When I first heard of Binance in January, I was glad to find that they weren’t as impacted as the other exchanges, like Bitfinex. Around that time, I had just gotten interested investing in crypto and I wanted to register an account for myself and see where it’d take me. Most of the other exchanges had not scaled their resources in anticipation to the boom of investors flooding into the space, but since Binance was new to the game, I was lucky to find myself making an account with them.
So I did and I found that Binance’s UI was easy to work with and it seemed to appeal to me more than what the other exchanges had. I wasn’t sure if I had chosen the right one at first, since Binance was newer to the crypto exchange market than some of their other competitors, but now I’m a firm believer in the longevity of Binance and the value of its native token.
The more I look into the crypto space, I firmly believe that the only good projects out there that will last for the next seven to eight years are Bitcoin, Ethereum, and the Binance token. It took awhile for me to come to this conclusion though.
I was searching endlessly for new projects and came across a lot of good ideas. But they were just ideas though. Because eventually you get to the point where you start wondering, “Who’s gonna buy into this?” Or “Is it likely that mainstream adoption will catch on?” Or even “Do they even have a project?”
As a newbie into this space, I was so enthused with the crazy number of innovations that I hadn’t took the time to think things out in a disciplinarian perspective; that is, asking myself, “What would an investor do?”
So I conducted more research and set up a shit ton of Google Alerts to get the latest news in crypto delivered straight to my email, and a month later, I get a Google Alert telling me that there’s a quarterly burn for Binance to look forward to in April. I became instantly provoked and looked into the article and Binance’s whitepaper.
After having conducted the necessary research, I was extremely impressed at how Binance structured its system and gave its token purpose (by reducing trading fees on the platform) and a reason to hold on to for the long term (with the speculation that a decrease in supply out in circulation would drive up the price). I understood that the burn had already happened twice before and so I looked on Coinmarketcap to check the exact dates and saw that traders in the past had drove the price up in speculation of an increase in price (due to the amount of BNB that was planned to be taken out of circulation) and proceeded to sell a couple days before the stated date of the burn itself. Of course immediately then, I realized that this phenomenon was just the manifestation of the old adage “buy the rumor, sell the news” and understood that it would be wise to do the same.
But then I didn’t, and for good reason.
Because all throughout the month of March and April, Binance kept coming out with more news and hot ideas that I was completely behind. They kept driving up the price with their announcements, which had caused me to become increasingly more confident in my investment, but also concerned that it might not drop as much as I thought it would since this type of PR was unprecedented in all of Binance’s young history. And so I didn’t know what to make of it.
But the more I saw how easily CZ dispelled all the FUD and how he worked so professionally to ease his fellow Binancians (during the hack in which the hacker ended up losing money, not the exchange), I understood that he knew what he was doing and I gradually came to believe that my short-term hold on Binance should become a long-term investment since it seemed and continues to seem that the sky is the limit with their aspirations.
Luckily, I gradually reduced my position in Binance as I saw the price dropping before the anticipated burn and realized that the old adage was coming into fruition. Although I had sold my position in Binance, I also quickly bought back in, with the intention of holding for the long-term.
I know that they can’t do -everything- that they say they will (like make a fiat gateway so that I can buy BNB directly with USD), but I’m sure they’ll make up for it with the way they operate, as they seem extremely ambitious. I mean, they’ve got the product, the adoption, the ambition, and the team and they’re not afraid to improve their product as the needs of the community are ever-evolving. The Binance Team seems like they’re really trying to answer the needs of their customers (in which I can personally say that they have great customer service) and it feels like they understand what we want as crypto-enthusiasts, or what I want at least.
I just want to say that my experience with Binance has been nothing but positive thus far, and I can’t wait to see what other innovations that your ambitious team aims to provide for us. (Also, I’d love to own one of those hoodies, just saying.) I’ve been a fan of you guys (and girls) for a good amount of time and I will continue to do so, so as long as you keep up the good work and keep that dream.
Keep up the good work and long live the blockchain.