Digital stable coins are useless without Crypto currencies.

[Grandeur]

Of course every technology comes with it's own development and the crypto market developed stable coins which I would say is beneficial especially in the bear market

 

[Justin]

The person who started this thread does not know anything about central bank digital currency (CBDC). These digital currencies are being launched as way to transact fiat currency on the internet.

 

[jeff87]

Countries of the world like China, India with few other countries are working hard to launch a digital version of their national Currency. To me these coins will be useless without crytpo currencies been in place because people won't use them as they had no value to their Investment. Share your thoughts.

You are correct. Stable coins are useless without cryptocurrency coins. I like cryptocurrency because of its volatility. For example the one dollar today will be one dollar tomorrow and the next coming days. Whereas with Bitcoin it can be $100,000 or $1 depending on the law of supply and demand.

 

[mcjerry]

Countries of the world like China, India with few other countries are working hard to launch a digital version of their national Currency. To me these coins will be useless without crytpo currencies been in place because people won't use them as they had no value to their Investment. Share your thoughts.

That is not true. There own digital currency will never be useless without crypto currency. People are tired have having o hold cash in hand or pocket. And moreover crypto currencies operate alongside country currency. They depends on them for there price

 

[Nomad]

The purpose of stable coin is to minimize the risks associated with the volatility of crypto currency market. Stable coins uses are very different than other crypto currencies. Central Bank Digital Currencies are more like a digital version of fiat money.

 

[Yusuf]

I think the major reason for creating this stable currency is to look like a store of value just like Gold. However, I don't think this will work too because a lot of people won't even buy them.

 

[jeff87]

Of course every technology comes with it's own development and the crypto market developed stable coins which I would say is beneficial especially in the bear market

You are right. When the bear market comes, it's good to convert your cryptocurrency to stable coin or cryptocurrency like USDT. It's because your one dollar is also one USDT in cryptocurrency.

 

[gammarays]

Countries of the world like China, India with few other countries are working hard to launch a digital version of their national Currency. To me these coins will be useless without crytpo currencies been in place because people won't use them as they had no value to their Investment. Share your thoughts.

I doubt. They may be called digital currencies but function just like normal crypto currencies. They are built on normal blockchains. Even at that,the country will provide liquidity to it to make it have value.

 

[ahmedo24]

Countries that build digital stablecoins will be the ones to provide liquidity for it, the more people demand for it the more the circulation supply increases.

 

[Kelly5]

The government owned coins will always be controlled and manipulated by the government. There is no way any government will want you to progress with their own money

 

[Niftyyem]

Countries of the world like China, India with few other countries are working hard to launch a digital version of their national Currency. To me these coins will be useless without crytpo currencies been in place because people won't use them as they had no value to their Investment. Share your thoughts.

China probably had the same line of thought before placing a ban on crypto use and mining. With Cryptos readily available the adoption of digital fiat may not be very successful.

 

[ahmedo24]

China probably had the same line of thought before placing a ban on crypto use and mining. With Cryptos readily available the adoption of digital fiat may not be very successful.

To an extent China is making progress with their digital Yuan but no doubt they will readopt cryptocurrencies in the future, the ban is temporary.

 

[Josemendez]

Countries of the world like China, India with few other countries are working hard to launch a digital version of their national Currency. To me these coins will be useless without crytpo currencies been in place because people won't use them as they had no value to their Investment. Share your thoughts.

Stable coins is profitable for people from low tier countries with weak and fluctuating Fiat Currency. For example , Nigeria naira was at the beginning of he year pegged at #365 per naira. Now it is #510 to #520

 

[ahmedo24]

Stable coins is profitable for people from low tier countries with weak and fluctuating Fiat Currency. For example , Nigeria naira was at the beginning of he year pegged at #365 per naira. Now it is #510 to #520

That's true, trading USDT stablecoins with most African fiat currencies can be very profitable if one can have huge volume of stablecoins because of the low value Currency in Africa.

 

[Grandeur]

You are right. When the bear market comes, it's good to convert your cryptocurrency to stable coin or cryptocurrency like USDT. It's because your one dollar is also one USDT in cryptocurrency.

And your funds are safe in stable coins, they are protected from the harsh effects the bearish run might cause and if you choose to, you might even invest in USDT in some wallet providers.

 

[Senator]

If the government want to fully go into cryptocurrency, then the should go it all out and not this look alike thing they're busy trying to set up because if it's not a cryptocurrency, it's not going to be like cryptocurrency

 

[Dagm1]

They're just offering a function of their very personal. Because certainly not everybody delight in the volatility in various other Cryptocurrencies they simply keep their possessions utilizing steady coins.

 

[joy101]

This is good idea to see these countries working for the betterment of their county, because I think so because without the help of this coin is useless.

 

[Niftyyem]

That's true, trading USDT stablecoins with most African fiat currencies can be very profitable if one can have huge volume of stablecoins because of the low value Currency in Africa.

Can one trade these fiats against usdt and profitably? There is actually a lot of fluctuations going on with fiats too, so, I wondered.

 

[ahmedo24]

Can one trade these fiats against usdt and profitably? There is actually a lot of fluctuations going on with fiats too, so, I wondered.

You can do that on platforms that supports the use of those fiat Currencies, like Binance before the cryptocurrency ban you can trade Naira with USDt and few others.