The world of digital currency is filled with a wide variety of cryptocurrencies to choose from. That makes it even harder to know which platform would be best for trading and investments. This is because each and every blockchain app is trying to come up with their own coin. People are therefore more keen than ever to avoid market manipulation. The case of Binance seems like it will be a little more promising since it looks different.
Binance Coin is without doubt a very interesting coin especially with the fact that its value has increased significantly over time. In that case, this article will be aimed at highlighting the History of the Binance, its market value, how it works, and any other essential information that will give you an insight on the Binance as a whole.
History of the Binance Coin
Binance Coin was launched in the year 2017 in an Initial Coin Offering (ICO) and since then, its growth has sky rocketed than most coins in the crypto world. Actually within the first three months after it was launched, it was ranked among the top ten as per trading volume of 24 hours. Today, Binance has a market value of more than $2 billion which they have accumulated in less than 6 months.
Most people still wonder how the Binance made it to the top so fast. However, it was just a simple external factor that influenced all its success as much as other currencies were on the hyper-growth phase too. One of the factors that influence growth in the market is the rate of demand and supply. The fact that in the year 2017, demand was higher than usual and Binance was able to satisfy the market’s hunger was a major contributor. Not forgetting that it has a very strong team behind it.
Binance is headed by Changpeng Zhao who has spearheaded this exchange to its current success thanks to his experience in Bijie Tech and OK Chain. Binance has a close relation with the organization of the NEO blockchain platform as well.
A quick look through Binance, you will notice that their platform offers its users two options; the Basic and Advanced trading of the digital currency. As much as one would expect the Basic one to be less sophisticated, none seems user friendly. All in all, anyone who has some insight on the how to go about exchanges is bound to understand how to use all the diverse services provided in this platform.
There is a very clear line that distinguishes the advanced and basic versions. The Advanced tends to offer technical in-depth analysis of this digital currency within a given period of time. On the other hand, the basic version only offers the graphs, order books, trade history and the charts indicating the pairs in trade.
Binance supports a wide variety of cryptocurrencies. This includes, but not limited to Ethereum, Bitcoin, NEO, Litecoin, Dash, Ripple XRP, Ethereum Classic among others. Also, Binance can support several other tokens apart from the ICO listings. This means that the users can use the platform to trade and earn profit from the tokens.
Currently, the Binance crypto exchange adds new coins within a short period of time which is an advantage to the traders since they can purchase the coins at a lower price. At the end they have a higher profit margin.
The Security and Safety of the Binance
In Binance, the back-end technical measures which are put in place to ensure security during the exchange are not necessarily mandatory. This is because they have very basic security measures that help the users in safe-keeping of their funds. They only involve a multi-cluster and tier architecture system in their technical specifications. For the security purposes of the account, they involve a Google Authentication as well as a 2 factor authentication.
Although, the Binance security system may seem quite simple, the platform still has gained trust from over 6 million users. This does not call for recklessness from the users anyway. It is important to ensure that your computer is well secured from hack-attacks as well as viruses.
Features of the Binance
Being one of the top crypto exchange platforms, Binance incorporates diverse features in its systems to ensure that the platform remains powerful and among the big leagues.
- Binance can be supported in multiple devices. It can do well in Personal computers, Android, Web and WeChat. More to that, it has a functional Mobile app which is less sophisticated and accessible at all times.
- The platform is capable of supporting an average 1.4 million orders and 20 million simultaneous users at a go. Currently, it has about 6 million users which give it room for more growth over time.
- Binance can support about 180 countries worldwide as well as a variety of languages. This increases its scope of membership around the world.
- Binance has a future plan of going the decentralized way fully. This means that Binance Coins will be extremely valuable in the crypto world.
- Binance uses a quarter of the profits accumulated to buy the Binance Coins which are already in the market. This means that they destroy about a 100 million Binance Coins. This will increase the demand of this coin hence this will increase the price of the Binance Coin.
All in all, there is more to Binance than just the features. The low exchange fees are a thing too. At Binance you are charged a trading fee of 1%. Deposits are free although the withdrawals depend on the type of coin you are withdrawing.
Binance has been able to gain trust from its users over time. In line with the coins offered, the team behind it and accumulated users, it is believed that Binance is a solid platform. Apart from that, it has very attractive features which entice new users. Some of the features include the competitions, the easy registration process and incentives. All in all, the lack of security documentation is still a challenge.
Being a top exchange currently, the Binance might be in for a great future in the coming years. The market enthusiasts are hoping that the Binance will be able to offer better digital currency exchanges for its clients.