What is Binance (BNB) - Full Writeup
What is Binance (BNB)
Binance is a cryptocurrency exchange with a focus on the Chinese market and other Chinese coins. Currently, it supports English and Chinese users and there is a possibility to expand to Korean and Japanese in the future. The Binance token (BNB) was created during the ICO event to fund the development of the Binance exchange.
Makes trading in China easier
Binance (combination of binary and finance) deals with digital assets to digital assets, allowing it to bypass issues in dealing with the Chinese government that might plague other digital to fiat and vice versa exchanges.
Trade volume (as of 29/08/2017): 3.8 mil USD
Features of Binance
- High performance – capable of processing 1.4 mil orders/second
- Multi-language support – Chinese, English, Korean, Japanese
- All major coins available – BTC, ETH, LTC, BNB etc.
- Only 0.1% trading fee
Partnerships with Other Chinese Coins and ICOS:
One of the advisors for Binanace is Da Hong Fei – The founder of NEO. This means that there is a strong partnership between Bianace and NEO. Currently, Bianace is the only exchange that gives NEO GAS for holding NEO on the exchange. The exchange takes a snapshot of the NEO balance on a daily basis and will distribute NEO GAS based on the snap shotted balance.
Binance ICO:
The Binance Exchanged was financed through an ICO that was held on the 14th of July 2017. A total of 15 Million USD dollars were raised during the event. Here are achieves for the Whitepaper and the ICO page.
Binance Token:
Binance tokens were issued to project supporters. The token has 3 major features:
- Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
- GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
- Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.
Article published on http://boxmining.com/binance-bnb/.
Everyone is free to make their own decisions. Think of opportunity cost. Even if you love BNB, if you think it will stagnate, it is logical to sell and trade in for something that is more likely to appreciate in the short-term well before Nov 1. Then you can sell that other appreciated asset and then buy back even more BNB at a lower price. I am amused at these obvious attempts to persuade people to hold. As long as people are willing to take a gamble on BNB (and I am, to some extent), we will be back. We just want to jump back in at a potentially lower price and meanwhile, have our limited capital grow in other ways.
there are quite a LOT of exchanges. It's crazy that the BTC dax never took off. there are like only 3-4 orders there... proves how hard it is.
It is interesting that the exchange gives Neo Gas, it's like a dividend. Will check it out. Thanks for sharing.
Dont know how high is the competitiveness in the crypto world, I think there are other projects which are also building decentralized exchanges, dont remember all I saw, the only one that comes to my mind at the moment is COSS.
quite a few companies are building decentralized exchanges. If you think about the trade volumes of these exchagnes, big money is being made so having a slice of the pie is important.
I like that it is a coin to coin trade and no fiat is used keeping government hands out! Hopefully, they can become established. I am interested but I feel like they may need time to work any bugs out. I also like the idea of their focus on coins other than the top ten.
it's going to be interesting to see if they can keep that trade volume up
I love Binance (: And I'm so glad I stocked up on BNB before it shot to $2 :D