In this article, I want to debate on why we must adopt USDQ stablecoin over Fiat-currency
At first, I will brief what Fiat-currency is all about and its challenges;
FIAT-CURRENCY
Fiat currency is the paper money we all know about, it is used as a means of exchange, but one fact about fiat-currency is that it relies on confidence and trust to determine its value. So when people using the fiat-currency loses their belief, the value will drop immediately. All these make the value of fiat-currency unstable.
FLAWS OF FIAT-CURRENCY
- Central Controlled
Fiat-currency are usually been controlled by the central authority; these people force fiat-currency based on coercive instead of basing on voluntary market relationships. The central authority are the one to dictate to people either to use it or not, and things of this nature usually destroy economic activity of a nation.
- Price Instability
In an economy reality of a physical world, the fiat-currency does not have any direct relationship. That is why the price of fiat-currency is not stabilize because the central authority determined the value of fiat-currency which will definitely enhance inaccuracy and the price will unstable.
- Economic Volatility
Fiat-currency effects do cause economic volatility. Since the central authority that do release fiat-currency don't know the exact quantity circulating, there is tendency of recession, credit boom, and economy collapse occuring.
There are so many other flaws of fiat-currency but I will stop here today ...
BENEFITS OF USING CRYPTOCURRENCY OVER FIAT-CURRENCY
The cryptocurrency was primarily initiated to be a store of value and also a digital currency which stands as a medium of exchange. Though the first set of cryptocurrency (Bitcoin) and most other are volatile in crypto market where prices move up and go down. Stablecoin was designed to hold up against the strong volatility of cryptocurrency in the market.
The benefits of using cryptocurrency over fiat-currency are:
- Lower Transaction Fees Across Borders
Life is all about business, people normally do transaction within themselves almost everyday. Sending money from one country to another attracts a high fees. There are some situations whereas conversion is even required. However, transaction with cryptocurrency attracts lower fees.
- Faster Transactions
Sending and receiving fiat-currency do take much time; there are times that people have to wait for 24 hours before receiving money our business partner send to us. The cryptocurrency eventually make things easier where people can make payments and it will get to its destination immediately.
- Control Over Your Funds
The central authority control the fiat-currency, but cryptocurrency make us to be in control of our funds. The banks hold and use our fiat-currency funds and they can zoom off with it anytime. Storing a cryptocurrency at a wallet is safer and we can get access to it at any point of time we need it.
- More Secure Payments
Incase you don't know, cryptocurrency is more secure than the fiat-currency payment methods. Users of fiat-currency are at risk because their personal information is always required to make transactions. Transacting cryptocurrency does not require any personal information before making a payment and everything can be anonymous.
Since Bitcoin and other cryptocurrencies are volatile in the crypto market, stablecoin is more preferable and I will recommend everybody to adopt USDQ stablecoin.
USDQ
USDQ is a stablecoin pegged with US dollar which can be collateralize using Bitcoin. The USDQ can be generated from an ethereum based smart contracts called Q DAO. USDQ unlike other cryptocurrency stablecoin can be generated if you have BTC using collateralization technology through Q DAO ecosystem. USDQ is an Erc-20 token, it can be easily used for any purposes.
- Everybody can generate USDQ
- You don't need to sign up
- It does not require your personal information
- No limitations
According to the whitepaper, the team promise to work with other cryptocurrency in the future, but only Bitcoin is accepted for now as collateralized-currency.
So therefore, everybody convert their highly volatile Bitcoin into a USDQ stablecoin using Q DAO Platform.
The simple step to so this are
- Go to Q DAO platform
- Create your Bitcoin wallet there
- Deposit Bitcoin into that wallet in Q DAO platform
- Wait for the system to verify all necessary information for the collateralization to take places
- Receive USDQ that is equivalent to the Bitcoin you deposited
At the same time, we can retrieve the collateral by paying a stability fee of aroy 1% per annum.
CONCLUSION
USDQ stablecoin will limit foreign exchange risk and enhance international trade. USDQ will also eliminating intermediaries which normally attracts additional fees and bureaucracy. Any organization that wants to enjoy a transparency accounting systems should embrace USDQ as this will eliminate all sort of corruption in the system.
OFFICIAL LINKS OF USDQ
Website - https://usdq.platinum.fund
GitHub - https://github.com/Platinumengineering/USDQ
Facebook - https://www.facebook.com/FundPlatinum
Medium - https://medium.com/platinum-fund
Twitter - https://twitter.com/platinumqdao
LinkedIn - https://www.linkedin.com/company/platinum-co
Telegram - https://t.me/Platinumq
Reddit - https://www.reddit.com/user/Platinum_QDAO
Kakao - https://open.kakao.com/o/gfFhY2mb
Author: Benedict