We are launching tokens on Binance Chain that will be pegged to leading cryptocurrencies. This will start with a Bitcoin-pegged token that will be traded on Binance and proposed for trading on Binance DEX.
RT @binance: Introducing: #Bitcoin-Pegged Token on #Binance Chain
Binance will issue a number of crypto-pegged tokens on Binance Chain in the coming days, starting with $BTCB, a BEP2 token pegged to $BTC.
Which other tokens would you like pegged on Binance chain?
BTC pegs are exciting but come with risks.
Centralized approaches like binance and wBTC can be useful, but the user risks censorship, loss of funds.
Decentralized approaches have yet to be satisfactorily developed. https://t.co/CQwcR9K04N
RT @CryptosBatman: This is a great step for #Binance DEX as it enables users to trade the best crypto assets! Until cross-chain bridges are built, pegged tokens is a smart way to do it.
9,001 $BTC is currently worth $83.5M, which will give the DEX a great boost in trade volume and liquidity! $BNB https://t.co/BELr8B3pTfhttps://t.co/8mjm0Sx9mW
RT @udiWertheimer: .@binance’s BTCB will probably become the most popular bitcoin-pegged asset. Personally I think it’s just as safe as just keeping your BTC on the exchange, but for those who get a hard-on from having your txs recorded publicly, it’s much better than BCH or - god forbid - BSV https://t.co/9ePcQQ6wCQ
> Tether explodes, butts go up & ButtnanceCoin survives. Butts & ButtnanceCoin go down & Tether does fine.
If (when) Tether explodes, Binance will be exitscamming tout suite as the [455 million+ USD hole in their finances](https://wallet.tether.to/richlist) will be a problem they can't ignore.
I'm starting to think the reason it's so hard for anyone to answer that question is that there is no point. Shit, I even wasted some time on Binance's blog. They couldn't even come up with one.
Edit: Nevermind it's obvious. I did a search for the word itself:
> The main benefit of offering crypto-pegged tokens is that, *obviously*, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain.
Seems the answer is in fact no point.
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Since BTC is unusable as a currency, people can move these binance coins around without paying huge amounts of fees or having to wait a long time for a confirmation. BTC is now used as a reserve just like in the old times gold was used as a reserve for fiat. The only problem is that BTC doesn't any inherent value, the only value it has is its utility and security, since the utility of BTC disappeared in the past few years, so will its monetary value and thereby security.
Ok, I could see avoiding transaction fees and faster transactions as being a motivator, although if it is still on a blockchain I wonder how fast. Of course now you have all your butts on deposit, almost like, dare I say, a bank.
Surely no true butter would do such a thing?
I also get a feeling that binance needs to get away from Tether dependence and this might be one avenue.
My guess is they are also developing a decentralized mechanism for swapping BTC <-> BTCBinance.
Users will be able to swap BTC for BTCBinance, then gamble on shitcoins and ICO scams without going through a central party that requires KYC.
The liability for allowing users to trade without KYC will fall on the Binance Chain validators, who will eventually be decentralized as well.
All of the decentralized exchanges (Bisq, Blocknet, Barterdex) that have BTC/shitcoin trading pairs have 2 problems:
\- their UI is much worse than Binance DEX
\- they have a lot less liquidity than Binance