Virtual currency has become a hot topic in recent years. Some people have come to be called "billionaires" by making a profit of hundreds of millions of yen through trading, and at the same time, there are cases of outflow. Bitcoin is well known as a virtual currency, but there are countless types of virtual currencies currently in circulation. It is the "Virtual Currency Exchange" that makes such virtual currency transactions. Here, I would like to look at the characteristics and usage of "Binance," which is known to have a large number of users and the types of virtual currencies handled, and the advantages and disadvantages for users.
What is Binance?
To buy and sell virtual currency such as Bitcoin, you will use the virtual currency exchange. For example, you can buy virtual currency such as Bitcoin with your own legal currency such as dollar and yen. If the price of Bitcoin goes up after you buy it, you can sell it on the virtual currency exchange and make a profit. In addition, there are many types of virtual currency such as Ethereum and Litecoin as well as Bitcoin, and it is also possible to exchange virtual currencies.
Virtual currency is an encrypted digital currency. It is traded on the Internet by a technology called blockchain. Unlike legal currencies such as the dollar and yen that we usually use, there is no support for the value by the country. Since the Bitcoin network started in 2009, it is said that there are now more than 1,000 kinds of virtual currencies. Virtual currency other than Bitcoin is called Altcoin, and among them, there is Bitcoin Cash that appeared as a derivative of Bitcoin. Bitcoin circuit is one of best trading software.
Under such circumstances, the virtual currency exchange Binance appeared in Hong Kong in 2017. It has grown rapidly, with more than 10 million users worldwide in 2018. The feature is that there are many kinds of virtual currencies to handle, and it is possible to trade even those that are not available on the Japanese virtual currency exchange. As with Japan, Hong Kong has become stricter in terms of cryptocurrency transactions, and now it is headquartered in Malta. Malta is an island of the Republic of Malta in the Mediterranean Sea. Also known as Tax Haven, which has a low tax rate, it is the island where many crypto exchanges are based.
Merit and demerit
The advantage of using Binance is that there are many types of virtual currencies that can be handled, and it is possible to trade currencies that are not handled by virtual currency exchanges in Japan.
Another characteristic of Binance is that it handles a wide range of hard fork currencies. Hard fork currency is a new virtual currency that has changed the specifications of the existing virtual currency. For example, Bitcoin was derived from Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, etc. by a hard fork. Binance may distribute new currencies for free to owners of cryptocurrencies for which hard forks have been executed. This can also be said to be an advantage when using Binance.
On the other hand, the inconvenience when using Binance is that it does not support Japanese. Before January 2018, there was an official Japanese page, but it is now deleted. After various incidents, regulations on virtual currencies came to be implemented in Japan, and the virtual currency exchange used by Japanese residents had to register with the Financial Services Agency. Binance received a warning from the Financial Services Agency in March 2018. This seems to be the reason why there is no official Japanese page. This is a disadvantage of Binance.
How to open an account
Now I will explain how to open an account to start using Binance. First, click "Register" at the top of Binance's official website. The registration screen will be displayed, so enter your e-mail address, password and password again for confirmation and click "Register". The confirmation URL will be sent to the registered email address, so you can use Binance by clicking on it. For security, it is possible to set up two-step verification using SMS.
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