Bitcoin Forum

Binance has recently added five new fiat currencies (https://www.coincurb.com/news/binance-p2p-adds-fiat-currencies/) for Latin Americans. Recently, Binance had closed its platform for trading. The exchange stopped its operations because of unexpected infrastructure default. Once again in March, Binance crashed due to overload. It is a good move to add more fiat currencies.

That's a very good news to hear. I have heard of the inclusion of Nigerian Naira on binance, but I didn't know some other fiat currencies have been added.  However, this crash is not a good news because the exchange is trusted by multitude and they need to do something to prevent future occurrence.

It has been 2 weeks since this thread has already created and it looks like you must see what already stated my OP again. That crash means crypto has been getting a lot of attention and there must be another trusted exchange site that can be trusted like binance.

I have been using Binance fiat lately and I must say it's an amazing one and I do hope they don't have issue because once such happens, it will generate casualties. They have many countries using the fiat exchange and many stored fiat there to buy tokens so once crashes, problem will be.

It's easier said that done, do you know how hard it is to run an exchange? It's freaking not easy so when things like crash or bugs happens on an exchange the team will fix it, this is normal and I don't expect people to hype it, binance team are the best

Addition of new fiat currencies points to one thing and that is, recognition; it means crypto is getting the attention due for it which is very good in all ways. Supporting of fiat currencies will make it easy for people to understand what crypto is all about since it's now easily accessible to them. I think, crypto adoption might not be taking the shape we thought it will take or happening the way we want but with this developments, it is a good step towards greater heights. Lastly, Binance exchange is through this way, gaining more users, making its exchange the best and proving yet again that it have everything that will make it last long term; crashing due to overload means more users are inbound.

Binance is on a move to establish an avenue for every country to use cryptocurrency directly from their currency. If many nations currencies are added, it will make local people want to engage with cryptocurrency and know what cryptocurrency is all about and see they can use it with their currency.

Yes, I am still thinking if Binance can really cater to all the needs of the entire people using cryptocurrency. We truly need more reputable exchanges to come up with services like this. Binance is moving fast. perhaps other exchanges cannot really move at the pace at which Binance is moving, but they can still do something about it. Although Coinbase is offering this service, not everyone finds it easy to use Coinbase. We, therefore, need more global exchanges to come up and do this. Well, they must be trusted.

People have not actually realize the value that Binance is adding to the space, just imagine the amount of money that is going to enter the space in the coming months and years to come. Anyone that doubt Bitcoin hitting $100k need to think twice because to me it is greatly undervalue

Adding fiat to transactions and deposits is a strategic step that can trigger the growth of members and investors. For novice investors, this step is something that makes it easy for them to invest in cryptocurrency and I think there will be many exchangers who follow this Binance step

It's indeed a very great strategy for Binance. You can imagine what if most of the fiat currencies are on their exchange, then it can every single country that the other exchanges doesn't have.

They'll get most of the traffic and traders worldwide.

Yes it is a very good move to add more fiat currencies, this is because it will bring more exposure to the crypto space as people in those countries can now buy crypto with their fiat as well as selling to fiat; what I think Binance is doing with such move is to make cryptocurrencies to be at our disposal thus being traded the way we want. Also, Binance crashing because of overload shows that the number of users is increasing rapidly which I think can be attributed to the more addition of fiat currencies to its exchange.

Binance is a well trusted exchange and having fiat on its exchange is really the best and it has relieved many countries crypto fiat transaction. Many has failed in wrong hands all because of transactions. Some from local groups for buying and selling and some from cooied, phishing platforms. We Nigerians are really impressed and pleased to see such innovation on Binance. It's a big relieve I must say.

Binance have been doing well when it come to Fiat's currency in exchange. Although, other exchanges have been equally adding series of fiats currency but Binance is exceptional in this regard. I use the Binance exchange and some good means to exchange my portfolios to my local currency. The first I use is the Remitano which had my local currency on their exchange, this made it easy for my swap or buy and sell into my local currency.

There is no perfect platform that is why they have maintenance  to fix some issues if they encounter some of it. The fact that it is overloaded as you say is an evidence that this platform has an overwhelming users which is good, they only need to get some new servers to cater it. If you are correct that the reason of those crashed is the adding those new fiat currencies I guess they have fix it already, Binance is evolving every time it is an exchange that has so many features and ready to add more. In recent interview on youtube live coverage of bitcoin halving someone ask if they will add forex trading in the platform they said it is possible if there is a huge demand. Binance is really listening to its users feedbacks.

It's a wonderful job I must say because no other exchange has been bale to do this. Binance has really got it right in many aspects. It will go round at least to majority of the top countries. This will have positive effect on cryptocurency at large.

I am using Binance Jersey for fiat deposits because only Jersey accept bank transfers, do not understand why not the original one  ::). Because even Binance Jersey belongs to the original one, it doesn´t look as safe as the original one.  ::)

Okay, based on what are you saying and what's your conclusion about this?binance faced a problem after added new fiat pair on its exchange site. I may think if that was not a smart move caused by binance can do that gradually rather than try to add a lot of new pair in once time. The positive impact is a must but it will also get a bad publication too.

Sincerely I love the fact that Binance keeps adding more fiat currencies to its exchange, I think the exchange is gradually paving the way for all and sundry to easily get hold of their desired cryptocurrencies. Also, this addition of fiat currencies will keep increasing their number of users in the same way making it one of the largest exchange. The thing i understand is, the exchange is always ready to take new steps which will continue increasing its worth in all ramifications.

Another addition is that binance has introduced another round to help local currencies with the peer to peer p2p trade now on the binance platforms.

It helps traders have multiple options to convert to fiat anytime

binance is my favorite exchange, the crash I think was due to the very high volume of traffic, many users connected to the site, obviously continues to have my full confidence, it made a good move adding the fiat of the Latin American countries I believe in attempt to get new users even from those areas

How is Binance's infrastructure fare as today after the add-in and upgrade for Latin American fiats? Seeing corona virus hitting Latin so hard could eventually lead to cryptocurrencies become in demand. I think the recent downtrend on the market could likely because of the situation of South American become worse.

Coronavirus affects all countries and I do not think that the situation in South America is especially hot and Binance and the cryptocurrency as a whole suffer because of this. Do not forget about the manipulations and the fact that major players simply use the news to earn money

Fiat currencies do the major role in crypto exchanges during market crash and the fiat currencies or stable coins are the best options to save your original assets during the sudden crash in the crypto market.

This is certain because investors more easily accumulate their trade through the currencies of their respective countries, this is the right step to increase investment interest from these countries to invest in Binance.

   Husencoe you are right, easy access is what most of us is looking for. Binance is making all the right moves,
it's why they are the best, they take care of existing users, and they are making it easy for them and all
others who wish to join crypto-currencies.
   Great move from them, one of the best exchanges is doing so much for crypto-currencies adoption. We will
see a lot more from Binance!

The more fiat currencies there are , the easier it will be to enter the crypto market and the more people there will be.
I think this is a good decision and I hope that others will also take up this trend.

Sooner all countries fiat will be available in binance.
Its a p2p page of binance. Basically you are buying USDT to someone from binance user and you can use your bank account to buy these USDT and you are ready to join the crypto market. This is a good entry point for the newcomers in crypto unlike where I started. p2p.binance.com is almost like competing with localbitcoin website.

The crash is no more, don't expect that crash to last more than 24hrs because binance team are the best I've ever seen, they are very capable, presently every Fiat currencies on binance are working smoothly

Well for me, adding those fiat currencies were the best thing that happened to binance, it brought more people to also using the exchange even with confidence of trading and withdrawing their local currency. Talking about hack or lagging of an exchange,it happens in almost every exchange but the way the binance team tackles it is so amazing.

I agree that fiat currencies help to improve the usability of exchanges for a new beginner. This helps to have something familiar for beginners and helps traddes to convert there money to fiat much faster than withdrawing it from the exchange and then convert it to fiat.

maybe there will be more fiat currencies in binance and I really agree if large exchanges do this, maybe in the future there will be more exchanges that will do that, with this it will be easier to attract people to get to know/use crypto

I think the exchanges, most especially Binance, is trying to cover more markets and trying to see how it can introduce cryptocurrency to hitherto virgin markets and in so doing, maximising the much profits it can get while opening up more potential niches and grounds for cryptocurrency to thrive. As we can see, each of the fiats that have been introduced are mostly emerging markets which gives binance more penetrative reach.