BUSD: Stablecoin on BSC
In case you missed the major announcement this weekend, FORSAGE smart contract on Binance Smart Chain is going to be launched using BUSD token in marketing programs instead of BNB.
Some info about BUSD:
1️⃣ BUSD is a cryptocurrency with a stable exchange rate of 1 USD, with the fully audited code and the token itself approved by New York State Department of Financial Services.
2️⃣ The dollar reserve of the BUSD cryptocurrency is kept in the accounts of Paxos Trust Company, whose representative offices are in New York and Singapore.
3️⃣ BUSD works in several blockchains, but for participating in FORSAGE marketing we need BUSD of the BEP-20 format.
4️⃣ To send BUSD, you must have a certain amount of BNB in your wallet.
In analogy with the Ethereum blockchain you need some ETH for sending USDT from one address to another. So you pay a commission (gas) in the ETH cryptocurrency.
In Binance Smart Chain all commissions for tokens transfers are charged in the BNB cryptocurrency ⚠️
5️⃣ Where to buy BUSD?
You can buy BUSD on crypto exchanges or special aggregate platforms. In addition, you can use DEX platforms, where you can swap BNB to BUSD in a second.
6️⃣ Where to store BUSD?
Trust Wallet, Token Pocket, and Binance Chain wallet are great for this. BUSD BEP20 is the token on Binance Smart Chain blockchain. We talked about them here.
7️⃣ And what about the registration fees?
Soon we will publish an updated FORSAGE marketing with the details in BUSD, so stay tuned.