Better e-commerce: anonymous payments with BUSD

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Binance’s fully regulated USD stablecoin, BUSD , seamlessly integrates crypto into world commerce, loans, payments and more.

Now, BUSD holders can spend their digital dollars on Autonomous, a beloved e-commerce retailer of smart gadgets and workplace products.

It’s classic crypto-commerce… with an important twist.

In conjunction with privacy blockchain Incognito, Autonomous customers will be able to choose privacy BUSD (pBUSD) as a payment option. Any BUSD holder will be able to seamlessly convert their BUSD to pBUSD via the Incognito Wallet, to take advantage of the very first privacy-focused crypto-commerce experience.

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Pay with pBUSD. Shop anonymously.

The public nature of most cryptocurrencies, including BUSD, has tricky ramifications when used in situations like commerce . Every transaction is viewable and every buyer is traceable.

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That’s why Incognito has built the option for anyone to pay anonymously with BUSD. All users need to do to turn their BUSD into privacy BUSD (pBUSD) is to deposit it into the Incognito Wallet, and transact from there.

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Powered by zero-knowledge proofs optimized for mobile, all transactions made on Incognito are completely private.

Incognito achieves privacy for BUSD through means of the Binance-Incognito bridge, which allows for two-way transfers of crypto assets whenever privacy is needed. pBUSD maintains a strict 1:1 peg with BUSD and can be withdrawn back to the main Binance Blockchain at any time.

Learn more about how to turn BUSD into pBUSD here

An experiment: privacy for crypto commerce

“This is a great opportunity to test market demand for anonymous payments. E-commerce is a killer use case for privacy.” Jason Le, Growth Lead at Incognito continued, “why would you want to show the world how much money you have and what you spend it on?”

“Crypto is becoming more and more useful. BUSD means you can have the stability of the dollar, and the freedom of Bitcoin. With Incognito, now you can also have privacy. Cash is king — and this is digital cash.

It is like going back to the simplest thing of money & goods exchanging!

Thousands year ago, we only use cash to buy goods. We love cash because all transactions we make are untraceable. No one can see your spending habit except you. But the disadvantage of cash is that you, with cash only, cannot buy goods from a place which is thousands miles from your place. You need to meet the sellers in person and hand them your cash.

Then bank emerged and the internet banking appeared. Now you can buy goods in a place which is thousands miles form your place. However, all your transactions are tracked by bank and or course, the Big Brother. It’s like the price for the convenience is the freedom when you spend money to buy things is put into jail!

Then, cryptocurrencies, Bitcoin and stuff, emerged and thank God, you have the freedom when using your own money. But the disadvantage of Bitcoin, compared to USD, is that its price is volatile. You cannot accept the fact that you spend $3,000 today to buy 1 BTC and use 1 BTC to get a trip to Europe, but then 2 days later this 1 BTC is worth $4,000. What a waste!

That’s why stablecoins are invented. USDT, BUSD, USDC and whatnot. But you should always remember that all these stablecoins are pseudonymous, which means all transactions are public in something called a public ledger. Just imagine when your blockchain ID is linked to your real-life ID, that would be the worst because your name is there, your occupation is there, and most importantly, your personal financial information is there. Don’t think that it is a case that is hard to happen. Let’s say you transact USDT (send & receive) with your friends regularly by your personal wallet, all the information that you want to hide will be shown by the people around you.

That’s why I like the concept of privacy stable coin. It combines all the characteristics of what are needed for a money used for goods exchanging: untraceability, stability, freedom, privacy.

It’s like going back to the awesomeness of cash, adding the freedom of cryptocurrencies and stability of stablecoins!

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