If you’re new to the world of cryptocurrencies, there’s a good chance you’ve come across the term “BUSD.” In this article, we’ll delve into what BUSD is all about and help you understand its significance.
What is BUSD?
BUSD stands for Binance USD, which is a type of cryptocurrency known as a stablecoin. Unlike some other cryptocurrencies that experience high price volatility, stablecoins like BUSD are designed to maintain a stable value.
Binance USD is specifically pegged to the value of the United States dollar (USD), aiming to provide stability and facilitate seamless transactions within the crypto ecosystem.
Stablecoins are a type of cryptocurrency that are designed to maintain a stable value, typically by being pegged to a specific asset. They bridge the gap between traditional financial systems and the world of cryptocurrencies, providing a less volatile medium of exchange and store of value.
They are commonly used for trading, decentralized finance (DeFi) applications and as a stable digital asset in times of market volatility.
Benefits of BUSD
- Stability: One of the key benefits of BUSD is its stability. Being a stablecoin pegged to the value of the US dollar, BUSD maintains a consistent value of 1 BUSD to 1 USD. This stability provides users with a reliable asset that can be used for various purposes without worrying about price fluctuations.
- Reduced Volatility: By offering a stable value, BUSD helps to mitigate the volatility commonly associated with other cryptocurrencies. This makes it an attractive option for traders looking for a more predictable medium of exchange.
- Transactions: BUSD facilitates efficient transactions within the cryptocurrency ecosystem. As a digital asset, it can be easily transferred between users across different platforms and wallets, enabling low-cost transactions.
- Accessibility: BUSD can be utilized by anyone with an internet connection. This opens up opportunities for cross-border transactions.
- Integration with Binance: BUSD is closely integrated with the Binance exchange and its ecosystem, providing users with additional benefits. It can be used for trading on Binance, allowing for easy conversion to other cryptocurrencies. Also, BUSD offers advantages such as reduced transaction fees.
These benefits make BUSD a popular choice for traders seeking stability in their cryptocurrency transactions.
Also Read: How to Build a Profitable Crypto Portfolio in Nigeria
How to exchange BUSD to cash
Exchanging BUSD to cash has never been easier, all thanks to Dart Africa. With our user-friendly platform, selling BUSD for cash is a seamless process.
Whether you’re a seasoned trader or a newbie, Dart Africa simplifies the exchange for you. Here are the steps to follow if you want to sell BUSD on Dart Africa:
- Download the Dart Africa mobile app from Google Play Store or App Store.
- Create an account and log in to your dashboard.
- Click on the ‘sell crypto’ button.
- Choose BUSD as the cryptocurrency you want to sell.
- Enter the amount of BUSD you wish to sell.
- The rate calculator will display the equivalent amount in your local currency.
- Proceed with the trade.
- Dart Africa will generate a wallet address for you to transfer your BUSD.
- Once your transaction is confirmed, the credited amount in your local currency will be added to your Dart Africa wallet.
- Finally, you can withdraw the funds to your bank account or mobile money account.
