Binance, the exchange, the world’s largest tells us why people need to save in assets that offer more stability than their local currencies, inflation tends to be most common in the Latin american region. Then the advantages of your stablecoin BUSD.
In function of protecting their funds from the local currency, whose value declines significantly, the savings in dollars offers greater stability and is usually the option of choice. However there are certain factors that complicate its use and access, depending on the region where you want to acquire them.
Among the large variety of cryptocurrencies, there are stable currencies (stablecoins). Which does not suffer from significant variations of its price in comparison with other cryptocurrencies, in addition to are not tied to a central bank.
Stable currencies have various support mechanisms, in the case of BUSD is the us dollar. Which means that 1 BUSD always equal to 1 us dollar (USD).
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Binance: 5 reasons to save money in the BUSD
1 – BUSD is more economic
In local economies with multiple exchange rates, to acquire cryptocurrencies stable it is more economical to buy dollars in cash at exchange houses.
In addition to that, you usually have to pay taxes and fees, but if you buy Binance P2P will be able to use their local currency to buy BUSD with no commissions. Send us dollars to their friends for remittance services or wire transfers will cost you high fees, but if you use Binance enjoy transfers and low shipping costs.
2 – allows You to save more
BUSD breaks the schemes of the savings traditional offering up to 8.50% of annual profit in interest in subscribing to their savings in Binance Savings. An ideal choice for people who are not traders or users who are only interested in long-term returns.
3 – protects You from market movements
For users who are new to the cryptocurrencies, to acquire a stable currency will provide you with peace of mind.
It is no secret the market volatility of cryptocurrencies, of which many people obtain benefits. But before entering in this market and consider to understand how the structure works buying stable currencies in the process. Stable currencies also allow you to freeze profits of their exchanges of cryptocurrencies as Bitcoin.
Binance: In the graph it can be observed that the BUSD has maintained its stability of its launch in September 2019.
4 – Has more options for usability
In Latin america, opening bank accounts in dollars is a feat, you will need a lot of documentation and you will generally have to follow strict restrictions that will limit how you use your money.
If you use BUSD will be able to make purchases in many places that you want, from airline tickets, to multiple businesses global through bitpay. Remember that you can exchange BUSD in seconds with other cryptocurrencies that are also accepted in most shops.
5 – Has institutional support
To be an asset that is supported in the us dollar has the backing and approval of the Department of Financial Services of the State of New York (NYDFS).
Paxos Trust Company is the custodian in us dollars and the issuer of BUSD. Each BUSD that you have corresponds to 1 us dollar in the bank account to ensure that you can always buy and claim your asset at any time with u.s. dollars linked 1:1.
Reliable sources
The information of this content has been taken from reliable sources which are detailed below:
* The reasons for investing in BUSD has been obtained from the Blog of Binance.
* A graphic with the quote the BUSD of CoinMarketCap.