Samecoin introduces a family of stablecoins like SameUSD that have stable values which are tied to their fiat equivalents by pegging it against a basket of other stablecoins. This dual system of both the Samecoin utility token and its range of spendable stablecoins power an innovative new direction in the crypto landscape. Making it easy for everyone to enjoy the benefits of crypto as an actual currency rather than a volatile asset, so they can easily and affordably make digital payments with a currency they can trust—and one they can understand. So let’s learn a bit more about the Samecoin Ecosystem and how the family of stablecoins relate to it.
The Samecoin itself is the main utility token that sits at the top of the family free. Users can buy Samecoin through fundraising sales, and it can also be received as a reward for using related platforms like SamePay. Samecoin can then be used to take part in governance votes, for staking (therefore receiving more rewards), or to use for discounted fees on purchases.
The Samecoin ecosystem was created to solve the issue of rapidly fluctuating cryptocurrencies, and that’s where the family of stablecoins come in.
The main stablecoin in the Samecoin ecosystem is SameUSD—an easy-to-understand digital currency that makes it perfect for newcomers to the crypto scene, as well as those who want to make digital payments without worrying about wildly fluctuating prices on a day to day basis.
Most other cryptocurrencies are seen as assets rather than currencies, and the Samecoin ecosystem looks to solve this problem.
If you think your holding of BTC is going to be worth more in a few weeks time, why would you spend it for a purchase or payment today? You wouldn’t, as you’d be losing money.
Imagine Joe had just bought some Bitcoin. He’d been learning a lot about crypto in recent weeks, and really believed in its future growth. Joe knows there’s no guarantee that Bitcoin is going to continue to soar in price, but having seen how much it had already grown even in the last few weeks, he was reasonably confident that it’s going to be worth more quite soon.
Joe also wants to buy a new Tesla. He was really happy when they announced they’d be accepting Bitcoin for vehicle purchases, as it meant his investment moved closer to mainstream acceptance. It even meant his new holding saw a nice price jump on the news. But he still doesn’t want to spend his Bitcoin holdings to buy the car. Why would he, when he thinks it’s going to be worth even more in the future? That 1 BTC he could spend on a Tesla now that’s worth around $60,000 could be worth even more in a few months time. It could be worth over $100,000. So why would he spend it now? That’s one reason Bitcoin (and many other cryptos) are being held back as viable currencies.
In the end, Joe decided to hold his Bitcoin and buy his Tesla with USD.
So for regular payments for goods and services, you need a stable currency, but one which can still enjoy all the benefits of a digital currency (reduced fees, faster payments, anonymity, security, and more).
That’s why you need SameUSD, or one of the other Samecoin stablecoins like SameEUR.
SameUSD can be used to easily pay for goods or services online, but it can also be used to efficiently trade other crypto on exchanges. People like to know exactly what their currency is going to be worth from one day to the next. Fiats like USD have this stable store of value, giving buyers confidence. If you buy something with BTC, it could be worth loads more in a day or two (or loads less)—BTC sometimes fluctuates in price up to 30% every 24 hours.
With SameUSD, you know exactly what you’re getting—a strong store of value. It’s also great when it comes to exchanges because unlike buying other crypto with fiats like USD, you don’t have to jump through all sorts of identification hoops and other restrictions. So you get a stable store of value that comes with all the benefits of a digital currency. Easy to use, but also easy to understand.
That’s why the dual system of a utility token powered by a range of spendable currencies helps to solve 2 problems with mainstream crypto adoption: It creates a spendable currency with a stable value and solves issues associated with transaction fees.
That’s why the Samecoin ecosystem could be the future of stablecoins in the crypto market.