDC is short for USD Coin, a type of cryptocurrency on the Ethereum blockchain. It’s called a stablecoin because its value is supposed to be the same as the US dollar. For every USDC token, there’s one US dollar held in a bank.
USDC was created to provide stability and facilitate fast, secure, and low-cost transactions within the cryptocurrency ecosystem.
Here are some key features of USDC (USD Coin):
- Stability: USDC is a stablecoin designed to maintain a 1:1 ratio with the United States dollar, providing stability and predictability in its value.
- Transparency: USDC operates on the blockchain, allowing for transparent transactions. The public can verify the supply of USDC tokens and the corresponding USD reserves.
- Secure Reserves: Every USDC token is backed by an equivalent amount of USD held in reserve by regulated financial institutions, ensuring the trustworthiness of the token.
- Fast and Low-Cost Transactions: USDC enables cost-effective transactions, allowing for efficient transfers of digital dollars across the globe.
- Accessibility: USDC can be sent, received, and utilized by anyone with an internet connection, enabling worldwide accessibility and inclusion in the digital economy.
- Interoperability: USDC operates on the Ethereum blockchain, facilitating compatibility with various wallets, decentralized applications (DApps), and exchanges that support the Ethereum ecosystem.
- Cross-Border Payments: USDC facilitates seamless cross-border payments, eliminating the need for intermediaries and reducing the complexities associated with traditional remittance services.
People and businesses often turn to stablecoins for a variety of reasons. One major advantage is stability. Unlike other cryptocurrencies that are subject to significant price volatility, stablecoins are designed to maintain a stable value. This stability provides a sense of security, making stablecoins an attractive option for individuals and businesses involved in day-to-day financial activities.
Also Read: How to Convert 50 USDT to Naira
Converting USDC to cash on Dart Africa
If you’re looking to convert your USDC (USD Coin) into cash, Dart Africa provides a solution for crypto traders in Nigeria and Ghana. By following a few simple steps, you can trade your USDC for Naira or Ghanaian Cedis and withdraw the funds to your bank account or mobile money.
- To begin, you’ll need to create an account. Start by downloading Dart Africa mobile app from either the Google Play Store or the App Store. Alternatively, you can sign up through the web.
- Once you’ve successfully created your account, access your dashboard and locate the ‘sell crypto’ button. From the available options, choose USDC as the cryptocurrency you wish to sell.
- Next, input the specific amount of USDC you intend to sell. The rate calculator will automatically display the equivalent value in your local currency.
- Proceed with the trade. Dart Africa will provide you with a unique wallet address to which you’ll transfer your USDC. Once your transaction is confirmed, the corresponding amount will be credited to your Dart Africa Wallet.
- Now, you can initiate a withdrawal to either your bank account or mobile money, using the funds available in your Dart Africa Wallet. Say goodbye to complex procedures and hello to a stress-free way of converting USDC to cash with Dart Africa.
In conclusion, converting cryptocurrency to cash offers important advantages. It allows easy access to usable funds for everyday expenses and helps overcome limitations in mainstream markets that mostly accept fiat.