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Why Binance DEX could Change the World of Crypto Trading

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Binance DEX
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Recently, there has been a lot of debating and speculating regarding the world’s largest crypto exchange by trading volume, Binance, as well as the road the exchange is planning on taking. More precisely, the exchange’s decision to launch its own decentralized version — Binance DEX — and what such a move might mean for the crypto world.

A bit about Binance

As mentioned, Binance is currently the largest and most popular exchange in the crypto space. It was launched back in mid-2017, just as the bull run started attracting investors and traders from all corners of the world. The launch was rather well-timed, and the exchange quickly started growing in all aspects, including trading volume, number of users, and alike.

After achieving massive success due to the crypto market growth, Binance was easily able not only to survive the following crypto winter, but even to make a profit while most other crypto businesses struggled to even survive harsh conditions. As the year progressed, Binance started announcing some big projects, such as its crypto-fiat exchange targeting European markets — Binance Jersey — as well as its own blockchain, Binance Chain.

However, one project that the exchange announced took the world by surprise, and that is Binance DEX — a decentralized exchange which has the potential to disrupt Binance’s own business.

Why is Binance DEX such a big deal?

The crypto space was developed with decentralization in mind. Its very purpose was to take power away from centralized institutions and eliminate the need for third parties. This is what both, blockchain and crypto have been focused on ever since Bitcoin itself was launched.

However, one big aspect of the crypto experience still remains heavily centralized, and that is the crypto exchange. Most of the popular platforms today are heavily centralized, Binance included. They run the show, they hold investors’ funds (while within the exchange), and have the power to freeze those funds, or simply take them. Not that they would, but they do have the power to do so.

This was seen as a big problem, not only because it defeats the purpose of crypto, but also because they can be hacked by skilled enough individuals who might then take off with investors’ money. It has happened before, just think of Mt. Gox, CoinCheck, or Cryptopia.

To change the investors’ and traders’ dependence on these exchanges, developers came up with decentralized exchanges, which would act just like the blockchain, with community members running them and no single individual or entity would be in charge. Now, Binance is doing the same itself.

While many are skeptical of this, wondering how ‘decentralized’ the exchange can be if a centralized company is launching it, there are also many who are quite excited about the project.

Most DEXes out there have a long way to go until they perfect their platforms and ensure that their users will have a safe, smooth experience. The lack of funding is definitely one cause for slow development, which is something that Binance does not have to worry about. Further, it already has millions of users who are likely prepared to move to the DEX as soon as it goes live.

Next, the exchange will have a legitimate background, considering that a trusted (even though centralized) entity is the one developing it. It will also be run by the community on Binance Chain, and it will use Binance Coin (BNB) as its native currency. The DEX sounds too good to be true, and many see that as proof that it is not true.

However, it might as well be, as Binance seems to be aware of what its users want and need. The launch of a DEX would make Binance a community, more than a simple exchange, and it would guarantee its relevance in the future of crypto. It will also impact BNB heavily, increasing its utility, as well as price. It is an excellent idea, in concept, and while it still remains to be seen what it will be like in reality, the company continues to push with its development, and the DEX’s testnet is already out, being tested and gathering data for future changes and improvements.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Altcoins

TRON (TRX) Is Likely to Go Big in June

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Tron
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We are now halfway through 2019, and the situation in the crypto space is better than ever in the past year. Numerous cryptos are seeing large gains, often cut by brief periods of stagnation or small corrections, but the overall sentiment is obviously bullish.

Bitcoin sits way above the $8k mark, and while it struggles to go beyond $8,700, it is still trying to grow. Investors and analysts are quite bullish regarding the foreseeable future, and a lot of altcoins are expected to follow BTC in this regard. However, today, we would like to talk about one particular altcoin — TRON (TRX) — as well as why it is likely to go big in June.

TRON’s progress so far

As many people in and out of TRON community know, TRX is not a project that often sits still. It is rich with announcements, particularly when it comes to his CEO, Justin Sun, whose enthusiastic tweets often seem like hype building to many.

However, TRON made some massive progress in 2018, which was the worst year cryptocurrencies have ever seen. This is not something that can be achieved through hype alone, and the project needs to have true quality and value in order to see such massive development in the middle of the longest and harshest crypto winter in…

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Altcoins

IOTA (MIOTA) Pending Update Might Bring Huge Gains in Days to Come

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The crypto space is erupting once again, and if popular predictions are correct — the growth is only starting. However, in the vast sea of altcoins that hold the massive potential to go big in the future, we would like to set IOTA aside as one of the coins that might blow up quite soon.

As always, there are no guarantees of this, as the crypto space still lacks regulations, and remains highly volatile. To see proof of this, all you need to do is look at Bitcoin, which goes up by $1,000 within a day, only to slowly drop by $700 in the following week, and then repeat the process. In other words, there is still a lot of uncertainty regarding any project, and that includes IOTA.

However, even with all of that in mind, many are quite optimistic about this particular project, especially after a recent announcement. The announcement in question indicates that IOTA is about to see a massive upgrade. In most cases, this would be more than enough of a reason to expect the coin to start performing better. But, in IOTA’s case, this is nearly a guarantee that it will.

The update is believed to carry a lot of fixes for a lot of problems that traders and investors have been reporting for a while. No crypto is perfect, and since IOTA is…

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