Many moons ago, cryptocurrency was just a theory that many people were unaware of, but all that changed with the creation of Bitcoin back in 2009. Today a vast percentage of the population is aware of this technology, although a significant portion may not realize how it works. The cryptocurrency market continues gaining popularity among individuals, businesses, and governments. There are now thousands of cryptocurrencies; one such cryptocurrency is Gemini Dollar Coin. So to know “what is Gemini Dollar Coin (GUSD)?”, continue reading this article.
What is GUSD (Gemini Dollar Coin)?
So what is GUSD, you may ask? The answer to your question is that it is a stable coin meaning it is a cryptocurrency made to get pegged to money, trade exchange commodities, or other cryptocurrencies. As for Gemini Dollar Coin, it combines US dollar price with creditworthiness while providing the advantages of a cryptocurrency. This currency is made by Gemini Trust Company, founded in February 2014. Gemini received its permission to launch the GUSD from the New York Department of Financial Service (also known as NYDFS) in September 2018.
Gemini Dollar Coin is one of the first stablecoins in the world. It gets audited monthly by BPM, an independent private firm that makes sure there is a parity between the amount of Gemini Dollar Coin in circulation and the amount of US dollar in reserve. Moreover, they store their currency on the Ethereum Blockchain to be even more transparent. By doing this, they can ensure that everyone can freely see the amount of Gemini Dollar coins circulating at a specific time. The only way to create GUSD is by purchasing them using dollars on Gemini. They can also be redeemed by selling them for US dollars. They are available for trade-in on several other exchanges and are supported by different projects. In addition, they have also placed additional security measures to ensure maximum customer protection, such as AML (also known as Anti Money Laundering) and KYC (Know your customer).
The current market cap of the Gemini Dollar coin is 243.3 million dollars, with a volume of 3.8 million dollars. The all-time highest price of GUSD was $1.27. Gemini Dollar coin is ranked 750 for the most mentioned and spoken about online. Gemini Dollar coin was mentioned 115 alone on June 6th, 2022, across social media.
Reasons To Use Gemini Dollar Coin
Here are some reasons why you should start using GUSD.
- You can use GUSD to stake or trade in decentralized exchanges
- It provides high liquidity through Defi automated market makers.
- You can earn high interest through Defi or Gemini to earn
- You can use it in your day-to-day life through Gemini pay
Advantages Of Using Gemini Dollar Coin (GUSD)
Everyone would not be asking what is GUSD coin if it did not bear benefits. These are the benefits of using Gemini Dollar Coin.
- High Regulation and Insurance
The Gemini Dollar coin is maintained and regulated by the New York State Department of Financial Services as a limited purpose trust company. The company’s bank accounts and exchange market funds are FDIC insured. They hold short-term US treasury bonds, and the cash part of it can be used as insurance for the Gemini Dollar coin customers in any crisis or bank failure incident.
- Transparency
Gemini tries to maintain as much transparency as possible. They publish all the audit reports of the Gemini Dollar coin monthly. It is done through an independent accounting firm called BPM LLP. And the Ethereum section of the audit is maintained and released by a leading information research and development firm, Trail of Bits.
- Stable And Backed
A 1:1 USD ratio backs it, and the customer can always purchase the coin at a stable rate of $1.
- No Extra Cost
There is no extra cost or fees for buying or selling Gemini Dollar coins on the Gemini Exchange with US dollars.
- Less Time Consuming
It may be one of the fastest transaction systems that take only a few seconds to transfer and settle on the Ethereum blockchain.
- Programmable
The GUSD is entirely programmable as its token is Ethereum ERC-20 and can be used for smart contracts.
- Can Be Used In Retail Stores
Gemini Dollar Coin can be used in over 30,000 retail stores across the United States.
Where And How To Buy Gemini Dollar Coin
We have talked a lot about GUSD and its benefits. Now let us discuss how and where to buy in. Today, we will show you two specific ways to purchase the Gemini Dollar Coin.
Method 1 – Through Gemini Exchange
This method will take you only 15 minutes at best. All you will require is a phone or a computer, a stable internet connection, a means of identification, and a means to pay. The method is as follows:
1. First, enter Gemini’s website and create an account. Use the link above to get $10 in free BTC. After making an account, you must verify your email address and identity. So make sure you have all the required documents.
2. Then, proceed to enter the exchange page on the website.
3. Once entered, click on ‘Make a deposit.’ To make the deposit, you have several options such as credit card, Paypal, other cryptocurrencies, etc.
4. Now that you have added your means of payment, you can easily exchange the GUSD on their website. Enter the purchase page, click the amount you want, and press buy.
Method 2 – Through MetaMask Wallet
This method is a bit different than your usual one and slightly longer; however, it sure is an effective way to buy Gemini Dollar coins.
1. Start by downloading the crypto wallet called Metamask Wallet. However, as GUSD is within the Ethereum network, the Metamask wallet is the most preferred choice. To download the app, download and add the Google Chrome extension on your desktop or download it via the play store or app store for mobile devices.
2. Open the Metamask app and register. Make sure to keep your seed phrase and wallet address safe.
3. Once you set up the Metamask wallet, log in to the Binance account. You can now proceed with buying Ethereum.
4. After purchasing Ethereum, enter the Binance wallet section and search for the Ethereum you just bought. Now proceed to click on withdraw and fill up the information asked. Directly transfer your Ethereum to Metamask and wait.
5. To purchase a Gemini Dollar coin, choose a DEXs that supports the exchange.
6. Now connect your Metamask wallet to the decentralized exchange you want to use.
7. To continue further, choose Ethereum as your means of payment and select GUSD as what you want to buy.
8. If you have done the above mentioned steps correctly, press swap.
9. And done! You have purchased Gemini Dollar Coin.
What Do I Need To Buy Gemini Dollar Coin?
Now that we have told you how to buy GUSD, you would need some documents and information to buy Gemini Dollar Coin:
- You will need an email address to which you have full access, and some sites may even ask for your phone number.
- Before confirming your purchase, you will be required to do a process called KYC (Know your customer), which requires you to have a photo ID, a webcam, and a smartphone or desktop. Another way to do KYC is by providing a recent bank statement, electric bill, or water bill.
Things To Know Before Buying Any Cryptocurrency
Investing in cryptos can be risky, but there are certain precautions you can take to minimize that risk. Here are a few things you should know before investing in crypto.
- Avoid purchasing FOMO coins. Make sure you put in enough time to research the coin you want to buy. We recommend checking if the price of the coin is rising for no specific reason or not.
- If you are an inexperienced cryptocurrency trader, we recommend purchasing well-known coins to avoid loss, such as Gemini Dollar Coin, , Ethereum, etc.
- Dig deeper and look into the information about the founder and developers of the coin. Avoid coins that maintain too much anonymity.
How To Convert Or Sell Gemini Dollar Coin?
One impressive thing about Gemini Dollar Coin is that just like purchasing, the coin can be sold in mere seconds. Here’s how:
- To start, sign in to where ever you have Gemini Dollar Coin stored
- If you have stored it in a wallet such as Metamask, then go to a cryptocurrency exchange to convert or sell it
- Select sell or convert, then place the order
- Then, you will be required to confirm the transaction. Once done, you have successfully converted or sold the Gemini Dollar coin.
What Medium Can Be Used To Purchase Gemini Dollar Coin?
The three main and the most used means of purchasing GUSD are:
Bank Account
You can quickly transfer funds from your local bank account to purchase the GUSD coin. However, it usually contains a small Fee.
Credit or Debit Card
Another easy and convenient way to top up your GUSD is by linking it to your Credit or Debit Card. The benefit of this is that the purchase can be made almost instantly. However, it may contain some fees.
Cryptocurrency
It is possible to buy the Gemini Dollar coin using other cryptocurrencies such as Bitcoin or a stable coin. However, the exchange rate varies from coin to coin.
The Bottom Line
So to sum it up, Gemini Dollar Coin is a stable coin founded by the Gemini trust. Their vision is to make a bridge between the typical finance sector and the crypto industry. Since its launch in 2018, the coin has been blooming more than ever, with over a 216million coins circulating in the market.
The coin is built on the Ethereum network, which is incredibly safe. The company tries to maintain as much transparency as possible through public audits provided by outsourced companies. Where to purchase it? You can buy it from their website using a transaction means or exchanging another cryptocurrency.
This is all for What is Gemini Dollar Coin (GUSD) And Where to Buy It. I hope we were able to answer all the questions you had.