When people buy and sell cryptocurrencies on an exchange, speed is key. The value of currency fluctuates so quickly that any delays can be costly. Binance excels in this regard with its low fees and rapid transaction processing.
What Is Binance?
Binance is a leading cryptocurrency exchange founded in 2017. It gained rapid popularity due to:
- Low trading fees (0.1% or less with Binance Coin).
- High-speed transactions (1.4 million orders per second).
- Extensive coin selection (hundreds of cryptocurrencies).
The name "Binance" merges binary and finance, reflecting its digital finance focus.
Who Created Binance?
Changpeng Zhao (CZ) and He-Yi co-founded Binance. CZ, the CEO, has a background in computer science and prior roles at the Tokyo Stock Exchange, Bloomberg, and crypto firms like OKCoin.
👉 Fun Fact: CZ sports a Binance logo tattoo as a symbol of his commitment to the platform.
Key Milestones in Binance’s History
- July 2017: Raised $15 million in an ICO.
- March 2018: Relocated headquarters to Malta.
- July 2018: Acquired Trust Wallet (a mobile crypto wallet).
Why Choose Binance?
- Speed: Processes orders faster than most competitors.
- Liquidity: High trading volume ensures fair market prices.
- Global Reach: Supports users worldwide (though fiat trading is limited).
Binance Coin (BNB): How It Works
BNB is an ERC-20 token on Ethereum, originally issued during Binance’s ICO. Key features:
- Fee Discounts: Pay trading fees with BNB for reduced rates.
- Token Burns: Binance periodically "burns" BNB to maintain value.
- Utility: Accepted by select retailers (e.g., Brisbane Airport stores).
Binance’s Future Plans
- Binance Chain: A public blockchain for creating new cryptocurrencies.
- Fiat Expansion: Launching fiat-to-crypto exchanges globally (starting with Uganda).
- Regulatory Strategy: Avoiding USD trading to bypass stringent regulations.
FAQs
Q: How does Binance keep fees low?
A: By incentivizing BNB usage for fee payments and optimizing transaction throughput.
Q: Can I buy crypto with USD on Binance?
A: Not directly—use platforms like Coinbase first, then transfer crypto to Binance.
Q: What makes BNB unique?
A: Its utility within Binance’s ecosystem (discounts, burns) and real-world adoption.
👉 Explore Binance’s latest features to maximize your trading efficiency.
This guide covers Binance’s essentials—speed, affordability, and innovation—making it a top choice for crypto traders.
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