Binance as the third largest coin - page 3.

Twinkledoe

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Quote from: AVolp on March 03, 2021, 05:27:21 PM

I think the addition of the BSC "Binance Smart Chain" has certainly boosted the Binance ecosystem, with the high fees associated with trading on the Etherium ecosystem people have seemingly moved across and are making the most of the lowers fees. And even though the Etherium network would be more decentralised - I dont think people care - It's more about saving on fees to them that matters. And even with all of this I would like to add that if you look back - BNB has been one of the best performing assets in the cryptocurrency space - CZ is a smart guy who sees opportunity and pounces, that's why he's so successful.

Right now, it is more on saving fees rather than thinking that BSC is centralized platform. As many people are tired of high gas fees under eth, you can't blame them to look for better alternatives. If Binance will boost their marketing for this BSC network, in time, it will be a good competitor of eth network especially for those that are looking for other options and features.

AVolp

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I think the addition of the BSC "Binance Smart Chain" has certainly boosted the Binance ecosystem, with the high fees associated with trading on the Etherium ecosystem people have seemingly moved across and are making the most of the lowers fees. And even though the Etherium network would be more decentralised - I dont think people care - It's more about saving on fees to them that matters. And even with all of this I would like to add that if you look back - BNB has been one of the best performing assets in the cryptocurrency space - CZ is a smart guy who sees opportunity and pounces, that's why he's so successful.

Willitivity

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Yeah, BNB was the third biggest crypto by marketcap only for a while, and what lead to that was the insane gas fees on the Ethereum blockchain, investors and retailers decided to move over to a blockchain which doesn't charge much for one transaction, and boom BSC was there, some altcoin projects have started creating tokens that are based on Binance Smart Chain already, since it seems like the high gas fees on Ethereum will continue for a very long tim, as long as the bull market continues and eth keeps pumping there will be no low fees on eth network.

ivankoh

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Quote from: jamalaezaz on March 03, 2021, 01:58:07 PM

Quote from: mk4 on February 20, 2021, 09:57:19 AM

The pretty obvious reason in my opinion: Ethereum's fees have been quite high for a while, and Binance Smart Chain(BSC)'s fees are drastically lower. And yes, BSC is like magnitudes more centralized than Ethereum, but it comes to show how a lot of people don't care that much if a certain project is decentralization or not as long as they can make their bets on certain tokens.

I totally agree with your opinion. even I myself liked eth very much because of their Decentralized nature all the cool features. but this insanse gas fee. just made me move to alternative sources even if they are centralized and do not give that much freedom as eth.
I think Eth Dev better solve this problem.
Binace reached to 3rd top currency. if eth goes like that there is very much possibility that binance will overtake eth one day.

Binance overtakes ETH solely on high Gas Conflict? From a perfect copy of ETH? Lol ... I think you are too strict, ETH is enough to keep the launch pad for your scaling platform and more closely linked when Ethereum 2.0 succeeds.
I recognize the achievements of BSC and their ambitions. But a little bit related, China has never been crypto-friendly. and the main difficulty is to trust the trends that are recommended, but not with enough springs.

optimisticcm

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Quote from: palle11 on February 20, 2021, 09:41:45 AM

Quote

On Feb. 10 Binance Coin (BNB) hit a new all-time high at $148 after the native exchange token rallied 121% since the start of the week.

After the above was a new story of binance now hitting a surprising ATH. IMO bnb has been a magic revelation for cryptocurrency. It has taken over from top coins and now trading behind etheruem as number three spot , this is amazing and a regret to many who sold off in fear back in 2017 when the price was selling slightly above $3. Now after two years, it has done more than 480x against bitcoin (according to the CEO)

There are some factors I think are possible a reason for the bnb

Quote

1.Surging volume

Between September 2020 and December 2020 the price of BNB traded between $23 to $35 with an average daily volume of $400 million. Since Dec. 28 there has been a steady increase in 24-hour trading volume and token price as Bitcoin (BTC) price broke out to new highs and DeFi made its presence felt across the crypto sector.

BNB’s 24-hour trading volume surpassed $1 billion for the first time on Feb. 1 and a new record $7.52 billion volume record was set on Feb.10 as the price crossed above $148.

Quote

2.DeFi integration gives Binance an edge

Since 2020 centralized exchanges had been ceding market share to decentralized finance protocols which offered users access to newly launched tokens and high APY returns for providing liquidity.

To make up for this loss of market share, Binance incorporated new DeFi components, including the creation of Binance DEX which supports a few interoperability-focused DeFi projects.

Binance also increased the number of tokens available on its staking platform and the exchange raised the interest rates for each token to encourage investors to stay on the exchange instead of chasing yields at SushiSwap and Uniswap.

BNB plays a role in fee settlement and transfers, thus boosting its volume and value over the past few months.

Quote

3. New listings and partnerships

Binance has not been shy about quickly listing new projects from the DeFi sector and these listings often spark a sharp increase in the trading volume and price of the newly listed token.

For example, when Uniswap and SushiSwap burst onto the scene and threatened to take some of Binance’s trading volume, the exchange countered by listing both UNI, SUSHI and many of the projects that were attracting investors’ attention.

Several prominent DeFi projects were initially launched on Binance Launchpad, the in-house token launch platform that helps blockchain projects raise funds, and more projects being added on a regular basis.

Projects like Kava, which operates on the Cosmos (ATOM) blockchain, and Venus (XVS), which operates on the Binance chain, were incubated on Binance Launchpad and have since become established DeFi projects that continue to gain momentum.

A scroll through Binance’s Twitter feed shows daily announcements of new partnerships and integrations and for investors to interact with many of these projects they are oftentimes using BNB as part of the transaction.

With a 24-hour trading volume of $32.8 billion, a figure 7 times larger than its closest competitor Coinbase Pro, Binance continues to dominate among centralized and decentralized exchanges.

Binance Coin appears well positioned for further growth, especially considering that BNB is an integral part of many of the platforms and processes at Binance.

The last point about listing new project is an eye opener. This is purely a business strategy to armtwist a competitor. It is stating the obvious that binance exchange won't irrationally list acoin without sequel benefit to the exchange.

However, the CEO Changpeng Zhao

Quote

noted that BNB has been setting new all-time highs not only in fiat terms, but also in relation to the world’s largest cryptocurrency, Bitcoin (BTC). “From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years,” Zhao wrote. He said that BNB’s performance against BTC has been the main goal of Binance:

“This has always been our goal, to grow a bit faster than BTC. Not over taking it, but with so much effort we put in, we want to see it grow a bit faster. Otherwise, we should just buy BTC and not work.

With the state by the CEO, do you think he is working harder to overtake etheruem or bitcoin Huh

https://cointelegraph.com/news/3-reasons-why-binance-coin-bnb-hit-a-new-all-time-high-at-148

Although Cardano has claimed that spot now but it is good to see bnb in or around top 5 coins and i think they deserve it because they are providing everything to crypto enthusiasts that they look for and all that from a single platform mainly.
The vast ecosystem of binance and its products is really helping crypto mass adoption as well.

jamalaezaz

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Quote from: mk4 on February 20, 2021, 09:57:19 AM

The pretty obvious reason in my opinion: Ethereum's fees have been quite high for a while, and Binance Smart Chain(BSC)'s fees are drastically lower. And yes, BSC is like magnitudes more centralized than Ethereum, but it comes to show how a lot of people don't care that much if a certain project is decentralization or not as long as they can make their bets on certain tokens.

I totally agree with your opinion. even I myself liked eth very much because of their Decentralized nature all the cool features. but this insanse gas fee. just made me move to alternative sources even if they are centralized and do not give that much freedom as eth.
I think Eth Dev better solve this problem.
Binace reached to 3rd top currency. if eth goes like that there is very much possibility that binance will overtake eth one day.

Kitaiev

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Yes, the coin has shown a very large growth and recently a lot of volatility but i still do not believe that the binance blockchain will not be more attractive for large projects. I'm inclined to believe that when there is a market correction the coin will lose more than 50% of the price of the historical maximum.

kak uli

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Quote from: palle11 on February 20, 2021, 09:41:45 AM

Quote

On Feb. 10 Binance Coin (BNB) hit a new all-time high at $148 after the native exchange token rallied 121% since the start of the week.

After the above was a new story of binance now hitting a surprising ATH. IMO bnb has been a magic revelation for cryptocurrency. It has taken over from top coins and now trading behind etheruem as number three spot , this is amazing and a regret to many who sold off in fear back in 2017 when the price was selling slightly above $3. Now after two years, it has done more than 480x against bitcoin (according to the CEO)

There are some factors I think are possible a reason for the bnb

Quote

1.Surging volume

Between September 2020 and December 2020 the price of BNB traded between $23 to $35 with an average daily volume of $400 million. Since Dec. 28 there has been a steady increase in 24-hour trading volume and token price as Bitcoin (BTC) price broke out to new highs and DeFi made its presence felt across the crypto sector.

BNB’s 24-hour trading volume surpassed $1 billion for the first time on Feb. 1 and a new record $7.52 billion volume record was set on Feb.10 as the price crossed above $148.

Quote

2.DeFi integration gives Binance an edge

Since 2020 centralized exchanges had been ceding market share to decentralized finance protocols which offered users access to newly launched tokens and high APY returns for providing liquidity.

To make up for this loss of market share, Binance incorporated new DeFi components, including the creation of Binance DEX which supports a few interoperability-focused DeFi projects.

Binance also increased the number of tokens available on its staking platform and the exchange raised the interest rates for each token to encourage investors to stay on the exchange instead of chasing yields at SushiSwap and Uniswap.

BNB plays a role in fee settlement and transfers, thus boosting its volume and value over the past few months.

Quote

3. New listings and partnerships

Binance has not been shy about quickly listing new projects from the DeFi sector and these listings often spark a sharp increase in the trading volume and price of the newly listed token.

For example, when Uniswap and SushiSwap burst onto the scene and threatened to take some of Binance’s trading volume, the exchange countered by listing both UNI, SUSHI and many of the projects that were attracting investors’ attention.

Several prominent DeFi projects were initially launched on Binance Launchpad, the in-house token launch platform that helps blockchain projects raise funds, and more projects being added on a regular basis.

Projects like Kava, which operates on the Cosmos (ATOM) blockchain, and Venus (XVS), which operates on the Binance chain, were incubated on Binance Launchpad and have since become established DeFi projects that continue to gain momentum.

A scroll through Binance’s Twitter feed shows daily announcements of new partnerships and integrations and for investors to interact with many of these projects they are oftentimes using BNB as part of the transaction.

With a 24-hour trading volume of $32.8 billion, a figure 7 times larger than its closest competitor Coinbase Pro, Binance continues to dominate among centralized and decentralized exchanges.

Binance Coin appears well positioned for further growth, especially considering that BNB is an integral part of many of the platforms and processes at Binance.

The last point about listing new project is an eye opener. This is purely a business strategy to armtwist a competitor. It is stating the obvious that binance exchange won't irrationally list acoin without sequel benefit to the exchange.

However, the CEO Changpeng Zhao

Quote

noted that BNB has been setting new all-time highs not only in fiat terms, but also in relation to the world’s largest cryptocurrency, Bitcoin (BTC). “From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years,” Zhao wrote. He said that BNB’s performance against BTC has been the main goal of Binance:

“This has always been our goal, to grow a bit faster than BTC. Not over taking it, but with so much effort we put in, we want to see it grow a bit faster. Otherwise, we should just buy BTC and not work.

With the state by the CEO, do you think he is working harder to overtake etheruem or bitcoin Huh

https://cointelegraph.com/news/3-reasons-why-binance-coin-bnb-hit-a-new-all-time-high-at-148

from some of the reasons that you state it is very interesting and clear, but not only this year BNB will continue to crawl to Fantastic prices, even now even though the price is quite high, many traders are still trading in BNB. That's why BNB still has the opportunity to get the best price in the future. but BNB can't match ethereum, Grin

I think that's the way it is

FahriZah

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In all honesty, each altcoins needs to overwhelm Bitcoin on top, they are doing everything to get it going. BNB are gradually arriving, they demonstrate that they are not simply a typical trade and their coin is a major thing. On the off chance that the CEO of BNB have that solid outlook and objectives, I'm certain they can accomplish a large number along their way

Shasha80

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BNB supporters a little disappointed right now, because BNB being the third largest coins only lasted a short time. Because BNB's position as the third
largest coin is now being taken over by ADA, but in the near future there may be changes again. This is proof that to become the top 3 crypto is not easy,
it takes a lot of promotions to attract more investors. And in my opinion BNB is the most serious about being the best altcoins, even according to some
articles BNB in the future is predicted to replace ETH.

aysg76

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Binance has come a long way after the introduction of its own coin BNB which is now trading at $244.77 with total market cap of $38 billion which is quite large.It is now at 4th position just behind Cardano,ETH and Bitcoin.The main reason for such growth was large volume of trades on exchange and Introduction of its own smart chain Binance smart chain which will operate on its blockchain seperate from ETH.Many Defi projects are now shifting towards Binance smart chain because of network congestion and higher fees of ETH blockchain technology so that's why there has been surge in the prices of the coin in past few months.

These charts show how much growth BNB coin has witness in such short span of time as lines have went straight upwards from $40-$50 to present $228.

Golftech

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Quote from: rahmatullah9305 on March 03, 2021, 10:02:53 AM

Quote from: ?? on ??

if we look at the market cap it is true. BNB is in the top 3 altcoin ranking at the moment. There is also a possibility that it can move up to rank 2 to shift Cardano. but Cardano is in development at the moment. there is the potential for success as well as responding to the market there is also the opposite. we will see how BNB will attract the market's attention with what kind of development.

In terms of market capitalization it may be correct, but are the current rankings not based on market capitalization? because I see that the BNB token is still below Cardano in the rankings, so is this just a coincidence or a mistake in saying it?

Cardano went up and take the third position from CMC, basing with the current market situation

BNB is just 1.5 Billions away from ADA, and with how market is moving it's not far and any time BNB

can surpassed and take the 3rd spot.

It's nice to see the competitions, not just hypes but development that offers something that investors
and developers are enjoying.

rahmatullah9305

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Quote from: ?? on ??

if we look at the market cap it is true. BNB is in the top 3 altcoin ranking at the moment. There is also a possibility that it can move up to rank 2 to shift Cardano. but Cardano is in development at the moment. there is the potential for success as well as responding to the market there is also the opposite. we will see how BNB will attract the market's attention with what kind of development.

In terms of market capitalization it may be correct, but are the current rankings not based on market capitalization? because I see that the BNB token is still below Cardano in the rankings, so is this just a coincidence or a mistake in saying it?

tvplus006

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Quote from: mekar sari on March 03, 2021, 09:33:33 AM

developments that always look good make BNB in third position besides that, BNB has a very fast network and very cheap fees
It's different from Ethereum, which has a very high fee and makes everyone annoyed, I agree with you that sooner or later BNB can shift the position of ethereum

Positions in the rating change very quickly and so far its permanent leaders are bitcoin and ethereum. Currently, BNB is in fourth place, behind the prize-winning Cardano. But this does not make BNB less useful not only for investors, but also for traders. And with the development of BSC, it will be even more in demand.

mekar sari

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Quote from: iTradeChips on March 03, 2021, 09:26:09 AM

Last time I have checked, I saw Cardano to be the one that is at the third place, and Binance is at the fourth place. For many who use Binance exchange, they know how useful this coin is and how this can be utilized by many traders and investors in their dealings with Binance. I am pretty sure that it will go back to third place and might go second after a few years to beat Ethereum for the second place. We surely cannot wait for that to happen.

developments that always look good make BNB in third position besides that, BNB has a very fast network and very cheap fees
It's different from Ethereum, which has a very high fee and makes everyone annoyed, I agree with you that sooner or later BNB can shift the position of ethereum

iTradeChips

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Last time I have checked, I saw Cardano to be the one that is at the third place, and Binance is at the fourth place. For many who use Binance exchange, they know how useful this coin is and how this can be utilized by many traders and investors in their dealings with Binance. I am pretty sure that it will go back to third place and might go second after a few years to beat Ethereum for the second place. We surely cannot wait for that to happen.

oprahwindfury

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Cryptographic forms of money for the most part utilized for exchanging purposes as of not long ago and Binance is the trade which is having really exchanging volume and they offer limits on the exchanging expense in the event that they have BNB in their wallet, each merchant from Binance will have it that is the fundamental motivation behind why it was flooding in volume in the past yet in the new occasions BSC is the motivation behind why it went higher than ever and ethereum organization ought to be reprimanded for this not the equipment of BNB group.

yazher

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Quote from: mersal on February 20, 2021, 11:28:50 AM

Cryptocurrencies mostly used for trading purposes until now and Binance is the exchange which is having more trading volume and they offer discounts on the trading fee if they have BNB in their wallet then every trader frm Binance is going to have it that is the basic reason why it was surging in volume in the past but in the recent times BSC is the reason why it went to new heights and ethereum network should be blamed for this not the hardware of BNB team. Cheesy

Yeah! that should be it especially about their exchange platform which is easy to use and the maximum withdrawal per day is quite high for the non-verified users. That's why their coin has become one of the sensations in this massive bull-run season. Therefore, there's no doubt that their coins will rise that high when everyone seems to use their network instead of Ethereum where the price is quite high. Nowadays, wherever some platform has offered both convenience and low fees, they will be chosen by many investors compared to those who put a large number of transaction fees on their exchanges which is not just.

shoreno

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Quote from: palle11 on February 20, 2021, 09:41:45 AM

With the state by the CEO, do you think he is working harder to overtake etheruem or bitcoin Huh

his post have double meaning to me when i read it because at first it clearly explains how they want to beat btc but on the last part of his post he got humble and say that they dont wanna compete against btc . ok we can skip btc but eth is also a qualified competitor of bnb and he didnt clarify if his coin is competiting against eth or not so people are going to continue debating it . eth puts a stress to us and we dont mind if bnb can be a solution to that but itl be hard if bnb can end btc because btc didnt really give us a headache .

posi

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Quote from: South Park on February 28, 2021, 01:14:58 AM

Quote from: posi on February 24, 2021, 03:23:51 AM

Quote from: South Park on February 23, 2021, 10:37:10 PM

Quote from: mk4 on February 20, 2021, 09:57:19 AM

The pretty obvious reason in my opinion: Ethereum's fees have been quite high for a while, and Binance Smart Chain(BSC)'s fees are drastically lower. And yes, BSC is like magnitudes more centralized than Ethereum, but it comes to show how a lot of people don't care that much if a certain project is decentralization or not as long as they can make their bets on certain tokens.

The explanation is really that simple, a great deal of people do not care about decentralization and over the years I have seen people arguing that it is in fact a disadvantage, it is as if they do not seem to realize that if bitcoin was centralized then it would have been eliminated by governments long ago, and since people have that kind of thinking then there is no surprise that a coin that is heavily centralized like binance is now third in terms of market cap and soon enough it could become the second behind bitcoin only.

The last time I check decentralization of cryptocurrency is only the number one priority within the crypto community because we know the importance of it and the majority of people that sees centralization as a blessing instead of a curse are those that only study trading and other means of crypto investment just to make a profit but they barely study the concept of Bitcoin and the vision Satoshi had when/after he creates Bitcoin.

Decentralization is key and yet many people like to argue otherwise, not only that but they do not seem to understand that we need to decentralize everything otherwise the governments will use that as a vector to attack this market, we just have to take a look at centralized exchanges, every year their KYC policies are getting more and more invasive because governments can go against those exchanges, which is why the future of this market are decentralized exchanges that cannot be regulated like their centralized counterparts.

Its understandable that we need to keep alive the decentralization of cryptocurrency investment cause it the foundation of the Bitcoin and our own weapons to gain liberation but both we need both decentralized and centralized are the key to the future of crypto. However, this issue have been discussed and crypto enthusiasts later understand that to make crypto mainstream some sacrifice is needed in terms of centralization but issue is centralized exchange abusing the KYC/AML which Binance is a perfect example.

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