fiat currency</strong></a>, such as the U.S. dollar, or to an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-commodity/">exchange-traded commodity</strong></a>, such as gold. Since these coins are actually stable, they are a great tool to lower the price volatility of the whole cryptocurrency market.&nbsp;</p>\n<p>To provide the same price stability as fiat currencies, <strong>stablecoin currencies are backed by an underlying asset</strong>, usually the one it digitally reflects. For example, Tether (USDT) stablecoin is backed on a 1:1 basis by the U.S. dollar meaning that 1 USDT equals $1.</p>\n<p>The amount of available stablecoins and their value has increased dramatically in recent years. Besides, there is a variety of crypto assets that are pegged to other fiat currencies, such as euros, pounds, etc. There are four main types of stablecoins:</p>\n<ul>\n<li><strong>Non-collateralized stablecoins</strong> that use algorithm mechanism and the <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Seigniorage/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Seigniorage</strong> <strong>Shares system</strong></a> to preserve their peg.</li>\n<li><strong>Commodity-collateralized stablecoins</strong>, like Tether Gold (XAUT).</li>\n<li><strong>Crypto-collateralized</strong> <strong>stablecoins</strong>, like MakerDAO's Dai token.</li>\n<li><strong>Fiat-collateralized stablecoins</strong>, like USDC, USDT, BUSD, etc.</li>\n</ul>\n<p>With stablecoins, the possibilities seem to be unlimited. Some projects, such as Diem (previously known as Libra), even tried to allow stablecoins to be used as a type of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-medium-of-exchange/">exchange medium</strong></a> that is backed by a basket of national currencies.&nbsp;</p>\n<p>While new stablecoin-focused legislations are always believed to be on the way, authorities around the world continue to tolerate them due to their high compliance with financial regulatory criteria. 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Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main 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Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in 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About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":714,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Social Engineering?","slug":"what-is-social-engineering","section":"S","keyword":"Social Engineering","status":"published","definition":"is a malicious act that uses human behavioral psychology to mislead people into making bad decisions that jeopardize their personal data.","content":"<p>Social engineering is a <strong>harmful act</strong> that manipulates people's behavior to cause them to make poor judgments that compromise their personal information. In a wider context, any type of manipulation is connected to interactions that happen between people. Nevertheless, it does not always lead to fraudulent or criminal activities.</p>\n<p>Despite the fact that there are other different exploiting tactics, social engineering <strong>relies on human mistakes</strong>, which makes it difficult to detect. Errors committed by genuine users may be far more unexpected than malware-based invasions, which rely primarily on flaws in software and operating systems.</p>\n<p>Since human mistakes are unavoidable, <strong>social engineering provides thieves a higher chance of evading security precautions.</strong></p>\n<p>Social engineers are frequently referred to as \"cybercriminals\" since they are employed to steal online identities. By engineering, cybercriminals manage to get personal data from users that aren&rsquo;t aware of <strong>internet security aspects</strong> and are considered to be the easiest targets.</p>\n<p>Besides, these malicious actors tend to psychologically influence their victims by portraying a company executive and gaining entrance to private information. The majority of internet users who do not use <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-antivirus/">antivirus software</strong></a> and do not take extra efforts to protect themselves from hacking are frequently <strong>victims of such illegal actions</strong>.</p>\n<h3>Social Engineering Attacks in Crypto World</h3>\n<p>Cybercriminals in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">crypto realm primarily attack social media accounts of significant figures in the crypto business. They acquire entrance and then utilize the <strong>pre-built confidence of these characters</strong> to abuse individuals in various methods. Furthermore, they attempt to gain access to users' <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">private wallets</strong></a>.</p>\n<p>Excessive ambitions might be risky in financial markets because traders and investors are more exposed to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-phishing/">phishing attacks, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ponzi-scheme/">Ponzi or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-pyramid-scheme/">pyramid schemes, and other sorts of frauds. Besides, within the blockchain sector, the <strong>enthusiasm generated by cryptocurrencies</strong> draws a large number of newbies in a very short amount of time (especially during <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bull-market/">bull markets</strong></a>).</p>\n<h3>Different Sorts of Social Engineering</h3>\n<p>The main tool of the malicious actors using social engineering is the emotions of individuals. There are several sorts of attacks:</p>\n<ul>\n<li><strong>Baitings</strong> - this is carried out by misleading people with something they desire and then taking it away from them once their guard is down.</li>\n<li>Pretexting - this happens on the internet when someone impersonates another person.</li>\n<li>Phishing and spear-phishing - emails that frequently seem like they came from a real company, such as a major bank chain, a renowned online retailer, or an email service provider.</li>\n<li>Scareware - this typically happens when false alerts are generated in an attempt to fool users into installing counterfeit software that appears legitimate or entering a website that attacks their devices.</li>\n</ul>\n<p>Every one of these assaults is based on establishing confidence and trust, creating a <strong>feeling of urgency</strong>, and then manipulating emotions to trick the user into making an error so that the cybercriminal spearheading the attack could steal the victim's identity.</p>\n<h3>The Strategy of Social Engineering</h3>\n<p>A social engineering attack cycle is a methodical approach <strong>to gaining access to confidential information</strong> from individuals by exploiting their susceptibility. In this case, thieves avoid using<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-brute-force-attack-bfa/"> brute force tactics</strong></a> because it allows them to monitor what users are doing on their computers or phones without being caught by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-antivirus/">antivirus software</strong></a>.</p>\n<p>For instance, the cycle entails obtaining background information about someone before creating trust using interactions launched either directly or by engagements seeded at different moments throughout<strong> online chats/conversations </strong>or via email attachments. After that, the attacker leverages the user's trust and manipulates them to do the requested action. Eventually, after everything is completed, the attacker disconnects from the user.</p>\n<h3>How to Protect Yourself From Social Engineering?</h3>\n<p>The first thing you can do is <strong>set spam filters</strong> on all email accounts so that, even if attackers get access to them, they can't easily send messages or obtain important information.</p>\n<p>Also, keep in mind that numerous accounts in the cryptocurrency industry have been hacked as a result of using the same password throughout multiple accounts. Therefore, you should always pick different passwords that are hard to guess.</p>\n<p>In addition, make sure to set up a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-two-factor-authentication-2fa/">two-factor authentication (2FA) system</strong></strong></a> and multi-factor authentication if it is available. And finally, make security training a part of the syllabus to teach everyone about these concerns.</p>","level":"hard","meta_title":"What is Social Engineering? Definition & Meaning | Crypto Wiki","meta_description":"Social Engineering meaning: Social Engineering - is a malicious act that uses human behavioral psychology to mislead people into making bad decisions that jeopardize their personal data.","meta_keywords":null,"language":"en","created_at":"2022-03-30T12:20:07.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-social-engineering"},"prevSection":{"id":712,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Spot Market?","slug":"what-is-spot-market","section":"S","keyword":"Spot Market","status":"published","definition":"a public market where digital currencies can be bought and sold for immediate delivery.","content":"<p>Financial instruments such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-commodity/">commodities, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-currency/">currencies, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-security/">securities are traded on the spot market for quick delivery. <strong>It is the opposite of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-futures/">futures market where the delivery is pushed to a later date.</strong></p>\n<p>The spot price is the current price of an asset. It's the price at which an asset can be bought or sold at the moment. By posting their purchase and sell orders, buyers and sellers establish the spot price. As orders are filled and new ones enter the market in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquid-market/">liquid marketplaces</strong></a>, the spot price can change instantly.</p>\n<p>&nbsp;</p>","level":"easy","meta_title":"What is Spot Market? Definition & Meaning | Crypto Wiki","meta_description":"Spot Market meaning: Spot Market - a public market where digital currencies can be bought and sold for immediate delivery.","meta_keywords":null,"language":"en","created_at":"2022-03-30T10:24:30.000000Z","updated_at":"2023-04-07T07:09:37.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-spot-market"},"currentChapter":"S","currentSection":"what-is-stablecoin","chapterTitle":"S","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-stablecoin","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter S

What is Stablecoin?

Stablecoin MEANING:
Stablecoin - a fixed value cryptocurrency that is generally pegged to a fiat currency or an exchange-traded commodity.
Easy
1 minute

Let's find out Stablecoin meaning, definition in crypto, what is Stablecoin, and all other detailed facts.

Stablecoin is a fixed value cryptocurrency that is pegged to a leading fiat currency, such as the U.S. dollar, or to an exchange-traded commodity, such as gold. Since these coins are actually stable, they are a great tool to lower the price volatility of the whole cryptocurrency market. 

To provide the same price stability as fiat currencies, stablecoin currencies are backed by an underlying asset, usually the one it digitally reflects. For example, Tether (USDT) stablecoin is backed on a 1:1 basis by the U.S. dollar meaning that 1 USDT equals $1.

The amount of available stablecoins and their value has increased dramatically in recent years. Besides, there is a variety of crypto assets that are pegged to other fiat currencies, such as euros, pounds, etc. There are four main types of stablecoins:

  • Non-collateralized stablecoins that use algorithm mechanism and the Seigniorage Shares system to preserve their peg.
  • Commodity-collateralized stablecoins, like Tether Gold (XAUT).
  • Crypto-collateralized stablecoins, like MakerDAO's Dai token.
  • Fiat-collateralized stablecoins, like USDC, USDT, BUSD, etc.

With stablecoins, the possibilities seem to be unlimited. Some projects, such as Diem (previously known as Libra), even tried to allow stablecoins to be used as a type of exchange medium that is backed by a basket of national currencies. 

While new stablecoin-focused legislations are always believed to be on the way, authorities around the world continue to tolerate them due to their high compliance with financial regulatory criteria. Stablecoins have certainly served as a model for central bank digital currencies (CBDC), both in terms of inspiration and strategy.

Stablecoins are extremely simple to acquire and can be found on nearly any cryptocurrency market. In a nutshell, they provide much-needed liquidity and a safe haven for crypto investors. Besides, they are an important part of the whole ecosystem of digital assets.
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