Full disclosure, while Binance is currently an operating exchange, it’s not yet decentralized. But it plans to go decentralized in the future.
With the recent China ban on exchanges and the potential for other regulators to do the same, I’ve been talking about potential decentralized exchange cryptos, including Komodo and Blocknet. (And yes I’m aware of Bitshares.)
Today I look at Binance.
Binance is one I’ve written about before, calling it a buy at $2.31 on August 30. That wasn’t the best timing, it’s down 45% since then. But I still like it for the long-term.
One of the reasons I really like Binance is the co-founder and CEO Changpeng Zhao. He has quite the resume and all his experience is in exchange platforms.
He successfully started up BijieTech, which is a cloud-based exchange provider powering over 30 exchanges in Asia. Changpeng stepped down from BijieTech to focus exclusively on Binance.
Before that he was a co-founder of OKCoin, which used to be one of China’s largest exchanges. And he was the third employee at blockchain.info, where he was the Head of Technology.
Suffice to say Changpeng is well connected in the crypto world. You can also tell by Binance’s strategic advisors. The pic below shows just 9 of 23. Impressive.
I also like that Binance is up and running right now. I use the platform and it’s pretty slick. It has both a basic and advanced platform. I just use the basic but would use the advanced if I traded more. I regularly see the Binance exchange doing $75 million plus daily. It launched with just a few coins but has 65 now.
The other cool thing about Binance is that they take 20% of profits every quarter and use it to burn BNB tokens. They’re going to do that until they cap out the token supply at 100 million. They just had their first ‘burn event’ and burned nearly a million coins.
As for the decentralized exchange Binance hasn’t revealed when that will happen. It will likely take a while as they plan to add margin trading, future trading, and anonymous instant exchange first.
With the team they have in place I think Binance can get it done. I’m still long.
What do you think of Binance?
For more on cryptos follow me @g-dubs and on SteemFollower
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i love binance, really amazing spot
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Love Binance too. Check my post to see what features I like in Binance.
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Me too. And I'm betting on Changpeng
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Aaaand Binance is already open for registrations again! :D
But there are a lot of new undiscovered top exchanges! Check the comparison
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I just started using this Exchange and i LOVE IT! GOOD POST!
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Thanks! They're closing in on $3b in daily volume, crazy!
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Binance is good spot to trade your coins and token.I hope bitshare will do the same. I am with them for very long.
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I'm with both too. The Binance interface is much better. But Bitshares is already decentralized.
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great work keeep it up!
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Will do, thanks!
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you talked about bnb before and i told you that its great
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Agree 100%
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Congrats you see them. :) nice post.. you living your life to the fullest. i want to see more of your post. done following
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Thanks!
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Interesting. I never really understood why Binance needed an ICO to raise funds. With that team and track record they could have used conventional venture capital. They don't actually need their own token and it has no real utility.
That said, any alt coin exchange that can compete with Poloniex/Bittrex and make a move towards becoming decentralized exchange is a good thing, so happy to see them succeeding and I might be a client....but not an investor.
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Appreciate your thoughts.
I really like using Binance and rank it up there w/ Bitrrex and Poloniex too.
Sure they could have done regular VC but why do that when you're a crypto company. And you can pay fees, cheaper too, w BNB for the first four years. Plus they'll be doing the burn. But you could be right. I have a small position size to account for the high risk.
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I moved all my funds out of Bittrex when I read about the strange news lately.. decided it was as good as any to make the switch to Binance. Currently holding in my hardware wallet, but will be making my next trades on Binance. Just can't beat those fees, especially with the BNB token.
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Yea I pay in BNB too, great deal. I still have some coins on Bittrex but overall over 90% on hardware wallet. Definitely something to keep an eye on.
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I think after reading this I will be doing the same. Hand't given Binance a real look until now but I like what I see! Thanks for sharing @g-dubs!
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img credz: pixabay.com
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Would "decentralizing" affect people with current accounts? If so, how?
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