OARA2010
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Bullish
Why is the Binance Dollar "More Expensive" than the Central Bank's?
Brother, this is madness! The Central Bank (BCV) says that the official dollar is at Bs. 270,789. But when I want to buy or sell a USDT on Binance P2P, they pay me Bs. 421,000 or more!
It's the same story as always, my friend. Two worlds, two prices.
Exactly. The BCV price is like the regulated gasoline price: it is the official rate that big banks use, but it is not what ordinary people deal with on the street. It's just a reference, like a snapshot of the price at a specific moment.
The price of **USDT** on Binance is the Digital Street Price. Normal people use it to save their bolívares and protect themselves from the loss of value of money. When you see someone selling it for Bs. 421,000, that price reflects the "Real Demand" of those wanting to escape inflation, the speed of the transaction, and the ease of having it deposited directly into your bank (Banesco, Provincial, etc.).
Although USDT is not a Physical Dollar, it is the most popular Safe Haven Currency in Venezuela. That's why its price will always be above the official rate. It's the price that people are willing to pay for Peace of Mind and quick access to the Currency. #USDT $USDT
{future}(USDCUSDT)
Brother, this is madness! The Central Bank (BCV) says that the official dollar is at Bs. 270,789. But when I want to buy or sell a USDT on Binance P2P, they pay me Bs. 421,000 or more!
It's the same story as always, my friend. Two worlds, two prices.
Exactly. The BCV price is like the regulated gasoline price: it is the official rate that big banks use, but it is not what ordinary people deal with on the street. It's just a reference, like a snapshot of the price at a specific moment.
The price of **USDT** on Binance is the Digital Street Price. Normal people use it to save their bolívares and protect themselves from the loss of value of money. When you see someone selling it for Bs. 421,000, that price reflects the "Real Demand" of those wanting to escape inflation, the speed of the transaction, and the ease of having it deposited directly into your bank (Banesco, Provincial, etc.).
Although USDT is not a Physical Dollar, it is the most popular Safe Haven Currency in Venezuela. That's why its price will always be above the official rate. It's the price that people are willing to pay for Peace of Mind and quick access to the Currency. #USDT $USDT
{future}(USDCUSDT)
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