Topic: BTC Pegged Altcoins? Are that useful? (Read 245 times)
There is no way that a coin can be useful unless it has some kind of product that can be useful to humans when they are using the coin, If the coins are not solving some kind of problem or are not being incorporated into some kind of system to make it better then it is just another useless coin that has been put into the market, nothing more
Unless they actually solve some issue they're completely pointless, people can just buy or sell bitcoin there's no need for a pegged coin. Even the some with uses I am highly skeptical of because it can easily end up in a similar situation to tether where no one is really sure if they will honour their commitments. Stick to normal BTC and you'll be fine.
Bitcoin is not tied to altcoins themselves. They follow it not because bitcoin is the main coin in the cryptocurrency world. But because traders are engaged in transfusion of money from one to another and Vice versa. This is the most common mechanics of the market
Pegged Altcoins can be useful if these altcoins carry some meaning for the common good and are used in current life.
I don't think there are any coins that are backed by BTC and neither do I think there will be because bitcoin is itself a decentralized currency meaning nobody has the control over it.
If nobody has the control over it how come can it back any other asset or currency ?
I think you got your answer now. Also, there are coins that are a modified version of bitcoin i.e., the forked coins like Bitcoin cash, bitcoin gold etc.. which claims to be a better version of bitcoin but you see that none of them are actually better then bitcoin. So the point of a coin being backed by Bitcoin is actually pointless.
If nobody has the control over it how come can it back any other asset or currency ?
I think you got your answer now. Also, there are coins that are a modified version of bitcoin i.e., the forked coins like Bitcoin cash, bitcoin gold etc.. which claims to be a better version of bitcoin but you see that none of them are actually better then bitcoin. So the point of a coin being backed by Bitcoin is actually pointless.
The stable coin USDT is the US dollar. Because it is relatively stable. It can encrypt when the market fluctuates too much. Maintain market stability. Because BTC is unstable. So it is very difficult to match it.
There are many bitcoin pegged altcoins there in the market but none has the value grade as the bitcoin. Only bcaked by bitcoin can give them the initial name for them but most of them does not have the potentiality to go by or stay put. Bitcoin pegged, to advise according to me, is a great loss. Oneshould keep away from it.
BTC pegged Altcoins are not successful most of the times as bitcoin cannot maintain them; backing by the name Bitcoin, does create a buzz initially, but never do good for themselves. Actually there is none that I can suggest yoo.
Bitcoin pegged altcoins usually makes a lot of buzz at the beginning and later thrives to survive. We can learn from this coins that using a big name only does not help to survive, innovations help.
These BTC pegged Altcoins are rarely sucessful. It is better to invest in independed coins as the partnership in pegging deteriorates after a while.
Nah, those don´t make sense at all. You can just get bitcoin and it will save you having to trust a thrid crypto. The only real application is leveraged buys and sell if you are in that business.
Stable coins, asset backed tokens, lambo backed coins...it's the fashion of the moment.
I was trying to find out if there are tokens/coins pegged to BTC. And I know there are some "single purpose" BTC pegged coins like LBTC (Liquid Sidechain).
Added value BTC pegged token could be a nice product?
It is always good and it is the safest electronic currency ever. Bitconnect may crash, Tether may lose value but Bitcoin is not. It's a legendary electronic money and there are a lot of people trading everyday. always has the highest market capitalization in the Crypto market and has the highest volume in the market. That is a sign that it is one of the great electronic coins. I was trying to find out if there are tokens/coins pegged to BTC. And I know there are some "single purpose" BTC pegged coins like LBTC (Liquid Sidechain).
Added value BTC pegged token could be a nice product?
Due to the volatility of Bitcoin and other crypto assets, institutional investors will be more interested with crypto that are pegged to established fiats like the USD, EURO, POUND, etc. BTC pegged alts will suffer the same volatility that BTC suffers
The purpose of the stable coins are to tackle the volatility in the market and give assistance or relief to investors on stability of their investment. That is why stable coins are pegged with another stable assets like US dollar, gold etc. In terms Bitcoin, IMO Bitcoin and most of the altcoins are volatile and are not stable they can go higher or lower in price as per the market conditions, so chances are very very low that we will be able to see stable coins pegged to BTC in future.
My idea is: stable coins are useful not only because they are "stable", but mainly because they are coins.
For example, USDT gives to USD the superpower to be a cryptocurrency.
If you want to give to BTC the superpower to be traded faster than 10 min, you could create a BTC pegged stable coin...stupid idea?
Pegged crypto currency usually indicates a coin or asset issued on a blockchain that is linked to a specific value of a bank based currency. In usual cases, these coins are pegged to the US Dollar, as it is the one currency that has the most control over the financial sector. Tether is an example of this as their USDT is pegged at 1$ at all times. In regards to BTC having something like this remains to be seen as nothing can be said for sure that something like this can be considered or not. Maybe if more people want something like this the idea might come to reality but for now it is unsure.
Well, your idea is that stable coins are useful only if they are pegged to the US dollar.
I don't think so.
For example, gold or diamond can be considered stable, but have got some volatility if traded vs USD. So gold pegged stable coins can't be real?
And the volatility can be interpreted in the two opposite directions, just flip the BTC/USD table
Linking a stable koin to bitcoin is not the best idea, since it is a virtual currency and the meaning of the stable koin, so that it would be tied to the usual assets of institutional investors. For example dollar, pound or gold
I could agree with you.
But my idea is that stable coin is an added value technology, so that an old asset can gain new features.
So Bitcoin, an "old" and single purpose cryptocurrency, could get different features (for example smart contracts, more speed, and more) just adopting a BTC-pegged stable coin
Pegged crypto currency usually indicates a coin or asset issued on a blockchain that is linked to a specific value of a bank based currency. In usual cases, these coins are pegged to the US Dollar, as it is the one currency that has the most control over the financial sector. Tether is an example of this as their USDT is pegged at 1$ at all times. In regards to BTC having something like this remains to be seen as nothing can be said for sure that something like this can be considered or not. Maybe if more people want something like this the idea might come to reality but for now it is unsure.
No, I don't think this is a good idea. It seems to me that there are some coins that are tied to the dollar and no longer need other coins like these. it makes no sense
Linking a stable koin to bitcoin is not the best idea, since it is a virtual currency and the meaning of the stable koin, so that it would be tied to the usual assets of institutional investors. For example dollar, pound or gold
Cryptocurrency enthusiasts are always at the mercy of price volatility. When Bitcoin goes down in value in fiat, the aktcoins rise in value against bitcoins. The relationship of altcoins with bitcoin is direct and never be independent.
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