The Bitcoin exchange Binance is giving away a total of 37,000 of its platform BNB tokens. The Binance Coins are primarily intended for the operation of the stock exchange, but can be exchanged at any time in other crypto currencies such as Bitcoin. The competition chooses the best trading strategy.
The Bitcoin exchange Binance is one of the biggest exchanges for cryptocurrencies worldwide. While the competition from Bitfinex is slowly but steadily losing the confidence of its customers, Binance knows how to move further into the positive light. Not only does it become strong in the humanitarian sector, it has now launched a competition. There are a total of 37,000 Binance Tokens (BNB) to win.
Bitcoin as a benchmark
The competition is about showing who has the best trading strategy. As you can see from a blog post, there are initially no restrictions on the competition. Participants can use the cryptocurrency and the amount of cryptocurrencies of their choice, showing their optimal trading strategy. The ranking is done retrospectively in that the traders win the percentage of the highest profit. All profits are converted into Bitcoin to take the value in Bitcoin as a benchmark.
Distribution of tokens
The total profit of 37,000 BNB tokens is split among the top 50 traders. For the first place you get 8,000 BNB, the second place gets 4,000 BNB and the third place 2,000 BNB. Another 6,000 BNB will be split between places four to ten. The remaining traders (places eleven to 50) get 175 BNB each. Among other things, the BNB tokens allow you to pay the transaction fees on the Bitcoin exchange.
Whether it is worth? The Binance Coin currently stands at just under 9.80 US dollars. So Binance is giving away around $ 362,000, and for the first prize you’ll get $ 78,400. The BNB token is currently ranked 14th in the highest-cap cryptocurrencies. In total, just under 190.8 million of the digital coins circulate in the vastness of the crypto-space. Whether the traders are willing to reveal their trading strategies for these sums will have to show.
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