Trading #Bitcoin for “stablecoin” tokens on other blockchains opens people up to a number of risks that simply wouldn’t exist otherwise. For example:

•Users expose themselves to risks inherent to the other blockchains, such as centralization and censorship.

•Those stablecoins typically rely on smart contracts, many of which are infamous for being glitchy and susceptible to hacking.

•Bitcoin stablecoins require users to give their #BTC private keys to custodians or “signers”.

Why risk it?

I released an article a couple of days ago explaining why I believe that Bitcoin stablecoins aren’t worth the risk. Check it out:

https://hifibitcoin.substack.com/p/not-your-keys-bitcoin-stablecoins