Binance Learn & Earn BUSD Quiz Answers

BUSD Binance Quiz Answers

Learn about Binance USD also known as BUSD and free crypto rewards. Binance BUSD quiz answers will be updated on this blog page on 17th January 2023 at 09:00 UTC.

Previously the quiz was based on the same topic ie. BUSD, so I have already added the previous quiz questions along with the answers. Any changes in the answers or questions will be updated on this page.

The quiz is going to become available today at 09:00 UTC. You can earn free tokens just by completing the quiz and getting all answers correctly.

Also, don’t forget to join our Telegram channel for other Binance learn and earn quiz answers as well as for some genuine crypto-related airdrops. The link is given below.

What Is Binance USD (BUSD)?

BUSD is also known as Binance USD. The value of one token is equal to one U.S. dollar. It is a stablecoin and acts as a digital version of the U.S. dollar.

The token was founded by Paxos and Binance. The increase or decrease in the price of the BUSD is because of the changes in the price of the USD.

Binance USD is accessible, which means it can be easily purchased on Paxos or Binance exchange. It is also flexible, which means you can turn your holdings into a stable asset.

A user can send money in form of BUSD quickly and easily around the globe with nominal fees. 

Binance BUSD Quiz Answers

1. What is the name of the BUSD-pegged token Binance offers on BNB chain and other chains?

Answer: Binance-peg BUSD

2. What is the total supply of BUSD?

Answer: Just over 22 billion

3. Which chain is BUSD minted on by Paxos?

Answer: Ethereum

4. Who regulates BUSD?

Answer: NYDFS (New York Department of Financial Services)

5. Who mints BUSD?

Answer: Paxos

6. What fiat currency is BUSD pegged to?

Answer: U.S. Dollar

7. BUSD is backed 1:1 with:

Answer: Cash reserves

8. How can you purchase BUSD or Binance-Peg BUSD?

Answer: All are correct

9. What can BUSD be used for?

Answer: All are correct

10. Which of the following descriptions is incorrect?

Answer: BUSD doesn’t provide a monthly basis attestation report.

Previous Quiz Answers

1. What is a cryptocurrency?

Answer: A cryptocurrency is a form of digital cash that enables individuals to transmit value in a digital setting.

2. The main benefit of keeping your crypto in a non-custodial wallet is that you won’t lose your crypto if you forget your password. (True or false?) 

Answer: False

3. BNB Smart Chain and Ethereum network are different networks, similar to various banks. We need to select the correct deposit address to make a deposit. What steps should you follow to deposit your crypto into Binance? 

Answer: Check if Binance supports the token you are depositing > Select a deposit network that the withdrawal platform supports > Retrieve the deposit address from Binance > Proceed to deposit with the deposit address > Check and verify your deposit after the transaction has been processed on-chain.

4. I have noticed that my Ethereum and BSC wallet addresses are identical. However, it doesn’t matter if I choose to transfer my crypto asset to any of these two networks. (True or false?)

Answer: False

5. Why KYC (Know Your Customer) matters? 

Answer: Select all the options