Stablecoin for bitcoin

[vv181]

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

Miners pay the utility with their own respective currency. It is required for them to sell Bitcoin for fiat, in many cases.

Anyway, I don't think a Bitcoin-backed stable coin is viable. I am concerned about how the stablecoin maintains its stability. Besides, what does its practical purposes? to transact? I think it is rather redundant. Even if we create it for the sake of as a representative of stable prices, people won't perceive it as it is due to the cost of production of bitcoin itself mainly priced in FIAT.

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[Ngemmeng]

the benchmark or value of all investment assets is measured in fiat currency because fiat currency is a legal payment and is recognized by all countries. and the most widely used currency today is USD, therefore all stable coins are currently based on USD. bitcoin can never replace fiat currency as a legal payment because fiat money in each country is different, besides that bitcoin is also used as a means of investment and of course the value of bitcoin will not be stable.

[libert19]

Not sure if I get this correctly, we have bitcoin itself why do you want stablecoin pegged to btc then? If nation already has fiat, would they create stable coin pegged to that fiat?

[Apocollapse]

It has been created, the name of the coin is Wrapped Bitcoin where it's a centralized coin that using Bitcoin as the underlying value.

For me, there's no point to have a stablecoin with a same value like Bitcoin because we can just use Bitcoin directly without need to buy Wrapped Bitcoin. Someone who want o buy Bitcoin don't need to buy the whole Bitcoin, they can just buy the fraction.

[uneng]

Lol, that is the kind of concept which aims selling empty notes as something which has a value, while in fact it doesn't have any. Why would you hold stablecoin of Bitcoin, while you can just hold Bitcoin? It's like having something original on your hands and exchanging it in a 1:1 ratio for a cheap copy.

The only benefited one on this negotiation is the developer of such stablecoin, since he will be creating tokens from thin air, selling for BTC, holding it and making huge profit once the next bull run begins.

[Magic-Money]

Bitcoin is Bitcoin and it doesn't have any other Coin called stable, na matter what Bitcoin can't be duplicate to have a stable coin and is created for future financial services system in the world of technology. Never dreamed about Bitcoin to be creat enable to have a stable coin along side and remember Bitcoin circulation supply is not much and is going to be more scarce in the future time.

[avikz]

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

That's correct! People here are not against the idea of fiat, but they are against the idea of centralized control. Fiat and bitcoin are inseparable for sure.

However, the idea of stablecoin for bitcoin doesn't make sense. Because at the end of the day, it always depends on the fiat unit. Unless bitcoin is directly accepted as a currency in worldwide brick and mortar establishments, a separate stablecoin isn't required.

[TelolettOm]

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

People hates fiats because it is fully controlled by the government and its physical actually has no value. People may disagree fiats but people support that we still need physical money.

Bitcoin value is compared with fiats. Sure, Bitcoin can't stand alone now, not everywhere it can be used as a currency. In my country, it is only used for a digital asset. It may stand alone when it is accepted as a payment tool in every place in the world.

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?

What for stablecoin for Bitcoin?
I don't think we need more stablecoins, it is just another form of altcoins. The use of the coin will be the same at the end.

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

You must know that no coin has a really stable in price. Even it is a stablecoin, the price can change a bit. But the change isn't as significant as common coins. Anyway, I doubt if we can have a main currency in crypto besides Bitcoin. Only Bitcoin that has a capability to be the main coin.

[Adbitco]

Do you know that if it was built and configured the way you think it would had defeated the purpose of bitcoin and I don't think if bitcoin would had gained this popularity by now because I believe no one would like to lose his or their money. The volatility of bitcoin is what greatly causing the price surge like never before and if not the concept they used it, bitcoin wouldn't had made any progress whereby being the top currency. I think from what Satoshi did it was intentionally created to stand alone instead of being merged or attached with any other coin or being backend by stablecoin of usdt or usd.

[d5000]

@Apocallapse is correct, WBTC is one of the Bitcoin stablecoins. There are actually a few of them, for example the Binance Smart Chain based stablecoins (BTCB etc.) are also very similar, they do not only exist for Bitcoin but for a lot of other coins too.

The idea is however much, much older. In 2015, BitBTC was created on the Bitshares blockchain (see here for its price chart, go to "Max" to actually see something, because after 2018 it was delisted almost everywhere). It was even an algorithmic stablecoin, i.e. not centrally backed like WBTC, but tied to a set of incentives, a bit similar to how Dai works. The peg worked quite well but somethings there was a bit of volatility (once it went to 1.40 BTC or more, and it also had fallen to 0.95 or less several times).

The ideal Bitcoin stablecoin would be a 1:1 decentralized pegged asset, and that is attempted currently in sidechain projects. There are semi-centralized ones like RSK-BTC and Liquid-BTC, but an interesting new development are some with decentralized elements (the BTC "token" on Stacks, for example).

[Dr.Osh]

what is stable coin for bitcoin ? does it make coins stable but based on bitcoin? I think it's difficult because we know that the price of bitcoin itself is very volatile. this is not like fiat money which has a gold back up. gold has a long tendency to move in price, so the government also created a currency based on gold.
If you are looking for a popular stable, then there are currently USDT, BUSD, and several other stable coins that have large volumes, and I think that should be enough. after all stable creation of coins requires a centralized system, and the government needs to check. how can you make a stable coin on a bitcoin basis when the price of bitcoin is very volatile.

[bettercrypto]

I just want to ask you, did you just find out that Bitcoin is an asset? With so many years that have passed and it's been 14 years now that bitcoin has existed in this industry, do you think that the million community of the bitcoin industry still doesn't know that it's an asset?

And secondly, in Bitcoin's 14 years in this industry, has anyone tried to create stablecoins for Bitcoin? Maybe it is possible for other altcoins or cryptocurrencies, but not for Bitcoin. That means Bitcoin does not need stablecoins. Because if that is effective, the value of other cryptocurrencies that have stablecoins would rise, wouldn't the others even fall like what happened with luna, this is just an example that stablecoins are not effective for most.

[nutildah]

I fist thought that you were talking about actual stablecoins like USDT, which is on the bitcoin's omni layer already.

Ah, good, somebody mentioned that Tether was initially on Bitcoin via Omni Protocol. It still is there but the majority of liquidity has migrated to other blockchains. So the original stablecoin was on Bitcoin.

These are the most recent USDT transactions on Omni:



Not a whole lot of volume but it proves that stablecoins are still being transacted on the Bitcoin network, where it all began. Most things that people think started on Ethereum actually started on Bitcoin: tokens, stablecoins, NFTs, and even on-chain image storage that predates both NFTs on Ethereum and Ordinals.

[PytagoraZ]

I fist thought that you were talking about actual stablecoins like USDT, which is on the bitcoin's omni layer already.

Ah, good, somebody mentioned that Tether was initially on Bitcoin via Omni Protocol. It still is there but the majority of liquidity has migrated to other blockchains. So the original stablecoin was on Bitcoin.

These are the most recent USDT transactions on Omni: [image deleted for quote]

Not a whole lot of volume but it proves that stablecoins are still being transacted on the Bitcoin network, where it all began. Most things that people think started on Ethereum actually started on Bitcoin: tokens, stablecoins, NFTs, and even on-chain image storage that predates both NFTs on Ethereum and Ordinals.

Do you mean that Tether was originally on the bitcoin network? I don't know about that, so I don't understand what @o48o is saying.

[justdimin]

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.

I think ETH already have its own stablecoin and that is Tether ( the original one only ) because right now, there are now Tether which are built for other networks. So far it is successful I think that is because ETH is already a top coin so it's not that hard to gain the trust of the public but how much more if we also have one for Bitcoin? Many people might switch on it but I'm not only sure if it's possible because stablecoins are a token and Bitcoin doesn't have smart contract capabilities in order for it to create a token.

Yes, we already have a USD but it is different from a stablecoin because it is offline. Having different currencies is not always bad but they are also helpful to prevent the risk than if we only invest in one coin. They also have features which can't be found on Bitcoin.

[nutildah]

Do you mean that Tether was originally on the bitcoin network? I don't know about that, so I don't understand what @o48o is saying.

Bruh

After reading your other posts, I'm just not interested in conversing with you any more.

But here, maybe this will help:

https://letmegooglethat.com/?q=Tether+on+the+bitcoin+network

[so98nn]

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

[goaldigger]

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

[Halime Anatolia]

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

In this respect I am personally quite optimistic about bitcoin, as I like how BTC performs on its defense, and in this case it is up to you to decide if you are comfortable with the risk involved as there is no telling if Bitcash will be a good investment in a volatile market. to market correction Yes. anyone, When it comes to investing they have their own ideas.

[Freddie Boyer]

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 thought why it exists, Let Bitcoin Stand Alone, means that Bitcoin should remain separate from fiat currencies and stablecoins the reason for my value Bitcoin lies in its unique characteristics as a decentralized cryptocurrency and limited supply. Well, what's the correlation, By maintaining its independence from stablecoins, Bitcoin can serve as a true alternative to traditional fiat currencies and maintain its role as a hedge against economic uncertainty. I'm headed there.