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Let's meet the Bitcoin Cash USD stable coin FlexUSD.
I just like using crypto currencies, and my articles are just my opinions that may or may...
2 months ago
FlexUSD is a stable coin that pays you interest, and that is something exciting that I would like to play. I have a bit of Bitcoin Cash in my hot wallet that I am willing to use to test this token, which will also play its part in the new DeFi on the Bitcoin Cash sidechain SmartBCH.
I did receive some FlexUSD in the past, but I sold them right after receiving them; I got them as a tip for my posts at MemoCash. But now I am writing this article because I think I overlooked something that I now believe deserves my attention. You can exchange your Bitcoin Cash for FlexUSD without KYC, and it is in a decentralized way.
Note that you will get interest payments automatically from the FlexUSD protocol, which will generate a blockchain transaction. If you want to help the Bitcoin Cash network, you could buy at least $10 worth of FlexUSD, and each interest payment will generate a Bitcoin Cash transaction. That was in the SLP version, but I believe it is the same in the Smart Bitcoin Cash network.
If you get tips from NoiseCash and ReadCash, you could help generate some Bitcoin BCH transactions by utilizing the token. They are legit because they are a payment to your wallet which will help the Bitcoin Cash network grow in usage and utilities; FlexUSD is yet another utility added to Bitcoin BCH.
The creation of a small transaction is one utility. The other utility will be that if you feel the Bitcoin Cash price is going to drop in value against the US dollar, you could sell your Bitcoin Cash for FlexUSD and buy back later once the price has come down. Is it a way to sell your Bitcoin Cash for a stable coin without using centralized exchanges? Yes, it is, and that is wonderful about SmartBCH.
The difference between FlexUSD is that it is backed one-to-one to USDC, which is the stable coin of Circle and Coinbase. That means you risk that if Coinbase and Circle go out of business and lose the peg.
And your value could also go too if CoinFlex goes out of business, too, but it has the advantage over Tether USD: it pays interest by holding the asset in your token wallet, and the funds are fully backed 1 to 1 with USDC. And I must also add that the SLP token version is being depreciated to move it to Smart Bitcoin Cash.
In other words, you could use FlexUSD to trade your Bitcoin Cash for USD value when the price is pumping and buy back when the price collapses, just like what happened a few days ago. All of that without using centralized exchanges like Coinbase, Gemini, or any other trading house.
I exchange into USD using Bitcoin Cash by sending my funds to SmartBCH and keeping my funds there, either on BCH or FlexUSD. I am trying to collect $100.00 in FlexUSD because I want to have some fiat in case the market goes to hell in a handbasket and we start to see deals everywhere. I would love to buy Bitcoin Cash below the previous all-time low.
I am not getting paid for talking about FlexUSD or earning any referrals; I am sharing because I find it useful.