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- Binance, the largest cryptographic exchange in the world, is full of huge profits from its operations in 2018, estimated at $ 446 million through the redemption of its BNB token.
- Although Bitcoin is trading at a loss over the past 12 months, the volume of transactions has been steadily increasing over the past year. Binance has been busy.
- "To date, even in this bear market, we still operate a profitable business," Binance financial director Wei Zhou told CNBC during a telephone interview on Wednesday.
Binance looks good in 2019.
Bursting with liquidity from its operations in 2018, the world's largest cryptocurrency exchange generated about half a billion dollars in profits compared to last year's activity, using the proceeds net to redeem its exclusive trading chip, the NBB, at comparable prices and prices Block, to estimate 2018 profits of Binance to 446 million dollars for the year:
"Up to now, Binance has had six BNB burns over three quarters, in which it has destroyed just over 10.8 million BNB. Each engraving is made on the basis of the BNB price on the day of the combustion, which means that if the NBB totals are multiplied by the BNB price on the day of the burn, we can obtain a USD equivalent of 20% of the profits. Binance's profit is simply five times the equivalent in USD of each engraving, if the company stays true to its commitments in the white paper. "
That's what it's like using private currency
That's what a deflationary currency looks like. It's generous. It gives back to people who use it instead of flying slowly and silently. Forever, Fiat currencies are abusively used by those who exercise absolute control over them to divert wealth from their captive market of currency users.
Regular chip purchases and burns to reinforce the chips in everyone's wallets and share some of the richness of its incredible success is the fact that Binance treats its customers well.
This is a sign of the era of free market finance, in which customers will have countless choices in banking and where private money entrepreneurs will face low barriers to banking. Entry for start-ups with something valuable to bring to the sector.
It's an economy in which business and consumer interests are better aligned, causing companies like Binance not to take advantage of their customers' money, which would scare them away, but to pump money out of their pockets. customers with symbolic redemptions and regularly plan the etchings evenly in BNB tokens of each.
Buyers and sellers occupied Binance
Source: Blockchain.com
It's a good look for Binance.
Surprisingly, Binance has only existed for a very short time since its inception in July 2017, but it has become a major player in facilitating the liquidity of the cryptography sector by raising $ 15 million in its initial offering. of parts (ICO). chips.
Although the crypto market bubble caused devastating financial losses for the last hot potato holder in December 2017 and it was steadily declining last year, trading volume has steadily risen. during the last year.
Thus, many people spend their bitcoin and other cryptos, cash or switch to another badet clbad, betting that the cryptocurrency market may continue to depreciate, people facing national currency crises as well as savers and first world investors.
BNB coins yielded $ 1 to $ 80 in 18 months
Binance quickly became the largest cryptocurrency exchange in the world after its launch in mid-2017. | Source: Shutterstock
The total market capitalization of Binance Coin (BNB) today stands at more than $ 1.2 billion thanks to an increase of $ 15 million through the ICO. . There are many examples of money lost in the private digital economy, but there will be new opportunities and successes in this area.
Those who bought BNB went from $ 100 to $ 8,000 in less than two years. Once again, that's what it's like to do business with private money. These BNB coins used regularly to increase the value of those that people possess are the work of a private exchange company that ensures that its currency remains strong for those who use it.
This is the opposite of what central banks like the Federal Reserve are doing, weakening their currency every year, the US dollar, by policy, to force citizens to get rid of their dollars as quickly as possible. weaker: to pay their bills, to buy office equipment, supplies and consumer goods – even a margarita maker – rather than keep their cash wealth in ruins, and if there still remains Money to save, swap it for shares or land.
This constant pressure of monetary expansion is reorienting the economic incentives of the whole economy in a fundamental way, since the capital markets are the backbone of the modern economy, the economy and the economy. fuel that fuels the engine of capitalism.
Since the central bank constantly creates and lends new money at artificially low interest rates while devaluing the rest of the currency, people come to rely on the central bank to get some of the incessant flow credit.
However, this does not prevent people from using fiduciary currencies as a value-added incentive, but as a necessity to mitigate the damage caused by the weak monetary policy of the Federal Reserve and other central banks Socialists.
Featured Image from REUTERS / Darrin Zammit Lupi
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