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This launch is a part of the vision put forward by Changpeng Zhao — the founder of Binance Coin, as well as Binance exchange itself. His goal is the expansion of the Binance ecosystem, which also includes the development of its own blockchain, rolling out a wallet, opening some public educational resources, etc. Binance Coin (BNB) is a utility token launched in 2017 by Binance — one of the largest cryptocurrency exchanges in the world.
Binance Pool, the world’s second-largest Bitcoin mining pool, functions as the auditor for BTCST and guarantees legitimacy and transparency. BTCST is a cloud mining platform deployed on the Binance Smart Chain, Binance with daily payouts executed by the dApp and all data traceable.
Changpeng Zhao suggested that users could use virtual private networks (VPNs) to bypass restrictions based on geographical location, despite this explicitly violating Binance DEX's terms of service. Binance began issuing a pop-up message to users attempting to access Binance.org from one of the blocked countries, which said that after July 1, 2019, "trading and accessing to the wallet interface" would no longer be available to users in those countries. In early June 2019, reports published by Cointelegraph claimed that Binance DEX was blocking website access to users based in 29 countries, though users in those countries could still access the DEX via some wallet apps.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin. BTCST sets off to solve the problem of a limited number of exit options by bringing exchange-grade liquidity to the Bitcoin mining industry, and in secondary trading, BTCST will perform as a leveraged Bitcoin token free from liquidation risk. Bitcoin Standard Hashrate (BTCST) is now live on Binance Launchpool, a new initiative designed to bring the decentralized finance experience to Binance users.
If a user started to mine Bitcoin with a Whatsminer M21s (a classic hardware model of Bitcoin
mining) in October 2020, by the time of publication, the value of Bitcoin mined would have risen by 200%; however, the price of the mining machine itself increased 400% during the same time frame. On top of that, BTCST stakers claim Bitcoin mining rewards on a daily basis. BTCST is collateralized by 0.1 TH/s of real-world Bitcoin
mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market.
After the migration onto the Binance chain, BNB became a primary means of powering the network as transaction fees, including trading fees on Binance DEX; BNB is used as a digital currency, as it's a popular way to pay for the goods and services in the Binance partner network; Another use case for Binance coin is unlocking the exclusive access to some IEOs made on Binance platform called Launchpad; BNB token also powers Binance Smart Chain , which is a smart contract compatible chain.
Binance has restricted accounts of Nigerian users in line with anti-money laundering regulations to ensure the platform’s security. Analysts believe that Binance coin price is in a critical area; the exchange’s native token recovered from drop to $330. The world’s largest cryptocurrency
exchange, Binance, has built a $1 billion insurance fund to protect users from hacks.
Crypto.com price has made a strong recovery over the past ten trading days. From the January 22 low of $0.33 to the January 29 swing high of $0.44, CRO has bounced nearly 36% higher. Crypto.com is still 28% above its most recent major swing low despite the selling pressure on Sunday and today's continued weakness.