Where I Stache My Crypto: Episode 7 – Binance

Back again with another episode of "Where I Stache My Crypto"! I started this regular monthly update of my cryptocurrency investments to give all my followers direct insight into what I am HODLing, where, and why. This episode I am going to show you around Binance and my investments there. Follow The 'Stache as I dive into how my investment is going, a little on what Binance is, and why I like using the platform. 

What Is Binance?

Typically I focus on just one coin that I am invested in for this series, but this episode is a little bit different. Binance is a popular cryptocurrency exchange that is a great place for trading Altcoins (see my recent article about other great places to trade Alts). They have some great features, including allowing people to vote for which coins will be listed next. The list of coins you can trade here is massive and they add new ones all the time through this user voting process. Binance also has their own token called BNB. This token is a native utility token for their exchange platform and it lets you save 50% on fees if you pay the fees in BNB tokens. 

Binance saw a rise to popularity in the last quarter of 2017 when there was an explosion of new people entering in the cryptocurrency scene that were frustrated with places like Coinbase that were having trouble verifying people among other issues. This problem coupled with a great list of coins and an open system to add more, gave Binance a HUGE boost in volume and user base. 



My BNB 'Stache Exposed!

Since I started using Binance last year I have been slowing acquiring BNB tokens. Nothing crazy, just a few here or there when the time seemed right. Instead of using these BNB tokens to pay my fees (and get them reduced by 50%) I decided to instead just hold my BNB while we were seeing massive growth on the platform and see how they do.

I have a very small position with BNB tokens, but I got most of my coins in the middle of December 2017 when the price was around $5 per coin. I have aquired a few more BNB since then on a few small dips, but the majority of my holdings came from that December period. Currently I hold 34 BNB tokens, but the majority of those (roughly 20) I got in December at that nice $5ish mark. Going into February 2018 we continued to see BNB prices dropping along with every other coin on the market to around the $6 range. Here is where Binance's token price sits now:

 

 

The reason I started holding this coin and NOT using it to pay my fees is because I saw the HUGE surge in new customers to the platform and I felt that this was a good indicator that their token would also see increased usage (because who doesn't love 50% less fees right?). So far this strategy has paid off, albeit not a huge payoff, but I have only been holding these coins for just 2 months now.

A Token Future

I think that Binance will continue to be a major player in the cryptocurrency exchange market as they really seem to listen to their customers and pay attention to the coins people want to trade. In my opinion, unless you are doing large volume, the BNB token is a great one to hold onto if you are using the platform itself to trade. Binance has been my go-to exchange lately for Altcoin trading and I don't see that ending anytime soon (at least not until one of my fav projects, Altcoin.io, release their decentralized exchange with cross-chain atomic swaps!).

You Know You Wanna 'Stache That Crypto!

 

Shea Newkirk

The ‘Stache
Howdy! My name is Shea Newkirk and I have been a Bitcoin supporter since 2014. I am immersing myself in the cryptocurrency world and I decided to jot down my story as things unfold. I am a designer, coder, musician, gamer, father, blogger, entrepreneur & more. Learn from my mistakes and rejoice in my triumphs because the ‘Stache is set to disrupt the crypto world!

Comments

  1. Avatar
    Graham Bunford

    Hi.
    Invested certain Coins like Ripple/Eectronium/tokenpay etc…but would like to earn weekly monthly income as in Binary/Forex/or even crypto. but with so many scams and bad brokers out there its hard to find genuine suppliers.dont know if you can help for example is there such a thing as a good Automated Robot to trade for you,or a genuine signal supplier in real time so you can copy/trade along with of course genuine Brokers out there,or anything else you may suggest? i know one should learn how to trade,but its not easy,being it could and take years to learn this situation
    much appreciated
    Graham

    1. The 'Stache Post
      Author
      The 'Stache

      Hi Graham, I don’t have any experience with trading bots yet so I really can’t point you in the right direction unfortunately. If I find a good one, I will do a post about it for you!

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