Korean stablecoin, Terra saw a massive spike in volume yesterday, up 280% on the previous day. And, as a cryptocurrency that sells itself as a payment system, this may well hint at the burgeoning acceptance of crypto as money.Winter is here and ecommerce volumes are through the roof. @terra_money saw 11 BILLION KRT (korean won pegged stablecoin), roughly valued at 10M USD yesterday. 17.4% annualized staking return from tx fees as a result! pic.twitter.com/19jgJRroQI— Do Kwon (@d0h0k1) December 23, 2019Terra Takes On The Problem Of Crypto As PaymentFor the most part, cryptocurrencies as payment have failed to capture the interest of the general public for a variety of reasons. Most notably, in relation to volatility. And perhaps to a lesser extent, due to the negative network effect of people being comfortable with what already is.And while the benefits of using cryptocurrency as money are apparent, without people embracing this, low adoption, due to comfort and familiarity with the status quo, becomes a self-fulfilling prophecy.Nonetheless, stablecoin offering Terra is looking to change that. The project recognizes the intricate relationship between adoption and positive network effects. Which it hopes to address by way of a price-stable and growth-driven cryptocurrency offering. But more than that, it differentiates itself by having a clear roadmap plan for mass adoption.“Since the value of a currency as a medium of exchange is mainly driven by its network effects, a successful new digital currency needs to maximize adoption in order to become useful.“The post appeared first on NewsBTC
