What is Binance? Everything About Binance
In this article, we will answer many questions such as what is Binance, how to use it, what is the Binance Smart Chain. Continue reading!
Binance is one of the largest crypto exchanges in the world, founded in 2017 by Changpeng Zhao, also known by the short name ‘CZ’. Although Binance entered the crypto sector quite late, it outperformed many crypto exchanges with its trading volume and began to mention its name frequently. Binance offers a market that is liquid enough to help you spend and quickly trade thousands of cryptocurrencies.
Especially with altcoins now becoming recognized and the demand for these coins by investors is greatly increasing, this stock market is popularly preferred. Because the variety of altcoins included in the Binance exchange cannot be provided by many exchanges. Also, it has outperformed its competitors in the recent period by offering very fast account opening, depositing, withdrawals. Binance, known as the China-based Stock Exchange, is a Hong Kong-based stock exchange.
However, Binance, which continues to recruit members with its very strong infrastructure, has exceeded the borders of China. Binance, which employs thousands of people in its offices in China, Singapore, Malta, Europe and America, is the number one player in its field. For this reason, if you are going to invest in cryptocurrencies for the first time, it would be the right decision to start your transactions from Binance.
As of today, Binance is the largest stock exchange in the world with a trading volume of about $ 5 billion. Binance reviews are very positive because the rates of Binance fees are very low compared to other exchanges.
How To Use Binance?
To receive Bitcoin or any other cryptocurrency from Binance, you must first open a new membership or log in if you have a membership. You must then upload to your account using alternative methods. In the buy-sell section, you can select Bitcoin (BTC) or other cryptocurrencies and enter the desired amount to make the purchase. You can also use the same method when selling.
What Does Binance Do?
Binance is one step ahead of other exchanges with its huge trading volume, usage, ease of use, high reliability, and quality of the web platform. You can buy and sell other cryptocurrencies, especially Bitcoin, on the Binance exchange.
Advantages and Disadvantages
Binance, which also has its own cryptocurrency, brings both advantages and disadvantages. For example, if you are buying and selling cryptocurrencies too often, just keep some Binance Coin (BNB) in your account to pay less commission. Binance Coin will allow the commission fee to be lower.
The stock market reaches more and more users every day with its importance to security. Decked out among trusted cryptocurrency exchanges, Binance is one of the world’s largest cryptocurrency exchanges with a high trading volume. Among the advantages of the stock market is that it allows you to trade with API Key and offers a low transaction fee.
Such a large stock market also has some disadvantages. Of course, as with any exchange, Binance has its downsides. The disadvantages are minimal and vary by investor.
Binance Coin (BNB)
Binance Coin or BNB is a cryptocurrency by Binance. Binance Coin is issued as an ERC-20-based cryptocurrency. However, Binance later established its own chain and switched to a bep2-based infrastructure.
Binance Coin (BNB) was first launched in 2017. In the first release, approximately 150,000,000 BNB was issued in total. 1 BNB was worth around $0.12 when it was first offered. The current Binance Coin price is worth much higher. It reached its highest value since its launch in the past period at $ 40.07.
Today, this market volume is around $2,524,232,724. There are a total of 155,268,112 BNB in the market. Binance exchange buys Binance Coin (BNB) with 21% of its annual profit. Binance then completely destroys this BNB it received. Binance aims to prevent inflation in the BNB market.
Is Binance Safe?
The question ‘is Binance safe’ is a frequently asked question. To comment on the data at hand, it can be said that this exchange is extremely reliable when we consider that millions of users are members of the Binance exchange and that it has allowed uninterrupted cryptocurrency trading for a long time.
Binance offers a wallet service that allows its users to hold purchased cryptocurrencies. However, this important exchange places great emphasis on the security of its investors’ assets. Some of the protection methods that the exchange takes for security are:
⦁ Two factor authentication (2FA)
⦁ Password management
⦁ High protection against phishing scams
⦁ Access manager
What is Binance Smart Chain?
Cryptocurrency users have started to hear the question ‘what is Binance Smart Chain’ lately. Binance, the world’s largest cryptocurrency exchange, continues to constantly improve itself. One of the latest innovations of the Binance exchange, which offers a new service every day, is the Binance Smart Chain system. Binance smart chain is actually a blockchain developed by Binance.
Binance exchange first launched the Binance Chain blockchain. This blockchain, which is seen as the center of BNB crypto money, offered great advantages to users. The Binance Chain chain offered the opportunity to buy and sell very quickly. However, for these fast transactions, the Binance Chain network had a compromising structure at some points. It was especially noteworthy that it was not as flexible as other blockchains.
Binance exchange, which wants to eliminate problems such as flexibility, has therefore started new studies. As yet a new blockchain, Binance Smart Chain (BSC) and Binance Chain are two different Binance projects working in parallel with each other. Smart Chain also operates in conjunction with smart contract functions and the Ethereum Virtual Machine. This is due to both incorporating smart contracts into the Blockchain ecosystem and maintaining the very high throughput of the Binance Chain. Basically, BSC and Binance Chain work together.
You should consider Binance as your first choice as it has the highest liquidity and trading volumes. Your transactions will be completed in a very short time indeed. You can buy any kind of cryptocurrency you want at any time, or you can easily sell the coins you own.