Will stablecoins be the future of cryptocurrency? - page 4.

desticy

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Quote from: Samayuki on April 10, 2020, 11:10:15 AM

The future of crypto is Bitcoin and privacy coins, all together the future belongs to volatile coins not stable coins, I won't invest if I can't make gains from them either

Private coins face resistance from regulators in various countries.
The SEC recently filed a ton of lawsuits against exchanges and ICO projects.
I do not think that cryptocurrencies will be able to make a real mass adaptation without the approval of regulators, for whom private coins are a bone in the throat.

flagpara

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Quote from: dingo25 on April 07, 2020, 02:21:33 AM

Everyday more and more payment providers accept stablecoins like USDT and USDC as payment. Will they be the future of crypto?

Yesterday PolisPay just added 3 stablecoins as payment for the first time.

https://twitter.com/PolisPayApp/status/1247319714130546689

I'm just little bit curious to know about future. Tether already listed several exchange and this journey was began from 2013-2014. Any stablecoin listed exchange means this coin has future. This three stable coin already listed top top exchange what is the big matter if listed Polishpay exchange or wallet.

TopT3ns

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Quote from: mr.robot8 on April 11, 2020, 01:55:36 PM

I really like stable coins you can make good profits by putting them in stakes and with this crisis for the virus they are an excellent safe haven alternative to cash / fiat

indeed only stable coins can still survive when there is an outbreak of this corona virus, but I am sure stable coins will not be able to provide much profit like bitcoin and other altcoins because the price increase depends on fiat price movements.

TrevorS

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Quote from: mr.robot8 on April 11, 2020, 01:55:36 PM

I really like stable coins you can make good profits by putting them in stakes and with this crisis for the virus they are an excellent safe haven alternative to cash / fiat

I agree, it is very useful to have a certain stock of funds in hard currency. In such as stable coins.
Fortunately, there are many representatives of stable coins on the market now and we are not prejudiced in the choice.

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Quote from: dingo25 on April 07, 2020, 02:21:33 AM

Everyday more and more payment providers accept stablecoins like USDT and USDC as payment. Will they be the future of crypto?

I only see this as an effective way to overcome cryptocurrency volatility as a means of payment, by using stable coins, this is more effective. So this is not entirely the future of cryptocurrency, imo, because there are things better than just as a means of payment, other functions such as promising and high-value investments dominate. There is no difference between fiat and stable coins, only the shapes are different.

suryapro

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The situation at this time is stablecoin needed as a form of real money. because people are competing to withdraw the assets they have to exchange for real money, so they can be used as their current transaction tool

Tylev

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Quote from: dingo25 on April 07, 2020, 02:21:33 AM

Everyday more and more payment providers accept stablecoins like USDT and USDC as payment. Will they be the future of crypto?

Yesterday PolisPay just added 3 stablecoins as payment for the first time.

https://twitter.com/PolisPayApp/status/1247319714130546689

Stable coins are an independent branch of cryptocurrency. They are completely different from a decentralized cryptocurrency, however, it is very necessary for it, since they actually perform an auxiliary role. A special position among stable coins will be represented by national stable coins of states. It will be the digitized ordinary currency of these states and it will most likely be in demand, especially within this state. Many governments have already noted the positive aspects and advantages of stable state coins over conventional paper currencies. Therefore, stable coins will exist along with a decentralized cryptocurrency and will complement each other.

tbterryboy

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Quote from: miklesm on April 12, 2020, 02:17:00 AM

Stablecoins are very popular already as they are much more convinient than traditional money, so I am sure they will play an important role in the future of cryptocurrencies.

Honestly stable coins are here as an replacement of traditional money because for moving your local money you need bank accounts or at least paypal kind of highly restricted payment processor but these are completely eliminated by using stable coins. This means we are having stable coins on blockchain. If I remember correctly when tether was first introduced with the tagline of "enjoy the power of both fiats and blockchain", and that must be really true.

At the same time like many people have already mentioned here, governments may take action against stable coins at any time which means they may get shut down when governments start think about stablecoins as a threat to their banking system. So, it must be too early to conclude like stablecoins are the future.

miklesm

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Stablecoins are very popular already as they are much more convinient than traditional money, so I am sure they will play an important role in the future of cryptocurrencies.

oscarftw

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Quote from: dingo25 on April 07, 2020, 02:21:33 AM

Everyday more and more payment providers accept stablecoins like USDT and USDC as payment. Will they be the future of crypto?

Yesterday PolisPay just added 3 stablecoins as payment for the first time.

https://twitter.com/PolisPayApp/status/1247319714130546689

Only special something cool features will help a coin to control our future. Online payment methods already exists in several ways, like Google and Facebook (upcoming) also same. What is different in cryptocurrency stablecoin to send money? I didn't see any future to gain anything from this stablecoin without frozen your whole money.

meanwords

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I don't think stablecoin will be the future of cryptocurrency because what does it offer except from the fact that you can use it to exchange fiat to crypto? I don't think it has any useful feature besides from that, also they are backed by real world fiat which is pretty different from Bitcoin that is backed by the law of supply and demand.

Though I believe that stablecoin would be the sidekick of cryptocurrency forever. It helps us exchange crypto to fiat and vise versa so easily that it will be pretty hard to just remove it. It is used by almost all exchanges now and it is by far one of the best crypto created out there. Not only that, there's also different kinds of stablecoin aside from USDT, there's also GOLD.

kindbtc

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I will kind of agree that stablecoins will be the future but i am quite sure that they will not be in the form of usdt or usdc rather the upcoming govt back stable coins like digital Euro, Chinese coin and digital dollar would be bigger than anything we have seen and they will have the capability to completely eliminate paper money.

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Quote from: coolcoinz on April 11, 2020, 12:03:36 PM

Stablecoins aren't giving us anything new or better than cryptocurrencies. They are only used by people who want to go around fiat exchange laws in their countries and/or not go through full KYC, as exchanging into a stable coin is like doing a crypto-crypto transaction that gives you a feeling of escaping into fiat. In reality, you are not really getting fiat and you are not escaping volatility as you're exchanging a real useful coin like BTC into a coin that mimmics fiat stability, but at the cost of centralization and lack of privacy.

I'm not sure if I understood your post correctly, but not all stablecoins are centralized. Have you heard of DAI? It's decentralized stablecoin. True, it has it's own problems but centralization is not one of them. But I don't think that centralization is the biggest problem with stablecoins. I think the biggest problem is when companies behind a stablecoin starts to act like banks and issuing stablecoins out of thin air. Of course, this is hard to prove but a rumor is sometimes enough for people to stop trusting them. That's why I like USDC. It's centralized (Coinbase is the company behind USDC) but they have monthly audits that checks if every USDC is really backed by a real $.

mr.robot8

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I really like stable coins you can make good profits by putting them in stakes and with this crisis for the virus they are an excellent safe haven alternative to cash / fiat

coolcoinz

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Stablecoins aren't giving us anything new or better than cryptocurrencies. They are only used by people who want to go around fiat exchange laws in their countries and/or not go through full KYC, as exchanging into a stable coin is like doing a crypto-crypto transaction that gives you a feeling of escaping into fiat. In reality, you are not really getting fiat and you are not escaping volatility as you're exchanging a real useful coin like BTC into a coin that mimmics fiat stability, but at the cost of centralization and lack of privacy.

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Quote from: dingo25 on April 07, 2020, 02:21:33 AM

Everyday more and more payment providers accept stablecoins like USDT and USDC as payment. Will they be the future of crypto?

Yesterday PolisPay just added 3 stablecoins as payment for the first time.

https://twitter.com/PolisPayApp/status/1247319714130546689

In as much as this is true, but a question still remains, is it better to hold or invest in something which is stable or that which appreciate in value? I believe most people if not all will go the one that appreciates in value. This is just the difference between stablecoins and other coins. Just imagine Bitcoin is showing signs of uptrend, many who are in stablecoins won't hesitate to convert to BTC after which they can still move back to USDT etc, if they want. Therefore in my opinion, stablecoins are just doing that which they are created for and with its restricted growth reduces its chance of being the future of cryptocurrencies. On the other hand, coin like Bitcoin is highly seen as the future of cryptocurrencies because of its value and potentials.

gundala

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Quote from: xSkylarx on April 10, 2020, 08:57:29 AM

Stablecoins are good for crypto but I don't think that it is the future of crypto currencies.
They are good for crypto adaptation but for me it is their only use for now for crypto to be accepted as a payment method for some companies and they are good to invest in when the crypto is crashing down.

Thats true.
Alternative payment by cryptocurrency is effective if we use stable coins, low volatility and the price tends to be constant. However, as most members above explained, this is no different from using fiat payments, just different forms and methods. Whereas the principle of cryptocurrency is generally, with high volatility, high-risk investments, stable coins are not included.

jahepahit

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because the price of the real value of usdt goes up, people are very fond of this coin. we all know that people now need cash for their needs during the lockdown period is not over. because for the people now, safety is the most important thing, so the public demand for usdt is very high

TheGreatPython

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Stable coins might gain adoption, but Bitcoin will always remain at the top and gain more adoption than every other cryptocurrencies.

Libra coin by Facebook would have been a worthy competition, and that’s only because Facebook is already a big platform and they will promote their coin to their users who will quickly adopt it, and plus they had big partners such as PayPal, eBay, and so many of them, but since it’s not a successful project, I don’t see any other coin that will be able to compete with Bitcoin as of right now. It will be leading while others keep following, none of them is crossing that line.

isaac_clarke22

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We can't speculate in terms of utilization yet OP.
Although traders practically use USDT mostly in storing their profit from their trades to stabilize it rather than hodling it in another currency to avoid losses from volatility.
I see it being a stable payment system over Bitcoin, but I don't think Bitcoin will stay volatile for a long time so we never know just yet.

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