Crypto startups have been notable for prioritizing small details, changenow.io for example, a massive crypto exchange that allow users to transfer one crypto into another, had been focusing on reducing their fees without causing a loss of profit for the past 3 years.
When the company had been first introduced, they required a transaction fee of 2.5% to be paid upfront before the transaction had occurred. Today, you pay the fee as you go, and only have to pay 0.5%. A massive improvement over the years, not to mention a massive improvement in terms of how large their company had gotten, now being THE BIGGEST crypto exchange for crypto 2 crypto exchanges.
Just to be clear, Binance is not a competitor to changnow.io since they operate in different sections of the industry. For example, changenow.io focuses mainly on allowing users the right to exchange their tokens at a very low fee, the fee is low because that’s their entire business model.
Binance on the other hand acts more like a bank than a crypto exchange. When you buy crypto on binance, you’re forced to pay a 2% fee. That’s pretty hefty believe it or not. If you were to purchase 100,000 in crypto, you’d pay 2,000 for no reason. That seems to be the best someone can do apart from finding an in-person deal which is 10x more sketchy, illegal, and risky. That’s in the U.S at least. I know there’s only 1 government on planet earth that cares about how much crypto their citizens buy, and that’s the U.S government….no other government is really going to stop you or penalize you for wanting financial freedom. You’ve earned the money, so go ahead and spend it wherever you like.
Regardless,
Introducing: Community-Driven Innovation
Crypto startups have the unique opportunity to yield the power of tech to establish and create innovative solutions that address the needs and challenges of the enormous crypto community. By letting their focus shift from profit to community-driven innovation, startups can create projects and big platforms that genuinely benefit users and the industry as a whole.
One notable example is the rise of projects. DeFi platforms are designed to provide financial services like lending, borrowing, and trading without the need for traditional intermediaries. These projects aim to democratize finance and provide greater access to financial services for people around the world. By kinda placing a priority on community needs and promoting financial inclusion, startups are staritng to shape an equitable financial ecosystem.
A solid example could be binance encouraging education by paying you 5$ or something if you take a course and educate yourself on the crypto community. Keep in mind, they only offer that offer to users that have atleast 500$ in their binance account which means that they've paid atleast 20$ in fees, which means that binance actually makes a 15$ profit by offering you that course.
You're really just paying 15$ for a crypto course that offers a bonus of convincing you that you got paid for it.
Regardless, that's all for today and I hope you've learnt something useful somewhere along the lines.
Cheers!
