How is BUSD related to digital currencies?

3 answers

• Dec 27, 2021 · 3 years ago
  BUSD, or Binance USD, is a stablecoin issued by Binance, one of the largest cryptocurrency exchanges in the world. It is pegged to the value of the US dollar, which means that 1 BUSD is always equal to 1 USD. This stablecoin provides a way for traders and investors to hold a digital asset that has a stable value, without the volatility typically associated with other cryptocurrencies. It can be used for various purposes such as trading, remittances, and as a store of value.
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• Dec 27, 2021 · 3 years ago
  BUSD is built on the Binance Chain, a blockchain platform developed by Binance. This means that transactions involving BUSD are recorded on a decentralized and transparent ledger, providing security and immutability. As a digital currency, BUSD can be transferred quickly and globally, enabling cross-border transactions without the need for traditional intermediaries such as banks. It also allows for programmable money, meaning that smart contracts can be built on top of the Binance Chain to automate certain financial processes.
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• Dec 27, 2021 · 3 years ago
  BUSD is related to digital currencies in the sense that it is a digital representation of a fiat currency, the US dollar. It combines the advantages of cryptocurrencies, such as fast and borderless transactions, with the stability of a traditional currency. BUSD can be used within the Binance ecosystem for trading various cryptocurrencies, and it can also be used outside of Binance for everyday transactions, just like any other digital currency. It provides a bridge between the world of cryptocurrencies and the traditional financial system, making it easier for people to enter and participate in the digital economy.
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