Welcome to the first of our Education 101 Series - Your Guide to Crypto Literacy! We will take this time while many of us are home to keep learning about the changing world around us. Stay tuned as we will roll out more of our Education 101 Series on technology, finance, cryptocurrency, trading, and how to get started with Binance.US! Click on the links throughout the section to dive deeper into the topics we discuss.
Demystifying the Digital Dollar
This week, you may have heard the word “digital dollar” - getting the most attention from the proposed U.S. stimulus plan, which the language was then removed, in proposing a plan to distribute COVID19 stimulus funds to American households.
The concept stirred many conversations this week around the safest distribution of funds, from suggests to send them digitally vs. traditional checks, to Binance.US’ CEO Catherine Coley’s opinion piece and this tweet by famed rapper, Meek Mill:
So, does this mean to go digital or hold digital dollars?
As this Coindesk article outlines, we should clarify that what Congress is suggesting is different from the digital assets our education series is referencing. On March 26th, 2020, the Senate passed the stimulus bill and suggests the distribution of funds will be by direct debit to Americans within 3 weeks.
Digital assets, by our definition, are the catch-all phrase for cryptocurrencies and a range of digital money systems outside of traditional banking infrastructure. These digital assets take less than 13 minutes to move and send on average, some even as fast as 3 seconds.
In this series, we will focus on digital assets and get you comfortable with how they work, the way they’re used today, and how they should be used in the future.
Digital assets can be accessed 24/7 and rely on robust cryptography to enforce ownership rights and to ensure secure transactions. These digital assets are not operated by any single party, but rather by a distributed network of participants that coordinate around a shared set of facts like Bitcoin.
Could it work to send digital dollars using digital assets?
You can convert USD to stablecoins and send them digitally. BUSD is a price-stable version, physically-backed 1 for 1 by U.S. dollars and regulated by NY Department of Financial Services. You are able to deposit USD, convert to BUSD, which allows you to move it digitally from wallet to wallet across over 40+ exchanges worldwide. Learn more about BUSD.
Where do you buy, send, sell stablecoins and other digital assets with USD?
Through digital asset marketplaces like Binance.US. Binance.US is available to download as an app in your Apple or Android phone, allowing users to deposit, trade, and send over 30 digital assets including Bitcoin to and from your digital wallets, bank account, and/or crypto storage options of your choice.
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How to go through Binance.US Fiat Verification (Requirement to use USD on the platform.)
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Follow along as we add to our Binance.US Education 101 Series: Your Guide to Crypto Literacy
#1 Demystifying Digital Dollars
#2 Evolution of the Internet
#3 Finance, Rhymes with …
#4 Back that Asset Class Up
#5 What are Cryptocurrencies?
#6 Defining Decentralized Finance
#7 Cryptoeconomics Explained
#8 Intro to Consensus Algorithms
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