Where I Stache My Crypto: Episode 7 - Binance
Back again with another episode of "Where I Stache My Crypto"! I started this regular monthly update of my cryptocurrency investments to give all my followers direct insight into what I am HODLing, where, and why. This episode I am going to show you around Binance and my investments there. Follow The 'Stache as I dive into how my investment is going, a little on what Binance is, and why I like using the platform.
What Is Binance?
Typically I focus on just one coin that I am invested in for this series, but this episode is a little bit different. Binance is a popular cryptocurrency exchange that is a great place for trading Altcoins (see my recent article about other great places to trade Alts). They have some great features, including allowing people to vote for which coins will be listed next. The list of coins you can trade here is massive and they add new ones all the time through this user voting process. Binance also has...KEEP READING ON MY WEBSITE: https://www.cryptostache.com/2018/02/16/stache-crypto-episode-7-binance/
Are there any external wallets available to hold Binance tokens (BNB) or does it need to be held on the Binance platform?
No, you can move them to a wallet like a Ledger or a Trezor, among others.
Oh cool I never realized BNB was an ERC20 token. It's amazing how many coins are ERC20 tokens. When I got my Trezor I loved it but I was like this doesn't hold that many coins compared to say a Ledger but I always forgot how many coins/tokens are actually ERC20's
yeah its pretty crazy how many ERC-20 tokens there are! BNB is great if you want to pay super low fees for large trades.
It would be awesome if you reviewed some low marketcap coins from time to time
hahaha, funny you mention that! I also noticed that I tend to gravitate towards large cap coins, but I am working on a review of Stellar soon, which is a project I like a lot.
Yeah I had a nice chunk of BNB at like $4, wound up selling most of it off when it went really high but always keep a few coins around for lower fees. I got a couple hundred affiliate signups for BInance so it doesn't add up to much but obviously most people pay in BNB so I get 20% of those trading fees so that keeps my BNB stock up pretty decent.