My Binance Story : A Story Of Non-Conformity

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Binance has come to become more than a Cryptocurrency exchange for those who are really acquainted with the Cryptocurrency world

I signed up for Binance late last year and I have never had any bad experience with the Exchange. Their customer service is superb and they place a high value on customer satisfaction

There are very few businesses which have been able to achieved the height Binance attained in such a short time frame and this is because in my opinion due to the fact that Binance has a culture of Non-Conformity at its core

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This is due to the fact that the CEO of Binance Changpeng " CZ" Zhao is someone who really knows what he is doing. He has succeeded in breaking the first mover advantage myth in the Blockchain Industry.

One thing you should note that the success of Binance is not as overnight as you think, it actually took Twelve Years

Now back to what I said about First mover advantage. This is the notion that Companies which are first in their Industry tend to hold on to a large slice of the Market Share in that Industry, we see it Coca Cola which has a large share in the Beverage Industry and Amazon which controls a huge stake of the online Bookstore Industry

There are business that have successfully broken this belief in the past like Facebook which built the biggest social Media platform after learning from the mistakes of Myspace and Friendster

CZ as a non-conformist have the characteristics of several well known non-conformist like Steve Jobs and Elon Musk. He is not afraid of making huge decisions even though they go against the grain of whats normal and also his decision making process is quite different, in his Epicenter Interview he says that he does not believe in crowd decisions

Any decision that took up to four people to make is bound to be a bad one. And what I found out is that he has that belief that any mistake came from a bad decision and not necessary himself

So if things did not go as planned , he doubts the Idea and not himself and he continues to push on

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Marketplace Non-Conformity

I learnt a lot of thing from CZ and the growth of Binance and I believe that his actions will forever change the way decentralized businesses are run

In organisations things don't really run better when you push Power up, it runs smoothly and more effectively when you push Authority down. At Binance they have workers scattered all over the world so CZ decided it was better to empower his staff to take more proactive decisions than to just try to make all the decisions

There was also the case where the Chinese goverment ordered Cryptocurrency projects that ran ICO's to return the Investors funds. As usual this directive caused FUD and this caused many of the coins to go below ICO price

Binance backed five of the affected Projects and reviewing the issue at ground CZ decided to cover the deficit for the projects which could not afford to pay up all Investors funds. That move cost Binance $6 million

And note that then Binance was still fairly new , it was barely a Month after their ICO which raised $15 million , they had spent some of that Money on development, so releasing that $6 million was a huge sacrifice on their part

The move however paid off in the end, the Chinese people loved Binance as they truly upheld their culture of putting the people first

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I have seen a lot of Blockchain businesses copy the Binance model ranging from how they marketed their products down to the layout of their Mobile Apps, but I am yet to see anyone of them that really placed much value on making their users feel Important and secure

Binance is also working Integrating as many Languages as possible and I believe that it will bring a lot of Minorities onboard

What most businesses don't know the importance of putting their customers or users first. Word of mouth is still the best form of marketing in a world where digitization has a strong foothold.So if you make your users feel special they will bring you more customers than any advertising budget can ever bring you

Online ads are very annoying to most people, but they will always heed to advice of the people closest to them when making transaction decisions

It was all of this and more that helped Binance shoot to the Top. Even CZ did not expect such growth. He said and I quote

One week before we became the number one exchange, I still thought that it will take us Six months to get there

Binance has come to set a Standard in the Blockchain Marketplace, more exchanges are copying the BNB token model. But it still only Binance that burn the tokens they buy back with part of their profits, other exchanges are still not doing this

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Expeditions

Binance is not resting on their Laurels , they are still exploring new grounds

Their Involvement in countries like Malta and Uganda shows that CZ is not ready to stand still. He is really holding on to the business saying

Innovate or Die

A lot of Crypto Startups that perished in the last few years suffered that fate because they became lax and were only content with pumping in profits , but down the line they discovered one thing , money can't buy everything

CZ said in his Interview that he is positioning Binance towards being more of a community rather than a Company and I believe that is very wise. Building a community creates a sense of ownership, everyone involved will feel that they are a part of whats happening and they will be proactive in decision making

I believe that Binance is a name that will be around for a very long time and this is also due to the fact that they are working on disrupting themselves. CZ said that they are working on building a decentralized exchange because they believe that's the future

Thats what most people don't understand in business

If you don't Cannibalize yourself someone else will.

Steve jobs knew that Introducing the I-Phone will hurt the sales of the I-Pod but that did not stop him from doing it anyway

The I-Phone ended up being one of Apple's core products, so the move paid off in the end

So I end my story with this quote

Think Different

Thanks For Reading

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