My Binance Story : A Story Of Non-Conformity
Binance has come to become more than a Cryptocurrency exchange for those who are really acquainted with the Cryptocurrency world
I signed up for Binance late last year and I have never had any bad experience with the Exchange. Their customer service is superb and they place a high value on customer satisfaction
There are very few businesses which have been able to achieved the height Binance attained in such a short time frame and this is because in my opinion due to the fact that Binance has a culture of Non-Conformity at its core
This is due to the fact that the CEO of Binance Changpeng " CZ" Zhao is someone who really knows what he is doing. He has succeeded in breaking the first mover advantage myth in the Blockchain Industry.
One thing you should note that the success of Binance is not as overnight as you think, it actually took Twelve Years
Now back to what I said about First mover advantage. This is the notion that Companies which are first in their Industry tend to hold on to a large slice of the Market Share in that Industry, we see it Coca Cola which has a large share in the Beverage Industry and Amazon which controls a huge stake of the online Bookstore Industry
There are business that have successfully broken this belief in the past like Facebook which built the biggest social Media platform after learning from the mistakes of Myspace and Friendster
CZ as a non-conformist have the characteristics of several well known non-conformist like Steve Jobs and Elon Musk. He is not afraid of making huge decisions even though they go against the grain of whats normal and also his decision making process is quite different, in his Epicenter Interview he says that he does not believe in crowd decisions
Any decision that took up to four people to make is bound to be a bad one. And what I found out is that he has that belief that any mistake came from a bad decision and not necessary himself
So if things did not go as planned , he doubts the Idea and not himself and he continues to push on
Marketplace Non-Conformity
I learnt a lot of thing from CZ and the growth of Binance and I believe that his actions will forever change the way decentralized businesses are run
In organisations things don't really run better when you push Power up, it runs smoothly and more effectively when you push Authority down. At Binance they have workers scattered all over the world so CZ decided it was better to empower his staff to take more proactive decisions than to just try to make all the decisions
There was also the case where the Chinese goverment ordered Cryptocurrency projects that ran ICO's to return the Investors funds. As usual this directive caused FUD and this caused many of the coins to go below ICO price
Binance backed five of the affected Projects and reviewing the issue at ground CZ decided to cover the deficit for the projects which could not afford to pay up all Investors funds. That move cost Binance $6 million
And note that then Binance was still fairly new , it was barely a Month after their ICO which raised $15 million , they had spent some of that Money on development, so releasing that $6 million was a huge sacrifice on their part
The move however paid off in the end, the Chinese people loved Binance as they truly upheld their culture of putting the people first
I have seen a lot of Blockchain businesses copy the Binance model ranging from how they marketed their products down to the layout of their Mobile Apps, but I am yet to see anyone of them that really placed much value on making their users feel Important and secure
Binance is also working Integrating as many Languages as possible and I believe that it will bring a lot of Minorities onboard
What most businesses don't know the importance of putting their customers or users first. Word of mouth is still the best form of marketing in a world where digitization has a strong foothold.So if you make your users feel special they will bring you more customers than any advertising budget can ever bring you
Online ads are very annoying to most people, but they will always heed to advice of the people closest to them when making transaction decisions
It was all of this and more that helped Binance shoot to the Top. Even CZ did not expect such growth. He said and I quote
One week before we became the number one exchange, I still thought that it will take us Six months to get there
Binance has come to set a Standard in the Blockchain Marketplace, more exchanges are copying the BNB token model. But it still only Binance that burn the tokens they buy back with part of their profits, other exchanges are still not doing this
Expeditions
Binance is not resting on their Laurels , they are still exploring new grounds
Their Involvement in countries like Malta and Uganda shows that CZ is not ready to stand still. He is really holding on to the business saying
Innovate or Die
A lot of Crypto Startups that perished in the last few years suffered that fate because they became lax and were only content with pumping in profits , but down the line they discovered one thing , money can't buy everything
CZ said in his Interview that he is positioning Binance towards being more of a community rather than a Company and I believe that is very wise. Building a community creates a sense of ownership, everyone involved will feel that they are a part of whats happening and they will be proactive in decision making
I believe that Binance is a name that will be around for a very long time and this is also due to the fact that they are working on disrupting themselves. CZ said that they are working on building a decentralized exchange because they believe that's the future
Thats what most people don't understand in business
If you don't Cannibalize yourself someone else will.
Steve jobs knew that Introducing the I-Phone will hurt the sales of the I-Pod but that did not stop him from doing it anyway
The I-Phone ended up being one of Apple's core products, so the move paid off in the end
So I end my story with this quote
Think Different
Thanks For Reading
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Wow!
Yeah @mosunomotunde
Very inspiring post @ogochukwu. Thank you so much! :) We are looking forward to read more content from you, especially about blockchain.
Thanks for reading @cryptaldash
You're welcome.
@ogochukwu I did a Trade and bought some BNB two days ago and I am so glad I did. Binance has a lot of Growth Ahead of it................
Yeah BNB is a cool token. Thanks for reading @stokjockey
Consistency pays off again. Nothing beats hardwork, consistency, and passion.
That's a Fact @greenrun
I agree.
I cannot overemphasize how resourceful i find this article.i noticed something from your writing that CZ's secret was that he literally seperated the company from himself,treating the organization as an entirely different entity.talking about how he ensured a system of decentralized authority.in other words all good ideas are welcomed as long as they meet the demands of the community.i learn of a daring spirit,as i see how he engaged the principle of non-conformity which makes men standout..
Thank you@ogochukwu for this wonderful article...
Thanks for the great comment @amstrongchris. I appreciate