Accepting Stablecoins for Big-Ticket Items?

[Daiana]

Hola! I'm considering accepting stablecoins as payment for selling my boat. Would you consider accepting stablecoins for transactions above 100 000K? If so, which stablecoins would you trust enough to use, and why?

Keen to hear your thoughts and experiences!

[MrSpasybo]

Hola! I'm considering accepting stablecoins as payment for selling my boat. Would you consider accepting stablecoins for transactions above 100 000K? If so, which stablecoins would you trust enough to use, and why?

Keen to hear your thoughts and experiences!

I think you can accept any popular stablecoin like USDT, USDC, FUSD, TUSD, DAi... If you want to sell all of this stablecoin to fiat right away, there is no problem that is too complicated. Conversely, if you want to store stablecoins in the long term to earn attractive savings interest or DCA tokens in the crypto market, you can consider USDT and USDC as they are the two most reputable stablecoins with large market caps in the crypto market. I myself also choose these two stablecoins because Tether and Circle provide quite reliable proof of reserve.

[Daiana]

Thanks for your replay! Yes I have looked a bit at USDT (very interesting now when transactions can be done on telegram) and Dai (cool with the DAO and the yield).

[bitterguy28]

Thanks for your replay! Yes I have looked a bit at USDT (very interesting now when transactions can be done on telegram) and Dai (cool with the DAO and the yield).

But why Stable coin mate? since you are willing to accept crypto then why not in bitcoin instead since we are in halving now and waiting for so much with bitcoin these year or the next ?
sorry for that question I am just imagining why  stable coin.

[Daiana]

I am still pretty new to crypto and bitcoin just seems a bit too volatile for my nerves.. Stablecoins (the ones that are pegged and backed by good assets, seems a bit safer)

[hugeblack]

There is a small possibility that your balance will be frozen, so the safest method is DAI on the Ethereum blockchain, or USDC. If you plan to use those funds, USDT is the most liquid.
Using it to buy Bitcoin would be a good option, especially with the possibility that the price of Bitcoin may increase in the coming months.

[Daiana]

Yes, don't want to have any funds frozen. Bitcoin can go up but also down of course, since I need the money for the boat to buy another home I'm not willing to gamble too much. 

[Peter90]

Yes, don't want to have any funds frozen. Bitcoin can go up but also down of course, since I need the money for the boat to buy another home I'm not willing to gamble too much.

Hola Daiana
si tu lengua madre es castillano, según mi teoría vienes de Argentina! 


Funds frozen:
if you don't want funds frozen, the first thing to do is not to buy assets of a company that isn't regulated.
Because authorities can block those assets anytime, using as justification the fact that that company isn't following the rules (AML, KYC etc.)
Tether isn't regulated - at least in the USA (where they keep all their reserves)


Bitcoin:
you said that you want to avoid volatility i.e. risk, so forget BTC


USDT:
USDT is backed by multiple financial assets
The value of those assets can decrease (or crash)
If someone is trying to avoid risks, USDT is not the best choice.


USDT:
If you want to avoid risks, stay away from companies that don't let the assets backing their coins be audited
Tether don't let their reserves be audited


USDT:
If you are a trader and want to park your money short term, waiting for the next train, that's ok.
But if you want to save a big chunk of money, buying a coin whose value is pegged to a weak currency like the USD isn't smart.
(Particularly when there are coins pegged to harder currencies out there)

Look how much purchasing power the USD has lost in the last 20 years



If 20 years ago you had sold your boat in order to buy a house, and you had put the proceeds in something like USDT, today you could buy only an apartment.

USDT is a stablecoin, but it's not a stable coin.
It's a stablecoin only by name.
A stablecoin is a coin that doesn't loose purchasing power.

[Daiana]

Hola

Hola Daiana
si tu lengua madre es castillano, según mi teoría vienes de Argentina! 

Estoy aprendiendo español y actualmente vivo en un país de habla hispana, pero no es mi lengua materna. Argentina is high on my bucketlist, the nature looks so awesome and I am a big fan of all the great meat..

Yes it would only be for a short amount of time, just to make the transaction easier between me and the buyer. When I bought the boat I had to go to my bank and show them all of the paper trails for how I could afford the boat and then they had to manually approve the transaction (even if the price was just above 100 000euros which is not a massive amount..

[Peter90]

Yes I have looked a bit at USDT (very interesting now when transactions can be done on telegram)

Buenos días Daiana

apparently USDT has issues in Canada

By the way Tether was repressed in Canada last year, for example coinbase and others removed the possibility to trade in pairs with USDT. By the way, is there anyone who lives in Canada, how has it affected your trading, since a year is coming up?

It's very scary that Canada prohibits trading USDT, I don't understand where the error lies with USDT in Canada.
Including large markets such as Coinbase which prohibits USDT trading in Canada, perhaps other members have a better understanding of this issue.
Or maybe there are members on altcoinstalks who are originally from Canada, why does this problem occur.

... it's going to have issues in EU

OP you seem to be very knowledgeable about this project. Please let me ask, if you're ever European too, do you know if Kinesis stablecoins will be impacted by the ongoing MiCA regulation?
One of its objectives is to regulate stablecoins in the EU and, in the long term I believe, to favor the digital euro over other $tablecoins. For example, USDT should be banned in the EU from June 30. I wonder whether Europeans will still have access to the services/stablecoins we're talking about in this topic, in the short/medium term.

... their - regulated - competitors are pushing the US authorities to go after them...


Daiana... for those who are trying to avoid risk... USDT currently... is a Russian roulette!
 

[Peter90]

There is a small possibility that your balance will be frozen,

Of course
very small 






Tether is not a crypto money service business.
That said, the point is, if someone want to avoid risks... better stay away from un-regulated.
Imo

[Peter90]

Stablecoins (the ones that are pegged and backed by good assets,

Maybe you don't know it but what you are addressing are gold backed stablecoins


Gold is a much harder currency than the US Dollar





A gold backed stablecoin is much more stable than any US dollar backed stablecoins

[Daiana]

Wow, super interesting. Thanks for sharing!!

There is a small possibility that your balance will be frozen,

Of course
very small 






Tether is not a crypto money service business.
That said, the point is, if someone want to avoid risks... better stay away from un-regulated.
Imo

[Peter90]

Tether CEO giving up on reaching regulated status?
Next time a forum user asks where to put safely her savings, please don't mention USDT.
USDT is good for traders, not for savers

[Peter90]

Thanks for your replay! Yes I have looked a bit at USDT (very interesting now when transactions can be done on telegram) and Dai (cool with the DAO and the yield).

Never put big money in unregulated stablecoins