• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
bitcoin crypto stablecoin tether facebook libra

Stablecoins Could Be Crypto’s True Killer App

Tony "The Bull" by Tony "The Bull"
3 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

During the crypto hype bubble and Bitcoin’s meteoric rise, speculation ran wild due to the incredible potential the emerging technology could bring to the world, if only the technology could find its “killer app” – something that makes the technology a must-have addition to daily life.

While a clear killer app never arrived, there’s evidence growing that stablecoins may be it, and it could be harmful in the long run for Bitcoin and other cryptocurrencies.

Crypto Killer App Could Emerge From Stablecoin Arms Race

Throughout the cryptocurrency industry’s young history, the entire story has been predominantly about Bitcoin and its unstoppable rise. The cryptocurrency took the world by storm in late 2017, when it went from being relatively unheard of to on the tips of the tongues of retail investors everywhere.

Related Reading | Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry 

FOMO pushed the price of the crypto asset to $20,000, but the bubble eventually popped when Bitcoin’s network bottlenecked, showing signs that the technology wasn’t yet ready for the exuberant expectations speculators were dreaming of.

This year, Bitcoin price picked up once again and went on a parabolic rally. It wasn’t until Facebook debuted its Libra stablecoin cryptocurrency that Bitcoin’s rally topped out, sending the leading cryptocurrency by market cap plummeting back into a downtrend.

Since then, Bitcoin has been demonized by government officials and regulators, and even United States President Donald Trump spoke out in opposition to the cryptocurrency and Facebook’s Libra.

Stablecoin Trading Volume Outshines Bitcoin

The emergence of Libra, however, amplified the arms race taking place amongst stablecoins. Libra itself is designed to be a stablecoin, pegged to the dollar to provide stable pricing for holders of the asset.

Cryptocurrency’s notorious volatility is due to the speculative nature of the asset class, and because the asset isn’t tied to other assets like fiat currencies, gold, or real estate. Stabelcoins eliminated the volatility, yet still, retain the utility and speed that Bitcoin and other cryptocurrencies provide.

So what’s the next big app in crypto use case after SoV, speculation, and capital formation? It seems to be stable coins. The evidence of this is trading volume led by USDT, which has now exceeded Bitcoin.

— Leon Fu (@leoncfu) December 13, 2019

Tether, was first released into the market many years ago, but today dominates Bitcoin trading volume, proving that stablecoins are not only here to stay, but they may be a more important factor in the crypto market than originally thought. Tether and other stablecoins were first used as a flight to safety during selloffs, but have since become a way to store value, move capital, and because of the price stability, are typically more reliable to use than Bitcoin itself.

Related Reading | Decision Time For Future Of Bitcoin As Crypto Teeters On Bear-Bull Edge 

With Tether infamous for its shady business practices, the market stablecoin leader faces additional competition from the likes of the Paxos Standard, USDC, and many more. Even world leaders are realizing the disruptive nature of the stablecoin market, which could be a great impact on the financial sector than Bitcoin.

Is she talking about Tether? https://t.co/mvwsQD6IDW

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) December 13, 2019

Sadly, Bitcoin’s recent downtrend and woes may be due to investors slowly realizing that Bitcoin isn’t necessary to store value or move capital digitally, and those purposes are often far better served by stablecoins than the first-ever cryptocurrency.

Tags: bitcoincryptofacebooklibraStablecoinstetherUSDC
Tweet123Share209ShareSend
Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

Related Posts

Tron

Tron Upward Price Momentum At Risk Unless Key Resistance Is Breached

30 mins ago
LUNC

LUNC Token Continues To Surge During Market Uncertainty, What’s Behind It?

3 hours ago
FOMO Erupts with HedgeUp (HDUP) Pre-sale. Investors Part from ArbDoge AI (AIDOGE) and Shiba Inu (SHIB)

FOMO Erupts with HedgeUp (HDUP) Pre-sale. Investors Part from ArbDoge AI (AIDOGE) and Shiba Inu (SHIB)

5 hours ago
HedgeUp (HDUP) Ecosystem Capitalizes on $17.2bn Alternative Market. Will Polygon (MATIC) or Shiba Inu (SHIB) Keep Up with This Force?

HedgeUp (HDUP) Ecosystem Capitalizes on $17.2bn Alternative Market. Will Polygon (MATIC) or Shiba Inu (SHIB) Keep Up with This Force?

5 hours ago
Is the Downturn Induced by SEC a Nail in Pepe’s Coffin? These are the Next Three Meme Coins to Watch

Is the Downturn Induced by SEC a Nail in Pepe’s Coffin? These are the Next Three Meme Coins to Watch

5 hours ago
Ripple

Former SEC Chairman Deserves Appreciation From Ripple, Alderoty States

6 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Litecoin Set For 5X Rally, But This P2E Token DigiToads Can...

    5 hours ago
  • Elon Musk Says AI Is The Most Important Technology Of Our...

    6 hours ago
  • Further Upside Prediction For Dogecoin and Shiba Inu...

    9 hours ago
  • SandBox (SAND) and Decentraland (MANA) Don’t Even Come...

    11 hours ago
  • Anticipated Break of $26.30 Solana (SOL) Price Could Signal...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.