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How Does Binance Work?

How Does Binance Work?

Binance, the largest crypto exchange by trading volume, has been in the news recently for all the wrong reasons. The recent hack that took place on July 7th 2018 saw over $40 million worth of cryptocurrencies stolen from its customers. It was reported that hackers had gained access to the exchange’s hot wallet and used

Binance, the largest crypto exchange by trading volume, has been in the news recently for all the wrong reasons. The recent hack that took place on July 7th 2018 saw over $40 million worth of cryptocurrencies stolen from its customers. It was reported that hackers had gained access to the exchange’s hot wallet and used this to withdraw the stolen funds.

Binance is a cryptocurrency exchange that is headquartered in Hong Kong. It is a subsidiary of the crypto exchange Bittrex and is one of the most popular exchanges in the world. The company operates a decentralized exchange that allows users to trade various cryptocurrencies. It also provides an API that developers can use to create applications that allow users to trade their digital currencies.

As with any other exchange, it is important to understand how Binance works so that you can avoid getting scammed.

Binance has a hot wallet where all the user’s funds are kept. This is the part of the exchange that is vulnerable to hackers. However, it is possible to use the exchange’s cold storage to store your funds. This is not the same as having your funds stored in a bank account. You will need to keep track of your private keys and ensure that they are safe.

If you are going to use the exchange’s cold wallet, you will need to purchase a Binance coin (BNB). This is a token that is used to pay for transaction fees on the exchange. You can buy these coins using either fiat currency or another cryptocurrency.

It is possible to obtain Binance keys by registering with the exchange and downloading the app. Alternatively, you can use a third party service to register. Once registered, you will be given a set of keys that you can use to access your funds. It is recommended that you store your keys in a secure location such as a password manager.

It is important to remember that when you are dealing with a crypto exchange, there is always a risk of losing your funds. It is therefore advisable to keep some of your funds in a separate wallet.

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