Meet Crypto's New Best Friend: Fiat

pubblicato su by Coindesk | pubblicato su

We wanted to give traders the ability to convert bitcoin to their native fiat currencies and back again without leaving the ecosystem and to send funds all the way back to their banks.

Holding fiat "Stablecoins" on a service like ours was not well liked in a bitcoin-or-nothing world.

Stablecoins have become the solution to move fiat among exchanges without using banks directly.

Fiat trading on blockchain has exploded and US dollar-backed stablecoins have attracted more than $4.5 billion of investment.

What this proves is that fiat and crypto were never enemies.

Even the gas - the fuel necessary to do any transaction on a blockchain network - is fiat-based creating the first tokenized fiat blockchain supporting smart contracts and traditional payment methods.

Tokens used as payments are not competitive with fiat when it comes to reaching customers outside of the crypto ecosystem.

Embracing fiat payments is not capitulation, it's the first step toward making the businesses we envision real.

This means customers of the VideoCoin Network pay in fiat, the data centers get paid in fiat, and those staking are paid in fiat plus a small staking reward in VID tokens.

Reward tokens are automatically purchased by the Network from exchanges, at the then-prevailing price, when a job is started so stakers end up with fiat they can send to their bank and a small additional amount in tokens.