3 ms·
It's not about backing with value, it's about liquidity. Traders want to use USD assets on a market and be able to transfer them as a digital asset between exch
by deckar01 8y ago
It's not about backing with value, it's about liquidity. Traders want to use USD assets on a market and be able to transfer them as a digital asset between exchanges with minimal 3rd party fees. Transferring USD through a bank account can be expensive.
- JumpCrisscross 8y ago> Transferring USD through a bank account can be expensive I keep hearing this, yet can instantly and for no charge electronically transfer under $10,000 between various accounts, and with minimal (often waived) wire charges, much larger quantities more reliably (and with less risk) than using a "stable coin".
- deckar01 8y agoIn my experience, wiring fiat USD from a non-US exchange to a a US bank account is slow (days) and has hidden fees (my bank, their bank, and someone in between).
- Tsubasachan 8y agoNo that wasn't how it started. It was going to become something you could use to buy groceries with. Ofcourse it BECAME just another financial wizardry tool, that's honestly all the tech sector really does. The smartest people on the planet are thinking about how to make more money.