The fundamental reason why the first ever cryptocurrency Bitcoin was created originally and is widely prevailing until now is because they eliminate the need for middlemen reducing the transaction costs and time, and bringing in more accessibility, efficiency, rapidity, and several other benefits to the users. When Bitcoin initially came to light, it was seen as a pure peer to peer version of currency that facilitates smooth payments all around the world.
But as the saying goes, everything has two sides. Good while it lasted, Bitcoin certainly filled the required spaces for a while, but then came in the major challenge of price volatility. This challenge is what slightly weakened the adaptability and dependability of Bitcoins, especially as a medium of exchange, and evoked the emergence of other cryptocurrencies. And that is how a stablecoin came into existence, and today, they have become one of the most prominent breakthroughs in the crypto space as a dependable currency. Now, what is a stablecoin? Let’s take a look -
