The Ins and Outs of Binance, the Exchange you should be using!

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Experienced Senior Business Consultant, Biomedical Engineer, Six Sigma Professional, Writer, and Researcher Jan 1 The Ins and Outs of Binance, the Exchange you should be using! Binance Logo Binance Overview Binance stands for binary finance, integrating digital technology with finance. Since launching in July 2017, Binance has consistently ranked among the top-3 crypto exchanges in…

Experienced Senior Business Consultant, Biomedical Engineer, Six Sigma Professional, Writer, and Researcher Jan 1 The Ins and Outs of Binance, the Exchange you should be using! Binance Logo Binance Overview Binance stands for binary finance, integrating digital technology with finance. Since launching in July 2017, Binance has consistently ranked among the top-3 crypto exchanges in the world by trading volume. It recently achieved the top spot in the world on Dec 17th, with over $4 Billion (US) equivalent of cryptocurrencies traded in 24 hours. Binance has distinguished itself with its superior exchange performance, smooth and easy to use interface, and battle-tested security. Binance is also the fastest growing crypto exchange in the world, with over three million users in five months. Binance does not provide fiat (e.g. US dollars) to cryptocurrency exchange, rather focuses purely on crypto-to-crypto (BTC, ETH, LTC, XRP, etc.

). Binance Team The team, headed by Changpeng Zhao, has decades of combined experience building and maintaining large scale financial systems as well as developing crypto applications. The team has worked on and operated a number of exchanges, and have accumulated a large network of partners in this space. Changpeng Zhao It is interesting to note Changpeng Zhao’s deep background in finance, trading, and blockchain technology. He is also the founder of BijieTech (company behind the underlying execution engine) as well as a co-founder of OKCoin (one of the largest Bitcoin exchanges in the world). The CMO is Yi He, one of the leading cryptocurrency experts in China and also a co-founder of OKCoin. They have a close partnership with the most promising blockchain protocol out of China, NEO smart economy (guide to buying NEO), headed by Da Hongfei (in fact, Binance offers fee-free withdrawal of NEO and GAS). Binance Platform The Binance technical architecture is engineered from the ground up with security, efficiency, speed and scalability taken into the consideration.

Binance claims that their matching engine is capable of sustaining 1,400,000 exchange orders / second, and is one of the fastest exchanges in the market today. This translates into knowing our trades should not get stuck due to the matching engine being overwhelmed. The platform is designed to house 20 million users. As of 12/28/2017, Binance celebrated its 3,000,000th customer. With that many users, Binance claims its customer service is unparalleled to any other in the industry, offering support in both English and Chinese languages.

Binance Coin (BNB) Binance has issued its own token coin, called the Binance Coin (BNB). A strict limit of 200MM BNC will be created, never to be increased. You can use BNB to pay for any fees on the platform, including Exchange fees, Listing fees, Withdrawal fees among others. These tokens can easily be stored on outside wallets. Binance allocates 20% of the profits over each quarter to buy back the BNB tokens at the current market price. This is to continue until half of the BNB, representing 50 million of the total 100 million are totally burned. As a result, BNB should have a stable value and continue to appreciate over time.

In September 2017, Binance burned a total of 986,000 BNB tokens. Binance’s use case for the token are as follows:• It is used by participants as the currency for exchange fees payment. This gives users a 50 percent discount in the first year of use.• It is also used by participants to make investments in the Launchpad ecosystem of Binance• Services such as the Binance Info Platform and the advertising that goes on the platform, as well as other features that are yet to come all attract some fees, and BNB is used to pay for all that.

As of 1/1/2018, BNB is $8.13 USD with a market cap of $805,311,556 USD and a volume of $62,846,900 USD. This data provided by coinmarketcap.com.

Cautions Binance is natively Chinese. By default, some of the documentation may start in Chinese and suffer from translation differences for other languages like English. We’ve not experienced a problem, however, with using the menus, reading basic help and navigation guides, etc. Although Binance is working hard to provide support in multiple languages, be aware you my stumble upon these translation issues.

Coin Dust After trades, often you are left with decimal fractions of the amount traded. For example, we might sell XRP to BTC.

After the sale, they may be 0.00016 left in Funds.

You are not able transfer that amount to your wallet and it is too small to convert to another coin. Basically, you are left what “coin dust.” This has frustrated many users of Binance. To rectify, Binance is working on a solution where this dust will be converted to BNB.

Here is an example: Let’s say you want to buy 10 coins of TRON (TRX). Binance will charge a fee of 0.1 TRX, leaving you with a balance purchase of 9.9 TRX. Next, you want to sell that 9.9 TRX but you can only sell 9.0 TRC. Binance will charge another fee of 0.

1 TRX. After the sale, you ended up with “coin dust” of 0.8 TRX which can sit in Funds until you put more TRX in there to purchase a whole TRX coin plus the fee. The Solution is to turn on using BNB for payment of fees.

That way, you can buy/sell other Altcoins (like TRX) and the fees will come from BNB. To do so, you simply purchase some BNB with BTC or ETH (remember, fiat exchanges are not allowed. You also must turn on the switch in your Account Setup to enable the Binance fees to be taken from BNB. See below for a screenshot.

Account Setting Switch to Turn on BNB to Pay Fees Wrap Up I hope you learned a bit more about Binance and its capabilities.

The links to Binance include my referral number, and I would appreciate your support in using it when you sign up for your Binance Account . Thanks! **If this blog helped you at all and you want to tip me 🙂 feel free to in Bitcoin, Ethereum, Ripple and Litecoin. My addresses are below! BTC: 17APxApxmNr2kHqkGzmtUdZutVLKkWVSmpETH: 0xa2ac90f66da1a89a3e3a70f9a1799a2ae0cb3fe2LTC: LMvHyGLxGhTDhnr8jnDpvhhqDyJLHE3qtR Disclaimer — I am not affiliated with Binance. I am only providing information, not investment guidance or advice. Please consult a financial advisor or lawyer. .

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