Binance IDR Stable Coin

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Discover Binance IDR Stable Coin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Binance IDR Stable Coin?

Binance IDR Stable Coin (BIDR) is a stablecoin pegged 1:1 to the Indonesian Rupiah (IDR), jointly supported by Binance and Tokocrypto. It is a BEP-2 token on the BNB Chain, designed to maintain a stable value equivalent to the IDR. BIDR is available for direct purchase and redemption, ensuring a reliable store of value for users.

How is Binance IDR Stable Coin used?

The Binance IDR Stable Coin (BIDR) is a stablecoin pegged 1:1 to the Indonesian Rupiah (IDR). It is jointly supported by Binance and Tokocrypto. BIDR combines the benefits of digital assets with the stability of traditional fiat currency, offering fast transaction rates, high security, and stability. Here are some ways BIDR is used:

  1. Flight Bookings: BIDR can be used to pay for flights through Alternative Airlines, a global site for finding and booking flights from over 600 international airlines. Users can select BIDR as their payment method during checkout.

  2. Trading: BIDR is available for trading on Binance, with various trading pairs such as BTC/BIDR, ETH/BIDR, BNB/BIDR, BUSD/BIDR, and USDT/BIDR. Users can deposit BIDR to prepare for trading.

  3. Direct Purchase and Redemption: BIDR can be purchased and redeemed directly on Binance and Tokocrypto platforms.

These uses highlight the versatility and practical applications of BIDR as a stablecoin.

How do I store Binance IDR Stable Coin?

To store Binance IDR Stable Coin (BIDR) tokens safely, it is recommended to use a "Cold Wallet," which is a wallet that is totally offline. This type of wallet provides the highest level of security for your tokens by keeping them disconnected from the internet, thus minimizing the risk of unauthorized access or hacking.

How to buy Binance IDR Stable Coin?

To buy Binance IDR Stable Coin (BIDR) tokens, follow these steps:

  1. Find a Reliable Centralized Exchange: Look for a trustworthy exchange where BIDR is listed. Binance is one such exchange where you can buy BIDR.

  2. Create an Account: If you don't already have an account on the chosen exchange, create one by following their registration process.

  3. Deposit Funds: Deposit the necessary funds, such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), or other supported currencies, into your exchange account.

  1. Search for BIDR Trading Pairs: Look for trading pairs that include BIDR, such as BTC/BIDR, ETH/BIDR, or USDT/BIDR.

  2. Place an Order: Place a buy order for the desired amount of BIDR using the deposited funds.

  3. Store Your BIDR Safely: After purchasing BIDR, consider transferring them to a secure wallet, such as a cold wallet, to protect your assets from potential exchange hacks or shutdowns.

Remember to always evaluate the risks and volatility of the cryptocurrency market before investing in BIDR or any other token.

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History of Binance IDR Stable Coin

The Binance IDR Stable Coin (BIDR) is a stablecoin pegged 1:1 to the Indonesian Rupiah (IDR). It was jointly launched by Binance and Tokocrypto, an Indonesian cryptocurrency exchange, as part of Binance's expansion plans in Asia. BIDR is a BEP2 stablecoin, which means it runs on the Binance Chain.

The stablecoin was first announced on May 31, 2020, with trading pairs including BTC/BIDR, ETH/BIDR, BNB/BIDR, BUSD/BIDR, and USDT/BIDR. Trading for these pairs began on June 1, 2020, at 8:00 AM (UTC). This marked the first non-dollar stablecoin available on Binance, expanding the platform's offerings beyond US Dollar-backed stablecoins.

BIDR allows users to directly purchase and redeem the stablecoin at a rate of 1 Indonesian Rupiah each, providing a stable channel for fiat money to flow into the crypto ecosystem. The launch of BIDR is significant for Binance's growing user base trading with the Indonesian Rupiah, as it supports the increasing demand for cryptocurrencies in the region.

The collaboration between Binance and Tokocrypto is part of Binance's strategy to partner with domestic exchanges that have banking relationships, enabling the rollout of fiat currency trading. This partnership also reflects Binance's broader efforts to expand its presence in Asia, having invested in Tokocrypto and acquired other regional exchanges like WazirX in India.

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How Binance IDR Stable Coin works

The Binance IDR Stable Coin (BIDR) is a type of cryptocurrency known as a stablecoin. It is pegged to the value of the Indonesian Rupiah (IDR) at a 1:1 ratio, meaning that one BIDR is equivalent to one IDR. This stability is achieved by ensuring that the value of BIDR is backed by a corresponding amount of IDR held in reserve.

BIDR is a BEP2 stablecoin, which means it operates on the Binance Smart Chain (BSC) and adheres to the BEP2 token standard. This allows for seamless integration with the Binance ecosystem and enables users to easily deposit, trade, and withdraw BIDR.

The coin is jointly supported by Binance, one of the world’s largest cryptocurrency exchanges, and Tokocrypto, a regulated digital currency exchange in Indonesia. This partnership ensures that BIDR is well-backed and reliable, making it an attractive option for those looking to invest in a stablecoin tied to the Indonesian Rupiah.

In terms of trading, BIDR is available for direct purchase and redemption at a rate of 1 BIDR equal to 1 IDR. It can be traded in various pairs, including BTC/BIDR, ETH/BIDR, BNB/BIDR, BUSD/BIDR, and USDT/BIDR, providing users with a range of options for buying and selling the coin.

Overall, the Binance IDR Stable Coin (BIDR) offers a unique opportunity for investors to engage with the Indonesian Rupiah in a digital format, providing stability and flexibility within the cryptocurrency market.

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Binance IDR Stable Coin's strengths

The Binance IDR Stable Coin (BIDR) has several strengths that make it a reliable and attractive option for investors:

  • Stable Value: BIDR is pegged 1:1 to the Indonesian Rupiah (IDR), ensuring that its value remains stable and less susceptible to significant price fluctuations, making it a stable store of value.
  • Strong Backing: BIDR is jointly supported by Binance and Tokocrypto, a regulated digital currency exchange in Indonesia, which adds credibility and trust to the token.
  • Wide Integration: As a BEP2 stablecoin, BIDR can be easily integrated with various blockchain services, enhancing its usability and accessibility.
  • High Liquidity: BIDR is listed on Binance, allowing users to trade it with multiple pairs such as BTC/BIDR, ETH/BIDR, BNB/BIDR, BUSD/BIDR, and USDT/BIDR, ensuring high liquidity and ease of trading.
  • Predicted Growth: Technical indicators suggest that BIDR is expected to rise in value, making it a potentially profitable investment opportunity.

These strengths contribute to BIDR's appeal as a stable and reliable cryptocurrency investment option.

Binance IDR Stable Coin's risks

Binance IDR Stable Coin (BIDR) is a BEP2 stablecoin pegged 1:1 to the Indonesian Rupiah (IDR), jointly supported by Binance and Tokocrypto. Despite its stable nature, BIDR is not immune to financial risks. One of the primary risks associated with BIDR is the possibility of significant losses due to market volatility. Cryptocurrency investments, including stablecoins, are subject to high market risk, and past gains are not indicative of future performance.

Another risk is the potential for the issuing company or organization to lack sufficient reserves to back up the stablecoin's value. This could lead to a loss of confidence in the stablecoin and subsequent financial losses for investors. Furthermore, stablecoins like BIDR are also susceptible to contagion risks linked to the broader cryptocurrency market, which can spread rapidly in times of crisis.

Additionally, the Financial Stability Board (FSB) has announced plans to further investigate the risks and challenges posed by stablecoins, particularly in developing economies. This increased scrutiny may lead to regulatory changes that could impact the stability and value of BIDR.

Overall, while BIDR is designed to be a stable store of value, it is crucial for investors to be aware of these financial risks and to invest cautiously.

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Did Binance IDR Stable Coin raise funds?

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Binance IDR Stable Coin’s team

  • Binance IDR Stable Coin (BIDR) Team Members:
    • Changpeng Zhao (CZ): Founder and CEO of Binance, involved in the development of BIDR.
    • Yi He: Co-Founder of Binance, led business, marketing, and branding strategy, including the growth of Binance into the world’s largest crypto exchange.
    • Tokocrypto: Jointly supported BIDR with Binance, providing the Rupiah-backed stablecoin.

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