The Monopoly of Binance

[Flupy]

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[arpon11]

When binance was launched in 2017, many exchanges including bittrex, bitstamp, poloniex were the most popular cryptocurrency exchange and investors believe that any coins or tokens listed there always be recognized as the best tokens or coins but binance has taking over that popularity from them and if you ask of the best exchange and exchange that one desire for any coins or tokens to launch people will said “binance”!

[Boriss]

Every to fast or rapidly growing business that eventually eat competitors becomes monopoly at some time, if there is not some regulatory hand to slow it down either with strictly set boundaries or with some kind of de-stimulating factors where business decides it's just not worth it to grow anymore.

People have influence in this outcome after all, if not so much people would use it as a reference then it wouldn't grow to become monopoly in the first place.




 

[Mahanton]

It would really come to that sort of point and we are already currently seeing it heading that way.I cant blame them yet Binance had done all sorts of things to make
their reputation to the top where doing or offering things which is ahead into its competitors which means they are worthy to be used or preferred by most users.
I disagree on the thing you said that incase Binance would be compromised by the government but it isnt enough for crypto doomed to failure.It may majorly affect but not coming to a point on completely disaster.

We'll see. As Binance grows each day, its dominance across the crypto market becomes greater. Its success will largely depend on the people using it within the mainstream world. Of course, the fall of Binance will not completely destroy crypto. But, it will negatively affect the industry as prices for major cryptocurrencies go down the drain. After that, it'll take quite some time before crypto recovers to its original prices.

Despite the centralization risks Binance provides, it's somewhat convenient for the average person. The trading platform has a user-friendly interface and a wide variety of trading pairs to choose from. Binance also has a "DEX" which makes use of its BNB token for trading operations. Users who hodl Binance Coin (BNB) will benefit over the long term as it provides them with discounts and several other goodies. If Binance manages to maintain its outstanding customer service and ease of use, no other exchange will be able to compete against it.

Which is why, the world's most popular crypto exchange is starting to become a monopoly sooner than we've thought. We need more competition from other exchanges that will greatly rival the existence of Binance. But none have been able to rival Binance, since it's too powerful already. The best we could do is to support other exchanges as well, instead of using only Binance for all of our crypto trades.

Nonetheless, the future of Binance looks very bright as it gains traction within the mainstream world. Still though, the trading of cryptocurrencies may become highly centralized which is not good at all. But at least, crypto will survive because of its decentralized and distributed nature. Just my thoughts

I do agree with your points which is actually true.For now we have seen some exchangers trying to get up the top tier spot  in able to compete with Binance.There
are actually exchangers are on top but cant actually go toe to toe with Binance in terms of volume which this thing signifies about the difference of popularity.
They are too clever or wise on how to get users in the market by providing services which havent offered by most exchangers yet.

[shoreno]

When binance was launched in 2017, many exchanges including bittrex, bitstamp, poloniex were the most popular cryptocurrency exchange and investors believe that any coins or tokens listed there always be recognized as the best tokens or coins  coins or tokens to launch people will said “binance”!

Thats normal because on the year 2017 binance was still a noob while others are already shining  but the idea of thinking that any coins can pump while being listed on those popular exchange is ugly  .  only promising coins can remain but coins that arent performing well wont suceed no matter how good the exchange was  .  

[numanoid]

Thats normal because on the year 2017 binance was still a noob while others are already shining  but the idea of thinking that any coins can pump while being listed on those popular exchange is ugly  .  only promising coins can remain but coins that arent performing well wont suceed no matter how good the exchange was  .  

Rather than noob, i would call it binance was still new. On 2017, binance just launched (their ICO was also finished), thats why they didn't popular yet on that time. 

The exchange really looks like a monopolist, a very large market takes.

Look at CMC exchange for 24 hours volume, binance doesn't monopolist crypto exchange

[serverfolio]

http://binance.com.websitetab.com/ - 797 global rank, millions of daily visitors, and billions of worth. Definitely binance dominance over crypto trading is prominent.

[Abiky]

When binance was launched in 2017, many exchanges including bittrex, bitstamp, poloniex were the most popular cryptocurrency exchange and investors believe that any coins or tokens listed there always be recognized as the best tokens or coins but binance has taking over that popularity from them and if you ask of the best exchange and exchange that one desire for any coins or tokens to launch people will said “binance”!

That's certainly true, mate. There were popular exchanges that took the crypto world by storm before Binance's launch. The main reason Binance is the biggest cryptocurrency exchange nowadays is because it's been always the main innovator in the space. By adopting the latest technologies and features, it has been able to stay on top of other exchanges worldwide. Even with recent regulations by the US, Binance will offer trading services to US customers by complying with every law. In contrast, some crypto exchanges have closed their services for US customers as they're not able to comply with existent regulations. By doing this, they'll obtain a lesser amount of users than Binance.

Given how big Binance has become even after a few years of inception, it's known to be a monopoly nowadays. No other prominent crypto exchange (like Coinbase and Bittrex) have been able to keep up with Binance as it offers the most trading pairs within the crypto space. Now, with the new Binance DEX and Binance Chain, its popularity will soar towards new heights. Projects that used to operate within the Ethereum blockchain, might switch to Binance Chain because of its unparalleled speeds and low costs. If this happens, then Binance will not only become the leader of crypto trades but also it'll become the leader of ICOs, and IEOs.

Nonetheless, Binance's monopoly may not last long if people start using other alternative crypto exchanges. With the rise of atomic swaps and decentralized exchanges, Binance's dominance within the crypto market may decline within the long term. Despite this, Binance's success will be largely determined by how many people use/support it. Just my opinion