By George Ward
As the cryptocurrency space continues to expand and develop, the appeal of Bitcoin and other digital currencies keeps growing daily. While the underlying technology behind them is revolutionary and has the potential to provide global financial inclusion, the average end user still needs to learn how to use them, where to buy them, or how to make them part of their everyday life.
This is where Bernhard Müller, founder of Centi, believes that the Centi stablecoin is the missing piece in the Bitcoin mass adoption puzzle. Centi is a new stablecoin native to the Bitcoin SV ecosystem that allows users to store and transact with Bitcoin and other cryptocurrencies without worrying about price volatility.
Centi Unveils The First Bitcoin SV Stablecoin
According to Bernhard Müller, Centi’s founder, who recently unveiled the Centi stablecoin:
“Users don’t take into account their financials in Bitcoin but rather use traditional currencies like euros, dollars, francs, etc. To reach the wider consumer audience, Bitcoin has to provide the usual medium of payment.”
The digital asset industry has seen a dramatic rise in the use of stablecoins in 2022, with their transactions reaching $7.4T, 3x higher than Mastercard’s yearly volume. Unfortunately, several controversies have clouded the reputation of many stablecoins, such as Tether’s ongoing troubles, USDC’s de-pegging, and the UST debacle.
Hence, Müller is looking to revolutionize the stablecoin sector with his Centi coin, the first of its kind native to the Bitcoin SV ecosystem, utilizing the scalability of the Bitcoin SV blockchain. This currency is backed by a Swiss bank guarantee, ensuring any potential claims are wholly secured should the issuer fail.
Müller revealed a need for a better alternative to the existing credit card system, which has been in place since the 1960s. He said stablecoins directly challenge this system, as they offer protection against fraud and theft and more favorable fees than VISA charges.
Müller noted that despite Centi stablecoin having a large target audience, gaining access to this market would be difficult. Hence, the Swiss company aims to provide existing customers with the same services but with the option of using a stablecoin.
During the interview, Muller disclosed:
“We’re taking the familiar checkout and point-of-sales processes seen in e-commerce and making them available to our merchants. They don’t have to understand any complex technology. We provide all the services they need so they can still get their money in their bank accounts like they always do.”
Stablecoins As The Perfect Alternative To CBDCs
Centi stablecoin targets those who prioritize financial privacy and freedom, unlike central banks exploring CBDCs. Meanwhile, Eurogroup and some leaders like Ted Cruz and Ron DeSantis oppose CBDCs over privacy concerns.
Centi is the closest alternative to CBDCs without involving governments. It complies with laws and cooperates with authorities if needed.
However, Centi CEO calls on the BSV community to build solutions using the stablecoin. Müller welcomes all use cases and invites interested parties to use their API or existing libraries.
Moreover, Mueller is eager to collaborate with the BSV community to develop dApps, applications, and business cases that require fiat backing.