Stablecoin for bitcoin

[PytagoraZ]

I see in this forum that many disagree with the concept of fiat money. But if we look at the price of bitcoin, most people like it when the price of bitcoin goes up. This means bitcoin is inseparable and independent as a currency without considering fiat dollars. At this point, bitcoin is considered an asset

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable

Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.

For example:

Code:

1 Bitcoin = 100.000 Bitcash

[1714891291]

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[hd49728]

I see in this forum that many disagree with the concept of fiat money. But if we look at the price of bitcoin, most people like it when the price of bitcoin goes up. This means bitcoin is inseparable and independent as a currency without considering fiat dollars. At this point, bitcoin is considered an asset

Do the world need a Gold stable coin to consider Gold as an asset?

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars.

You will need a good treasury to maintain a peg for a stable coin. We don't know how stable coin companies do that, trust them with risk.

Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

Stable coin is a type of altcoin and we don't need an altcoin to make Bitcoin better.

I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable

Only makes more fud against Bitcoin if those stable coins de-peg.

Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.

Bitcash sounds like Bitcoin Cash, a scam altcoin from Roger Ver.

I disagree with your idea and with the name.

[adaseb]

If I am reading this correctly and I might be wrong here but you basically want an algorithmic stablecoin
Backed by Bitcoin itself correct? Well guess what? We had this in the past.

It was called Luna and the stablecoin was UST. And it’s worthless now. Why? Because it’s not a good idea for a volatile asset like Bitcoin to ever be pegged to an asset which is suppose to be stable. Hence why Luna crashed when the bear market started to get more and more intense.

[Rampagoe004]

Creating a stable coin for an unstable coin (BTC)? I can't think of how something like that could have happened. Logically, how do people buy Bitcoincash? Are you using BTC or dollars? If using dollars, then what is the price of Bitcoincash when the price of Bitcoin goes up or down? Ultimately Bitcoincash is a flawed system in my opinion.

[IShishkin]

I think the stability of any coin is relative. In order to be stable, a coin should be widely adopted. Its adoption should be comparable to fiat currencies like USD. Only in this case it could become stable from everyone perspective. In this scenario, it could be used as an etalon for the assessment of other coin stability.

[Jackl87]

I see in this forum that many disagree with the concept of fiat money. But if we look at the price of bitcoin, most people like it when the price of bitcoin goes up. This means bitcoin is inseparable and independent as a currency without considering fiat dollars. At this point, bitcoin is considered an asset
With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?
I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable
Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.
For example:

Code:

1 Bitcoin = 100.000 Bitcash

There are several stablecoins out there now most of them are pegged to the US Dollar, others are pegged to the Euro. That being said, of course it is possible to create another stablecoin, that is pegged to something else too like gold or something like the total market cap of the whole crypto market. Everything is possible.
I don't really know though what the benefit of a stablecoin that is pegged to bitcoin would really be. The value of this coin would never be stable because bitcoin is still doing pretty big price moves every day. So it would not be a smart move to have a lot of bitcoin-stables laying around for a longer time. Also i don't think it would be good for the bitcoin price too, if bitcoin itself would not be used anymore for purchases.

[cryptoaddictchie]

You mean like usdt on ethereum network? But bitcoin isnt a smart contract type of crypto so it would not be a good idea to have a stablecoin for it or cant alone. Why theres need a stablecoin for bitcoin? We could use usdt or usdc or even fiat itself to trade bitcoin and vice versa.

So many stablecoins out there and people might not adapt to each and every stables been utilizing.

[DeathAngel]

We don’t need a specific stablecoin for only use with bitcoin. To create a new one or rely on a centralised group to create a new one is a bad idea. We already have Tether which has a longstanding reputation as very trustworthy. If we really like to use stablecoins then there is no better than USDT.

[GreatArkansas]

You mean like usdt on ethereum network?
(....)

I don't think it's about the network. What OP needs is something stablecoin that is based on Bitcoin or it is pegged just like USDT which is 1:1 pegged with the US dollar.
For me, if you want a stablecoin that it must be pegged 1:1 from the original currency. Which for me that's the common issue of stablecoins we have now, some got some issue with transparency like it's not 100% backed by the currency.

[cryptoaddictchie]

I don't think it's about the network. What OP needs is something stablecoin that is based on Bitcoin or it is pegged just like USDT which is 1:1 pegged with the US dollar.
For me, if you want a stablecoin that it must be pegged 1:1 from the original currency. Which for me that's the common issue of stablecoins we have now, some got some issue with transparency like it's not 100% backed by the currency.

Oh my bad. Its quite hard to trust those stablecoin and we dont sure if they are really pegged to the currency itself. There are many cases like stablecoins have been depegged on theit value. If based on Bitcoin then its gonna be much harder I think.

Any stable out there that close to what OP might suggesting?

[bluebit25]

I don't have a problem in the current fiat and bitcoin context, firstly we don't have enough information to agree on a fiat currency, and it is understandable for bitcoin to increase in value compared to fiat, such a means. suitable for the current context, just as we then use fiat for other consumption purposes in life. I'm not sure when will people be able to have clear and fair standards everywhere in the world, like how much satoshi can be paid for a lollipops.

[riskarcher]

You mean like usdt on ethereum network? But bitcoin isnt a smart contract type of crypto so it would not be a good idea to have a stablecoin for it or cant alone. Why theres need a stablecoin for bitcoin? We could use usdt or usdc or even fiat itself to trade bitcoin and vice versa.

So many stablecoins out there and people might not adapt to each and every stables been utilizing.

Especially Bitcoin don't have any founder who control their system such USDT,USDC and BUSD. Bitcoin is pure decentralize we can't manage anything we want to put in system of Bitcoin atleast we still can bought stable coin in other network for transaction so i don't care if bitcoin have stablecoin or not

[TheSpiral]

Bitcoin value is because of Its volatility and Satoshi nakamoto did not created Bitcoin for global currency purpose. he  created Btc for asset purpose. People already against the nft system in Brc-20 chain which increase transaction burden on btc and if any stable coin will be created then it will more produce more difficulty in btc network. I think at current situation no need of any stable coin over btc network.

[SUPERSAIAN]

I prefer Bitcoin over stable money. Fiat currencies have their own inflation, and those papers are melting day by day. Cash is fine, but as long as it circulates, it begins to melt away as soon as it waits. Bitcoin was born as an option against the inflationary environment, this birth can even be considered a milestone. Thinking in the long term and waiting for good support levels will always make you profitable in the long run.

[PytagoraZ]

You mean like usdt on ethereum network?
(....)

I don't think it's about the network. What OP needs is something stablecoin that is based on Bitcoin or it is pegged just like USDT which is 1:1 pegged with the US dollar.
For me, if you want a stablecoin that it must be pegged 1:1 from the original currency. Which for me that's the common issue of stablecoins we have now, some got some issue with transparency like it's not 100% backed by the currency.

It seems that only you understand what I mean.

It doesn't have to be on a 1:1 basis either. the point is that it's important to be stable, it could also be 1:100,000 as long as it's always stable at that number.

I prefer Bitcoin over stable money. Fiat currencies have their own inflation, and those papers are melting day by day. Cash is fine, but as long as it circulates, it begins to melt away as soon as it waits. Bitcoin was born as an option against the inflationary environment, this birth can even be considered a milestone. Thinking in the long term and waiting for good support levels will always make you profitable in the long run.

Therefore I don't want to talk about fiat money. If you want a crypto/bitcoin ecosystem, leave the concept of fiat behind and don't discuss bitcoin prices with fiat. But we rarely talk about trading bitcoin for ethereum, or bitcoin for bnb, everyone will talk about bitcoin for fiat. If there is a stablecoin for bitcoin then 1btc = 100,000 bitcash. That's it, no need to mention how much USD

[Xal0lex]

The most important thing is that they do not try to organize all this on the bitcoin blockchain, which can somehow handle bitcoin itself, but not enough to process some stablecoin with silly pictures to finally become an unworkable system. Bitcoin's blockchain is too slow and has big scalability issues. I'm sure value transfer in these stablecoins will be just as expensive, slow and unprofitable and people will prefer to move to other networks somewhere else.

[Hispo]

I think you have misunderstood a bit what the purpose of using FIAT to value Bitcoin is. It is supposed to be an indicator on the value Bitcoin has against the traditional banking ecosystem, that is important because in most occasions people need to exchange their Bitcoin for FIAT to make transactions possible.

If there were more merchants and business-people who used Bitcoin directly to offer their goods and services, then the volatility would decrease, so would the volume of the FIAT/BTC pair.

[o48o]

I see in this forum that many disagree with the concept of fiat money. But if we look at the price of bitcoin, most people like it when the price of bitcoin goes up. This means bitcoin is inseparable and independent as a currency without considering fiat dollars. At this point, bitcoin is considered an asset

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable

Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.

For example:

Code:

1 Bitcoin = 100.000 Bitcash

I fist thought that you were talking about actual stablecoins like USDT, which is on the bitcoin's omni layer already.
But what you are saying doesn't make any sense. If Bitcash would be valued the same as bitcoin, then why not just use bitcoin instead? Or even WBTC?
Or if it's a pegged coin then why would anyone want to make centralized pegged version of btc?

[danherbias07]

Too many ideas less research. Let's see if Ethereum does this and where it will go after. But I really doubt they will ever do this.
We already have the USD to know the value of Bitcoin, why else do we want to create something that will divide the money again? There are so many altcoins around and it also divides the supposed to be money for Bitcoin that could've been increasing the demand every day and yet you want to create another one. It will just create chaos like the fork coins that came out like mushrooms.
But if only there's less competition in the market then it might work. But on today's date, you might want to think about it because there are tons of stablecoins in the market. BUSD, Tether, USDC, and more. Creating another will not create any stability for the Bitcoin price, it will remain volatile for a long time or maybe when the halving ends which I doubt we will still be alive and witness.

[wxa7115]

I see in this forum that many disagree with the concept of fiat money. But if we look at the price of bitcoin, most people like it when the price of bitcoin goes up. This means bitcoin is inseparable and independent as a currency without considering fiat dollars. At this point, bitcoin is considered an asset

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable

Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.

For example:

Code:

1 Bitcoin = 100.000 Bitcash

I do not see any need for this, you are trying to create an artificial standard for bitcoin, however would it be possible to exchange that coin for fiat? If yes, then they bother with such coin as you could exchange bitcoin directly for fiat?

Also every single currency has a value when compared with other currencies, this is why we have trading pairs like the USD-EUR and many others, so I do not see why you think it is problematic that bitcoin has a price in dollars as well.