What is their identity for crying out loud?
Everyone keeps singing their praises.
If you have stayed in the crypto space for a while, then you should have heard of them.
Yeah, their logo is the one with the vivid yellow and black color.
With that bold inscription that says “Binance”, they really have an elegant demeanor.
Just like a blooming mature yellow flower displaying its petals while smiling sweetly.
Are you wondering? Just when did they start?
If it is about that, Binance was launched in 2017 by Changpeng Zhao and some group of programmers who worked with him as a team.
Since then, they have gone ahead to change the world with their mind blowing tactics.
In this article, I will share with you the following:
- What is Binance?
- Why Binance?
- Why do I need ssn for Binance?
- How to get started on Binance
What is Binance?
Binance is the largest exchange platform where users can trade cryptocurrencies.
It supports popular traded crypto currencies including the upcoming ones.
Binance provides a crypto wallet for traders to store their assets with ease.
The exchange also has supporting services for users to earn interest or transact using cryptocurrencies.
They belong to the rare class of platforms that became popular faster than others.
One special thing about Binance is that their teams are caring and work night and day to give their users a better experience.
If we should talk about it, Binance really has some uniqueness
It is not trash, just the title it earned as the world’s largest trading platform alone is enough to show how special they are.
With over 600 cryptocurrencies available for trading and a daily trading volume of $76 Billion, they have you covered on what you need.
They offer one of the most broad ranges of making money on their platform.
You can make more through an extension they created – Binance earn.
On Binance earn alone, you are met with a variety of menacing options that will make you salivate.
Some of these options include:
- Staking whereby you borrow Binance your money for a specified time frame and you are paid interest throughout the period.
- Margin trading, in this case, you borrow money from Binance to do this. This method gives you the privilege to make money even when there is a decline In the price of coins.
- BNB Vault
- Auto invest
- Dual investing
- Liquidity Farming
- Binance Pool
And many others.
We cannot do without mentioning NFT whenever the wisdom of crypto is discussed.
Non-fungible-token (NFT) is really a source of wonderment, it even amazes me than the way crypto tokens do
Their prices are not the same, they are different and unique meaning 1 NFT does not have the same value as another unlike Bitcoin where 1BTC is equivalent to another BTC.
Binance specially created a marketplace for NFTs where you can buy and sell them.
They even created a set of terms & conditions to ensure users not only have a good experience but that law and order is still maintained.
Also in terms of added features, Binance still leads with its many extensions.
Some of these include;
Binance Futures and margin trading
Binance offers crypto futures contracts that are settled and collateralized in their based cryptocurrency; these contracts are also known as COIN-margined contracts.
For example, investors can trade Bitcoin-margined contracts, which allows them to earn Bitcoin when their futures position returns a profit.
This is excellent if you are a long-term investor. Investors are more likely to hang on to their cryptocurrencies, especially in the current bull market. Profits from futures contracts may be added to your long-term stack since they are settled in the underlying coin.
Binance p2p, trade at your preferred prices
Peer-to-peer exchanges bring users freedom to trade crypto at the preferred prices.
On Binance P2P, you can not just buy or sell crypto from the existing offers, but also create your trade advertisements to set your own prices.
Binance Chain was launched by Binance in April 2019.
Its primary focus is to facilitate fast, decentralized (or non-custodial) trading.
Binance DEX, one of the friendliest decentralized exchanges out there.
You can use it via a web interface at binance.org or through its native integration with Trust Wallet.
And many more!!
Why does Binance need ssn?
If you live in the US or other countries that use SSN (Social security number), then it might be requested of you during the identity verification process.
Just like every other app, Binance wants to protect your privacy and more than other common apps, they want to do it better.
Binance needs you to complete the identity verification process so that they can protect your account and serve you better.
For better understanding, you can picture Binance as a Banking app that needs you to fill in your personal information and agree to their T & C’s (Terms and conditions) before you can be granted access to their service.
This is to make sure that they become aware of the identity of every single user that uses their services.
Also, due to the complains of governments of different countries about the thefts and crimes that users are committing via the app, Binance team have taken action.
So it is absolutely safe to provide your SSN, Binance needs your SSN to know you better serve you better and hence keep you safer.
Set-backs & Benefits
While there are set-backs for those who have not completed their identity verification process, there are also benefits for those who complete their verification on time.
I will make it brief, let’s start with he de-merits:
- You will be restricted from using some of the features on Binance.
- Your withdrawal amount will be very low
- You will not be vale to experience the full potential of Binance
- Your account security will not be as secure as the one of a person that has completed the identity verification.
- Your daily withdrawal limit will be low
And there are some benefits which include:
- You will get to enjoy the full potential of Binance.
- Your daily withdrawal limit will be higher
- Your account will be more secure
- If you complete the identity verification process within the specified time, you will get some bonus in terms of dollars
- You will be able to use some extra features as well
How to get started on Binance?
Are you wondering how you can get started on Biinance?
Then you are on the right page, all you have to do is to follow the instructions below to get started.
Step 1: Download the Binance app or open the website
Firstly, go to “google play store” to download the Binance app or go to Binance.com (Binance website) to open an account.
Once you get there, click on register if you are using the app or “get started” if you are using the website.
Step 2 Create a username and a password
Provide a valid Gmail or mobile number as your username and create a password.
It is advisable that you use a valid number that you know you’ll not discard in the future.
Your password should be more than six digits with a combination of letters, numbers and symbols.
Make it unique and strong.
Complete your identity verification as you prepare to trade.
Step 3 : Fund your account
Add funds to your crypto account to start trading crypto. You can add funds with a variety of payment methods.
It could be through transfer, p2p (peer-to-peer trading) or any other option that you are comfortable with.
Step 4: Start trading
Buy or sell crypto, set up recurring buys for your investments, and discover what Binance has to offer.
You can also check out our guide on how to buy and sell crypto on Binance.
This is my bonus to you and I think you’ll find it helpful:
If you are experiencing some issues with withdrawing some of your money, then the following might be the cause:
1 There are problems with your identity verification
If you have not filled in all the information you are asked to fill, withdrawals will be temporarily suspended on your account.
You can contact Binance support for additional information for verification.
2 You are accessing your account from multiple IP addresses
If you are accessing your account through different devices, Binqnce will tag it as a suspicious activity and withdrawals will be suspended.
You can also contact Binance support to verify your identity.
3 You haven’t enable 2FA (Two Factor authentication)
If you have not enabled two factor authentication, chances are that withdrawals might be suspended on your device.
2FA is like adding another layer of security on your account (like email verification, sms verification e.t.c)
So you can do this on the app, by following the instruction to enable it
Bekw are some FAQS that you need to know:
What is USDS on Binance?
USDS is also a crypto coin just like BTC but it is not listed on Binance.
It stands for stably USD, a coin that is close to $1 in value.
According to Binance price chart and news, one USDS is worth $0.9989641 according to its current growth increase of about +0.78%.
With a current market cap of $481,395.64 USD, it has a 24-hour trading volume of $16,144.55.
It also has an all Time-High price of $3.746161 since it has been listed or launched.
NOTE: Crypto coin prices keep changing, you can use the above link to keep track of its live price.
What is the highest price Bitcoin has ever reached?
Currently, the price of one BTC is $30, 000
That reminds me of the time when Bitcoin (BTC) reached its highest price of over $68,000 in November 2021 after starting the year at just under $30,000.
The crypto industry as a whole grew to a total market cap of more than $2 trillion.
How many Bitcoins are lost everyday?
A cryptocurrency analyst, Timothy Peterson claims that 1,500 bitcoins are lost each day.
Which implies that only 14 million BTC will ever circulate. The figure does not agree with the estimate of many organizations including Markets.bitcoin.com which place the figure at 18.5 million coins.
How many Bitcoins are mined daily?
With each bitcoin block taking 10 minutes to mine, 144 blocks are mined each day.
And there are 6.25 bitcoins per block. 144 x 6.25 is 900, so that’s the average amount of new bitcoins mined per day.
This means that at the current rate, 900 BTC is available in rewards every day.
What is Binance Earn?
Binance Earn is a one-stop hub on Binance where you can see all your earning possibilities open for you and the crypto funds you hold. You can find alternative crypto earning options if you are a HODLer.
How does Binance Earn work?
With Binance Earn, you get to choose from dozens of available crypto financial products displayed on the platform, transfer your crypto into your chosen solution, and watch your funds grow.
Cashing out your profits is also as easy as opting into your selected product.
What is Binance smartchain?
Binance smartchain is a Blockchain network built for running smart contract-based applications.
Binance SmartChain runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC.
BNB and the Growing Ecosystem
According to Changpeng Zhao,
“There are so many use cases for BNB, from gaming to cross-border remittances, that I personally can’t count or keep tabs of how many now.
The total number of BNB burned in 2020 is 13,384,040 (more than double compared to 2019), valued at nearly $219M USD. There is a large, diverse community in the BNB ecosystem that continues to innovate in finding strong use cases”
Are Vet and Vechain the same thing?
The vet is an abbreviation for the Vechain token while Vechain is the full name for it. They are the same and are currencies on a Blockchain network.
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Disclaimer: No information on this site should be perceived as investing advice.
No matter what, you should always invest only what you can afford to lose.