My Moon Coin .com

"to the moon!"

Date: 2018-12-10

Tokens for User Participation

Cryptocurrencies are one of the fastest growing industries in the world, with over 1,500 different cryptos with countless cryptocurrency exchanges being developed. These platforms are created as a way for people to buy and sell, as well as exchange any number of cryptocurrencies, through the use of the technology that has been provided. As well as being able to buy and sell and cryptocurrencies, users also have the option to exchange their crypto coins and tokens for real fiat currency if they wish.

Many exchange platforms have incorporated their own trading platform, where people who feel like they want to day trade or trade professional, they can gain access to specialised tools and software that can help him become more successful in monetary terms. If this is the case where you feel like day trading, or trading professional with cryptocurrencies then most exchanges, at least the legitimate ones will require you to go through some security checks, like providing and verifying your identification.

It doesn't matter what you intend to do on whichever exchange platform you use, but there are some things that you should keep an eye out for, which include the likes of:

Verification requirements - Some of the more security conscious platforms will require you to send in a picture of yourself holding a piece of paper with the platforms name written on it, as well as the date. Even though going through a verification process like this might seem like a giant pain, both you and the platform are being protected against all kinds of scams.

Fees - Some platforms don't actively disclose any information on their fees, or if they do they are very hard to come by and if this is the case, then it might be best to stay away. If a platform isn't open about something as simple as stating their fees then what else are they trying to hide?

Payment Methods - Certain exchanges will only allow you to deposit money using certain methods like PayPal. If this is the case then it might not be the best platform for you to use as you might not even have a PayPal account.

Now that we've got that stuff sorted, I want to let you know that there are some cryptocurrency exchanges that actually offer their own cryptocurrencies in exchange for participation on their own platform. Platforms like Binance have developed their own crypto coin called Binance Coin (BNB) where users that are on the platform, can exchange fiat currency for Binance Coin as a way to avoid paying high fees.

Binance is currently one of the world's largest cryptocurrency exchanges, with over $6 billion in assets being traded in a typical 24 hour period. Binance actually held their own ICO (Initial Coin Offering) during the later months of 2017, and since then the value of Binance Coin has risen in conjunction with the platform.

One of the best things about Binance Coin is the fact that you can use BNB to pay for fees on the Binance exchange. Although users can still pay fees in the cryptocurrency of their choice, there's always the option to pay using the exchange's own coin. The exchange offers a rebate as an incentive to pay the fees in BNB, and in your first year on the platform the fees are discounted by 50% when they are paid in BNB.

As you can see, there are some major benefits when using platforms that offer tokens for user participation, and using the example of the Binance platform and its own crypto coin, Binance Coin it is no wonder why the value of the coin has risen over the past few months.