Topic: The Monopoly of Binance (Read 753 times)

That's certainly true, mate. There were popular exchanges that took the crypto world by storm before Binance's launch. The main reason Binance is the biggest cryptocurrency exchange nowadays is because it's been always the main innovator in the space. By adopting the latest technologies and features, it has been able to stay on top of other exchanges worldwide. Even with recent regulations by the US, Binance will offer trading services to US customers by complying with every law. In contrast, some crypto exchanges have closed their services for US customers as they're not able to comply with existent regulations. By doing this, they'll obtain a lesser amount of users than Binance.

Given how big Binance has become even after a few years of inception, it's known to be a monopoly nowadays. No other prominent crypto exchange (like Coinbase and Bittrex) have been able to keep up with Binance as it offers the most trading pairs within the crypto space. Now, with the new Binance DEX and Binance Chain, its popularity will soar towards new heights. Projects that used to operate within the Ethereum blockchain, might switch to Binance Chain because of its unparalleled speeds and low costs. If this happens, then Binance will not only become the leader of crypto trades but also it'll become the leader of ICOs, and IEOs.

Nonetheless, Binance's monopoly may not last long if people start using other alternative crypto exchanges. With the rise of atomic swaps and decentralized exchanges, Binance's dominance within the crypto market may decline within the long term. Despite this, Binance's success will be largely determined by how many people use/support it. Just my opinion

http://binance.com.websitetab.com/ - 797 global rank, millions of daily visitors, and billions of worth. Definitely binance dominance over crypto trading is prominent.

Rather than noob, i would call it binance was still new. On 2017, binance just launched (their ICO was also finished), thats why they didn't popular yet on that time. 

Look at CMC exchange for 24 hours volume, binance doesn't monopolist crypto exchange

Thats normal because on the year 2017 binance was still a noob while others are already shining  but the idea of thinking that any coins can pump while being listed on those popular exchange is ugly  .  only promising coins can remain but coins that arent performing well wont suceed no matter how good the exchange was  .  

I do agree with your points which is actually true.For now we have seen some exchangers trying to get up the top tier spot  in able to compete with Binance.There
are actually exchangers are on top but cant actually go toe to toe with Binance in terms of volume which this thing signifies about the difference of popularity.
They are too clever or wise on how to get users in the market by providing services which havent offered by most exchangers yet.

Every to fast or rapidly growing business that eventually eat competitors becomes monopoly at some time, if there is not some regulatory hand to slow it down either with strictly set boundaries or with some kind of de-stimulating factors where business decides it's just not worth it to grow anymore.

People have influence in this outcome after all, if not so much people would use it as a reference then it wouldn't grow to become monopoly in the first place.




 

When binance was launched in 2017, many exchanges including bittrex, bitstamp, poloniex were the most popular cryptocurrency exchange and investors believe that any coins or tokens listed there always be recognized as the best tokens or coins but binance has taking over that popularity from them and if you ask of the best exchange and exchange that one desire for any coins or tokens to launch people will said “binance”!

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We'll see. As Binance grows each day, its dominance across the crypto market becomes greater. Its success will largely depend on the people using it within the mainstream world. Of course, the fall of Binance will not completely destroy crypto. But, it will negatively affect the industry as prices for major cryptocurrencies go down the drain. After that, it'll take quite some time before crypto recovers to its original prices.

Despite the centralization risks Binance provides, it's somewhat convenient for the average person. The trading platform has a user-friendly interface and a wide variety of trading pairs to choose from. Binance also has a "DEX" which makes use of its BNB token for trading operations. Users who hodl Binance Coin (BNB) will benefit over the long term as it provides them with discounts and several other goodies. If Binance manages to maintain its outstanding customer service and ease of use, no other exchange will be able to compete against it.

Which is why, the world's most popular crypto exchange is starting to become a monopoly sooner than we've thought. We need more competition from other exchanges that will greatly rival the existence of Binance. But none have been able to rival Binance, since it's too powerful already. The best we could do is to support other exchanges as well, instead of using only Binance for all of our crypto trades.

Nonetheless, the future of Binance looks very bright as it gains traction within the mainstream world. Still though, the trading of cryptocurrencies may become highly centralized which is not good at all. But at least, crypto will survive because of its decentralized and distributed nature. Just my thoughts

It would really come to that sort of point and we are already currently seeing it heading that way.I cant blame them yet Binance had done all sorts of things to make
their reputation to the top where doing or offering things which is ahead into its competitors which means they are worthy to be used or preferred by most users.
I disagree on the thing you said that incase Binance would be compromised by the government but it isnt enough for crypto doomed to failure.It may majorly affect but not coming to a point on completely disaster.

The Binance of today was the Mt. Gox of yesterday. Unfortunately, as new people get into crypto, they will fall into the crypto honey pots known as centralized exchanges. There really needs to be a push from those experienced with cryptocurrencies to push new users away from keeping all their coins at centralized exchanges.

Personally, I believe that Binance is a great crypto exchange. It has good customer service, and its trading platform is flawless. With many features available such as discounted fees (with BNB), and a DEX, there's no reason why people should hesitate to use it in the first place. However, the real concern is that if people only use Binance for performing crypto trades, it could bring a single point of failure towards the entire crypto industry. The moment there's a massive hack or Binance becomes compromised by the government, will be such where crypto will be doomed to failure.

After all, Satoshi invented Bitcoin's Blockchain technology to be free from middleman. No single point of failure, and censorship-resistance is key towards delivering a sound and stable system for anyone to use without interruptions. This means that anyone could easily acquire, sell, or send/receive crypto without the dreaded risks of traditionally centralized systems. But seeing that's not the case after a decade of Bitcoin's inception, shows us that Satoshi's vision of true decentralization will not be fulfilled anytime soon.

Nonetheless, it's best to bring competition within many areas of the crypto industry, in order to leverage centralization risks. Binance's success is largely determined by the people supporting it. If everyone chooses Binance over other crypto exchanges, then the crypto-exchange giant will become a monopoly. For the sake of crypto's future, diversification is the most ideal path to take. Just my thoughts

Exactly what i thought!

Binance may be monopolizing as seen by the other exchanges/people but they deserve it since they were doing good in keeping the people to trust their exchange. They may be called monopolizing because of their token BNB, but that's not this is all about.

indeed,
i laugh at the moment when they reset global all user api keys

I don't think binance are monopoly the cryptocurrency because besides of binance, we have poloniex, bittrex, kucoin, and the other exchange. Although those exchanges are not too big as binance, binance still need to keep their work to be one of the best cryptocurrency exchanges. I think if binance launch their dex, it will make a hard competition among the other dex because now binance dex comes with a strong team and if the other dex doesn't want to beat by binance dex, they need to work hard and still competing.

What kind of monopoly can we talk about?  The management of Binance missed the moment when they could manage the market. Now Binance is a usual big puppet of Bitmex.

Well, the crypto community should continue to inform newbies about the dangers of relying too much on any centralized platform that exists in crypto space
I kind of think that the long term goal of platforms like that is to corner majority of Crypto users then handover everything to people at the top.

Binance is really my best exchange but your post makes sense. If everyone wants to use only Binance for trading and not other exchanges, it doesn't really look cool.  Well, over time Binance has proven to be the best from the launch of Binance chain, Binance DEX, Binance Info and now margin trading. It's really innovative and has impacted greatly to crypto space.

If this is a monopoly, then while it is the quality monopolist. If the team will always maintain the quality of work and all functions of the exchange(s), then I have nothing against such a monopoly. Of course, if they will not control the market to their avail only, which is very likely.

No I don't think it is or will become a monopoly, but you've raised a valid concern.
Binance has been really ambitious since it started, and has performed hugely well. I do expect it to probably increase its dominance, but I don't think it will ever reach that sort of monopoly stage. There is a limit to how far it can go. People will be too wary of one exchange ruling everything. If it ever reaches the stage of being that dominant, I would image that people will start to make comparisons to MtGox for one, and start to get very wary.