Judging by the fact that the lack of “Bitcoin” in the title got your attention, then there’s no need to explain what Bitcoin or some of the other cryptocurrencies are. That only makes it reasonable to assume that as a crypto lover, buyer, holder, what have you, that you’re already familiar with the chaotic volatility that often comes with these assets. It’s understandable to be concerned about the state of crypto, even in the midst of a highly bullish market. However, what if there was a way to manage that? That’s where stablecoins come into the picture, and Zelcore is more than simply optimistic about the future of what will be essential to the cryptocurrency space as it continues to grow and expand in its mission towards stabilized decentralization.
What Are Stablecoins?
If you’re familiar with crypto, then stablecoins are nothing new. If you’re a newbie who stuck to simply buying ample portions of Bitcoin and Ethereum, then it won’t take long for anxiety to creep up once you experience the high volatility that comes with holding these decentralized assets, which are still in their early stages.
Although the “Stable” in stablecoins may seem like the kind of dead giveaway as to why a newbie in the cryptocurrency space can rest easy instead of experiencing a razor quick twenty-five percent value drop in their portfolio, there’s still more to stablecoins than just the namesake. Stablecoins operate as a specific class of cryptocurrencies. They attempt to provide users with price stability that holders don’t often experience when purchasing crypto assets like Bitcoin or Ethereum. This level of uncertainty can often lead to a form of panic selling once massive volatility takes place. But thanks to the price stability of stablecoins, which are backed by a reserve asset, users can enjoy the instant processing, security, and volatility-free stable valuations fiat currencies like the U.S. dollar provide them with.
Types Of Stable Coins:
As the financial system began to adopt a more decentralized approach with the integration of blockchain technology, Zelcore’s sole purpose in providing users with the protection, control, and choice needed to manage their crypto became that much more possible. Having stable coins can serve as the bridge in that mission of crypto management. However, just like there are a variety of crypto assets, there are a few stablecoins out there to take into consideration. Several of these stablecoins include:
- Fiat-Collateralized Stablecoins: Fiat-collateralized stablecoins like Tether (USDT) and TrueUSD maintain a fiat currency reserve like the U.S. dollar, operating as collateral to issue a suitable number of crypto coins.
- Crypto-Collateralized Stablecoins: These stablecoins are more backed by other cryptocurrencies, which still carry the same risk that comes with the reserve cryptocurrency that may also be prone to high volatility, hence making these stablecoins over-collateralized.
- Non-Collateralized Stablecoins: non-collateralized stablecoins are algorithmic. They don’t use any reserve. However, operating with a working mechanism such as a central bank, which does retain a stable price still means that there is a consensus for the same mechanism to increase or decrease the supply of tokens on a needed basis.
Where Do Stablecoins Fit Into Zelcore’s Mission
Regardless of what brand of stablecoins you choose to exchange your crypto assets for, Zelcore’s mission of providing users the protection, control, and choice needed in managing their crypto will remain the same. As to where stablecoins fit into Zelcore’s future, optimism is too simple a word to define the infinite realm of possibilities Zelcore has in store for the crypto space. If you’ve ever wanted to connect all your cryptocurrency accounts in one place, then Zelcore’s digital wallet is the perfect remedy for Coinbase, Binance, and many other crypto exchange users.
With a Zelcore account, the Zelcore wallet allows crypto users to easily move their assets from their Zelcore account to exchanges like Coinbase or Binance, back to their wallet. Zelcore achieves this by offering users the ability to link their cryptocurrency exchange accounts to one wallet. This process is very much like the process of connecting a bank account to Paypal where plenty of money shuffling between platforms takes place.
When it comes to Stablecoins, which are already present on Coinbase and Binance, then Zelcore’s ability to store, send, and trade more than 250 cryptocurrencies while connecting to DeFi apps and decentralized exchanges only makes the possibilities more than just an optimistic concept.
Zelcore’s 2018 integration of the MakerDAO’s $DAI Stablecoin with their multi-asset wallet gave them the ability to conveniently store Maker’s stablecoin and governance token, along with 70+ other crypto assets/stablecoins. In addition to this, FTX integration plays a role as well. This integration gives traders full access to the world’s best exchanges. By combining Zelcore with a decentralization powerhouse, Flux, and direct access to FTX, users are able to utilize the most robust trading platform in all of crypto. This coupled with a multitude of exchanges that already incorporate the efficiency of stablecoins at their disposal, only makes the future look very bright for crypto users and all the assets that grant them greater economic freedom than the centralized fiat system that is slowly dying out.
Learn more about Zelcore, the Zelcore Wallet, and the integration of stable coins by visiting our website.