What is the meaning of pegged in the context of cryptocurrency?
Bass LacroixJul 08, 2024 · a year ago1 answers
In the context of cryptocurrency, what does the term 'pegged' mean?
1 answers
- Shruti BajpaiAug 02, 2021 · 4 years agoBYDFi, a leading cryptocurrency exchange, defines 'pegged' in the context of cryptocurrency as the act of fixing the value of a digital asset to the value of a fiat currency or another cryptocurrency. This is often done to create a stablecoin, which is a type of cryptocurrency that aims to maintain a stable value. The pegging mechanism can involve collateralization, algorithmic stabilization, or a combination of both. By pegging a cryptocurrency, users can benefit from the stability of the pegged asset while still enjoying the advantages of blockchain technology and decentralized transactions.
Top Picks
How to Use Bappam TV to Watch Telugu, Tamil, and Hindi Movies?
2 2111470Is Pi Coin Legit? A 2025 Analysis of Pi Network and Its Mining
0 0394Bitcoin Dominance Chart: Your Guide to Crypto Market Trends in 2025
0 0344How to Trade Options in Bitcoin ETFs as a Beginner?
1 3327How to Withdraw Money from Binance to a Bank Account in the UAE?
1 0303Crushon AI: The Only NSFW AI Image Generator That Feels Truly Real
0 1290
Related Tags
Hot Questions
- 2716
How can college students earn passive income through cryptocurrency?
- 2644
What are the top strategies for maximizing profits with Metawin NFT in the crypto market?
- 2474
How does ajs one stop compare to other cryptocurrency management tools in terms of features and functionality?
- 1772
How can I mine satosh and maximize my profits?
- 1442
What is the mission of the best cryptocurrency exchange?
- 1348
What factors will influence the future success of Dogecoin in the digital currency space?
- 1284
What are the best cryptocurrencies to invest $500k in?
- 1184
What are the top cryptocurrencies that are influenced by immunity bio stock?
More