1. If you have funds in Dual Investment, keep in mind that you won't be able to use them, not even to make QR or card payments.
2. The global economic situation is very volatile in the times we're living in, and this affects the crypto and stock markets. As a result, sudden rises and falls in asset prices are becoming increasingly common, so it's essential to stay informed about the ecosystem and the risks of short- and long-term trading.
3. P2P trading as a non-merchant has probably caught your attention at some point as a way to make a small profit from the spread. The reality is that it can take hours for someone to want to trade with you, especially if you have a small balance or the platform's minimum amount. So make sure you're aware of the competition too, to avoid wasting time waiting on the platform to complete a purchase or sale.
Note: By the way, the minimum amount to buy or sell USDC is 10, and there's no fee.
First time using the physical Binance Card in Bolivia today—a small purchase at Burger King. The exchange rate on the POS came out to 1 USD = 12.00 Bs, while the official rate was 12.09 Bs and Binance P2P was 11.99 Bs. The purchase was made mainly with USDT, at an exchange rate of 1 USDT = 0.9865956 USD, which is 1.3% more expensive than the spot rate for the USDT/USD pair.
Note: It’s better to use USDC, but also account for the exchange rate difference. In general, it’s better to use the Binance card for payments in dollars; that’s where the cashback will make up for a little of the difference.
Note 2: You can’t make a payment with the Binance Card using only a USD fiat balance. I tried, and got an insufficient funds message. You have to use crypto or stablecoins.
Illustrative AI-generated image—I ate the ice cream before taking the photo 😁.
QR payments and use of the Binance card are still unavailable, according to support as of today (a message appears saying the service is under maintenance). Withdrawals have returned to normal, and users will be waiting for tomorrow’s proof of reserves and the post-mortem forensic analysis report to find out exactly what happened and whether the vulnerability has been completely fixed. $USDC
According to Binance’s statement, the exchange’s initial investigation suggests that a compromised DevOps engineer’s laptop may have allowed an attacker to access a service container and submit unauthorized withdrawal transactions.
P2P data: USDT and USDC recorded declines of 0.8–1%, trading below the official exchange rate against the boliviano (BOB)
If you took advantage of the promotion and got the card for free, it’s being sent by DHL. The process is now completed through the Bolivian postal service, using the same tracking ID provided by Binance. There’s a 10 Bs pickup fee at their offices. It doesn’t go through customs; it’s a simple process.
As of the date this article was written, you can take advantage of 1.5% to 3% cashback. For online payments for basic services, you need to know the merchant code, and the same applies when paying by POS. For example, Saguapac uses a different merchant code than Binance for basic services, so cashback doesn’t apply.