Aset Crypto has changed the financial landscape by offering a decentralized and digital way of exchanging value. In contrast to traditional fiat currencies, cryptocurrencies are based on blockchain technology, providing greater security, transparency and tracking.
This time we will discuss Binance USD (BUSD), from its history to its benefits.
Binance USD (BUSD): Binance Developed Stablecoin
Binance USD (BUSD) is a stablecoin pegged 1:1 to the US dollar. This stablecoin was developed by Binance, one of the largest crypto exchange platforms in the world. BUSD offers stability and predictability for users.
Binance USD enables transactions, exchanges and payments on the Binance platform, as well as participation in decentralized financial activities (DeFi) di Binance Smart Chain (BSC).
History of BUSD
BUSD was launched in September 2019 in partnership with Paxos, a blockchain financial services company. This stablecoin uses a collateralization approach, where each BUSD token is backed by US dollars held in verified bank accounts.
In February 2020, Binance launched Binance Smart Chain (BSC), a parallel blockchain to Binance Chain. BUSD expands to BSC, allowing users to interact with this stablecoin on the blockchain and access DeFi applications and protocols.
BUSD Benefits
- Fast and Efficient Transactions: BUSD enables fast and efficient transactions on the Binance platform without going through traditional banking channels.
- Volatility Low: BUSD offers stability and asset protection compared to volatile cryptocurrencies.
- Support for DeFi: BUSD plays an important role in the DeFi ecosystem on Binance Smart Chain, enabling participation in various financial activities.
- High User Confidence: Verified US dollar reserves increase user confidence in BUSD.
How Binance USD (BUSD) Works
BUSD operates on the BNB Chain and is issued with a collateralization approach. Users can buy or exchange BUSD on the Binance platform by depositing US dollars or other cryptocurrencies.
Binance conducts regular audits to verify appropriate US dollar reserves with BUSD in circulation, ensuring system integrity and parity with the US dollar.
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Conclusion
Binance USD (BUSD) offers a stable and trusted digital alternative to the US dollar, facilitating transactions and participation in DeFi. It is important to understand the risks and potential rewards before investing in BUSD.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti.
To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds intowallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime
Also read:
What Is Honk (HONK): Goose Coin on the Solana Blockchain, BONK Rival
What is Myro (MYRO): Meme Token Competitor to BONK, DOGE & SHIBA
BONK Introduces New Feature 'PooperScooper' for Managing Digital Assets
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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