The Bitcoin exchange Binance is giving away a total of 37,000 of its platform’s own BNB tokens. The Binance Coins are mainly intended for the operation of the exchange, but can be traded into other crypto currencies such as Bitcoin at any time. The competition awards the best trading strategy.
The Bitcoin exchange Binance is one of the largest exchanges for crypto currencies in the world. While Bitfinex’s competitors are slowly but surely losing the trust of their clientele, Binance continues to put itself in a positive light. Binance is not only strong in the humanitarian sector, but has also launched a contest. A total of 37,000 Binance tokens ( BNB) can be won.
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 no initial restrictions on the competition. Participants can use any crypto currency and any amount of crypto currencies and show their best trading strategy. The ranking is done retrospectively in such a way that the traders who make the highest percentage profit win. All winnings are converted into Bitcoin in order to take the value in Bitcoin as a benchmark.
The total prize of 37,000 BNB tokens will be divided among the 50 best traders. For the first place you get 8.000 BNB, the second place gets 4.000 BNB and the third place gets 2.000 BNB. A further 6,000 BNB will be divided between places four to ten. The remaining traders (places eleven to 50) each receive 175 BNB. The BNB tokens can be used, among other things, to pay the transaction fees on the Bitcoin exchange.
Is it worth it? The Binance Coin currently stands at just under USD 9.80. So Binance is raffling a total of around USD 362,000, for the first prize you get the equivalent of USD 78,400. The BNB token currently ranks 14th among the crypto currencies with the highest market capitalization. A total of almost 190.8 million digital coins circulate in the widths of crypto space. It remains to be seen whether traders are prepared to reveal their trading strategies for these sums.
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