StableCoins might increase crypto adoption by big companies ? - page 2.

efxtrader

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Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.
Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?

If the problem is use as a direct payment tool, I think we can use a credit card instead of a stable coin. Bitcoin and other cryptos should be used as digital assets and might be used as a means of payment. In my opinion, stable coins should only be used in exchangers and when exchangers have received deposits and withdrawals with fiat, then actually stable coins can not be used

maxreish

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You have a great point there, OP. Since companies current problem accepting and adopting crypto payments is about the volatility of it, stable coins will be a great options because of it's volatility-free characteristic. If one certain company will gonna accept stable crypto coin as a payment, others may follow and will lead to success adoption by many merchants. It can be pegged or pair by other assets so i dont think there will be a problem at all.

Tylev

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Stable coins have recently been very well developed and supported by society. Although this is not entirely a cryptocurrency, however, due to the fact that they are often created by states and supported by their authority, people have great confidence in a decentralized cryptocurrency and in this connection it becomes more recognizable and popular. Therefore, I believe that stable coins as a whole positively affect decentralized cryptocurrency, however, on the other hand, they take away potential users from them. However, this is a manifestation of market laws. The strongest survives here. Stable coins create real competition with conventional cryptocurrencies as a means of payment, forcing cryptocurrencies to improve.

crzy

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Every coin moves depends on the demand and supply and it will be hard if to find a stable coin not unless they created their own coin to use on their platform just what Facebook is planning. Bitcoin volatility will continue because of future updates like the halving and many more, if those companies start adopting other coins, it will still be good for the whole cryptomarket so nothing to worry.

laskybok

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If what they want is what has lesser volatility, that means that stable coin will be the best option for them. The reason being that, at the moment, the market is not yet in a stable state, although there is also little fluctuation in stable coinss' prices. The companies that are also working towards mass adoption will go after already established cryptocurrency.

JeffBrad12

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Quote from: AmoreJaz on November 03, 2019, 07:37:41 PM

Quote from: BintangBuleun on November 03, 2019, 06:40:47 PM

Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.
Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?

Yes. I think the advantage of a stable coin is that it can be used for exchange within a company, this can replace the USD. In this case, maybe a stable coin will be superior to Bitcoin. Bitcoin prices tend to be volatile. But in terms of investment and trading, people prefer Bitcoin. I don't even like stable coins in terms of investment.

stable coins can be very helpful if and only if they have true backing as claimed by the issuer or developers. but we already found out that most stable coins claimed to have certain fiat backing are not 100% true.
this type of coin can be of great use if they are true to their claims especially within the ecosystem of a big company.
but outperforming bitcoin? i highly doubt that.

Most of the stablecoins that have undergone inspection by the SEC has proven to have the reserve funding and it's even being informed on many medias. There might be some stablecoins that are utter bullshit or in otherwords is just a scam but there are many stablecoins that is legit aswell.
If you don't believe just find some reliable stablecoins in the news they usually inform about the inspection done by SEC for certain stablecoins company and you can also see how much fund they have reserved.

AmoreJaz

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Quote from: BintangBuleun on November 03, 2019, 06:40:47 PM

Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.
Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?

Yes. I think the advantage of a stable coin is that it can be used for exchange within a company, this can replace the USD. In this case, maybe a stable coin will be superior to Bitcoin. Bitcoin prices tend to be volatile. But in terms of investment and trading, people prefer Bitcoin. I don't even like stable coins in terms of investment.

stable coins can be very helpful if and only if they have true backing as claimed by the issuer or developers. but we already found out that most stable coins claimed to have certain fiat backing are not 100% true.
this type of coin can be of great use if they are true to their claims especially within the ecosystem of a big company.
but outperforming bitcoin? i highly doubt that.

Absolutep

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Mant organisation will still prefer coins like BTC, Eth, and some other good coins to stable coin because they have more benefits than stable coins. Personally i also prefer BTC to stable coin, so i don't see stable coins increasing crypto adoption.

BintangBuleun

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Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.
Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?

Yes. I think the advantage of a stable coin is that it can be used for exchange within a company, this can replace the USD. In this case, maybe a stable coin will be superior to Bitcoin. Bitcoin prices tend to be volatile. But in terms of investment and trading, people prefer Bitcoin. I don't even like stable coins in terms of investment.

2tang

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Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

Is it possible some stablecoin might outperform bitcoin regarding this?

it can happen but it is still a discourse if official stablecoin is used by large companies as a means of payment cryptocurrency.bitcoin has a strong foundation from any sector, enthusiasts, adoption. and bitcoin as the strongest market predator. Large companies must be brave to risk if they are afraid of price volatility

Landak

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Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.

ouch, sad news Sad

it's been a long time since I logged in Steam. it turns out that now payments using bitcoin are no longer available? I last filled a steam balance in 2017 to buy a battle pass.

Quote

Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?

I think stablecoin existence cannot replace Bitcoin. although it is possible stablecoin can be available as a payment option other than bitcoin.
until now I have never found a merchant store/steam store or other stores using payments other than bitcoin (cryptocurrency), USDT which is considered stable but has never been used as payment

Drai

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Whenever I see the news that Ripple fan are circulating about how XRO would be used for cross border payments by banks, I just laugh because there is no way I can see that working out, imagine if a bank were to make transfer of 1000 XRP worth $300 at the time of sending and when the customer receives the funds and tries to withdraw, there was a slight dip and the dollar value has reduced to $290, do you think that would be sustainable? Whenever I envision big cooperations using Cryptocurrencies, I always envisioned it to be stablecoins. I think they are the future of payments.

Aabcde

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What do you mean outperform? in what way? price? speed? safe? hype? So many meanings.
If we talk about prices, then obviously Stablecoin won't be able to compete with bitcoin. Speed & safe? already available lightning network for sending bitcoin quickly, cheaply and of course safe.
If the problem is volatility, I don't think this is a big problem. Because this could be a boon for the company because of the price difference when it gets bitcoin from consumer payments.

dnprock

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I'm working on a coin experiment, Bitflate. Instead of limited supply, it has constant inflation. I think inflation can reduce price volatility. When price fluctuate less, I think business can accept it. Bitflate is digital native and decentralized like Bitcoin.

https://bitflate.org/post/2019/04/14/bitflate-cryptocurrency-with-constant-inflation.html

Even though the chain inflates at 7%, if adoption rises faster, I think the coin may gain value. Do Your Own Research.

Join our discord community: https://discord.gg/utnEyp8

Sithara007

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The solution to reduce volatility is not to use stablecoins such as USDT. The volatility issue can't be resolved by the usage of stablecoins. The real solution is to use a payment processor which would convert the Bitcoin (or any other cryptocurrency) to fiat in real time. Direct payments using Bitcoin is always problematic, because there will be a delay in getting confirmations and by the time we get confirmation, the exchange rate would have changed. Using a cryptocurrency payment processor would alleviate these issues and take the volatility factor out of the equation.

Getmon

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Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.
Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?

It is very possible but only if the likes of Steam will start allowing its clients to use USDT. If companies as well as their customers will prefer stable coins over Bitcoin, they will outperform it. What I doubt is that these companies will adopt stablecoins more than Bitcoin. Stable coins are not the cryptocurrencies that the crypto supporters truly wanted. Stable coins are like extension of fiat.

audaciousbeing

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Quote from: apoorvlathey on October 13, 2019, 07:45:28 PM

You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.
Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?

The real question is if bitcoin is stable, would it encourage companies you mention to start accepting crypto into their payment systems. Acceptance of crypto goes beyond being stable. If you look at the alt market, you will realize that there are certain coins that have not moved significantly over the last few months or hovering in a particular range, which can be said to be stable but does that mean it will be adopted? Of course not because it goes beyond that. What is the degree of acceptance or the ease of exchange to fiat, the control, the sustainability, the spread among other test that it must pass before being considered by any company.

Pearls Before Swine

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Quote from: livingfree on October 13, 2019, 07:53:45 PM

This is one of the saddest moments for those gamers that also knew about bitcoin. This didn't stayed for a long time but if it was able to stay, most of steam users now can finally purchase almost every game with bitcoin or at least they know about the existence of bitcoin.

Not being a gamer myself and never having used Steam, I wonder if many users were actually using bitcoin for purchases there. It seems weird to me that volatility would be the main issue with them dropping bitcoin support, because the payment processor is supposed to ensure that the merchant doesn't suffer any of that. Bitcoin is converted to fiat before the merchant gets paid, so it shouldn't have been an issue and if it was then there wouldn't be anybody accepting bitcoin at all.

I don't think stable coins are going to have any influence on businesses accepting crypto, except for facebook obviously, and only if Libra sees the light of day. Why would anyone bother to pay with a stable coin instead of fiat? People might find themselves owning some bitcoin they bought or earned, but the same cannot be said of something like Tether or the like. Nobody is going to be buying that in order to spend it on something.

jessyj48

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Your point makes sense because stable coins are the only digital currencies that can be used as real store of values, from trading to means of payment but on the other part i think bitcoin and eth will gain investors mind than stablecoins, bitcoin is not a stable coin but its capable of bringing back profit to investors, this is a big step forward

ethereumhunter

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That could happen because stable coins don't have any issue with the bitcoin price. Besides that, the price of stable coin is not fluctuating or moving up and down too fast like the bitcoin or altcoin. Maybe soon, the stable coin will be used as a bridge for e-commerce so people will interest in cryptocurrency.

But stable coin cannot outperform bitcoin because bitcoin will still be the leader of the cryptocurrency. It is hard to compete with bitcoin, and I don't think that any coin can do that.

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