Fiat Cannot Support the New Economy: We Need Bitcoin
The Internet of Things (IoT) and many technological innovations are driving a vast economic transformation. Billions upon billions of smart devices are being interconnected through the Internet. Many of these devices communicate with each other, seamlessly, across country boundaries. They are also capable of performing all sorts of tasks, including....
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Since December 8, the stablecoin economy has grown 3.59% in 17 days as numerous stablecoin market valuations have issued more fiat-pegged tokens this month. On Saturday, December 25, the stablecoin economy’s $167 billion market valuation represents 6.68% of the entire $2.49 trillion crypto market economy.
Stablecoin Issuance Jumps 3.5%
There’s a great number of stablecoins in existence today that are pegged to the value of fiat currencies like the U.S. dollar. The U.S. dollar is the most common stablecoin peg today, but there are others that represent the euro and....
As Bitcoin moves towards becoming a part of the mainstream economy, why should it be any different from the traditional economy? Well, that's what the scenario looks like in the Bitcoin community. It is a well-known fact that 50% of the whole world's economy is controlled by the top 1% of the population, similarly 99% of the Bitcoin is under the control of 1% of Bitcoin community. The only difference between traditional economy and Bitcoin economy is that in the traditional economy, when it comes to fiat currency it is easy to identify how much a person is worth and who are the rich and....
According to statistics on Friday, May 13, the top stablecoins by market capitalization are currently worth $163.7 billion after the stablecoin economy was valued at close to $200 billion just last week. Of course, the climactic terrausd (UST) failure wiped out billions from the stablecoin economy, and Binance’s stablecoin BUSD has recently entered the top ten crypto market capitalization positions. Just as it caused carnage in the crypto economy, Terra’s recent downfall has caused a great shift within the stablecoin ecosystem.
The Stablecoin Economy’s Great Shift....
Evangelists and skeptics alike tend to frame digital currency protocols and state fiat currencies in stark conflict, but the promising moderate view sees them coexist as mutual optimizations of one another. Bitcoin doesn't need to replace fiat currencies in order to be successful - it merely needs to optimize away the pain of (and expose new value in) transferring currency. Conversely, fiat currencies don't need bitcoin to fail or see it regulated into the shadows in order to ensure continued sovereign coin sustainability; traditional economies can instead assimilate digital currency....
Bitcoin, since its inception has been hailed for the decentralized model that allows the transaction of digital currency between users without the involvement of governments and financial institutions. People do not want government's involvement in the Bitcoin economy. Attempts by the governments to bring about regulations for bitcoin is being met with stiff opposition. However, this can't go on forever and for a good reason. There needs to be an active involvement of both government and the public in order to see Bitcoin emerge as a mainstream economy. Currently, the value of Bitcoin is....