For a while it seems like people forgot all about stablecoins in search of what is to be the next hype in crypto. For some, it feels extremely normal to keep chasing speculations but it really isn't. The history of crypto shows that in the long-term, the neglected giants tend to create an impact that moves the sector in a big way.
We can easily cite these instances beginning with bitcoin but to avoid unintentional shilling of projects, we won't list these instances and the products involved.
Financial Settlement - Crypto's Revolutionary Role
Yesterday we defined what makes crypto valuable and peer-to-peer payments was one of the utilities highlighted. In the broader outlook of things that are happening in this space, crypto has literally solved the purpose it was originally envisioned for. For clarity, this was to create a stable system for financial operations backed by a currency that is run by the people.
When considering low cost, speed and stability, we can cite a number of crypto projects that fit this and some that are overqualified. That said, what we call stablecoins are one of the best innovations of crypto and what we call "algorithm stablecoins' ' is what will help keep our wholeness for a long time.
Tether announced yesterday that it had settled over $18 trillion in 2022, surpassing visa and mastercard. People were eager to call it out for being majorly wash trading. I mean, we all know that tether is a centralized shitcoin, one that isn't entirely good for space and one that will blow up at some point, yet we're still here waiting patiently for that storm.
Anyways, that not being the case, what should have actually looked at is how crypto has become a viable means of payment which most people will wholeheartedly prefer. The market that Visa and Mastercard currently dominate isn't yet opened to crypto assets, if it were, trust me, they'd be embarrassed at the figures when the crypto market kicks in.
Crypto is generally more efficient to mastercard and visa. We've all failed to acknowledge the number of failed transactions during this period from visa and mastercard, how about the charges? How about the double spendings we've all faced a couple of times?
Most of this is absent in the crypto ecosystem while others like failed transactions are incredibly reduced. Crypto as payment option is more flexible than visa and mastercard combined, in fact, there's a huge market that has been restricted from buying goods and services due to regulatory restrictions that stop these cards from working, usually because the nation lacks the reserves to finalize these trades, but with crypto, this is all not a problem, you sign a transaction, it appears in less a minute depending on the network in use, no regulatory restrictions, no double spending, lower chances of failing and more incredibly flexible.
It's time we begin to pay attention to what actually matters than always looking to place a sword on the necks of people, yes, the volumes with tether may be washed, but that value was in fact effectively moved from one place to the other more flexibly than with visa and mastercard, so that's a huge advantage.
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