CoinBene And Bit-Z Challenges The Status Quo Of Crypto Exchanges Crypto exchanges that facilitate the smooth transfer of cryptos between parties and to a large extent determine their price, has no doubt become the lifeline of the cryptocurrency industry. Recently a couple of exchanges such as Binance, Bitfinex, Huobi, and OKEx have established themselves as market leaders. These exchanges have dominated the industry. However, CoinBene and Bit-Z, two new exchanges who took away the top two spots from these leaders challenged the status quo with their changed business model. This move of by them has met with sharp criticism from the key market leaders. Is This A Genius Or A Deceptive Move? When CoinBene took over the reins from Binance, it shocked everyone. Although CoinBene featured in the top 20 exchanges regularly and is quite popular, yet this sudden rise to the top was unprecedented. Following it in the second position was Bit-Z exchange with a trading volume that stood at just over $1.5 billion. Both these crypto exchanges owed their fast rise to the top, after the implementation of a new business model – the trans-fee mining model. This model incentivizes users by issuing native tokens as rewards to its active traders. CoinBene implemented this new trans-fee model first. Within a week of its implementation, the exchange saw a tremendous increase in the daily trading volume. As reported in the Crypto News, not everyone seemed impressed with this new business model. Some of them have even described it as unsustainable and deceptive. Chanpeng Zhao, popularly known as CZ, founder of Binance, described it as a disguised ICO. He said this since the investors part with their BTC and ETH and instead receive native tokens. He highly criticized this model and termed it as altogether deceptive and unsustainable. Only time will tell now whether the trans-fee mining model is sustainable or it is just a ploy for issuing ICOs as alleged by CZ. The post CoinBene And Bit-Z Challenges The Status Quo Of Crypto Exchanges appeared first on OWLT Market.

Crypto exchanges that facilitate the smooth transfer of cryptos between parties and to a large extent determine their price, has no doubt become the lifeline of the cryptocurrency industry. Recently a couple of exchanges such as Binance, Bitfinex, Huobi, and OKEx have established themselves as market leaders. These exchanges have dominated the industry. However, CoinBene and Bit-Z, two new exchanges who took away the top two spots from these leaders challenged the status quo with their changed business model. This move of by them has met with sharp criticism from the key market leaders.

Is This A Genius Or A Deceptive Move?

When CoinBene took over the reins from Binance, it shocked everyone. Although CoinBene featured in the top 20 exchanges regularly and is quite popular, yet this sudden rise to the top was unprecedented. Following it in the second position was Bit-Z exchange with a trading volume that stood at just over $1.5 billion.

Both these crypto exchanges owed their fast rise to the top, after the implementation of a new business model – the trans-fee mining model. This model incentivizes users by issuing native tokens as rewards to its active traders. CoinBene implemented this new trans-fee model first. Within a week of its implementation, the exchange saw a tremendous increase in the daily trading volume.

As reported in the Crypto News, not everyone seemed impressed with this new business model. Some of them have even described it as unsustainable and deceptive. Chanpeng Zhao, popularly known as CZ, founder of Binance, described it as a disguised ICO. He said this since the investors part with their BTC and ETH and instead receive native tokens. He highly criticized this model and termed it as altogether deceptive and unsustainable. Only time will tell now whether the trans-fee mining model is sustainable or it is just a ploy for issuing ICOs as alleged by CZ.

The post CoinBene And Bit-Z Challenges The Status Quo Of Crypto Exchanges appeared first on OWLT Market.

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