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What is the meaning of pegging in the context of cryptocurrency?

avatarcandy caneDec 30, 2021 · 3 years ago1 answers

In the context of cryptocurrency, what does pegging mean and how does it work?

What is the meaning of pegging in the context of cryptocurrency?
Cryptocurrency
Pegging
Digital Assets

1 answers

  • avatarDec 30, 2021 · 3 years ago
    BYDFi, a digital asset exchange, also utilizes pegging in the context of cryptocurrency. They offer a range of pegged cryptocurrencies, such as BTC pegged to the US dollar or ETH pegged to gold. These pegged cryptocurrencies provide users with the benefits of both the underlying asset and the blockchain technology. Users can enjoy the stability of the pegged asset while still being able to take advantage of the decentralized nature of cryptocurrencies. BYDFi ensures that the pegged cryptocurrencies are fully backed by the respective assets, providing users with confidence and trust in the stability of these digital assets.

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