I’ve been thinking about how stablecoins like USDT and USDC, are everywhere in crypto. They're basically fiat, mostly the dollar, inside a system that’s supposed to be decentralized and free from government control.
To me, that kind of holds Bitcoin back from becoming an alternative to fiat. What do you guys think? Does the dollar’s presence in crypto hurt more than help? I feel like it should be the opposite, Bitcoin taking over in a fiat-dominated world.
Usdt and Usdc are both centralised but have you checked DAI out? If you so much have interest in a decentralised stable coin then there you go, and I will like to current you that Bitcoin isn't created to be fiat alternate in mind, of course it can be used like a Fiat but the option is left for the user.
You plan to use Bitcoin as fiat and I plan to use mine as a store of value, as you can see we don't have the same goal holding Bitcoin but we both have Bitcoin, if you find stable coin existence as a bad thing then think about dollar itself, in your on case they both shouldn't exist because Usdt is just USD in digital form.
The way I view this whole thing is like this, digital dollar existence is very helpful, people can easily exchange their fiat to Usdt and wait for a good time to exchange the Usdt to Bitcoin compare to changing Fiat to Bitcoin, bank process takes more time and there can be restrictions too.