Binance : The world’s largest crypto exchange

What is Binance?

Binance is a crypto exchange platform founded by Changpeng Zhao (also known as CZ) in 2017. At first, the company was based in China. Then, due to China’s crypto regulations the company moved out of China. Now, the headquarters of Binance is located in Malta. It is the largest crypto exchange from January 2018, in which it had a market cap of $1,300,000,000 (1.3 Billion USD).

Binance had been the victim of a breach on May 7 2019. Hackers, using viruses and other methods, stole 7000 BTC, which was, at that time, worth around $40,000,000. Now, 7000 BTC is nearly worth 315,000,000 USD.

It also has many subsidiaries, including CoinMarketCap OpCo, LLC, WazirX (India’s largest crypto exchange), DApps Platform, Inc., etc.

Binance has a trading volume of approximately $1,000,000,000 every single day!

On December 23 2020, it announced a $10 million fund to support projects on Polkadot. This resulted in a 90% surge for Polkadot.

Binance Logo
Photo Credit: binance.com

Binance Coin (BNB)

Binance has its own crypto called Binance coin (BNB) which fuels its Ecosystem. It has a price of $138 and a market cap of over $20,000,000.

On 17th October 2020, Binance completed BNB (it’s native Coin)’s 13th quarterly token burn of 2,253,888 BNB (approx. $68,000,000). Binance will make token burns until it destroys 100,000,000 BNB, nearly 50% of the max supply, 170,000,000 BNB.

Binance’s quarterly token burns – 

  1. 986,000 BNB
  2. 1,821,586 BNB
  3. 2,220,314 BNB
  4. 2,528,767 BNB
  5. 1,643,986 BNB
  6. 1,623,818 BNB
  7. 829,888 BNB
  8. 808,888 BNB
  9. 2,061,888 BNB
  10. 2,216,888 BNB
  11. 3,373,988 BNB
  12. 3,477,388 BNB
  13. 2,253,888 BNB

Binance started an American version called Binance.US, CEO Catherine Coley and Harry Zhou.

Due to this, it blocked U.S. crypto investors from accessing Binance.com and sent them emails to move to Binance.US and withdraw all their funds.

Binance.US has its own U.S regulated stable coin called BUSD.

A stablecoin is a cryptocurrency that is designed to minimise the volatility. An example of a stablecoin is Tether. Stablecoins share a lot of similarities with currencies like bitcoin but then their value is steady and does not change a lot.

Stablecoins are very valuable assets to traders or people who are looking to buy or sell because it is a strong tool from which you can avoid the high volatility of the cryptocurrency markets. Some cryptos even go down by $200 in a day. Stablecoins are not like this and their value remains constant.

How to buy crypto in Binance.US with phone

  1. Click on the buy and sell crypto icon
  2. Select Buy Crypto and choose  the crypto you wish to buy
  3. Pick how much dollars you want to buy the crypto for
  4. You can also select whether it should be a daily purchase, one-time purchase, weekly purchase, etc. To do this, just click on the ‘One-Time Purchase’ button and a dropdown menu will open. Select the option of your choice, one-time purchase, daily, weekly, every first and fifteenth, monthly, and click on ‘Make Purchase’.

Is it safe to use?

It offers Two-Factor-Authentication (2fa). Two-Factor-Authentication or Two-Step verification provides extra security as, yes you’ve guessed it, it requires two steps to verify yourself and login. You must give any two evidence to prove that you are logging in. So, it provides extra security.

On the other hand, Binance had been the victim of a breach on May 7 2019. Hackers, using viruses and other methods, stole 7000 BTC, which was, at that time, worth around $40,000,000. Now, 7000 BTC is nearly worth 315,000,000 USD.

Staff from Forbes, an American magazine company, revealed documents that showed that Binance had created a corporate structure to gain profit from crypto traders and delude the U.S regulators on October 28 2020.

How to connect MetaMask to Binance Smart Chain

  1. Install MetaMask – Download link given below.
  2. Setup MetaMask – Click on Create a Wallet and note down the seed phrase somewhere safe.
  3. Click on your account icon at the top right corner and go to settings.
  4. Click on Add network to add your network manually. You can make a Mainnet or a Testnet. Below is what you need to fill in those.
  5. Mainnet

    Network Name: Smart Chain

    New RPC URL: https://bsc-dataseed.binance.org/

    ChainID: 56

    Symbol: BNB

    Block Explorer URL: https://bscscan.com

    Testnet

    Network Name: Smart Chain – Testnet

    New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545/

    ChainID: 97

    Symbol: BNB

    Block Explorer URL: https://testnet.bscscan.com

  6. Save the network

How to transact through MetaMask with the Testnet

  1. Connect to the Testnet.
  2. Now, we have to copy your address. To do this, you have to hover on Account 1 and copy your address.
  3. After you have completed the previous step, go to https://testnet.binance.org/faucet-smart and paste your BSC (Binance Smart Chain) address.
  4. Click on the BNB dropdown menu and select the amount you want. You will have to wait.
  5. After you receive the fund, in MetaMask, click on the ‘Send’ button and choose the Receiver’s Address, Asset, Amount and Transaction fee of your choice.
  6. Click on Next and check if everything is how you want it to be. After you check everything, go ahead and click confirm.
  7. That’s it! You will get a notification after your transaction is completed.

Trust Wallet – What is it and its Pros and Cons

Trust Wallet is Binance’s official crypto exchange. It allows you to buy cryptocurrencies by using your bank card! You can also browse dApps (decentralized) applications. With Trust Wallet you can buy bitcoin in less than 5 minutes.

Launched in 2017, the wallet was considered as a ‘one-of-a-kind’. It was developed by Six Days LLC., founded by Viktor Radchenko. Trust wallet, at the beginning, was only compatible with Ethereum tokens, ERC-20 and ERC-223 as it was developed for this purpose only. Later on, Trust Wallet supported Bitcoin, Litecoin, Ripple, Tezos and so on.

Binance acquired Trust Wallet in July 2018 and also its parent company, i.e. Six Days LLC. It then made Trust Wallet the official wallet of the Binance Chain. It also partnered with Kyber Network.

Pros

  • Secure
  • Allows you to buy cryptocurrencies by using your bank card
  • Browse dApps with Trust Wallet
  • Buy Bitcoin in less than 5 minutes

Cons

  • No two-factor authentication
  • Not as secure as a hardware wallet, a wallet in which cryptos are stored in a secure hardware device offline
  • Customer support

Thank you for reading this article, we hope that you have enjoyed it.

Click here to download Binance, Binance.US and Trust Wallet
|| Binance || Binance.US || Trust Wallet||

Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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