Topic: Why was bitcoin not created as a stable coin? (Read 221 times)

This are true but that means you see bitcoin as more as an asset than means of payment.

ahahaha. But some piple go still hustle and buy at dat price but na very few piple nai 4 buy. Do price of Bitcoin e no fit stay 4 one place. Na dis movement wey im get, dey make everyone dey hustle up and down. Wen bitcoin reach 60k$ in di year 2021, there were whales in Nigeria. So at any cost or rate, we will be there. Well piple day use those ones too to make their small small gain dey go twele twele.

Bitcoin dey perfect the way e dey, na supply and demand theory dey regulate the price, if bitcoin price they stable e no go sweet at all imagine say btc hook for 60k how many of us you think say go fit afford am. We go only be bitcoiners with teeth, na the volatile nature of bitcoin dey give average man the opportunity to buy bitcoin for low price. All this so called stable coins way dey lose their peg every 2 seconds, usdt, usdc, no one person go fit trust instead of me to save my money for stable coins I go save am for my dollar account.

People will always wonder why bitcoin was not stable if it was invented as an electronic cash for making online payments which serve as an alternative to fiat currency. The truth is that Satoshi may not have intended it to serve that purpose only, but rather to assist people in finding a means of livelihood through trading. Simply buying low and selling high when prices rise. There should be more to consider as to why it is not stable, but the perfect answer can only be provided by the inventor only.

Bitcoin na alternative to fiat oh, so if to say oga Satoshi create am as stable coin, Bitcoin for they backed by another currency, and e no go too make sense. Stable coins no just they "stable", them they as stable as the currency wey them they backed under, so if the currency get better problem, the stable coin go get wahala too. If to say Bitcoin na stable coin e no go fit be alternative currency, e go just be the same as the currency wey e they backed under.
Most stable coins dey centralized na, and na private companies they issue them, still they hold their reserve in the currency wey the stable coins they backed under, if stable coin they backed by fiat e must be centralized, but e get some stable coins wey they backed by other crypto them, na those ones fit dey decentralized, but how many them be kwanu.

Bitcoin is a volatile cryptocurrency and it was created to help individuals be in charge of their finance. The volatile nature of bitcoin makes some persons to look for a kind of safe heaven when the market is bad to protect their assets, so that's where stablecoins come in, to minimize the volatility of crypto assets. Satoshi has good reasons for making bitcoin unstable, aside putting the finance of individuals in their hands, the unstable nature of bitcoin has also help to enrich lives. This is a coin that starts trading for few cents about a decade ago but it's currently trading at $28k today and an ATH of $69k, so you can imagine the rate of appreciation over the years.

Stable coins was the duplicate of bitcoin after the governments has seen the technology behind bitcoin creation. Bitcoin was created for decentralization which uses peer-to-peer payment system. Bitcoin is resistance to inflation and is limited in supply this makes it superb. Stable coin is controlled by a third party and is vunerable to inflation and economy crises. It depreciates and doesn't have limited supply,which makes it not reliable.

I think the whole concept behind creating bitcoin as a volatile and decentralized  currency was that no one can actually dictate the outcome of it.  Bitcoin not been stable has really made the technology stand out from every financial currency,  with bitcoin one can actually say that the value of their coins still remain same as inflation doesn't affect it and no government can actually control your funds as you are the sole owners of your own coins. Bitcoin has been really helpful to mankind especially to people who have been enslaved by the so called fiat currency of the banks.

Even the so called stable coins aren't stable. There are always slight changes in value even though it might be as little as a cent. One thing we get understand be say, bitcoin as a currency was created to be on its own and not dependent on any other currency or commodity out there.
Na financial freedom e bring and watin go be this financial freedom if e still depend on centralised system currencies or commodities out there way dey exist within a centralised frame.

Na why, e really dey up to investors or holders to determine the price based on Bid and Ask.
E dey volatile no doubt but, that no make am make e no dey useful. If person really dey concerned about the stability, you fit swap am immediately for stablecoin or even sell am and collect fiat. Na why we get exchange to function in this capacity.

Within una dey talk self? Just because a currency is a stablecoin no mean say e dey centralized but then Bitcoin couldn't have been a stablecoin from the beginning because it had no value or collateral backing the value to be equal to $1 per Satoshi or Bitcoin. It would had been an imaginary currency backing like most of the stablecoin wey we get today wey no get reserved of their market cap to make $1 of their stablecoin redeemable for real $1. Like if them wan sell all the USDT wey dey available, USDT no get the reserve backing to make that possible and Bitcoin wouldn't have had that without been associated with the same fiat system wey Satoshi dey try rescue us from.

Bitcoin was created as an alternative to the fiats system, Satoshi focus was on currency that's decentralized but him too been understand say to make Bitcoin a store of value it need get some asset attributes and na why all this others qualities need come in like fixed supply, not pouring all coins into circulation at ones and the ability to increase in value through trading. If the community see a need for a Bitcoin backed stablecoin like real one og and  on the Bitcoin blockchain, dem go work on am but for now na the volatility and everything that is currently associated with Bitcoin dey make am sweet and interesting, so Satoshi was right making Bitcoin in this way.

If bitcoin was created as stablecoin then it wouldn't have been Decentralized the way its currently, and government would have taking control maybe his dream of bitcoin creating bitcoin would been defeated. What makes and keeps bitcoin this solid and waxing greatly was a result of being decentralized, its secure, trusted and reliable to hold if not the volatility level.

Satoshi never made Bitcoin stable because he wanted it to be the world's most valued currency and tradable independent digital asset, and that was why he gave room for its volatility. Secondly, if Bitcoin had been stable  just like the many other fiat currencies, I assure you nobody would have given a damn about it today, but it's simply because it's different, that's why today everybody now wants to own a whole or fraction of bitcoin.

Just to add to what you already stated about the reason why the stablecoin was created, aside from solving the issue of volatility with Bitcoin, stablecoins are also created to aid and solve the many scalability problems associated with Bitcoin.

E.gstablecoinss are more suitable for payments and fast also with fewer fees although not on all networks since we all know the network congestion and hyke in the transaction fees each time there is a significant price increase in bitcoin,  because of this scalability concern stablecoins were created to serve as an alternative to bitcoin in time of emergency that is why most stablecoins are pegged to the US dollar and can not be taken as an assent rather as spendable coins.

I won't find Bitcoin interesting if it were a stablecoin BTW of what use would Bitcoin have been if it were a stablecoin no matter the price, the ability to speculate the price of Bitcoin is what makes Bitcoin more fun, satoshi has a perfect plan for Bitcoin and he knows there will be other development that their protocol will either work to enhance Bitcoin network or compete with its development but whichever ways, bitcoin has been successful being a decentralized digital currency and an asset.

Because it purpose and design was to create a decentralized digital currency with a fixed supply and deflationary monetary policy, the idea of a stable coins emerges after bitcoin was created and it sole purpose was to solve issues related to volatility.



Bitcoin was not created to make anyone rich, though its main purpose was to give people financial freedom, and yes, early believers made money from it, but we shouldn't see it as a get rich scheme to avoid being disappointed. BTW, not all stabble coins are centralized; there are many decentralized stable coins that are pegged to the real value of the dollar. USDT is not safe.

Bitcoin was created as a decentralized asset to make out of government control. Because if it is created as a centralized asset, government go control am and the purpose of creating it would have been defeated because the people who are the main target of the asset will be sidelines. Remember dat government do not want it citizens to be rich, so they do everything to keep di citizens perpetual in poor so Satoshi saw it and created bitcoin to be decentralized so that di governments can not use it to suffer di piple. Op oya just imagine what happened in 2021 wey we government asked di CBN 2 stopped bitcoin transaction in the kwantri. Do u asked urself why? Because they know dat dem know di value 4 di ordinary piple.
The youth understand di net more dan government so creating bitcoin as an internet currency only is defeat 2 dem. Nd wen dey see dat di youth is making in life through bitcoin, di government came up with di defunct CBDC (E-naira) in Nigeria.

that won't change anything and it won't have value and will be subject to the currency that its based on manipulation which makes it useless

Bitcoin was less than a dollar when it was created, now at $28000. Those that were miners and those that invested in bitcoin when the price was low are now richer than before. Is it not better than being a stable coin that depreciates in value? Bitcoin has limited supply, it has more demand as the adoption continues and yet a peer-to-peer means of transacting money. It is just perfect, a reason I was thinking Satoshi is never a single person, but I could be wrong.

Satoshi wanted a technology that could allow ordinary people to be in control of their finances in a digital financial environment, and so he created Bitcoin as an open source so that anyone could use it. Bitcoin started as a joke to people because, when it got Lounched, it was worthless. Satoshi's intention was not to creat a stable coin.
Traders are taking advantage of the Bitcoin volatility because they buy at a low price and sell when the price is going up again. Future traders are also taking advantage because they just make predictions of the price movement, and when the market goes in their predicted direction, they will be making profits. So the volatility of Bitcoin is also a good thing.

There are various reasons for using Bitcoin now but the reason it was created is as an electronic Cash for making online payments (based on its Whitepaper). Bitcoin works well as a means of payment but the volatility is still something. So I have been wondering why bitcoin was not created as a Stable coin?