Can Stablecoins Promote the Mass Adoption of Cryptocurrencies?

posi

hero member

Activity: 2268

Merit: 579

Vave.com - Crypto Casino

Quote from: electronicash on January 27, 2020, 12:01:31 PM

Quote from: bgaf on January 27, 2020, 11:30:53 AM

Quote from: rizkyalhabsy on January 20, 2020, 09:02:40 AM

indirectly yes, but it's no more than centralized value, i mean there is no fun anymore.
we bring cryptocurrency to the world , but if everything will be centralized, better still like this.

What you mean there is no fun here? Cause the value has no direct movement in the market? You dont get the advantage of stablecoin? These are primarily used for direct peer to peer trading for some countries which is restricted by some third party exchange or company. Imagine there is a a coin that your allowed to trade with other crypto but restricted in your country? How can you handle that?

the stablecoins own by government will be the one that will promote the mass adoption. but those stablecoins that are meant for traders like the USDT are just going to be used for hedging of the money you got in trading. you wouldn't want to hold you BTC in times of bear market but keeping your coins in tether will best keep your funds in USD.

You're right and wrong because stablecoins will does help to boost mass adoption cause the volatility in nature of crypto make it hard for some people to invest or hold cryptocurrency as an asset.
The reason why i said you wring is because the perspective of some governments is that cryptocurrency is a threat to their national currency so i believe it will all start from the stablecoins not issue by the government.

electronicash

legendary

Activity: 3178

Merit: 1054

Quote from: bgaf on January 27, 2020, 11:30:53 AM

Quote from: rizkyalhabsy on January 20, 2020, 09:02:40 AM

indirectly yes, but it's no more than centralized value, i mean there is no fun anymore.
we bring cryptocurrency to the world , but if everything will be centralized, better still like this.

What you mean there is no fun here? Cause the value has no direct movement in the market? You dont get the advantage of stablecoin? These are primarily used for direct peer to peer trading for some countries which is restricted by some third party exchange or company. Imagine there is a a coin that your allowed to trade with other crypto but restricted in your country? How can you handle that?

the stablecoins own by government will be the one that will promote the mass adoption. but those stablecoins that are meant for traders like the USDT are just going to be used for hedging of the money you got in trading. you wouldn't want to hold you BTC in times of bear market but keeping your coins in tether will best keep your funds in USD.

bgaf

sr. member

Activity: 644

Merit: 257

Worldwide Payments Accepted in Seconds!

Quote from: rizkyalhabsy on January 20, 2020, 09:02:40 AM

indirectly yes, but it's no more than centralized value, i mean there is no fun anymore.
we bring cryptocurrency to the world , but if everything will be centralized, better still like this.

What you mean there is no fun here? Cause the value has no direct movement in the market? You dont get the advantage of stablecoin? These are primarily used for direct peer to peer trading for some countries which is restricted by some third party exchange or company. Imagine there is a a coin that your allowed to trade with other crypto but restricted in your country? How can you handle that?

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: stephanirain on January 26, 2020, 03:53:34 AM

For mass adoption to take place, a good advertising and more relevance to the current trends in the market is what this industry needs. The crypto industry is well known for its volatility that is why some people cannot risk their money for it. But mass adoption will give more sense of security since it shows that cryptocurrencies are indeed useful in this era. Hopefully, more crypto, not just stablecoins, will be highlighted for adoption to expand to other markets.

If issues with the SEC are resolved positively, all doors will be open for Libra. Facebook, Instagram and WhatsApp can provide this kind of advertising support. And stablecoin Libra will have to fulfill its mission of mass implementation of the crypt in everyday life.

criket

full member

Activity: 896

Merit: 100

Quote from: rizkyalhabsy on January 27, 2020, 10:58:32 AM

Quote from: Xardasim on January 20, 2020, 02:27:28 PM

Quote from: rizkyalhabsy on January 20, 2020, 09:02:40 AM

indirectly yes, but it's no more than centralized value, i mean there is no fun anymore.
we bring cryptocurrency to the world , but if everything will be centralized, better still like this.

I think so. Stablecoins are a coin far from the cryptocurrency rules. They cannot represent this market. They're not much different from digital money. Bitcoin is the most worthy representative in this regard: the founder of the market and the strongest coin.

yes i am, btw about most worthy on this case, is monero , their decentralized blockchain and their privacy is the really imposible for tracking. but the sad news , goverment already block their way.
i dont think monero have a long life for future.

I hope monero developers get a way out to survive and continue to grow in the crypto market. this is related to the misuse of monero for crime and of course there will be strict regulations and limit the use of this blockchain.

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: red4slash on January 27, 2020, 10:26:32 AM

Quote from: worle1bm on January 27, 2020, 10:20:31 AM

In order to make stablecoins valuable and ensure that they hold the value equal to USD, it is necessary that equal reserves are maintained in fiat currency. In short, we are locking the supply of fiat currency in order to release the supply of equivalent valuable cryptocurrency. If fiat currency vanishes, value of stablecoin will also decrease to zero.

In order to increase the use of stablecoin, we have to lock more and more fiat currency which doesn't make any sense to me. Only use case of stablecoin should be to provide instant liquidity in crypto market, that's it.

but the level of use of FIAT in the community is still high so it's possible to see lost stablecoin will be difficult. but in the case of its use it is not much different from FIAT but the difference is access, and this is an advantage in my opinion. because its use can cover the world, although access to buying and selling is still minimal.

We can argue that using stablecoin can promote universal application of same currency but again the problem is that the value of two currencies are relative, not absolute. If we are using USDT then it may have different value for my Euro worth good on one day than the other. This will affect the use of stablecoin across nations. It will be equivalent to using any other cryptocurrency.

rizkyalhabsy

full member

Activity: 554

Merit: 100

Quote from: Xardasim on January 20, 2020, 02:27:28 PM

Quote from: rizkyalhabsy on January 20, 2020, 09:02:40 AM

indirectly yes, but it's no more than centralized value, i mean there is no fun anymore.
we bring cryptocurrency to the world , but if everything will be centralized, better still like this.

I think so. Stablecoins are a coin far from the cryptocurrency rules. They cannot represent this market. They're not much different from digital money. Bitcoin is the most worthy representative in this regard: the founder of the market and the strongest coin.

yes i am, btw about most worthy on this case, is monero , their decentralized blockchain and their privacy is the really imposible for tracking. but the sad news , goverment already block their way.
i dont think monero have a long life for future.

btcdie

sr. member

Activity: 784

Merit: 251

Stablecoin has high liquidity because remembering that traders often use this it is easier to use and move between exchanges. Not infrequently also investors who will come out of the average market using stablecoin, until the volume is very large, even beat the volume of bitcoin. But the thing to remember is that Stablecoin is not a true crypto, it's just that it makes it easier for traders and those who don't like high volatility to store value.

red4slash

hero member

Activity: 1470

Merit: 502

Quote from: worle1bm on January 27, 2020, 10:20:31 AM

In order to make stablecoins valuable and ensure that they hold the value equal to USD, it is necessary that equal reserves are maintained in fiat currency. In short, we are locking the supply of fiat currency in order to release the supply of equivalent valuable cryptocurrency. If fiat currency vanishes, value of stablecoin will also decrease to zero.

In order to increase the use of stablecoin, we have to lock more and more fiat currency which doesn't make any sense to me. Only use case of stablecoin should be to provide instant liquidity in crypto market, that's it.

but the level of use of FIAT in the community is still high so it's possible to see lost stablecoin will be difficult. but in the case of its use it is not much different from FIAT but the difference is access, and this is an advantage in my opinion. because its use can cover the world, although access to buying and selling is still minimal.

worle1bm

full member

Activity: 1834

Merit: 166

In order to make stablecoins valuable and ensure that they hold the value equal to USD, it is necessary that equal reserves are maintained in fiat currency. In short, we are locking the supply of fiat currency in order to release the supply of equivalent valuable cryptocurrency. If fiat currency vanishes, value of stablecoin will also decrease to zero.

In order to increase the use of stablecoin, we have to lock more and more fiat currency which doesn't make any sense to me. Only use case of stablecoin should be to provide instant liquidity in crypto market, that's it.

wozzek23

sr. member

Activity: 1568

Merit: 283

Stablecoins are actually good for those people who do not feel secure with the high volatile coins like btc, etc. Stablecoins does not have much volatile price and hence there is no much risk of excess loss holding in stable coins.

But, what I think is that stablecoins are good for trading pairs or to store our funds in bearish markets but they are not actually good for trading purpose. They might be used in a lot of technical ways like sending or recieving payments so I think they might promote the mass adoption of cryptocurrencies by serving as a mean of payment. Stablecoins would not have higher growth in the market but yet they would be in demand keeping a lot of people in close chain.

fuer44

sr. member

Activity: 1652

Merit: 262

there is a possibility. we can see the progress of the usdt which becomes payment at pornhub, if the platform mentions that usdt can be a good option for payment, then it is not impossible that other platforms will also adopt it. in addition, libra which is a coin from the facebook platform might also do the same thing, considering that their platform is also a potential media for marketing and payment using their own crypto is also not impossible in the future.

stephanirain

sr. member

Activity: 756

Merit: 257

Freshdice.com

Quote from: JessicaVL on January 20, 2020, 02:38:36 AM

Stablecoins have existed in the cryptocurrency space for a few years, but only gained prominence in the last year or so. Stablecoins are cryptocurrencies that are backed by other assets or benchmarks, such as the US Dollar, and, as the name suggests, they are stable in nature — or are at least intended to be so. Bitcoin is known for its volatility and that has led some people to believe that, while it is a good store of value, it may not be the most convenient form of payment. Stablecoins that gained a lot of popularity, thanks to Tether’s USDT, are now flooding the cryptocurrency market. There are over one hundred different stablecoin projects that exist in the market today with several more still to be launched in the coming year. Cryptocurrencies are gaining traction not only from retail investors, but also from institutional investors, which makes it the most apposite time to discuss their role in mass adoption.

Read more here: https://www.etoro.com/blog/market-insights/what-role-will-stablecoins-play-in-crypto-mass-adoption/

For mass adoption to take place, a good advertising and more relevance to the current trends in the market is what this industry needs. The crypto industry is well known for its volatility that is why some people cannot risk their money for it. But mass adoption will give more sense of security since it shows that cryptocurrencies are indeed useful in this era. Hopefully, more crypto, not just stablecoins, will be highlighted for adoption to expand to other markets.

bitvalak

sr. member

Activity: 868

Merit: 267

SecureShift.io | Crypto-Exchange

Stablecoin can be an alternative to mass adoption because stablecoin is always directly related to fiat like USD. This makes it easy for people to be able to buy it.
Just imagine if they can't buy it using Fiat, then everyone is required to buy a rig mining tool whose price is certainly not cheap for some people.

Spider A4

full member

Activity: 657

Merit: 100

Quote from: huu78 on January 25, 2020, 06:36:10 AM

Indeed a lot of stable coins that is in the cryptocurrency but everything is not really stable because there are some problems exchange a quiet Buy and sell orders make selling it so hard and far from the stable estimate of the coin. But a good stable coin is also a lot so we can make a solution if the bear market occurs because of the stable price that makes our money remain intact.

Stable coins indeed need to control daily traders fund. All of those stable coins are real but spreading FUD can happen in any coin. Tether is dumped below 1$ when it’s was huge FUD after printed version coin. USDT experiencing this kinda situation. Recently PornHub industry announcement make me happy to regarding tether gateway. I hope mass adoption will start from this roadmap.

Muhammad Muneeb

full member

Activity: 644

Merit: 101

📱 CARTESI 📱 INFRASTRUCTURE FOR DAP

Quote from: JessicaVL on January 20, 2020, 02:38:36 AM

Stablecoins have existed in the cryptocurrency space for a few years, but only gained prominence in the last year or so. Stablecoins are cryptocurrencies that are backed by other assets or benchmarks, such as the US Dollar, and, as the name suggests, they are stable in nature — or are at least intended to be so. Bitcoin is known for its volatility and that has led some people to believe that, while it is a good store of value, it may not be the most convenient form of payment. Stablecoins that gained a lot of popularity, thanks to Tether’s USDT, are now flooding the cryptocurrency market. There are over one hundred different stablecoin projects that exist in the market today with several more still to be launched in the coming year. Cryptocurrencies are gaining traction not only from retail investors, but also from institutional investors, which makes it the most apposite time to discuss their role in mass adoption.

Read more here: https://www.etoro.com/blog/market-insights/what-role-will-stablecoins-play-in-crypto-mass-adoption/

Indeed. stablecoins can promote the increase in the adoption of crypto as there will be answer to the price volatility of bitcoin. i did not know about the stablecoins in last bullrun did not sell the tokens now i am in heavy losses.

Tash

sr. member

Activity: 1190

Merit: 305

Pro financial, medical liberty

Why would a healthy non trading individual get involved with a stablecoin, there is zero reason for it.
Absolutely no benefit, only risk and a lot of hassle.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: JessicaVL on January 20, 2020, 02:38:36 AM

Stablecoins have existed in the cryptocurrency space for a few years, but only gained prominence in the last year or so. Stablecoins are cryptocurrencies that are backed by other assets or benchmarks, such as the US Dollar, and, as the name suggests, they are stable in nature — or are at least intended to be so. Bitcoin is known for its volatility and that has led some people to believe that, while it is a good store of value, it may not be the most convenient form of payment. Stablecoins that gained a lot of popularity, thanks to Tether’s USDT, are now flooding the cryptocurrency market. There are over one hundred different stablecoin projects that exist in the market today with several more still to be launched in the coming year. Cryptocurrencies are gaining traction not only from retail investors, but also from institutional investors, which makes it the most apposite time to discuss their role in mass adoption.

Read more here: https://www.etoro.com/blog/market-insights/what-role-will-stablecoins-play-in-crypto-mass-adoption/

I think yes indeed. Stable coins have gained more traction these days and most popular stable coin Libra coin by Facebook gained a lot of popularity.
Libra coin proved that mass adoption can be attained for cryptocurrencies as well.
If only it didn't have to face all those judiciary issues, crypto would have already been globally adopted by now.

CarnagexD

sr. member

Activity: 1498

Merit: 374

Leading Crypto Sports Betting & Casino Platform

Quote from: travwill on January 24, 2020, 05:29:29 AM

I think they can. Indeed, if stable coins gain popularity as a type of fiat currency asset only in digital format, this will in any case direct the attention of stable coins users to cryptocurrencies,
because buying them will become an extremely simple task for them. Add to this the crypto market growth spurt, and we get the second full-scale bull run.

But there has to be some form of reliable connection that can connect stablecoins to cryptocurrencies, and cryptocurrencies to fiat. We can't just say that stablecoins in itself can promo the mass adoption of cryptocurrencies without that vital part that would entice people to switch over to cryptocurrencies. But I think that with all of that in the mixture, we have a good chance of spurring a mass adoption of cryptocurrencies

cytpoway121

member

Activity: 1540

Merit: 68

In my own opinion, i think stable coin will promote whatever adoption they are backed with.

For example, if you look into digital gold stable coin, it is said to be backed by real physical gold, and that if you get gold tokens, you automatically own ample size from the real gold.

The gold stable coin therefore is promoting investing in physical gold,

Stable coin definitely, will ensure that investors keep their funds in fixed price (99% because tether has sold for 0.9$ before)

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: uray on January 25, 2020, 10:43:21 AM

Quote from: Captain Corporate on January 20, 2020, 04:16:09 AM

However if Libra happened, you could put money from your bank account to facebook and use libra, get crypto if you want, basically do whatever you can, and reverse it by getting libra back and withdrawing to your bank account. We need a stablecoin that has connections with banks so we could make it easier. THAT would make adoption mass and very fast as well.

We need a stable coin that can be trusted and for that we need a legal coin with regulation and insurance that it will maintain the valuation, the current stable coins in the market especially USDT cannot be trusted and you never know when the entire market vanishes, they had their fair share of legal troubles in the past and how long they will survive is to be seen.

If the stablecoin is already audited by the authority it could be said that the stablecoin is "safe" although there's news regarding tether that proves the USDT is not entirely backed up by dollar and that what makes me hesitant to trust that stablecoin. Maybe we need to wait until some countries release their stablecoin if we want a really secured centralized crypto for mass adoption.

red4slash

hero member

Activity: 1470

Merit: 502

Quote from: ?? on ??

Stable coins have the high interest by the crypto investors but there is no concrete reasons why the mass adoption will start with the stable cryptocurrencies. Maybe the latest decision of Pornhub will affect this industry and everything can happen after this.

we really won't know to what extent stable coins will develop, maybe what happened to pornhub is one of the good developments and we have to support it. maybe there will be a time where stable coins will be widely adopted in the settlement of transactions with this technology, I hope other crypto can also be used elsewhere mass.

uray

hero member

Activity: 1400

Merit: 505

Quote from: Captain Corporate on January 20, 2020, 04:16:09 AM

However if Libra happened, you could put money from your bank account to facebook and use libra, get crypto if you want, basically do whatever you can, and reverse it by getting libra back and withdrawing to your bank account. We need a stablecoin that has connections with banks so we could make it easier. THAT would make adoption mass and very fast as well.

We need a stable coin that can be trusted and for that we need a legal coin with regulation and insurance that it will maintain the valuation, the current stable coins in the market especially USDT cannot be trusted and you never know when the entire market vanishes, they had their fair share of legal troubles in the past and how long they will survive is to be seen.

Sadlife

sr. member

Activity: 1400

Merit: 269

Well of course can help promote crypto currency this is needed for institutional investors and big companies to not get scared of crypto because it is also some the as fiat but better in many ways.
Stablecoins is proof that you can customize your own crypto currency as you like this will also benefit the adoption of Bitcoin and other altcoins.

huu78

sr. member

Activity: 1204

Merit: 253

Undeads.com - P2E Runner Game

Indeed a lot of stable coins that is in the cryptocurrency but everything is not really stable because there are some problems exchange a quiet Buy and sell orders make selling it so hard and far from the stable estimate of the coin. But a good stable coin is also a lot so we can make a solution if the bear market occurs because of the stable price that makes our money remain intact.

BitDane

sr. member

Activity: 1372

Merit: 348

Quote from: travwill on January 24, 2020, 05:29:29 AM

I think they can. Indeed, if stable coins gain popularity as a type of fiat currency asset only in digital format, this will in any case direct the attention of stable coins users to cryptocurrencies,
because buying them will become an extremely simple task for them. Add to this the crypto market growth spurt, and we get the second full-scale bull run.

That is an "if" situation. People tends to know stablecoins after knowing about cryptocurrency. Since people who are into cryptocurrency wanted a less volatile crypto asset then they convert their volatile crypto into a stablecoins. Then after sometimes people will then convert the stablecoin back to that volatile crypto to get profit. It is just a tool to preserve the value of cryptocurrency in fiat money, and normal people will just hold fiat money than stablecoin if that is their purpose. So I still think stablecoin will not promote mass adoption of cryptocurrencies.

BitcoinHunt3r

legendary

Activity: 2954

Merit: 1155

Leading Crypto Sports Betting & Casino Platform

Quote from: jazmuzika217 on January 25, 2020, 05:36:03 AM

Honestly it is hard to talk about adoption and acceptance because all we know that even bitcoin had a acceptance and adoption problem and issue from the start. And I think as of now bitcoin experience that problem. But the advantage of stable is as a new project it is very flexible like tether that can be used even in pornhub. But I hope it will happen because all of us can have benefits.

Maybe at least stablecoin have something that people afraid in bitcoin, volatile. With stable coins, people don't need to be afraid if be seller or buyer so they not afraid to lose when price down. Because with stablecoin, at least price will be stable and it can really be used as payment.

jazmuzika217

member

Activity: 476

Merit: 12

Honestly it is hard to talk about adoption and acceptance because all we know that even bitcoin had a acceptance and adoption problem and issue from the start. And I think as of now bitcoin experience that problem. But the advantage of stable is as a new project it is very flexible like tether that can be used even in pornhub. But I hope it will happen because all of us can have benefits.

FanEagle

legendary

Activity: 2884

Merit: 1117

Quote from: duuuuude on January 24, 2020, 06:16:15 AM

At least they are moving in this direction. I saw the news that Pornhub launches payments in the stable Tether coin and I think this is a big step forward.

That might be possible. Tether is an stable coin and has price equal to the US dollar so starting to accept payments in such coin would not be an difficult task for the firms like pornhub, etc. I think, more firms might also start USDT as a mean of payment on their platform if in the coming future, cryptocurrencies are been considered to enter the main payment streamline. This might be a huge step for cryptocurrencies and hence we can expect a brighter future in these markets.

Pornhub is an global company with a lot of users. They have premium accounts which can now be bought with USDT which would really increase their sale as there are a lot of peoples who like to pay with cryptocurrencies due to the ease of payments.

naikturun

sr. member

Activity: 1190

Merit: 267

Undeads.com - P2E Runner Game

Of course, in addition to that Stablecoin can also help people who do daily trading activities or short-term, where they exchange their coins when not trading or waiting for the right time to sell / buy.
I recently also heard that one of the largest adult pornhub sites accept payments using Tether (USDT). I think this will soon begin to do mass adoption.

the rise

sr. member

Activity: 2338

Merit: 273

DGbet.fun - Crypto Sportsbook

Quote from: nicolas1979 on January 24, 2020, 12:18:23 PM

I still don't understand with stable coin because I only see who's behind the project and they only guarantee about supply not the value. If only to promote the answer is " YES " but to make people stay is difficult, crypto already pass the golden moment. Investor will think twice before replace money, market is not helping right now. Promotion and adoption can be doing by anyone who know the system but for powerful position need regulation, only government can do that not us.

regulation for stable coins is still open but for the current trend still coins must come from the government, China is almost implementing them in real terms and their coins are planned to take effect in 2020. For coins like Tether, if adopted for new investors it is indeed difficult because there are no cases in real use, but at least they will learn that it is an important asset that is often used in the crypto world, and will automatically open their minds better.

Sassee

newbie

Activity: 22

Merit: 1

Well, sable coins build on ethereum or btc blockchain can't really attain mass adoption. However if governments and top organization create sable coins, true mass adoption is possible. Libra will be a good example. with the Calibra wallet connected to various social applications used by billions of people mass adoption will happen soon and quick.

nicolas1979

sr. member

Activity: 826

Merit: 252

I still don't understand with stable coin because I only see who's behind the project and they only guarantee about supply not the value. If only to promote the answer is " YES " but to make people stay is difficult, crypto already pass the golden moment. Investor will think twice before replace money, market is not helping right now. Promotion and adoption can be doing by anyone who know the system but for powerful position need regulation, only government can do that not us.

duuuuude

hero member

Activity: 938

Merit: 500

At least they are moving in this direction. I saw the news that Pornhub launches payments in the stable Tether coin and I think this is a big step forward.

r32godzilla

hero member

Activity: 1361

Merit: 506

I wasn´t a big fan of stablecoins because I didn´t understand it. But now, I can´t imagine the crypto-wrold without them. Thanks to stablecoins you can survive the bearmarket without leaving the crypto-world. You can stake your stable coins on NEXO platform and get interest. You can take a loan and back it with stablecoins. You can easily transfer stablecoins around the world with almost zero fees and with incredible speed comparing to bank transfers. Wink

travwill

sr. member

Activity: 1313

Merit: 278

I think they can. Indeed, if stable coins gain popularity as a type of fiat currency asset only in digital format, this will in any case direct the attention of stable coins users to cryptocurrencies,
because buying them will become an extremely simple task for them. Add to this the crypto market growth spurt, and we get the second full-scale bull run.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

I don't think it will.
Common people won't get used to these stablecoins like USDT even if it gets adopted.
It's like that everyone uses credit card as well as debit card in some sense.
We're getting slow adoption of Bitcoin anyway, so I don't think we need to look into the other side anymore.

Doranile432

member

Activity: 476

Merit: 22

Look, if all what crypto is all about is stable coin people won't have much interest in them, yes they can be used by traders but its not life changing like bitcoin and other coins that aren't stable coins, the rise and fall of value is a huge advantage over stable coins

seleme

legendary

Activity: 2772

Merit: 1028

Duelbits.com

Over the hundred stablecoins still in the market but there is no real use case except the 5 top stable coins. The mass adoption can be realized after the full release of Libra projects but I doubt the alternative stable coins will be able to compete with the Libra project. This time everything is different from 2017 when there was a demand by newcomers.

o48o

legendary

Activity: 3038

Merit: 1166

Leading Crypto Sports Betting & Casino Platform

Quote from: JessicaVL on January 20, 2020, 02:38:36 AM

Stablecoins have existed in the cryptocurrency space for a few years, but only gained prominence in the last year or so. Stablecoins are cryptocurrencies that are backed by other assets or benchmarks, such as the US Dollar, and, as the name suggests, they are stable in nature — or are at least intended to be so. Bitcoin is known for its volatility and that has led some people to believe that, while it is a good store of value, it may not be the most convenient form of payment. Stablecoins that gained a lot of popularity, thanks to Tether’s USDT, are now flooding the cryptocurrency market. There are over one hundred different stablecoin projects that exist in the market today with several more still to be launched in the coming year. Cryptocurrencies are gaining traction not only from retail investors, but also from institutional investors, which makes it the most apposite time to discuss their role in mass adoption.

Read more here: https://www.etoro.com/blog/market-insights/what-role-will-stablecoins-play-in-crypto-mass-adoption/

All i can see them to be good for is swing trading against cryptos. There were times when you could avoid regulatory oversight with them, but that i think is long past now. If they aren't already considered as fiat currency by regulators, they will be soon.

BitDane

sr. member

Activity: 1372

Merit: 348

Quote from: Bezobraznike on January 21, 2020, 06:59:09 AM

BitDane I don't use stable coins, from my reading I found out that stable coins have the lowest fees. Some
wallets have options for buying stable coin first, which is easier and that to swap it from the wallet. Now there
are many stable coins!

Isn't those who bought stablecoins already knows about cryptocurrency? How can they buy it if they don't in the first place. Especially using you mentioned that a "wallet" have an option for buying stable coin first. Thus it is an indirect way of saying a person is already involved in a cryptocurrency community and is just finding a way to lessen fee by using stablecoins.

Bezobraznike

sr. member

Activity: 1274

Merit: 261

★Bitvest.io★ Play Plinko or Invest!

Quote from: BitDane on January 21, 2020, 05:43:30 AM

Simple answer: No.. it won't promote Mass adoption of Cryptocurrency. Stablecoins removed the hyped of volatility, which in the early phase of a adoption attracts investors. They removed the the possible profit of the incoming investors thus taking their interest away. Investors are the first explorer of any ventures, removing their profit means shutting them out.

Quote from: Bezobraznike on January 21, 2020, 05:32:32 AM

It's just easier to start with a stable coin, to buy that first with your credit card and only after to exchange those stable coins
for some crypto-currency.

Why do I need to bother 2 steps when I can make a 1 step moves, it even saves me from extra fees.

Quote from: Bezobraznike on January 21, 2020, 05:32:32 AM

Stable coin is good for traders, if you wish to avoid certain drops and keep your dollar value intact you
can exchange any coin for a stable coin while the bear market lasts.

Doesn't this method incur losses?

Quote from: Bezobraznike on January 21, 2020, 05:32:32 AM

As an investment stable coins will remain stable and bond to certain value, that's why they are not the objects of my interest.
I am interested just in long-term investments that can be very profitable in years to come.

And this is just an indirect way of saying it won't help in Adoption of cryptocurrency.

BitDane I don't use stable coins, from my reading I found out that stable coins have the lowest fees. Some
wallets have options for buying stable coin first, which is easier and that to swap it from the wallet. Now there
are many stable coins!
Trading is a risk! That method can incur losses!
What I am saying that some people use stable coins. If it's used than it helps in adoption. It can't help more
than some top coin, but it contribute to crypto-eco-system.

BitDane

sr. member

Activity: 1372

Merit: 348

Simple answer: No.. it won't promote Mass adoption of Cryptocurrency. Stablecoins removed the hyped of volatility, which in the early phase of a adoption attracts investors. They removed the the possible profit of the incoming investors thus taking their interest away. Investors are the first explorer of any ventures, removing their profit means shutting them out.

Quote from: Bezobraznike on January 21, 2020, 05:32:32 AM

It's just easier to start with a stable coin, to buy that first with your credit card and only after to exchange those stable coins
for some crypto-currency.

Why do I need to bother 2 steps when I can make a 1 step moves, it even saves me from extra fees.

Quote from: Bezobraznike on January 21, 2020, 05:32:32 AM

Stable coin is good for traders, if you wish to avoid certain drops and keep your dollar value intact you
can exchange any coin for a stable coin while the bear market lasts.

Doesn't this method incur losses?

Quote from: Bezobraznike on January 21, 2020, 05:32:32 AM

As an investment stable coins will remain stable and bond to certain value, that's why they are not the objects of my interest.
I am interested just in long-term investments that can be very profitable in years to come.

And this is just an indirect way of saying it won't help in Adoption of cryptocurrency.

Bezobraznike

sr. member

Activity: 1274

Merit: 261

★Bitvest.io★ Play Plinko or Invest!

Quote from: freedomgo on January 21, 2020, 05:25:10 AM

Quote from: inoes on January 20, 2020, 06:57:24 PM

there are many stable coins that already exist such as usdt, BITUSD, SPANDEX.HKD, STABLE.PHP, BEI, PHX and many others. I think that stable coins can be adopted en masse, by making each stable coin represent one country's currency. then it will become a world wide adoption

Stable coins is like adopting into the current centralized system, but actually it's useful since it has its own blockchain and it's also transparent, however, in terms of adoption, it should not only be focus on stable coins as there's a lot of coins in the market.

It's just easier to start with a stable coin, to buy that first with your credit card and only after to exchange those stable coins
for some crypto-currency. Stable coin is good for traders, if you wish to avoid certain drops and keep your dollar value intact you
can exchange any coin for a stable coin while the bear market lasts.
As an investment stable coins will remain stable and bond to certain value, that's why they are not the objects of my interest.
I am interested just in long-term investments that can be very profitable in years to come.

freedomgo

legendary

Activity: 3248

Merit: 1160

Playbet.io - Crypto Casino and Sportsbook

Quote from: inoes on January 20, 2020, 06:57:24 PM

there are many stable coins that already exist such as usdt, BITUSD, SPANDEX.HKD, STABLE.PHP, BEI, PHX and many others. I think that stable coins can be adopted en masse, by making each stable coin represent one country's currency. then it will become a world wide adoption

Stable coins is like adopting into the current centralized system, but actually it's useful since it has its own blockchain and it's also transparent, however, in terms of adoption, it should not only be focus on stable coins as there's a lot of coins in the market.

puremage111

hero member

Activity: 1568

Merit: 511

Well, let me share my opinion here

It could, but its back to how your country current financial system doing
Let me put in this way
The current Fix deposit rate in my country were 3-4% Max, and our currencies are depreciating over time

Thus, excluding lending/loaning the Stablecoins, even the stablecoins itself could hedge the depreciation of my country's currency
Moreover, lending in Stablecoins like USDT/TUSD and more, does provide at least 5% Interest P.A (Which the minimum of it is already higher than the rate of our Fix deposit)
Some even offer up to 8-12% (Depends on how much you lend and who you lend to)

So yeah, it could really promote mass adoption despite most people don't like the idea of stablecoins (including me in the past)
However, we must agree stablecoins does serve it's purpose in the cryptocurrencies industry itself

Converting crypto into fiat and vice versa takes alot of time to do it

mrdeposit