Many cryptocurrencies in the market today claim to be the perfect digital currency. However, few meet the standard requirements of an ideal currency. Before we pass a judgment on these cryptocurrencies, let us look at the qualities of a perfect currency.
Other than the obvious use cases of cryptocurrencies, such as storage of value and unit of account, they also need to be stable to serve as payment methods. Price stability is a major flaw that prevents the mainstream adoption of digital currencies as a viable payment option. Luckily, SameUSD checks all the boxes of the “perfect currency” by ensuring minimal volatility. SameUSD delivers this function because it is backed by a verifiable reserve of top stablecoins in the current market.
So, what exactly is the benefit of using SameUSD over other stablecoins and cryptocurrencies in general? Well, let’s dive right in!
Advantages of Using SameUSD over other Cryptocurrencies
Whenever cryptocurrency gets mentioned in a room, the first thing that crosses anyone’s mind is Bitcoin. However, one question remains; is Bitcoin capable of serving as an electronic means of payment? I don’t think so, at least not today. Although the coin has risen tremendously in value, it is not an ideal payment option for everyday online purchases due to its overwhelmingly high transaction fees, slow processing time, and price fluctuation.
SameUSD ($SUSD) looks to correct all of the shortcomings of Bitcoin and other mainstream cryptos like Ethereum ($ETH). With SameUSD, you are assured of stability which is a much-desired trait of any currency. One SameUSD is equivalent to one USD in value. This stable value allows for proper valuation of goods and services, unlike other cryptocurrencies that fluctuate in value every second.
SUSD achieves this stability via its unique mechanism that backs the coin by a reserve of top stablecoins. These stablecoins in the reserve are calculated and adjusted through the help of smart contracts to ensure that SUSD maintains a stable value ($1) even in a volatile market.
Additionally, SameUSD is designed to offer more efficiency in online transactions by providing faster and more reliable payment processing with the lowest transaction fees in the market today. To get the most out of the SameUSD, you need to use SamePay — a payment platform that allows you to enjoy rewards for minting, staking, and using SameUSD.
Using SameUSD on SamePay
SamePay is a cryptocurrency payment and exchange platform within the Samecoin ecosystem. It allows SameUSD users to be rewarded for certain activities done using the stablecoin. There are several benefits of using or HODLing SameUSD in your SamePay wallet. Here are some of them:
- SameUSD has a verifiable reserve. Unlike other stablecoins like USDT, which have been questioned about their fiat-backed reserves, SameUSD is backed by a large reserve of stablecoins that are easily verifiable, owing to its decentralized property.
- Transactions made using SameUSD on SamePay are faster compared to some other cryptocurrencies.
- Since SameUSD is backed by a reserve of stablecoins, it maintains a more stable USD value compared to other stablecoins pegged directly to the USD.
- Users are rewarded with Samecoin ($SAME) — a utility token in the Samecoin ecosystem — whenever they mint or make transactions using the stablecoin. $SAME can be used to pay for trading fees on the platform.
SameUSD vs Other Stablecoins
SameUSD is by far a superior stablecoin in comparison to other stablecoins in the market today. Stablecoins such as the USDT have periodically faced concerns about stability and their fiat reserves. These reserves are subject to control by central authorities and manipulation that may not be disclosed to the general public. This can lead to the violation of client trust since the reserve reports cannot be verified.
As for SameUSD and other SAME-stablecoins, the large pool of stablecoin reserves can be easily verified by the public since it is decentralized. This places the SUSD ahead of other stablecoins where stability and credibility are concerned.
Cryptocurrencies are supposed to facilitate more manageable online payments. However, some projects have only created further challenges, such as higher transaction costs and decimal values that do not give a fiat-like figure that is easy to understand. SameUSD comes as a solution, offering lower transaction fees, efficient online payment solutions, understandable, and stable US dollar value. And that, to me, is a perfect currency.