Cryptocurrency is a rapidly developing new financial market that has already reached over 500 billion in its overall market share. Learn the difference between Binance, Gemini, and Coinbase and which one is best for you as a cryptocurrency investor.
Cryptocurrency is a force to be reckoned with. In any coffee shop, gym, or board room in 2017 going into 2018, it was the only thing that anyone wanted to talk about. Whether in New York or Budapest, everyone wants to get in on the action.
The reality is that the wild stories of making 1000% percent returns in days aren’t anywhere near gone, and now is the time for anyone interested to get involved. If you are curious about how to get involved, in this article, we will go over the need to know of which exchanges you must be a part of to become an effective crypto trader.
Let’s get started:
Binance was founded in one of Asia’s cultural hubs, Shanghai. It’s lead by Chengpeng Zhao and the company Beiji Technology. It’s known for having the fastest crypto exchange speeds out of all the exchanges available.
On August 2017, Yi He, the founder of OkCoin, joined the platform. She is one of the most influential and respected individuals in China’s digital economy. Once she left OKCoin in 2015 and launched Yi Zhi Bo which is a broadcasting program, Binance exploded in growth by 2016.
Most investors have shown an increased level of interest in Binance since Yi He joined, and the exchange has increased by up to 40%
Also, Binance is known for having low transaction fees and its fast processing speed. For instance, it’s known to process over 1.4 million transactions a second making it one a world leader in trade volume.
- Multi-Device Support: Binance is compatible with multiple web browsers such as WeChat, HTML 5, Android and other web platforms. Thus, making Binance more versatile than other exchanges on the market.
- Fast-Performance: Binance processes 1.4 million transactions and orders a second.
- Powerful Team: Binance is ran by Chanpeng Zhao. Mainly, the company has a team that’s experienced in crypto finance and Wall Street; they also have a record of working with successful startups.
- Multiple Languages: Binance is supported in English, Korean, Japanese, and Chinese.
- Stable and Safe Interface: Binance has a multi-cluster and multi-tier architecture.
- Multiple Coins are Supported: Binance allows users to trade in multiple coins and altcoins such as BTC (Bitcoin), ETH (Ethereum), NEO (Neocoin), BNB (Binance Coin), and LTC (Litecoin)
- Proven Products: Binance is known to work on over 30+ exchanges, have multiple languages for international users and supports all devices which offer an easygoing and seamless user experience.
BNB Business Model
The best thing about Binance is that they have an intricate business model that has a whitepaper, an ICO, and a cryptocurrency backed behind it. The reason why people use Binance is not only because of those reasons but also because it has a reliable network and long-term plan business model behind it.
Most users tend to ask “Why does an exchange need an ICO?”
The correct answer is that they have a simple business model that has an easy to understand purpose without looking through complicated whitepapers. Since it doesn’t use any complex mathematical formulas, users are able to find their token economics with ease.
Binance Coin is an ERC-20 coin that has a fixed supply of over 200 million. Out of its total supply, 100 BNB tokens are made and distributed through the ICO. One of the reasons Binance ahs an ICO is because it increases the development process while creating a fee incentivization for their users. That places everyone in a win-win situation.
We believe that Binance is the best exchange that’s currently available. It’s backed by an innovative team, has a good interface, and the ability to invest in multiple coins. Give this exchange a look if you’re ready to trade within a reliable and supportive network.