Topic: Do you think that STABLECOINS are needed in the future of crypto payments? - page 3. (Read 1650 times)

During our extensive market research, we have come across some devastating facts. The majority of people that are dealing with cryptocurrencies, still has no clue what the concept of stablecoins is all about. The most popular false opinion is that it refers to cryptocurrencies such as bitcoin or ether, that are in some way, superior to other cryptocurrencies and dictate the price change. That is why we have decided to start a public group StableCoins, whose sole purpose will be to educate the community about the potential and significance of stablecoins in general.

If you are interested in stablecoins, join the public group StableCoins, and help us spread the word - https://www.facebook.com/groups/208634679804038/

We strongly believe that stablecoins might be the key to mass adoption of cryptocurrencies!

Although stablecoins are one of the hot topics in 2018, it seems that a great majority of people still don't quite understand their main concept. Hopefully, that will soon change if we wanna see stablecoins as the future of crypto payments.
We believe that education is the first step towards introducing stablecoins in mass use.

For example, how would you explain what stablecoins are to a complete crypto beginner?

I think Stablecoins have to reach the point where crypto payments is their main (or one their main).
Of course not to limit their utility, and I don't mean it should only used as payment method. But the price fluctuations on BTC, ETH, LTC etc, are huge and it will take a lot of time, money, effort for them to be traded like in a usual "normal" market.

Good point!

Yes, the cryptocurrecy which can be used in future payments is really great because it will make the cryptocurrency group more wider range in terms of services that they provide in the public market.

Here, you will find everything about the current state of all Stablecoin projects!
https://medium.com/cp-processor/comprehensive-overview-of-stablecoins-819d183f6ac7

The answer is definetely yes.

Because it for safety reason when market is not good and we can use it as a payment method.

Definitely, yes. Any market or business would close down completely because of losses whenever the value of any crypto they have accepted have became less and less and value. And having a budget is very essential to a family so that's why crypto payments needs to be stable.

Here is an example how CP Processors Stablecoin would work:

Example - Dollar Token (DoTo) Stablecoin

100 dollars = 100 DoTo (Always)
1ETH = 500 DoTo* (current exchange rate ETH/USD)
1cPROtoken* = 1 DoTo* (current exchange rate cPRO/USD)

*cPRO token is a Utility token for CP’s Payment Processor

What is DoTo Stablecoin used for?

You can exchange your volatile cryptocurrency to a stable one (DoTo) and maintain your assets and/or make digital payments.

Cryptocurrencies = volatile price
Stablecoin = always stable price (1 dollar = 1DoTo)

How we maintain DoTo’s price stability?

Our formula is simple as this:

STABLE COIN (DoTo) = ETH & ERC20 TOKENS DEBT COLLATERAL +
ETH & ERC20 TOKENS CONVERSION + SUPPLY-DEMAND ADJUSTMENT BY SUPPLEMENTS

Technical explanation:

STABLE TOKENS SYSTEM WITH PERSONAL LOAN & CONVERSION
ERC20 tokens minted with smart contract functions on public Ethereum network,
Guaranteed by personal ETH & ERC20 tokens change (collateral + conversion) on smart contract custodian on Ethereum network.

Users can send when they want and how much they want ETH to personal conversion smart contract to change them for minted Stable Tokens ST.

Convertibility can be a personal conversion on the smart contract ETH to ST and ST to ETH

A user can do buyback of all ETH on personal conversion smart contract by the same peer if he sends Stable Tokens ST to burn them on the smart contract and no one else can buyback his ETH.

High external reserve at the margin can be ST=ETH+derivative1+derivative2...derivativeN on the smart contract.

I mean it is not what we think its what the market needs, because why would anyone would spend their bitcoin for example like to buy a 10$ worth of bitcoin item that they know that tomorrow its is going to be 5$ worth of bitcoin, having an unstable coin used for trades is not something that is not good for neither the merchant or the customer, if we really want for the cryptocurrency to go further and be used as payment method we need to have some kind of stable coin.

Stable coins are not only tokens provided by national currencies and precious metals. The search for a stable crypto currency, which will minimize the costs and risks of storing its security, led to the creation of much more original applicants for the role of money: BitAssets, Labor-Hour Tokens and dai.

I think yes, stablecoins are needed in the future of cryptocurrency in payments because they are the one that can use regarding this
because this is the only coins that available and safe because they are stable.

Only one day left for you to vote for your favourite stablecoin project!

We know that Tether exist, but we are hoping that some other stablecoin project will take the lead, because so much controversy surrounds Tether and it is giving stablecoins a bad name

But here we are taking about for general payment related system using crypto currency, in such instance I don't feel like the need of any stable coins as crypto payments generally uses a conversion rate on sites which helps to convert the required money in crypto currency. For example, if you wan to buy something for 10 USD you will pay more or less Bitcoin depending upon the present value of Bitcoin at the time of billing.This way even the most volatile crypto can be used for making payments.

Yep, we need a coin to be at a stable price so that we can use it as a payment method. USDT is kinda stable but it really follows the dollar.

As we have concluded that cryptocurrency are not just for daily transactions or payments, so we need to categorize them.
Current leaders of market are useless in daily payments and it's felt that we need some stable coins, something pegged to fiat like Tether to go on with daily payments.
For example a cent coin, 1 coin = 1 cent (USD) with a flat fees of 1 cent per transaction would make things easier.

There are already exist a stable coin called USD Tether.
The price is following the USD, but this coin is just for payment just like fiat, not for investment like other coins.
many people in crypto is aiming for investing, not for payment.

Yes, that is an interesting point. Stablecoins could be used for that as well

Stable coins are needed for the correct token sale on the ICO. If the price of the new token depend on ETH there is a possibility that its price will  change so much by the end of the ICO.