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Why Binance DEX could Change the World of Crypto Trading - Global Coin Report
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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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Top 4 Cryptocurrencies to Bet on in 2019

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The crypto winter ended and Bitcoin is breaking through the $5000 resistance barrier and leading a general charge in bullishness among cryptocurrencies has seen more positivity in the market than ever before. However, before any talk of a crypto spring should start, we need to look at what happened during the winter.

Many different platforms were either fully released or improved upon significantly. There has been a surge of innovation and the crystallization of ideas. The market isn’t just about crypto trading or bitcoin trading; it has become more about what businesses will leverage blockchain in the best way. Investors need to look at what a coin offers beyond just being a cryptocurrency. What partners does it have, what is the long term plan and is it liquid enough?

Investing in altcoins has never been a better option than right now. The volatility index shows that the market is growing without having to rely on Bitcoin. While Bitcoin still determines and up or down trend, the altcoins do not follow this trend exactly. More and more tokens and coins are surviving and thriving on their own merits rather than riding in Bitcoin’s wake.

The four coins to follow are our pick for the top 4 cryptocurrencies most likely to give you substantial returns by the end of 2019.

Stellar Lumens (XLM): Cheap coin, and massive market to grow

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2019 Will Be a Big Year for Luxcore

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With the recent surge of Bitcoin in the last few weeks, many traders are hoping for a more profitable year than 2018.  Even if that comes to fruition, my advice over the past year remains the same.  Traders must look for companies and projects that offer blockchain solutions with real-world use and complete transparency.  One company that meets both of those requirements is Luxcore (LUX).

What is Luxcore?

Luxcore is a blockchain solutions and services ecosystem that focuses on developing security and privacy products.  The Luxcore platform utilizes the PHI2 algorithm powered blockchain to build a wide variety of product offerings.  One of the platform’s primary goals is to help close the gap between regular consumers and enterprise users by introducing specific use-cases for each group of users.

Exciting Roadmap for 2019

As mentioned earlier, one of the absolute requirements of building a successful blockchain project is to be fully and completely transparent.  Luxcore certainly meets that requirement with the introduction of their most recent roadmap.

The roadmap does a great job of showing which projects are in development, how far along each project is, and the expected completion date of each project.  With this, LUX traders and potentially interested consumers can follow along and monitor the status of projects that they are especially interested in.

Since many crypto projects have inevitably disappointed the market, offering…

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Can XRP Break Out of the Falling Wedge?

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XRP is the third largest cryptocurrency by market cap, which currently sits at around $13.5 billion. The coin also has a price of $0.325316 at the time of writing, after seeing a significant price correction of 4% in the last 24 hours.

Just like many other cryptocurrencies, XRP has seen massive losses during the 2018 bear market. However, this falling wedge seems to have seen a real breakout in 2019, as the crypto winter started to let go, and a lot of coins saw significant price recoveries.

XRP’s falling wedge was much more difficult to stop, which can be seen on its long-term chart. But, the recent bull runs allowed numerous cryptocurrencies to finally see growth, and XRP is definitely one of them. The charts also show that the coin’s falling wedge has seen a breakout, which is an excellent thing for the future of XRP’s price.

However, for the coin’s price to truly turn and stay bullish, XRP needs to see larger volumes. The experts believe that this is the key for a new rally, one which would allow XRP to reach true recovery.

XRP price performance and predictions

As mentioned, XRP had struggled to start growing even when most other cryptocurrencies were drawn in a number of bull runs. While the coin has been acting the same as others until mid-February, it is clear that the…

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