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CoinWind Academy Series: 3 Minutes to Know $BUSD

WHAT IS $BUSD

BUSD is an acronym for Binance US Dollars. It is an example of a stable coin. The Binance USD (BUSD) is backed by a dollar conversion rate that is stable, and equally is a digital stablecoin backed by Binance which is a leading cryptocurrency exchange platform. One important point to note is that the BUSD is backed and approved by the US regulators which makes it use legal.

$BUSD USAGE

* The BUSD affords potential investors who use the Binance exchange the ability to carry out transactions using a stable BUSD as it reduces the effect of volatility which is high in the crypto space.

* Added to the above, it allows investors who would like to store their investment in a stable coin without the fear that is associated with unstable coins. The fixed price, pegged at a dollar conversion rate of $1, allays the fear of a reduction in value.

* The use of BUSD has equally increased over time as it allows potential investors and users of the Binance exchange especially, and to an extent other users outside the Binance platform to buy any tokens of their choice with little or no hassles. Trading pairs on the Binance exchange now include the BUSD as this attests to its growing popularity and use case.

* One of the advantages of cryptocurrency and by extension the Blockchain technology is the speed associated with transferring assets. BUSD can be transferred anywhere and anytime in minutes, added to that, it is at a low cost. This has made it an alternative with the low gas fee. No doubt, the Binance Smart Chain receives high usage owing to this.

* The real use case of the BUSD has added to its growing popularity and acceptance. It is a digital currency that can be used as payment for goods and services bought and rendered. In crypto, when there is a real use case for a coin, the potential for growth is guaranteed.

* Another important reason to consider the BUSD is that exchanges are coming up with loan options, and as with Binance, the BUSD can be used as a loan asset and collateral. This is possible and without scams as it is regulated by the US government, and it also serves the same purpose as the physical currency in circulation. For some investors in the future, it serves as cross collateral.

HOW TO PURCHASE BUSD

BUSD can be bought on the Binance exchange (though there are pockets of exchanges where one can buy it). Anyone willing to buy it on the Binance exchange will need to follow the following steps.

1. Create an account on Binance and verify it.

2. Fund the account by depositing money. To do this, it depends on the selected payment method the user intends to adopt.

As with trading pairs, if the user has BTC, ETH, USDT locked in a separate wallet, it can be sent into the Binance wallet and traded, however, if it is with fiat currency like the US dollar of the British pound, the money can be sent by using the debit or credit card to facilitate the payment. All these processes are easy and fast.

3. Trading commences after the wallet has been funded. Users can now open the market tab and select the pair that is in tandem with what they have GBP/USDT, BTC/BUSD, ETH/BUSD, BNB/BUSD and fill in other required details. This takes a few seconds to fill after the order has been successfully submitted.

WHERE TO BUY BUSD

As stated above, BUSD is Binance native token, which means the token can be bought primarily on Binance. However, there are other places it can be bought.

1. Binance: primarily, it can be bought on this site. https://www.binance.com/en/busd

2. Paxos: another leading exchange where BUSD can be bought is Paxos. https://www.paxos.com/busd/

3. VCC exchange: https://vcc.exchange/exchange/basic?currency=usdt&coin=busd

4.Nami exchange: https://nami.exchange/trade/BUSD-USDT

BUSD OFFICIAL LINKS

To get updated news on BUSD, follow these links

Twitter: https://twitter.com/binance

Website: https://www.binance.com/en/busd

Stake $BUSD on CoinWind, to earn with great APY

https://www.coinwind.com/vault

· CoinWind Website (Start Mining)

· CoinWind Twitter and Telegram Channel (For the latest news)

· CoinWind Telegram Community

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