What's wrong about BTC being 'main' cryptocurrency... and why we need stable coin for trading?
My thoughts are simple and not simple. I'll try to explain, why we need a stable coin for trading as replacement for BTC as value of markets.
- First of all... Bitcoin (BTC) is so unpredictable with its price. To buy an altcoin, you need to buy some Bitcoins, a percentage of it. It may be instant with Coinbase, by bank transfer using bitbay(dot)net, Bittrex(I didn't use it) or similar. There are many other with differences of fees, number of confirmations and price per BTC - it takes time to realize that you loose time and money with trying to save some money. Dozens of crypto-markets and any of it is supporting the same altcoins or cheap coins at all.
- Prices of altcoins are based on Bitcoin(BTC) price which is calculated from the average (of hundreds places where you can buy BTC).
- There was attempt with Tether(USDT) which was proposal for putting value of US dollar to cryptocurrency world. OK, here we have almost stable value of 1USD, but did it changed something? NO, we have still ruling of Bitcoin(BTC).
- Bitcoin was first. First but, I see it only for replacement of gold trading. As method of payment is to heavy with it's fees and slow transactions - it makes impossible to me about forget of using my debit card.
There are 4 main reasons that makes me uncomfortable about trading these days. Think of it. Even when price of Bitcoin 'the king' BTC will go up to above $ 20k and even $100k... what will happen to altcoins? Their prices will jump up too but for really short. And then we will watch second great crisis on cryptomarket. That's my opinion and I am convinced - we need to set a stable coin for trading. One, universal and independent as bitcoin should be.