Binance USD For Beginners Explained - A Step by Step Guide
Binance USD 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is Binance USD?
How to buy BUSD?
How it works?
How to get involved?
Everything you need to know about Binance USD for beginners, we delve into all the information you will need to get started.
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Read our Video Script:
Binance USD (BUSD) is part of Binance’s Venus project, which is designed to accelerate the development and integration of stablecoins into the global economy by partnering with trusted multinational financial corporations.
This coin is approved by the New York State Department of Financial Services (NYDFS) and it was developed as a collaborative project between Paxos and Binance, which are two of the largest and most trusted companies in the crypto industry. This is a highly regulated, USD-backed crypto stablecoin, and it can be transferred globally at low costs and with minimal transaction wait times. Binance has agreed to entrust a top auditing firm to ensure that the supply of BUSD tokens matches the underlying U.S. dollars, on a monthly basis. This coin can be stored on an exchange or in a wallet, and it can be used as payment for goods and services, or used as collateral for loans.
BUSD is the brainchild of a partnership between Binance and Paxos. The CEO and co-founder of Paxos, Charles Cascarilla, has a unique perspective on integrating blockchain technology with traditional systems and he co-founded Cedar Hill Capital Partners in 2005 and its venture capital subsidiary, Liberty City Ventures, in 2012. Changpeng Zhao is the founder and CEO of Binance and he was previously a member of the team that developed Blockchain.info and served as the chief technology officer of OKCoin.
BUSD can be purchased with cash or with USD via wire transfer. You can also top-up your Binance cash wallet with other currencies and exchange them for BUSD. Alternatively, BUSD can be bought from most popular exchanges, including Binance, Uniswap and Poloniex. Binance Chain Wallet is the official Binance cryptocurrency wallet for accessing Binance Smart Chain, Binance Chain, and Ethereum. It can be used to securely store crypto-assets across several different blockchains. Crex24 has developed a versatile Android mobile app for cryptocurrency deposits and withdrawals, safe storage of digital assets, user-friendly trading tools and extra security through two-factor authentication, pin-codes and fingerprint logins. Trustwallet can be used to store all your coins and tokens in a single, secure mobile wallet. The app supports 53 blockchains and more than 1 million assets. It enables the storage of stablecoins, trading of assets and a high level of account security. BUSD is a digital-fiat, ERC20 currency that is pegged to the USD and issued by the Binance exchange trading platform. This coin can be traded with 48 other currency pairs at a 1:1 ratio with the US dollar. Additionally, BUSD can be exchanged for other popular stablecoins at lower costs. BUSD holders can earn money actively by trading on either Paxos or Binance - or passively by holding BUSD in their wallets and hedging their bets against volatile markets. It has a circulating supply of 13 Billion BUSD coins and a total supply of 12.8 Billion. BUSD is backed by the USD and is not vulnerable to extreme market conditions, and it is currently the only cryptocurrency that is supervised by financial regulatory entities and audited by international accounting firms on a monthly basis. BUSD complies with anti-money laundering (AML) and counter-terrorist financing laws, and the minting and burning of BUSD is based on smart contracts, which offers additional transparency. Binance USD coins can be transferred anywhere in the world within minutes, at low costs and on the blockchain. It can also be traded on different exchanges and DEX, or it can be deposited to earn interest.
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