What is BIDR? BIDR is a stablecoin project developed with the support of Binance and Tokocrypto, tracking the Indonesian rupiah in a 1:1 ratio. In this article, you can find answers to frequently asked questions such as what is BIDR, what is it for, what are its features, and how to get it. cryptocoin.com We have compiled it for you. Let’s examine together.
What is BIDR?
BIDR coin is a token developed through the efforts of Binance and Tokocrypto. In this regard, the cryptocurrency is located on the Binance Smart Chain. However, BIDR is a stablecoin. Stablecoins are cryptocurrencies that are generally used for hedging. The value of these assets is shaped by their fiat currencies, not their own dynamics. For example, USDT, the world’s largest stablecoin, is pegged to the US dollar. BIDR is a digital asset created in this context. The value of BIDR follows the Indonesian rupiah. Binance and Tokocrypto aim to help crypto investors in Indonesia by launching BIDR.
What does BIDR coin offer?
BIDR exists on Binance Blockchain with smart contracts BEP-2 and BEP-20. Stablecoin is listed on Binance, the world’s largest cryptocurrency exchange. Therefore, its accessibility and investor base is quite broad. Binance CEO Changpeng Zhao has announced that BIDR is the first cryptocurrency stable to Indonesian rupees. He also underlined that this is possible thanks to the cooperation with Tokocrypto. Because the Indonesian rupee is a fiat currency, it is less volatile than cryptocurrencies. Therefore, it stands out as a digital asset that protects investors from risk during volatile market times. Binance CEO CZ shared the following about BIDR in the past:
“Stablecoins are a significant potential for fiat currencies to gain ground in the cryptocurrency ecosystem. BIDR is made especially for our users who trade cryptocurrencies with Indonesian rupees. At Binance, we support the growing number of users purchasing BIDR.”
What are the advantages?
- It is seen as a secure stablecoin as it is produced by well-known exchanges such as Binance and Tokocrypto.
- BIDR’s pairs cover a very large asset pool. BIDR holders can trade with leading cryptocurrencies such as BTC, ETH and USDT on Binance and Tokocrypto exchanges.
What are the disadvantages?
- The BIDR coin, similar to other stablecoin projects, has investment risks. The biggest current problem with stablecoins is that they depag. For example, the stable coin called TerraUSD has recently shaken the market by losing its stability to the dollar.
- BIDR is a stablecoin held on exchanges and mobile wallets. Both exchanges and hot wallets are vulnerable to the risk of cyberattacks. However, the mentioned disadvantage can be solved by transferring the assets to a hardware wallet.
What is BIDR? How to get BIDR coin?
Stablecoin is currently traded on crypto exchanges such as Binance, Tokocrypto, Huobi Global. Investors interested in the BIDR coin should first access these exchanges. They must then verify their account and deposit funds into their wallets. Users who do all these can purchase BIDR in the amount corresponding to the assets in their wallets.
