![]() A 3-second delay in seeing your friends’ status update would hardly be noticed, but on an exchange, the same would be unacceptable, resulting in a torrent of user complaints. Many exchanges service traders as if they were running a social media site. Understanding the trader mentality is vital for running a successful exchange. Traders are a different breed when it comes to users. These partners will be key in bootstrapping the exchange. The team has worked on and operated a number of exchanges, and have accumulated a large network of partners in this space. Binance’s team have been in both the finance and crypto industry for many years. Getting miners, institutional investors and large traders into a new exchange is a chicken and egg problem, and requires a team with deep industry resources. ![]() Having a shallow orderbook means high slippage when trading, which is very expensive for traders. Professional traders and normal users are significantly affected by this. We have experience building financial systems to the highest security standards and strive to ensure security first. Binance is built to high standards, audited, and penetration tested. There are hundreds of exchanges that went down due to being hacked. We understand how these systems are built from the ground up. Our team has decades of combined experience building and maintaining world class financial systems that shape the economy. This often slows down the initial development, but is critical for long-term success. Exchange systems need to be engineered from the ground up with security, efficiency, speed, and scalability in mind. While this may work well in the beginning, as traffic grows, the system will not able to handle the increased load. They often choose the simplest approach to get the system up and running. Many exchanges are “put together quickly”, by good tech people, but who have little or no experience in finance or in operating an exchange. Some of the current crypto exchanges suffer from a number of problems: With your help, Binance will build a world-class crypto exchange, powering the future of crypto financeīuy this token on Binance with our referral link & get a 10% discount on your trading fees! ![]() They will play an ever more important role in world finance and we call this new paradigm Binance Binary Finance. Even though they are small now, we strongly believe that pure crypto exchanges will be bigger, many times bigger, than fiat based exchanges in the near future. It is the latter one that we will focus on. In our view, there are fundamentally two different types of exchanges: the ones that deal with fiat currency and the ones that deal purely in crypto.
0 Comments
Leave a Reply. |