Stablecoins: Cutting Out The Risk And Getting The Stability You Need
April 5, 2022
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2:05Now PlayingStablecoins: Cutting Out The Risk And Getting The Stability You Need
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as posted by the channelWhat are stablecoins? Check out the video to learn what to look for!
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.
Well, stablecoins are cryptocurrencies that don't have to build in volatility that's typically tied to it like Bitcoin and Ethereum and so on and so forth. What it means is a stable coin is that it's tied to and backed by a native currency like the US dollar.
One example is Tether (USDT). You have the value of a dollar in that coin and you can use that to transfer money to friends and what it does is it rids you of the friction point of sending money. Obviously we have Venmo and CashApp but for larger transactions, you have to deal with the bank and they have these high fees.
It will take days and that's really where these stable coins and the technology of these digital currencies actually come into play and become very beneficial to those who use them.
You can send an X amount of money just like that with a click and it is very simple and because again it is tied to, in theory, to the US Dollar and the native currency that means the volatility thing gets removed. That's when you have all the benefits of the technology without the drawbacks of the volatility.
But keep in mind something that can go up you can go down. So if you prevent something from going down you also don't get the potential massive upside. So it's something to think about when you look at these different things. Bitcoins and theory and so on and so forth.
It all depends on how you like crypto and the reason why you like crypto. But the cool thing about stablecoins again is that it offers a digital equivalent of the currency that you use on an everyday basis. And you can send it easily without the friction of having to go through a bank and pay all that money and fees.
Would you invest in stablecoins? Let us know in the comments.
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