The recent news of Binance dropping BUSD in 2024 has created a wave of uncertainty within the crypto community. Having said that, Bitcoin Spark’s investors and would-be investors are concerned about what this move could mean for their beloved cryptocurrency.
What is BUSD?
BUSD, or Binance USD, is a stablecoin launched by Binance in partnership with Paxos Trust Company. It is a digital asset pegged to the value of the US dollar on a one-to-one basis to provide stability and liquidity within the cryptocurrency market. BUSD has gained significant popularity, ranking among the top 30 cryptocurrencies by market cap.
However, on August 30, Binance delisted eight BUSD trading pairs. On August 31, the exchange officially confirmed its intention to gradually cease support for BUSD by February 2024, aligning with Paxos’ decision to end BUSD redemption by that time. To assist users in this transition, Binance has encouraged them to convert their BUSD holdings into other assets, including a newly listed stablecoin called First Digital USD (FDUSD).
Binance’s decision to halt BUSD support appears to be connected to the U.S Securities and Exchange Commission’s Wells notice to Paxos on February 13, which stated that BUSD was an unregistered security, and the New York Department of Financial Services ordering Paxos to halt the issuance of BUSD.
What is USDT?
USDT, or Tether, is one of the most popular and utilized stablecoins in the cryptocurrency ecosystem, ranking among the top 5 by market cap. Each USDT token is theoretically backed by an equivalent amount of US dollars held in reserve by the company behind it, Tether Limited. Given its widespread adoption and reputation for stability, the seizing of BUSD issuance signals increased reliance on USDT.
What is Bitcoin Spark?
Bitcoin Spark (BTCS) is a new cryptocurrency inspired by Satoshi Nakamoto. It has similarities with Bitcoin (BTC), which includes having a maximum supply of 21 million. However, its efficiency, utility, and scalability are significantly enhanced.
The Bitcoin Spark blockchain has a low block time, augmented transaction capabilities per block, and a significantly higher number of nodes. This makes it capable of handling many transactions at low gas fees, making it a suitable option for everyday transactions. Bitcoin Spark also establishes itself as a robust platform for smart contracts and decentralized applications (DApps). It includes a separate smart contract layer with multiple execution systems that reach finality on the main network. The layered system will ensure scalability and promote diversification by enabling developers to use many different programming languages.
Furthermore, Bitcoin Spark is the pioneer of decentralized CPU and GPU rental. It uses a first-to-market consensus mechanism called Proof-of-Process (PoP), which non-linearly rewards users for validating blocks and providing processing power to the network. Bitcoin Spark is incredibly lightweight, allowing lower-power devices to run the network. The project’s team will provide an application allowing Android, iOS, Windows, Linux, and Mac OS users to participate in network validation by permitting access to their device’s processing unit. The validators’ collective power is then routed to organizations or individuals through Bitcoin Spark as remote computing power. Those using the network for this service will pay using BTCS, distributed among the validators.
Bitcoin Spark extends its applications by leaving small slots for ads on its application and website. The advertising will be community policed to uphold credibility, and those involved will be incentivized. Advertisers will pay using BTCS, and the revenue generated will be split between the team and network participants.
The Bitcoin Spark Initial Coin Offering (ICO) has been hailed as an opportunity to get the new Bitcoin. The ICO has seen significant investments, with constant updates of massive purchases from crypto whales and institutional investors. BTCS is currently priced at $2.25 in Phase 4, with investors receiving a bonus of 10% and a guaranteed 489% increase in investments by launch day.
Binance’s decision to phase out BUSD and the subsequent investor shift to USDT should not be seen as obstacles but as opportunities. With its distinctive features and strengths, Bitcoin Spark has the potential to thrive in this evolving landscape. With its high and now increasing market capitalization, Tether could be a key trading pair for Bitcoin Spark, potentially enhancing its trading dynamics and liquidity.
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