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Binance’s Exponential Rise Up the Ranks an Impressive Cryptocurrency Feat

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Thu, 10/04/2018 - 14:55
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  • Binance has set the precedent for success when it comes to running a cryptocurrency exchange, but how have they gotten so big, so fast?

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Biance, arguably the world’s biggest cryptocurrency exchange, said back in July that it expects to make up to $1 bln in profit for 2018, a year which has been decidedly bearish. This cryptocurrency exchange is also not even two years old yet, but it has climbed the ranks to the top in quick time.

But what is it that has made this exchange such a success, especially in a bear market, and especially in a cryptocurrency space that has become so saturated and competitive in regards to exchanges?

The exchange started out on the right foot, with an innovative idea and a well-timed ICO for the Binance Coin (BNB) but from there, the growth of the company has been aided by its solid foundation. This in itself has allowed Biance to innovate and expand to new areas, including upcoming fiat-to-crypto exchanges.

It is a worthwhile exercise to look at Binance’s route to the top and discover if there is anything for other companies in the market to glean from their journey. In such a competitive market, there have to be competitors that are either looking to innovate, or potentially imitate.

Rocketing to the top

Binance was founded in early 2017 by Changpeng Zhao in China. They quickly moved to launch an ICO for a native utility token called the BNB. This was a timeous decision as July 2017 was when the ICO craze was really starting to take off and it ended up netting Binance $15 mln.

The intention with the BNB was to give its holders 50% off fees on the trading platform, which was an attractive proposition and surely one of the reasons why Binance accumulated so many users so quickly, but also why it’s token became important and embedded down the line.

It took Binance just 143 days from its launch to reach the top three cryptocurrency exchanges globally, and its growth did not slow down. At the beginning of 2018, the exchange boasted about 2 million users, but six months into this year that number swelled to 10 million.

It is for all of these reasons and this astronomical growth, that Binance is predicting its profits to top $1 bln this year.

The BNB’s role

Binance’s own token has surely been key to its growth as a company, but at the same time, the companies growth has also helped establish and expand the use of the utility token. Because it started out simply as a way in which users could lessen their fees, it was well received and attractive to new users.

The BNB thus was heavily traded, very liquid, and well distributed, all aspects that aid and help grow an exchange. Thus, as more people flocked to Binance because of the lessened fees through its token, the company grew, and the BNB expanded its reach and value.

BNB is now more than just a coupon for 50 percent, it has multiple roles on Binance, including being a voting token for Community Coin of The Month which is a way new coins can be chosen and listed on Binance, and it is being used for Binance’s LaunchPad, which aims to help raise funds for worthwhile start-ups.

A model for the future?

Binance is of course not without its faults, and it has been criticised for onboarding a number of cryptocurrencies, and also accused of charging exorbitant rates for doing so as a money making scheme to the determined of the ecosystem.

However, their story of growth — even in a quickly expanding space like Blockchain — is still impressive, and may well be setting a precedent for future exchanges to become established. Binance will face struggles down the line, especially with regards to regulation, and this is why it has already moved operations to Malta, but its foundation is already laid.

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Weirdest Crypto Names You Can Find: from Jesus Coin to FirstBlood

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Fri, 11/29/2019 - 16:31
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  • Can Bread coin feed you and Jesus Coin buy you a pass to heaven? See a selection of the weirdest crypto coin names prepared for you by U.Today

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It seems that while making up names for new coins, their creators think as wide and deep as they can. And after they do that, it appears they ultimately choose what comes to their mind first, they want to have fun, give users an idea of what the coin can be utilized for.

Sometimes, unless there is some special story behind a coin’s title, people seem to use their favorite movies, names of Greek or Scandinavian gods, or references to the Bible, favorite novels.

FirstBlood (ranked 322) is a good example here. It is trading at $0.099154, with the market cap totaling $8 483 439 and daily trading volume amounting to $895. Name taken from a famous in the past action movie about John Rambo.

First blood
Image via CoinMarketCap

Ubiq (ranked 540). The name of a popular novel by Philip K. Dick.

U.Today’s selection of coins with weird names

All coin names below are on the CoinMarketCap list. They are divided into several topics or utility purposes that their creators might have kept in mind when making them. Their ranking on CoinMarketCap is shown in brackets.

Names to do with the Bible

Jesus Coin (1673), Noah Coin (221), Haven Protocol (576).

Jesus Coin
Image via CoinMarketCap

Outstanding personalities of the past

Davinci Coin (332), Mao Zedong (1176). The latter sounds like it is more suitable for China instead of the ‘China Coin’ (DCEP) that the local central bank is working on.

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Titles that sound to be used on adult websites

Eroscoin (1220), Titcoin (1753), Bitcoin Adult (1846), Desire (1855), HOT Token (2248), Sexcoin (2266).

Earlier U.Today reported that the adult content giant PornHub accepts Verge, Tron’s TRX and some believe it may also be accepting XRP in the future, now that PayPal backed off from collaborating with PornHub.

Just peculiar names for cryptocurrencies

Some names of coins sound like these assets were created just for fun.

Bread, aelf (ELF), DeepOnion, Evil Coin, BROTHER, BUDDY.

Cabbage, Dynamite, HiCoin, DeepBrain Chain, TrollCoin, Nuggets, BunnyToken.

Separately, two coins should be noted – TrumpCoin and PutinCoin. The latter is trading at $40 but at the time of writing is falling by around 45 percent.

There is even Bitcoin CZ – sounds like it was created by a big fan of Changpeng Zhao.

Another coin worth mentioning is WHACKD coin created by John McAfee. It is based on the popular meme "Jeffrey Epstein Didn't Kill Himself", since it is to do with Jeffrey Epstein, an American financier, who was accused of a sexual abuse but committed suicide in the prison cell. Many, including John McAfee, believe it was a murder, not suicide.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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