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What is a stable coin? - Crypto in Plain English – Episode 9 - by cryptohunt.it
Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.
Today: How crypto becomes usable with stable coins
The biggest problem with making cryptocurrencies like Bitcoin usable as payment methods is that their price fluctuates heavily. Imagine you feel like eating a steak, there is just enough Bitcoin in your wallet, but you fall asleep on the couch. The day after, you walk into the restaurant and all you can get for your bitcoin is a cup of soup.
That’s why stable crypto coins were invented. They are stable relative to a real-world currency. Celo USD is a great example: 1 Celo USD is always very, very close to 1 actual dollar. That means your steak would always have a stable price.
Stable coins actually exist for many currencies and are actively used as payment methods. Celo USD for example allows merchants in sub-saharan Africa to accept payments from anyone, without either party having to have a bank account, which is hard to get.
And on Monday we talk about another blockchain asset type, that is very popular: NFTs.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.
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By cryptohunt
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Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.
Today: How crypto becomes usable with stable coins
The biggest problem with making cryptocurrencies like Bitcoin usable as payment methods is that their price fluctuates heavily. Imagine you feel like eating a steak, there is just enough Bitcoin in your wallet, but you fall asleep on the couch. The day after, you walk into the restaurant and all you can get for your bitcoin is a cup of soup.
That’s why stable crypto coins were invented. They are stable relative to a real-world currency. Celo USD is a great example: 1 Celo USD is always very, very close to 1 actual dollar. That means your steak would always have a stable price.
Stable coins actually exist for many currencies and are actively used as payment methods. Celo USD for example allows merchants in sub-saharan Africa to accept payments from anyone, without either party having to have a bank account, which is hard to get.
And on Monday we talk about another blockchain asset type, that is very popular: NFTs.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.