Overview

22/10/18 10:59 UTC-4

Binance Coin, as additional tool

The world famous Binance Coin
The world famous Binance Coin

Virtual currency called Binance Coin was formed on the platform of world's largest cryptocurrency stock exchange with daily allowances by turn-over more than 6 billion dollars. Since its launch, Binance turned to huge infrastructure which totals millions of users from different planet nooks. In total for six months BNB cryptocoin was able to increase its capitalization up to 1st billion dollars and to enter the 30 most known virtual currencies on the market.

 

Work principles

To understand, at the expense of what such turbulent growth of new platform became possible, it is necessary to know, as this system is arranged and what advantages offers Binance at cryptocurrency exchange. The key advantage of work of the Binance is qualitative software which supplies a quick information processing of sale and currency purchase. Monitoring proposals and expectation of price to particular cryptocurrency, Binance finds conformity and leads a necessary transaction. Respectively, distinction between proposal and demand is transformed in the wages of the owners of this network.

Interesting in the section: What you need to consider for a correct evaluation of cost of cryptocurrency

On the Binance platform is realised powerful shell, potential of which exceeds one million transactions per second. Such traffic capacity did not remain of unnoticed large investors to cryptocurrency, and they continue to use Binance as stock exchange on exchange of digital currencies.

 

Capitalization

To date, Binance is the stock exchange most liquid Internet in the world. Due to huge amount of operations conducted by the users of this platform, to work to its functional it turns out more safe, than on any other platform. As opposed to narrowly based stock exchanges, on the Binance many currencies from Asian market are presented that gives additional opportunities for investors from other regions of the planet. Quick growth of the Binance is due to and presence of clear interface with translation to 8 most popular world languages. On the site, after registration, users various diagrams and schedules simplifying work of traders are accessible. Personal cabinet supports online work and exists as smartphone annex for iOS and Android.

Fiat currencies are not supported in the Binance, therefore You will not manage to convert common money and it is necessary it will be limited by work with digital assets. The stock exchange works under signboard "Binary Finance" that implies exclusively cryptocurrency exchange. In the Binance system trade collections are introduced at a rate of 0,1% from committed transactions. As well, payment for translation of accounting records and coins to extraneous wallets is collected. For results of audit, daily income of the stock exchange accounts for about 3 million dollars.

Monetary unit of the Binance is BNB token with ERC20 marker, known all on Ethereum coins. The common number of currency notes is limited in the amount of two hundred million units.

BNB can be used for calculations inside the platform and to pay duties for transactions. In the future, from reference hundred million coins will be withdrawn with a view of struggle with depreciation of the token. At work with inside currency whole discounts outline exists which stimulates development of the cryptocurrency and increases network users' loyality.

Interesting in the section: Siacoin, as an alternative to the cloud service

In due course, Binance will analyse its work and will add a series of new functions and programs. At present, sales of the BNB cryptocurrency are concentrated on the Binance platform, but it is possible to store coins to wallet MyEtherWallet or hardware wallet Trezor.

 


Binance was born as Chinese company, but, in due course, moved from Shanghai to Hong Kong. Professional command of Binance developers in total for six months transformed a common cryptocurrency stock exchange to the largest Internet-platform for investments.

Editor: Yuliya Soroka

#BinanceCoin #BNB #cryptocurrency

Comments

Similar

10/05/19 10:27 UTC-4

Cryptocurrencies in Germany: financial geography

Cryptocurrencies in Germany are becoming increasingly popular. In March last year, the German Ministry of Finance recognized Bitcoin and other Altcoins as “official means of payment”. Since then, the popularity of Bitcoin and crypto payments has increased several times.

12/04/19 09:30 UTC-4

Financial geography. Cryptocurrencies in Sweden

Sweden, a northern European country, as well as neighboring Denmark, became a haven for cryptocurrency. The country has the lowest utilization rate of paper money, and therefore it was incredibly easy to accept digital assets for residents of Sweden.