As you may have noticed, everything in the crypto ecosystem uses BTC or US dollars as a unit of account. However, there are alternatives. This time we’ll show you how to trade a stable British pound coin.
The international crypto ecosystem since day 1 is based on the value of the US dollar. It is very rare that outside the borders of the European Union (or the United Kingdom) the value of each BTC token is paired in euros or pounds sterling.
Nevertheless, the USD / BTC pair is often considered in these countries. However, this has changed in the past year.
How can you trade a stable coin in British pounds?
Recently, the crypto market has taken a number of important steps towards diversification. We no longer only have the spot market as the traditional market, but also future contracts, options and even try to test ETFs.
It has also tacitly turned to the forex market, where it relies on the value of fiat currencies in relation to others.
So it was to be expected that there are cryptocurrencies that are guaranteed 1: 1 in the US dollar, such as Tether (USDT) and Binance Dollar (BUSD). Another 1: 1 secured crypto in other fiat currencies was gradually created. These types of cryptocurrencies are called stablecoins, the price of which does not differ compared to their competitors.
This is the case with BGBP or the Binance Great Britain Pound. According to information from the world’s largest crypto exchange, Binance, the parity between BGBP and British pound is 1: 1, and therefore a pound can be bought for 1 BGBP and vice versa.
“This parity would be supported by the company’s UK pound reserve, which will never be less than the amount of BGBP spent on the market.”
The Binance team expresses.
Now you can create a kind of crypto forex market in the Binance crypto exchange. Are you ready for this new trip?
Binance also plans to add other stable fiat currencies supported by stablecoin, such as the Swedish krona and the Chinese renminbi.
What did you create this stable coin for?
The simple answer: diversification, massification and decentralization. These three pillars were one of the most important philosophical foundations of the crypto ecosystem. They are also the reasons why Binance decided to bet on the British pound.
Diversification is freely used by the inhabitants of the crypto ecosystem, so we should not be surprised that the British pound is part of the crypto sea. If not, you’d better celebrate it.
British pounds have been the strongest currency in the world for several years. Their purchasing power is based on the prosperity of the British economy.
The masification, however, has taken place slowly but gradually. The center of the cryptoverse is on the American and Asian continents. As cryptocurrencies continue to gain strength in all parts of the world, a special crypto ecosystem for this region will be created there.
More and more investors in England are becoming interested in Bitcoin, and the market is crucial for both institutional and retail customers. It was therefore normal that a stablecoins forex market was gradually created.
After all, the more services are offered in our world, the greater the decentralization. Cryptocurrencies will depend on more and more people. Regardless of whether a head is cut off, there are 2 more as in Hydra mythology.