Well, we see how fast Binance became huge. What is if there is a new even better exchange which will replace Binance? Then the coin will be probably worthless. OK I know this is pretty pessimistic, but with all the new decentralised exchanges coming up it is quite possible. That's why I didn't invest in BNB.
I had the same thought, but I suspect in that case Binance would just turn into the coinbase of exchanges, meaning that Binance would be the starting point for mainstrem users when it comes to crypto-to-crypto trades...
I don't think this will happen in a nearby futur ! Maybe a crypto hack could scare the users ?
I have some BNB, it was a good trade from ETH in November sadly I didn't hold them all
Usually the answer is simple. If its not broke don't fix it. Using this logic, I apply my opinion to the success of an organization.
I use the application. If I do not have trouble with this I will continue to use it. The more advanced a user I am the better qualified I am to make a judgement.
A more qualified user will have more opportunities to find flaws in the system. If they do not, most likely other users will have the same experience.
I have been using Binance since Novemeber 2017. I have only had one scare when they were doing some site maintenance. Nothing like the Kraken scare. I think it is safe to say (4 months later) that this post holds water and binance could lead the way in a very young and growing crypto industry.
Great article, now if binance can adopt more alt coins it will keep it's momentum going. David hay can you please create a video or post regarding what wallets are recommended to use for alt coins? Thank you!
I think Bitconnect x is aiming to start an exchange/token similar to bnb. I'm interested to see if this new ico helps legitimize bitconnect or proves they are a scam once and for all.
I’m interested in what tax implications this brings, given that some people say multiple trades between coins is taxable and others say that until you convert coins into fiat becomes taxable.
I guess we have to consult with government agencies to clear up speculations, so we know before hand what we are getting ourselves into. I started investing not too long ago so I have homework to do before April comes.
Came across your post. It is past tax time and wanted to see how your studying went. If I were to see your comment 4 months ago when you wrote it, I would have given you the advice that if you were going to check with a government agency their answer would have resulted in you paying the highest amount of taxes.
Use the community being created here to find your answers. The US government is greedy. They had an option in this case to make every trade a taxable event or only events in which crypto was turned into fiat. taxing every trade is a HUGE number. So naturally this is the number they went after. The fun part will be seeing how well they did on collecting when it is all said and done.
This.....Is one of my favorite articles I have read on Steemit and when you did this video David, I had a few 'ah ha' moments :)
It just makes so much sense to me and while I'm not the smartest person on planet earth...I understand paying for something that I use daily...And I use Binance daily.
Plus all the reasons you mentioned above. Sure decentralized exchanges will have a huge impact, but Binance is positioned for a big 2018 as well.
Awesome post, thanks for all you do to help us little guys get more knowledge in the crypto space!
Thank you for the insight @davidhay. I started using binance in November by chance in order to acquire ripple. At first I was skeptical. I had never heard of binance. They gained my trust and respect early.
The first day using the system required a slight learning curve. Not long after it was easy to navigate and find what I needed. They have made some site enhancements to improve the user experience.
I purchased binance coin early to help reduce trading fees and found the value of the coin being another huge source of growth in my portfolio.
As the New Year began and crypto started to decline I received some advice of what tokens to hold. One of those coins was the binance coin.
When you start to get advice from multiple people who are familiar with an industry and the advice supports previously acquired information, validity is born.
Fast forward a couple months and crypto is making an obvious rebound much sooner than most expected. Binance looks to be leading the way and should continue to grow as crypto regains its footing.
Looking forward to hearing and sharing more thoughts about all the exciting crypto information out there. What a time to be alive!
I have been trying to find if there is any other benefit than fee option? This question is because there is another exchange which grants its members a bonus equivalent to its platform token that you are holding. That is a good incentive for me to have a good balance of that token. Does BNB have such a facility?
Comparing to the last year's price it might be already too late to buy, but if you look on the history chart BNB had some good upgoing trends. So here you have another reason to buy it. Some resources (https://changelly.com/blog/binance-coin-price-prediction-2019/ ) say that BNB could be possibly good for a long-term HODL.
Well, we see how fast Binance became huge. What is if there is a new even better exchange which will replace Binance? Then the coin will be probably worthless. OK I know this is pretty pessimistic, but with all the new decentralised exchanges coming up it is quite possible. That's why I didn't invest in BNB.
I had the same thought, but I suspect in that case Binance would just turn into the coinbase of exchanges, meaning that Binance would be the starting point for mainstrem users when it comes to crypto-to-crypto trades...
NEX could be the next big exchange to topple binance.
I don't think this will happen in a nearby futur ! Maybe a crypto hack could scare the users ?
I have some BNB, it was a good trade from ETH in November sadly I didn't hold them all
Usually the answer is simple. If its not broke don't fix it. Using this logic, I apply my opinion to the success of an organization.
I use the application. If I do not have trouble with this I will continue to use it. The more advanced a user I am the better qualified I am to make a judgement.
A more qualified user will have more opportunities to find flaws in the system. If they do not, most likely other users will have the same experience.
I have been using Binance since Novemeber 2017. I have only had one scare when they were doing some site maintenance. Nothing like the Kraken scare. I think it is safe to say (4 months later) that this post holds water and binance could lead the way in a very young and growing crypto industry.
Great article, now if binance can adopt more alt coins it will keep it's momentum going. David hay can you please create a video or post regarding what wallets are recommended to use for alt coins? Thank you!
I think Bitconnect x is aiming to start an exchange/token similar to bnb. I'm interested to see if this new ico helps legitimize bitconnect or proves they are a scam once and for all.
I’m interested in what tax implications this brings, given that some people say multiple trades between coins is taxable and others say that until you convert coins into fiat becomes taxable.
I guess we have to consult with government agencies to clear up speculations, so we know before hand what we are getting ourselves into. I started investing not too long ago so I have homework to do before April comes.
Came across your post. It is past tax time and wanted to see how your studying went. If I were to see your comment 4 months ago when you wrote it, I would have given you the advice that if you were going to check with a government agency their answer would have resulted in you paying the highest amount of taxes.
Use the community being created here to find your answers. The US government is greedy. They had an option in this case to make every trade a taxable event or only events in which crypto was turned into fiat. taxing every trade is a HUGE number. So naturally this is the number they went after. The fun part will be seeing how well they did on collecting when it is all said and done.
Thanks for sharing!
This.....Is one of my favorite articles I have read on Steemit and when you did this video David, I had a few 'ah ha' moments :)
It just makes so much sense to me and while I'm not the smartest person on planet earth...I understand paying for something that I use daily...And I use Binance daily.
Plus all the reasons you mentioned above. Sure decentralized exchanges will have a huge impact, but Binance is positioned for a big 2018 as well.
Awesome post, thanks for all you do to help us little guys get more knowledge in the crypto space!
What is the best Wallet for BNB?
Certainly the only diamonds I could or would buy :)
Now I just hope it will pull back a bit...
Thank you for the insight @davidhay. I started using binance in November by chance in order to acquire ripple. At first I was skeptical. I had never heard of binance. They gained my trust and respect early.
The first day using the system required a slight learning curve. Not long after it was easy to navigate and find what I needed. They have made some site enhancements to improve the user experience.
I purchased binance coin early to help reduce trading fees and found the value of the coin being another huge source of growth in my portfolio.
As the New Year began and crypto started to decline I received some advice of what tokens to hold. One of those coins was the binance coin.
When you start to get advice from multiple people who are familiar with an industry and the advice supports previously acquired information, validity is born.
Fast forward a couple months and crypto is making an obvious rebound much sooner than most expected. Binance looks to be leading the way and should continue to grow as crypto regains its footing.
Looking forward to hearing and sharing more thoughts about all the exciting crypto information out there. What a time to be alive!
I have been trying to find if there is any other benefit than fee option? This question is because there is another exchange which grants its members a bonus equivalent to its platform token that you are holding. That is a good incentive for me to have a good balance of that token. Does BNB have such a facility?
Comparing to the last year's price it might be already too late to buy, but if you look on the history chart BNB had some good upgoing trends. So here you have another reason to buy it. Some resources (https://changelly.com/blog/binance-coin-price-prediction-2019/ ) say that BNB could be possibly good for a long-term HODL.