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How does spending work?
How does spending work?
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Written by Jun Hao Lim
Updated over a week ago

To make a purchase using BasedApp, you need to top up your account with stablecoins. These stablecoins are stored in a smart contract vault. The vault design is required for segregation of your spendable assets from your other tokens in your main BasedApp wallet.

As you spend, we trigger the automatic transfer of the equivalent amount of stablecoin from your account, so as to settle the transaction with the Visa network. It functions similarly to a regular bank debit card, but you can use stablecoins instead of traditional bank deposits.

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