Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Malam90 on November 25, 2020, 01:23:51 AM
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Stable coins are cryptocurrencies that try to offer the price stability with backed by reserved assets like USD, EURO, GOLD etc. There are three types of stable coins.
1. Fiat backed: A Fiat backed stable coin is a cryptocurrency that is backed by local or international currencies like USD, EURO, BDT, RUPI, GBP, Dinar etc. It is the most popular and used stable coins in cryptocurrency in most of the exchanges. Its volume is huge than others. USDT, USDC, BUSD, USDN, USDQ, USDC, USDS, USDU, USDX, USDA etc.
2. Crypto-collateralized: Crypto-collateralized works as a similarity of Fiat backed stablecoins but it is backed by cryptocurrencies not real assets like USD, Gold. It helps to stable the volatile crypto market. Depending on the each dollar of volatility, it has to reserve one dollar value of cryptocurrency. Maker DAO (DAI), Synthetix are example of Crypto-collateralized stable coins.
3. Algorithmically Stabilized: Algorithmically stabilized coin is basically created on algorithm that can balance on a circulating supply of stablecoins. We know exchange rates of assets always fluctuates. So to maintain stability it needs some algorithm. Then it issues more coins if price of assets rises and simultaneously reduces the amount of coins if price reduces. Digix Gold Tokens (DGX) is the example of this stable coins.
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Stable coins are cryptocurrencies that try to offer the price stability with backed by reserved assets like USD, EURO, GOLD etc. There are three types of stable coins.
1. Fiat backed: A Fiat backed stable coin is a cryptocurrency that is backed by local or international currencies like USD, EURO, BDT, RUPI, GBP, Dinar etc. It is the most popular and used stable coins in cryptocurrency in most of the exchanges. Its volume is huge than others. USDT, USDC, BUSD, USDN, USDQ, USDC, USDS, USDU, USDX, USDA etc.
2. Crypto-collateralized: Crypto-collateralized works as a similarity of Fiat backed stablecoins but it is backed by cryptocurrencies not real assets like USD, Gold. It helps to stable the volatile crypto market. Depending on the each dollar of volatility, it has to reserve one dollar value of cryptocurrency. Maker DAO (DAI), Synthetix are example of Crypto-collateralized stable coins.
3. Algorithmically Stabilized: Algorithmically stabilized coin is basically created on algorithm that can balance on a circulating supply of stablecoins. We know exchange rates of assets always fluctuates. So to maintain stability it needs some algorithm. Then it issues more coins if price of assets rises and simultaneously reduces the amount of coins if price reduces. Digix Gold Tokens (DGX) is the example of this stable coins.
A great information have found by moderator. I am looking forward to know more details as i have started to learn about different stable coin mostly all are same but i use USDT .
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A great information have found by moderator. I am looking forward to know more details as i have started to learn about different stable coin mostly all are same but i use USDT .
Now a days, popularity of stablecoins are on the rise for its tremendous popularity in trade when market is more volatile. USDT is the most popular stablcoin. That's why its demand and use in exchanges now more than 60% of trading volume in the recent time. Can you imagine? One single coin's volume is much than all other pairs. This proves that stable coins are now top trend.
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A great information have found by moderator. I am looking forward to know more details as i have started to learn about different stable coin mostly all are same but i use USDT .
Now a days, popularity of stablecoins are on the rise for its tremendous popularity in trade when market is more volatile. USDT is the most popular stablcoin. That's why its demand and use in exchanges now more than 60% of trading volume in the recent time. Can you imagine? One single coin's volume is much than all other pairs. This proves that stable coins are now top trend.
Yes exactly. I think the popularity is increasing day by day. On the other hand trader are feel comportable to trade on pair usdt thats why the volume are increasing than other pair. USDT will be a top stable coin as it is now.
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A great information have found by moderator. I am looking forward to know more details as i have started to learn about different stable coin mostly all are same but i use USDT .
Now a days, popularity of stablecoins are on the rise for its tremendous popularity in trade when market is more volatile. USDT is the most popular stablcoin. That's why its demand and use in exchanges now more than 60% of trading volume in the recent time. Can you imagine? One single coin's volume is much than all other pairs. This proves that stable coins are now top trend.
Yes exactly. I think the popularity is increasing day by day. On the other hand trader are feel comportable to trade on pair usdt thats why the volume are increasing than other pair. USDT will be a top stable coin as it is now.
Everyday, trading volume and marketcap of USDT is increasing. Last 7 days, marketcap increased nearly $1B. It is becoming more and more popular stablecoin. Volatile market tends to move the traders into stablecoins specially in USDT.
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What I don't know yet is a backup of the original Fiat for stable coins in cryptocurrency.
I searched for the information on various Google and haven't seen the information that fits my thinking.
For example: USDT mints a stable coin equal to 2,000,000 USDT. But does anyone here know how to find the Original Fiat equivalent to the 2,000,000 USDT ?
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Yes, I buy digital gold in the form of a Gold token on ERC-20 from Digital gold, I think this is a reliable choice! I also sometimes use Dai when farming in UNISWAP pools
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Many stable coin are available. Stable Coins Quantity are increasing day by day. Not Only Quantity Also It's Popularity increasing day by day. I think near about 200 Stable coin Available On Cryptocurrency Market. But i always Use USDT. I think USDT is Huge Popular Right Now. Thank you for your valuable information.
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For example: USDT mints a stable coin equal to 2,000,000 USDT. But does anyone here know how to find the Original Fiat equivalent to the 2,000,000 USDT ?
It seems that this question feels difficult to answer.
I also feel confused to know about this kind of thing in the crytpocrency room.
Maybe the OP or the Moderator will answer this wisely so that there is a correct and clear answer.
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For example: USDT mints a stable coin equal to 2,000,000 USDT. But does anyone here know how to find the Original Fiat equivalent to the 2,000,000 USDT ?
It seems that this question feels difficult to answer.
I also feel confused to know about this kind of thing in the crytpocrency room.
Maybe the OP or the Moderator will answer this wisely so that there is a correct and clear answer.
Actually this is very tough to answer this question other than the stuff of USDT team. I haven't enough evidence to prove whether USDT is fully Fiat/traditional currency backed. But I have found few topic in Google where they showed "USDT team claims it as 100% fiat backed" but still no audit can prove its accuracy.
Bloomberg News reported Tuesday that it has seen Tether bank statements indicating that, over four separate months at least, the company held sufficient dollars to back the tether (USDT) tokens on the market. Source (https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone)
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Still, in other words, this Tether can't provide accurate proof of the original backup from Fiat, right?
Maybe this will trigger problems in Tether's financial circulation and do not let this data manipulation occur.
But so far it seems that Tether is still safe because the price remains stable. Cmiiw
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I think that in cryptocurrency it is difficult to provide evidence of honesty in terms of development.
Even for Ethereum, we cannot be honest in the development of Ethereum 2.0 which "he said" can reduce the cost of GAS to transact.
At this point it is better to keep Tether supported as long as it is honest at a price which is always 1: 1 to USD and this is proof enough for Tether to be the best stable coin.
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I got to know a lot of good news through the moderator. You can say this in a very talented way. I read your posts in your forum very seriously and I find many informative posts which I benefit a lot from reading.Any investor should know the information to invest in stable coins.
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I got to know a lot of good news through the moderator. You can say this in a very talented way. I read your posts in your forum very seriously and I find many informative posts which I benefit a lot from reading.Any investor should know the information to invest in stable coins.
Thanks. You can also study to learn more either for stable coins, Bitcoins or altcoins. Study is must before posting topic or reply. The more study, the better improvement of comments.
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There are many stable coin in cryptocurrency market. And there has different types of stable coins. I am very glad to know about it. Many many thanks malam90 Brother for explain it.
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There are many stable coin in cryptocurrency market. And there has different types of stable coins. I am very glad to know about it. Many many thanks malam90 Brother for explain it.
To get a clear understanding, classification of stablecoins can help a lot. Stablecoin is a vital part of the cryptocurrency. If we need to hold our balance, stablecoins help much to retain it.
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I got to know a lot of good news through the moderator. You can say this in a very talented way. I read your posts in your forum very seriously and I find many informative posts which I benefit a lot from reading.Any investor should know the information to invest in stable coins.
Thanks for your appreciation. If users can be benefited by any topic, this is our achievement. :)
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I read the first first comment made by topic maker which very informative and constructive. I know so far USDT the best stable coin and most of the users prefer USDT. BUSD also very much popular and secured.
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This is in terms of the nature of providing stablecoins and their self-regulation. However, central bank stablecoins will soon begin to be issued in large quantities and should have a major impact on the overall functioning of stablecoins. Surely many people will start using them, but it is not yet clear whether they will be directly used as a stablecoin on cryptocurrency exchanges and their general interaction with cryptocurrency.
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I got to know a lot of good news through the moderator. You can say this in a very talented way. I read your posts in your forum very seriously and I find many informative posts which I benefit a lot from reading.Any investor should know the information to invest in stable coins.
Thanks. You can also study to learn more either for stable coins, Bitcoins or altcoins. Study is must before posting topic or reply. The more study, the better improvement of comments.
Thank you so much for kind of very good advice me.i will try to study.i have already learn lot of topic and new new subject from you post.so i am very grateful to you.
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There is no difference for all stable coins as all of them backed up are priced exactly the same as Fiat.
For example, stable coins USDT, USDC, BUSD, TrueUSD, PAXOS are all the same and what distinguishes them is the blockchain only.
USDT is now using the blockchain from erc20, trc20, bep20, BUSD is also almost the same as the USDT blockchain and everything is the same for different prices, just the blockchain.
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Many stable coin are available. Stable Coins Quantity are increasing day by day. Not Only Quantity Also It's Popularity increasing day by day. I think near about 200 Stable coin Available On Cryptocurrency Market. But i always Use USDT. I think USDT is Huge Popular Right Now. Thank you for your valuable information.
Oh my god 200 Stable coin i was think maybe only 4/5 stable coin i know only USDT most popular. but i have know lots of unknow information from the post.such like types of stable coin etc really this is very good news for me thanks.