What has changed.
It is in human nature to criticize and question what they have always believed in when there are little or no problems. It is in human nature to criticize and question what they have always believed in when there are little or no problems. Sometimes this questioning might be right leading to our best escape from a tragic event and sometimes this will just be another loss of opportunities for us or lead us to where we lose everything.
When the tragic event of luna/ust happens people are very confused and all of a sudden stable coin, in general, is not good. I saw too many things on social about how a stable coin was designed to fail and panic everywhere leading to many people redeeming their usdt in the process.
The importance of a stable coin has grown and it has shifted from just buying and selling alone, the stable coin has turned to a coin that gives bitcoin a lot of sense and if all stable coins in the crypto industry should go to zero as ust did, bitcoin might go back to be traded below 1k because many people will lose hope and this will create a shock for many who believe in crypto.
the guard
the ways Africans view stable coins is quite different from most developed countries, the stable coin has helped many Africans youth in savings and helps to fight inflations. Nigeria's naira, for instance, has been losing value for a few years now because the naira was 300 per dollar three years ago and now it is traded at around 600 per dollar which is ridiculous. to fight this inflation many youths hold stable coins as a means of protection in other to retain the value of their money. millions are pumped into stables every day from Africans to avoid this painful consequence because of bad governance.
the strategy is also used in some South American countries too because of a bad economy. this is one of the reasons why crypto has become popular to many youths on this side of the world and not because they know full well of the peg or their love for crypto but for this reason alone they invest in stables. it is a profitable business here in Africa, just imagine how much you would have gained if you've been holding a stable coin since three years ago in Nigeria.
stables coin is helping newbies in crypto because the first coin they are always interested in buying is stable and also helps large people from inflation and bad governance.
conclusion
stable coins are used for many purposes now online and the opportunities it brings during the bear and the bull market are limitless. instead of criticizing and trying to bring more stable coins down, I think we should focus more on ways to truly makes the stable coin more acceptable because a stable coin makes more people feel safe in any market and I don't see any future present without a stable coin and the current market price says it all.
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Stablecoin is here to stay, no matter how people see it or want it to fail, so they can point fingers.
We should note that we are still early, we don't know the purpose of stable coins some years back, but now that the market is growing and evolving, we need something to hold on to in any season, something to battle inflation.
The early days of stablecoin may be a rough one, we'll see some go down the drain, some will fail, but in the end, those who manage to build a strong foundation and utilities will stand out among the rest, just like HBD is doing quite well than earlier.
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I also believe stable is here to stay because it has show great importance to the development of btc. Stable is very important in the future of bitcoin
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Yes, it has and with time people will come to realize this.
They view btc this way years back, now it's everywhere, can say the same for stablecoin too years from now.
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Stablecoins are here to stay. It's the easiest way to value things in the fiat realm and the current economical system is pretty much based on the fiat realm. You rarely see people really talk about the volume of crypto not in dollars and it's pretty commonplace.
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