Escuche esta historia
--:--
3:06
How does Binance work?
In simple terms, Binance allows you to make exchanges between a cryptocurrency and a legal tender such as the dollar. But not everyone finishes understanding how it is possible, in reality it is not very difficult to understand once the operation of cryptocurrencies is understood.
Binance, being the largest cryptocurrency exchange in the world, makes these changes much easier. Regardless of whether you have knowledge on the subject, if you want to understand how this system works, be sure to read this article.
What is Binance, and how does it work?
As already mentioned, Binance is a digital currency exchange or just an exchange for simplicity. It works the same way that legal currency exchangers do around the world, for example; those that change from dollar to euro.
The difference is that these exchanges use both digital currencies and common currencies, allowing a much more varied market. Binance provides a place where everyone offers their currencies (digital or physical) at a price regulated by the same users.
Normally to exchange any cryptocurrency, a series of processes must be carried out, which can become overwhelming for many. This cryptocurrency exchange platform allows you to simplify these processes, making instant changes without complications.
Binance Coin Price
This exchange did not miss the opportunity to create its own cryptocurrency, the Binance Coin or BNB, which is used inside and outside its own market. This coin got its start in 2017, starting with a really low price, just a few pennies for each coin.
By 2020 it was worth more than $37, and in 2021 it really began to get a really high value compared to previous years. Reaching peaks above $500, values that have been maintained so far.
Many Binance users use this cryptocurrency to sell their assets, whether physical or digital, allowing great liquidity. It is even the most used virtual currency on the platform to sell NFTs, within its new market for tokens.
Is Binance safe?
You cannot give a direct answer like "Yes or No", as we are talking about a third party company that could not be held liable in case of losses. However, Binance is a chosen exchange par excellence, thanks to its great reliability and infallible security.
When creating an account, a series of legal documents is requested to support the existence of each of the users. This avoids theft issues as scammers can be franked under the shadow of cryptocurrencies.
Binance also uses cryptography to secure each of the transactions, so they cannot be intercepted by hackers. In addition to the fact that its exchange system is completely safe, both the buyer and the seller are supported not to lose their money.
Certainly, keeping control of your cryptocurrencies through the blockchain or by storing them on some hardware will always be the best option. But in case you don't have the knowledge for this, Binance certainly offers you enough security to trust without fear.
