Binance launches Inscription market | Bitcointalksearch.org

cryptoaddictchie

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Quote from: slashz9 on February 03, 2024, 04:34:15 AM

I think Binance wants to get involved in everything in crypto, like it doesn't want to be left behind, but I think the fomo about incription is over.
so Binance just wants to make sure that they are the most complete market.

If you are in the business of exchange market their mode of income comes from trading fees. So whats hype in the market, you dont wanna miss it. Its the same with token trading or even listing on their exchange. The tokens that is hype they wanna list it even for free aince they benefited on the demand people wanted from that tokens. Same goes for the inscripion I guess, so we cant reallt blame binance for doing so. Well it favors users though since they trust binance to exchange their inscriptions too.

huu78

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Quote from: bolshojkush on February 01, 2024, 03:23:56 PM

Quote - "Faster Transactions: Get ahead of the competition with faster transactions powered by BTC Transaction Accelerator, which allows users to speed up any BTC transactions, such as subscribing and/or trading of BRC-20 tokens, by paying a fee."

Binance knows how to make money, maybe this is the main reason for the launch?

If I look in the Telegram group for several people who do research and airdorp, currently there are no more inscriptions, because fomo is no longer very strong, inscriptions were trending if I'm not mistaken in November and December, then started to decrease until now.

slashz9

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I think Binance wants to get involved in everything in crypto, like it doesn't want to be left behind, but I think the fomo about incription is over.
so Binance just wants to make sure that they are the most complete market.

Bureau

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What worries me now is that Binance has also launched a Bitcoin transaction accelerator. They are expecting Bitcoin network congestion and that equates to a high transaction fee. The transaction fees for a few days have been stable but with this launch, if users start withdrawing then it will again get congested. I will wait and see what issues on the main chain will be unfolded after the launch of this marketplace.

pinggoki

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Quote from: cryptoaddictchie on February 01, 2024, 06:00:15 AM

Just recently announced that Binance will launch an inscription marketplace.

https://www.binance.com/en/support/announcement/binance-launches-inscriptions-marketplace-2e95b31769104b6da4722ff305054e27

What do you think guys? With the addition of cex including OKX, Kucoin and many other now that Binance added it too will it continue to thrive even though inscriptions doesnt have much utility hence a burden to every network congestion.

I guess you have to profit whenever the opportunity to profit presents itself, we can't do much about this people being a burden in network, a lot of people chose to tolerate it at first and now it's rampant and they just can't stop trying to make money out of it and creating these inscriptions which is just a glorified NFT that's on bitcoin. It makes me angry but what can I do, a lot of people are benefiting on the heavy network congestion, I guess just live with it and let it naturally die? These hypes are likely to die down anyway so hold on for awhile.

YUriy1991

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The direction is to bring more useful features to users. Yes. As you said above, the problem of network congestion itself will also reduce the attractiveness for users in the future.

I think whatever type of initiative the exchange makes, in this case Binance, is quite good, but in terms of use cases, the public themselves will judge whether it is effective enough and their main intention with these additions is to increase adoption.

dansus021

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From the day Inscription exist I dont really know much about their utility, for me is same like other shitcoin and memecoin the different is they are launched on top of bitcoin network and who come first can mint their token.

Inscription market in my opinion is just pump and dump like the other token with no utility its gonna be fun until new comer gonna bring other idea. or Inscription market hit in next bear market

OH Also I hate when bitcoin congestion because of Inscription market

batang_bitcoin

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Did anyone from here used it already? Honestly, they should do a proof reading before publishing it. So, there is this description.

Quote from: https://www.binance.com/en/support/announcement/binance-launches-inscriptions-marketplace-2e95b31769104b6da4722ff305054e27

enhancing users’ journey through the decentralized web with its array of features.

Decentralized as they say but Binance itself is known to be a centralized exchange. I just think of using this word 'decentralized' from these exchanges and projects is like a buzz word today.

Sophokles

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It looks like everybody is trying not to be late for adopting any new trend or technology in the crypto industry. This is changing so fast and getting really hard to keep track of all things together. Also all these great ideas and innovations that are booming the market indicate that the next bull season is really close and all the exchanges are trying to be innovative to attract a major chunk of the community. Binance already losing its market share so they are desperately trying not to fall behind in this moment.

cryptoaddictchie

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Quote from: Samlucky O on February 01, 2024, 07:23:27 PM

It doesn't really matter, what mater to me now is the ability to take advantage of the transaction fee in the listed exchange. Use it as an investment of DCA.

Well you are right but Exchanges favorly here than users actually. Thats a business for them thats why if they see a lot of potential earning transaction fees then they go for it.

Quote from: Husires on February 02, 2024, 07:21:03 AM

This is true and it is the same reason that MetaMask does not support Bitcoin because it is designed for Ethereum-based infrastructure, but in the end it is codes that are injected into the network and spam based on the cost of including them in the block.

They have their own infrastructure but to tell honestly its just a burden for every network though some degens love the minting since its project certain value later on if its get hype. Damn echanges really taking those into fees earned.

Husires

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Quote from: cryptoaddictchie on February 01, 2024, 08:28:21 AM

I think they arent tokens but an inscriptions. Cause I have some inscriptions too but they arent or not stored on my metamask for some reason. Well its gonna help some hype on the parts of brc20 but affects the bitcoin network.

This is true and it is the same reason that MetaMask does not support Bitcoin because it is designed for Ethereum-based infrastructure, but in the end it is codes that are injected into the network and spam based on the cost of including them in the block.

Quote from: JeffBrad12 on February 01, 2024, 07:56:00 PM

well inscription becoming more and more popular I guess binance just trying to add fuel to the burning fire right now i think it just means that bitcoin will be having higher fee than ever due to BRC-20

Binance pursues profits wherever they are. They had a market for NFTs, and it was central, and most of the trading took place within Binance, and they will do so with the Inscription market.

JeffBrad12

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well inscription becoming more and more popular I guess binance just trying to add fuel to the burning fire right now i think it just means that bitcoin will be having higher fee than ever due to BRC-20
this im sure will also motivate people to make more and more BRC20 token right now there are people that actively tries to create minting program for their BRC20 token and that only accounting that we are still in early stage of BRC20 trend, if meme coin somehow find a way to utilize BRC-20 maybe because its overall market cap of all BRC20 combined increasing it will surely congest the network.
hopefully it will not too much of a fee required for the blockchain in the future that it hinder the whole blockchain.

Samlucky O

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Quote from: cryptoaddictchie on February 01, 2024, 06:00:15 AM

Just recently announced that Binance will launch an inscription marketplace.

https://www.binance.com/en/support/announcement/binance-launches-inscriptions-marketplace-2e95b31769104b6da4722ff305054e27

What do you think guys? With the addition of cex including OKX, Kucoin and many other now that Binance added it too will it continue to thrive even though inscriptions doesnt have much utility hence a burden to every network congestion.

It doesn't really matter, what mater to me now is the ability to take advantage of the transaction fee in the listed exchange. Use it as an investment of DCA.

bolshojkush

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Quote - "Faster Transactions: Get ahead of the competition with faster transactions powered by BTC Transaction Accelerator, which allows users to speed up any BTC transactions, such as subscribing and/or trading of BRC-20 tokens, by paying a fee."

Binance knows how to make money, maybe this is the main reason for the launch?

cryptoaddictchie

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Quote from: Husires on February 01, 2024, 08:24:27 AM

It depends on the behavior of users. If these tokens are traded within Binance, it will lead to an increase in their prices, which will lead to an increase in spam, but to a lesser extent because they do not withdraw. However, if users withdraw, the increase in fees will be evident in the coming months.
BRC-20 tokens will continue to make bitcoin has a high fees for many months.

I think they arent tokens but an inscriptions. Cause I have some inscriptions too but they arent or not stored on my metamask for some reason. Well its gonna help some hype on the parts of brc20 but affects the bitcoin network.

I did some on orbiter finance and particle network some inscriptions but these arent real brc20 since weve used eth or l2 network to mint those. Now even on alts these inscriptions are increasing.

Husires

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Quote from: cryptoaddictchie on February 01, 2024, 06:00:15 AM

What do you think guys? With the addition of cex including OKX, Kucoin and many other now that Binance added it too will it continue to thrive even though inscriptions doesnt have much utility hence a burden to every network congestion.

It depends on the behavior of users. If these tokens are traded within Binance, it will lead to an increase in their prices, which will lead to an increase in spam, but to a lesser extent because they do not withdraw. However, if users withdraw, the increase in fees will be evident in the coming months.
BRC-20 tokens will continue to make bitcoin has a high fees for many months.

cryptoaddictchie

legendary

Activity: 2058

Merit: 1315

Just recently announced that Binance will launch an inscription marketplace.

https://www.binance.com/en/support/announcement/binance-launches-inscriptions-marketplace-2e95b31769104b6da4722ff305054e27

What do you think guys? With the addition of cex including OKX, Kucoin and many other now that Binance added it too will it continue to thrive even though inscriptions doesnt have much utility hence a burden to every network congestion.

Topic: Binance launches Inscription market (Read 122 times)