Binance, one of the world’s largest cryptocurrency exchanges, has announced plans to launch its own blockchain platform and decentralized exchange called Binance Chain in the future, with the new token Binance Coin (BNB) as its native currency. The exchange seems to be positioning itself as the one-stop shop of the crypto world, but can it save crypto? We’ll explore that question here by looking at some of the features of Binance Chain and BNB and how they could impact both their market share and the future of cryptocurrencies overall. Let’s jump right in!
What is the current state of cryptos
Since January, the cryptocurrency market has been experiencing a bit of a slump. Prices are falling and there appears to be no end in sight. It has been speculated that Binance, one of the most popular cryptocurrency exchanges, can save the industry.
Binance, the world’s largest cryptocurrency exchange by trading volume, was founded in 2017 and has grown rapidly in popularity. With low fees, speedy transactions, and a wide range of coins, it is well known.
The company has cut costs, added new features, and even started its own cryptocurrency to stay afloat during this tough period. Only time will tell if it’s effective.
How did we get here
It’s no secret that the cryptocurrency market has been in a bit of a slump lately. Prices have been down and investors have been getting worried. But there is one company that seems to be weathering the storm quite well: Binance. In fact, they’re doing so well that they were able to put out their own quarterly profit report earlier this week. The numbers are impressive; it’s clear that they know what they’re doing. And because of all the new initiatives that are going on at Binance right now, I think it might just be enough to save crypto! They’ve started releasing their own coin (Binance Coin) which you can use to pay trading fees on the platform as well as invest into ICOs. They’ve also partnered with fiat-to-crypto exchanges like Bitfinex and OKEx so people can trade between currencies without going through an intermediary. Finally, they’ve opened up shop in Malta – who recently passed regulations around blockchain technology – and recently received approval from Japan for a license that will allow them to operate even more exchanges within the country.
Where do we go from here?
The recent hack of the world’s largest cryptocurrency exchange, Binance, has left many investors wondering what’s next for the crypto industry. Can Binance save crypto? And if so, how? To answer this question, we must first consider the current state of cryptocurrency trading and why a centralized platform might be needed. In short, major exchanges provide a central hub for trading and liquidity that is essential to an open market. They also offer institutional-grade infrastructure (e.g., security protocols) to ensure that all trades are executed as smoothly as possible. However, with increased trade volume comes increased vulnerability to attacks. Given that Binance handles upwards of $2 billion in daily transactions, it was only a matter of time before hackers found their way in. When they did on Tuesday morning local time, they made off with 7074 Bitcoin worth about $40 million at the time or about $72 million today at press time.
The factors which have contributed to this current state
The cryptocurrency industry has been in a bit of a slump lately. Prices have been down and investors have been spooked. But there’s one company that seems to be weathering the storm better than most. That company is Binance. Despite being hacked just last month, which cost them 7,000 bitcoins, their user base continues to grow at an exponential rate. As they look ahead to future plans such as Binance Chain, their prospects are looking brighter by the day. Their customer service response time is among the fastest in the industry, second only to their website loading speed. Binance has seen continuous growth for the past few months and it looks like they’re here to stay.
What needs to be done to fix things
1. Centralize the power. Too much is distributed among too many people and organizations right now. There needs to be one central authority that can make decisions and enforce them.
2. Get rid of the scammers and bad actors. These are the people who are ruining the reputation of crypto and giving it a bad name. They need to be weeded out so that the good projects can shine.
3. Make it more user-friendly. Cryptocurrency is still too complicated for most people to use. The user interface needs to be simplified so that more people can get involved.
4. Educate the masses. A lot of people still don’t know what cryptocurrency is or how it works.
5. Integrate into day-to-day life. Cryptocurrency needs to be accepted everywhere so that it becomes a normal part of financial transactions. People shouldn’t have to jump through hoops just to make a payment or cash out their money.
How do we do it? (Suggestions/commentary)
You need to do your research. Learn about what cryptocurrency is and how it works. Next, find a reputable exchange like Binance to buy your coins. Once you have your coins, hold onto them! Don’t day trade or panic sell when the market crashes; that’s how people lose money. HODL and be patient; the market will rebound eventually. Finally, don’t forget to diversify your portfolio. Diversification is an effective strategy for avoiding high-risk investments. Hold some of your funds in stable coins (such as USDT) to protect against price fluctuations. It’s also important to set stop losses so you’re not trading with too much money at stake if something goes wrong. Remember, cryptocurrencies are still very volatile and speculative assets; don’t invest more than you can afford to lose if the markets crash again.
Why does this matter?
It’s no secret that the cryptocurrency industry has been struggling as of late. Prices have plummeted and interest has waned. But there’s still hope. One of the largest and most popular exchanges, Binance, could help turn things around. Founded by Changpeng Zhao in 2017, it was designed to make trading cryptocurrencies more accessible to people all over the world. And with its recent expansion into South Korea and Japan, it may be doing just that. In November 2018, Binance announced that they would be opening a new office in Malta – a country with favorable laws for cryptocurrency firms. Additionally, they’ve been seeking regulatory approval from governments worldwide so they can offer fiat-to-crypto conversions on their platform. These are both signs that indicate good news for the future of crypto.