Oh wow, even better than I thought. I have made an edit to reflect this. Thank you for clarifying the system, learning every day! =)
In that case, what happens to the USD converted into bitUSD when poored into the system via, for example, CCDEK? If not held as collateral, where is it kept?
Being able to buy straight into the BitShare market with USD without having to go through a medium like BTC is something I am hugely thankful for as someone with limited exchange experience. It does a lot to simplify the crypto buy-in process for a new investor.
Could you expand a little on the process of moving USD directly to the Bitshare market? I wasn't aware this was an option to bypass first buying BTC. Thanks!
Using CCDEX on DEX you are able to exchange USD for bitUSD, which is an asset on the BitShares platform pegged to the dollar. This can then be readily exchanged into any other asset on the platform. Other than USD, you can also do this with Euro and, from memory, Chinese Yuan
To use CCDEK, you will need to prove your identity before you can use it. Once you are verified, deposits are free and withdrawals are charged at a 3% fee.
Thank you, this is super helpful stuff. Definitely adding you to my follow list.
@dutch is CCDEK a fiat gateway? Can I convert USD from US bank account to bitUSD directly?
It is a method to move fiat directly into USDT on the Openledger DEX. Just set up an account, and elect to load USD, CNY or EUR. It will walk you through the rest of the process.