Are Stablecoins the Key to Mass Adoption? – Emogi Coin
While early Bitcoin and cryptocurrency proponents would likely say that mass adoption will occur when the majority of people have a Bitcoin wallet readily available to them and they use BTC in their everyday lives to purchase needed items, its beginning to look less and less likely like that will be the case.
And for the last several years now it has become apparent that the Bitcoin core developers are more interested in locking up Bitcoin as a store of value rather than for use in everyday purchases. And in all honesty, that’s a better fit for something that has a hard limit of 21 million coins. Regardless of how many satoshis are in each BTC, the future economic system will not run on something that most people can not own one full coin of.
Besides, if you take Gresham’s law into consideration, which states that “bad money drives out good,” BTC would be the last currency used for everyday purchases by people as they would seek to get rid of any fiat or lesser-known crypto’s before parting with their BTC.
So taking that into consideration, what exactly will mass adoption look like.
When taking consumer behavior along with merchant needs under consideration, the likely outcome is related to the fastest-growing segment of the cryptocurrency sector over the past couple of years.
Mass adoption will be apparent with a majority of people use stablecoins for their everyday purchases. At that point, blockchain technology will be ubiquitous throughout society with many people not even knowing that the things they do operate on a blockchain.
The privatization of money is well underway and Facebook’s Libra project put the world on notice. The immediate negative reaction from the central banks and governments of the world show just how much of a threat stablecoins pose to their ability to just print money out of thin air.
Bitcoin may have bulldozed its way onto the world stage and continues to hold the top spot, but the stablecoins will bring the masses. The financial system as we know it looks to be headed for “death by a thousand stablecoins.”