Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Download the Bitget app and trade anytime, anywhere. Download now >> New users are eligible for a welcome gift worth 6200 USDT. Claim now >>
bitSmiley (SMILE) converter and calculator

bitSmiley (SMILE) converter and calculator

Convert 1bitSmiley (SMILE) to United States Dollar (USD) equals $ 0 | Bitget
SMILE
SMILE
swap
USD
Last updated 2023/09/01 02:23:05 (UTC+0)Refreshrefresh
Want to display this on your website?
Bitget converter offers real-time exchange rates, allowing for easy conversion of bitSmiley(SMILE) to United States Dollar(USD). This is the real-time data. The current conversion shows 1 SMILE at a value of 1 SMILE for 0 USD . Since crypto prices can change rapidly, we suggest checking back for the latest conversion result.

About bitSmiley (SMILE)

What Is BitSmiley?

BitSmiley is a decentralized finance (DeFi) protocol on the Bitcoin blockchain, created to enhance Bitcoin’s utility in the financial ecosystem. Developed within the Fintegra framework, BitSmiley offers a stablecoin protocol, a lending service, and a derivatives platform, enabling users to leverage Bitcoin for more than just holding or transacting. By introducing overcollateralized stablecoins, peer-to-peer lending, and credit risk management, BitSmiley provides a toolkit for users to participate in the DeFi space while anchored in the security and decentralization of the Bitcoin network.

Designed to address the limitations of Bitcoin's volatility, BitSmiley’s components work together to make it a reliable medium for transactions, loans, and derivative trading. With the introduction of bitUSD, a stablecoin pegged to the US dollar, and bitLending, a decentralized loan matching service, BitSmiley opens new possibilities for secure financial interactions directly on the Bitcoin blockchain. This ecosystem aims to enable users to participate in decentralized financial activities securely, benefiting from the flexibility and stability that are fundamental to a robust DeFi environment.

How BitSmiley Works

BitSmiley operates through many core components, each addressing different needs within the DeFi ecosystem. These are designed to create a seamless experience for users seeking stable assets, peer-to-peer lending, and risk-managed derivatives:

  • Decentralized Stablecoin Protocol (bitUSD): At the heart of BitSmiley’s ecosystem is bitUSD, a stablecoin pegged to the US dollar and fully backed by overcollateralized Bitcoin. Unlike traditional Bitcoin, bitUSD offers stability, allowing users to make transactions without the volatility associated with cryptocurrencies. To generate bitUSD, users deposit Bitcoin into a “bitSmiley Treasury,” a smart contract that holds BTC as collateral. Once deposited, users receive bitUSD tokens, which can be freely used or exchanged. To retrieve the initial BTC, users must repay the equivalent amount in bitUSD plus a stability fee. This mechanism is reinforced by collateral liquidation, where any significant drop in the value of collateral triggers liquidation through a Dutch auction, maintaining the stability of bitUSD.

  • Peer-to-Peer Lending Protocol (bitLending): BitSmiley’s bitLending service allows users to participate in fully decentralized lending activities. Unlike centralized lending systems, bitLending is peer-to-peer and built directly on the Bitcoin blockchain. Users can lend or borrow bitRC-20 tokens, using high-value cryptocurrencies like Bitcoin as collateral. A unique multisig wallet is used for transactions, allowing safe and trustless exchanges. BitSmiley also offers “bitInsurance,” which lenders can purchase as protection against default. This insurance helps lenders secure their funds in the event of a major price fluctuation or borrower default.

  • Credit Default Swap (CDS) Protocol: BitSmiley has extended its platform with a derivatives product, creating a CDS protocol that allows multiple loans to be packaged as assets and traded as non-fungible tokens (NFTs). This enables users to manage risk associated with their loans by participating in a market-based approach to credit insurance. If default rates exceed estimated levels, CDS sellers compensate buyers for the difference between the collateral and loan values, providing a form of financial security and flexibility in managing crypto assets.

  • bitRC-20 Token Standard: BitSmiley utilizes the bitRC-20 token standard, a Bitcoin-compatible protocol designed for fungible tokens. This standard supports various token actions, including minting, transferring, and burning, while remaining compatible with existing BRC-20 tokens.

What Is SMILE Token Used For?

The SMILE token is BitSmiley’s native token, integral to the platform’s governance and functionality. As a utility token, SMILE is used in several key areas within the BitSmiley ecosystem:

  • Protocol Governance: SMILE token holders participate in governance, contributing to critical decisions around protocol changes, upgrades, and the introduction of new features. This decentralized voting process allows community members to influence the development and direction of the BitSmiley protocol.

  • Transaction Fees and Stability Fees: SMILE tokens are used to pay various transaction fees across BitSmiley’s services. Within the bitUSD system, for example, stability fees—required when users reclaim their BTC from the Treasury—are payable in SMILE.

  • Collateral and Auction Participation: SMILE tokens also facilitate participation in BitSmiley’s liquidation and surplus auctions. When collateral levels fall below required thresholds, these auctions enable the redistribution of assets back into the system, maintaining stability within the protocol. Users with SMILE tokens can bid in these auctions, obtaining liquidated assets or surplus funds at competitive prices.

Conclusion

In conclusion, BitSmiley offers a secure DeFi ecosystem on the Bitcoin blockchain, featuring stablecoins, peer-to-peer lending, and derivatives. Through its SMILE token, users can participate in governance and access a range of decentralized financial services, expanding Bitcoin’s role in stable and secure transactions.




bitSmiley to USD conversion rate trend

The price of bitSmiley has not been updated or has stopped updating. Information on this page is for reference only.

Start by learning the basics of bitSmiley: What is bitSmiley and how does bitSmiley work?

You can also check other cryptocurrency converters, such as BTC to USD and ETH to USD.

Bitcoin conversion tables

BTC to USD

Amount
01/11/2024 03:36 today
0.5 BTC
$35,487.94
1 BTC
$70,975.89
5 BTC
$354,879.45
10 BTC
$709,758.9
50 BTC
$3,548,794.5
100 BTC
$7,097,589
500 BTC
$35,487,945
1000 BTC
$70,975,890

USD to BTC

Amount01/11/2024 03:36 today
0.5USD0.{5}7045  BTC
1USD0.{4}1409  BTC
5USD0.{4}7045  BTC
10USD0.0001409  BTC
50USD0.0007045  BTC
100USD0.001409  BTC
500USD0.007045  BTC
1000USD0.01409  BTC

Ethereum conversion tables

ETH to USD

Amount
01/11/2024 03:36 today
0.5 ETH
$1,282.16
1 ETH
$2,564.32
5 ETH
$12,821.61
10 ETH
$25,643.22
50 ETH
$128,216.09
100 ETH
$256,432.18
500 ETH
$1,282,160.9
1000 ETH
$2,564,321.8

USD to ETH

Amount01/11/2024 03:36 today
0.5USD0.0001950  ETH
1USD0.0003900  ETH
5USD0.001950  ETH
10USD0.003900  ETH
50USD0.01950  ETH
100USD0.03900  ETH
500USD0.1950  ETH
1000USD0.3900  ETH
Bitget pre-market
Buy or sell coins before they are listed, including SCR, MAJOR, OGC, EIGEN, and more.
Trade now
PoolX: Stake to earn
APR up to 10%. Always on, always earning.
Stake now
Bitget Launchpool
Stake to earn promising new coins, including WAT, and more.
Stake now!

Bitget Earn

A safe, convenient, and professional platform to maximize your crypto asset profits.
Coin

APR

Action

Bitget

The safest and fastest asset trading platform

register Image

No matter where you are, you can quickly buy and stake crypto assets.

Latest coin listings on Bitget

New listings

FAQ

What is a cryptocurrency calculator?

A cryptocurrency calculator enables users to convert various digital currencies into different world currencies according to the current exchange rate.

How does a cryptocurrency calculator work?

A cryptocurrency calculator fetches real-time values from digital currency exchange markets to convert between bitSmiley and USD.

How accurate is a cryptocurrency calculator?

Cryptocurrency calculators are generally highly accurate as they track real-time data from cryptocurrency markets, such as bitSmiley and USD. However, due to the high volatility of the cryptocurrency market, rates can fluctuate rapidly.

Can I trust the results of a cryptocurrency calculator?

While cryptocurrency calculators can provide a good starting point, remember that there might be slight differences in real-time trading due to factors such as time delay and trading platform discrepancies.

Can I use a cryptocurrency calculator for tax purposes?

Cryptocurrency calculators are useful for tax information, like coin values at given times. However, it's better to use tax-specific software or a professional for accurate reporting. Bitget Academy is a useful guide for cryptocurrency taxes, covering tax procedures, crypto transactions, effective planning, and different tax tools. Bitget prioritizes user experience, especially in optimizing tax management. With Advanced API and collaborations like Koinly, Bitget provides a smart, accessible platform for cryptocurrency trade and tax responsibilities.

Can a cryptocurrency calculator be used to convert one type of cryptocurrency to another?

If you want to know the value of bitSmiley in USD, cryptocurrency calculators can help you. But if you want to compare the worth of two different cryptocurrencies, you can use Bitget Convert. This tool simplifies the process of cryptocurrency conversion by allowing you to avoid multiple transactions or frequent transfers between wallets and exchanges. With Bitget Convert, you can seamlessly convert your cryptocurrencies in a user-friendly way.

Buy bitSmiley for 1 USD

A welcome pack worth 6200 USDT for new Bitgetters!

Buy bitSmiley now
This content is being provided to you for informational purposes only, does not constitute an offer, or solicitation of an offer nor a recommendation by Bitget to buy, sell, or hold any security, financial product, or instrument referenced in the content, and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Data presented may reflect asset prices traded on the Bitget exchange as well as other cryptocurrency exchanges and market data platforms. Bitget may charge fees for the processing of cryptocurrency transactions which may not be reflected in the conversion prices displayed. Bitget is not liable for any errors or delays in content or for any actions taken in reliance on any content.