bitseven.com-There’s a new form of cryptocurrency gaining traction among fans of digital cash.
Unlike bitcoin, which has seen its price swing wildly from as high as $19,000 last year to its current level hovering around $6,200, this emerging class of cryptocurrency aims to maintain a stable price — one, single U.S. dollar — at all times.
A cryptocurrency whose price never fluctuates might sound nonsensical, particularly to entry-level traders who want to profit off a cryptocurrency’s appreciation. But many in the industry say the rise of “stablecoins” has in fact been instrumental for active investors — and could represent a crucial steppingstone to the future of money.
Bitcoin was hailed initially as a form of digital cash that could be used to purchase real-world goods and services. But in practice, the currency’s volatility has made buying anything with it far more complicated. In one early example from 2010, a programmer offered to pay for two pizzas with 10,000 bitcoin. At the time, that amounted to roughly $30. At today’s prices, it would be equivalent to $62 million.
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“I don’t know whether the price of that crypto is going to go up or down, but it’s almost certainly not going to be the same as it is today,” said Josh Fraser, co-founder of the cryptocurrency start-up Origin Protocol. “That introduces the problem [for] either the buyer or seller . . . as part of that transaction.”
That’s why many in the industry now see stablecoins as a big opportunity that could fulfill much of bitcoin’s original promise as a medium of exchange.
In recent months, dozens of stablecoin projects have been launched or announced. With names like TrueUSD, Paxos, Havven and Dai, this new crop of coins enjoys a combined market cap of more than $2.3 billion, according to CoinMarketCap, which tracks the price of hundreds of cryptocurrencies.
In September, Gemini — the cryptocurrency exchange supported by the twin entrepreneurs Cameron and Tyler Winklevoss — announced the Gemini Dollar; earlier this month, the payments company Circle said its U.S. Dollar Coin would become available on Coinbase, one of America’s most prominent exchanges.
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