Cryptocurrency is the way of the future, whether centralized or decentralized. Banks and countries are on the way to releasing their own CBDCs (central bank digital currencies). Those bank notes and coins or pennies that you have, made of paper or nickel, will be a thing of the past in coming years. Are you ready for the revolution?
Help - my tether...
Those bank notes and coins could become collectors pieces, antiques from a bygone age, worth zero in fiat terms, but maybe – if you’re lucky – worth something as an antique. Numismatists will be able to collect them for posterity.
Now in cryptocurrency we also have the iconic “stable coin” pegged to the US dollar, for example. So we already deal in digital currency that has replaced the dollar, but they are not all regulated. And there is news emerging now that the USA is looking at passing a law to prohibit stable coins.
The news is still emerging but we crypto enthusiasts will need to DYOR (do your own research). If you’re trading on an exchange, like Binance, Huobi, Kraken or any of the others, you may well be using a stable coin. However, if these are banned, you may want to look at your buy and sell orders to see if they are trading against the stable coin.
I have some sell orders on Binance for LTC/USDT for example, waiting for my price to be reached. But if this USDT is banned or regulated, I may have to adjust my sell order. There are so many stable coins now, besides USDTether. There is USDCircle, and others. Even Binance has its own stable coin pegged to the dollar. What about Maker and Dai, stable coins in their own right.
The news coming out is that these stable coins all need approval or regulation in the USA. Business may just move out of the USA of course, leaving them in the dust. This may well be a disadvantage for US users or traders, and may leave them behind. Other nations may simply continue allowing stable coins.
The playing field is constantly shifting. I have been wary of USDTether more than a year already as there is so much FUD around it. Is it audited? Do they have the fiat backing it? Not that fiat is backed by anything, so the logic is flawed, but that is how the centralized giant fraud called fiat is played.
I recommend doing some research into the upcoming US regulation on stable coins. It may be a game changer for crypto enthusiasts. Let’s see where this goes. There has always been FUD around USDT but now all the stable coins are coming under scrutiny. Stable coins really make it easier for day traders or swing traders. If they are banned or regulated, we can simply go back to trading in and out of our home fiat currency on our local exchanges I presume.
So the show will go on, bitcoin will march on. Bitcoin will be hard to regulate or ban outright. It is decentralized with nodes and miners all over the world. If one nation bans them then another nation will pick up the mining slack and the hash rate will dip but still continue. The “difficulty adjustment” built into the code by Satoshi will simply facilitate the miners that remain.
(image pixabay)