Review on Binance USD by Orlymar Córdova

Name: Binance USD
Item: Binance USD
Rating: 5

October 11, 2020

Binance USD (BUSD), An excellent stablecoin product of the alliance between Binance and Paxos, two giants of the crypto world.

As is well known, stablecoins can be backed by various mechanisms or assets in the real world. In this case, I want to tell you about the BUSD stablecoin, which is backed by the US dollar (USD).
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BUSD was created in September 2019 in association with companies of high prestige, experience and reliability in the cryptographic environment: Binance and Paxos. It is approved by the New York Department of Financial Services (NYDFS) which guarantees enormous protection and security for users.
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The great advantage that this cryptocurrency offers is the possibility of investing and saving, giving users the opportunity to digitize their money, since 1 BUSD is always equivalent to 1 USD. Being compatible with ERC-20 and BEP-2 allows the transfer of dollars on the blockchain anywhere, in a few minutes and with low commissions and you will not even have to pay any commission if you buy BUSD with your local currency in Binance P2P.
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BUSD provides many more usability options, allows you to make purchases in many establishments, make global payments characterized by a fast and unlimited exchange, and it also has multiple uses in the financial area including decentralized finance (Defi).
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Pros

Having the institutional backing of NYDFS gives BUSD great long-term stability in the crypto market.
It offers greater possibilities for savings by offering 8.50% annual profit just by subscribing your savings to Binance Savings.
It is a highly regulated stablecoin that guarantees a lot of security when transacting between cryptocurrencies and fiat money.
You can buy BUSD with the Venezuelan bolivar without having to pay commissions for the transaction.
With BUSD you make purchases in many more places, avoiding all the setbacks that warrant creating a dollar account.
BUSD is exchangeable for other stablecoins in seconds.
The token operates on a large number of exchanges.

Cons