Tech Aide: 👌 FIRST Exchange Transaction on Binance DEX! 👍

in #cryptocurrency5 years ago (edited)

Experiencing my first exchange transaction on Binance's Ledger-backed DEX last night, I wanted to share it with my dear readers first thing this morning!

Two days after the launch of the blockchain supporting Binance DEX, I converted my investment into the original BNB ERC20 token supported by Ethereum into the BEP20 token supported by this blockchain. I wrote about this conversion experience in my Tech Aide: Ledger and the new Binance DEX post.

Source: Binance Public Images Drive

That post was written on April 25th. While the "promise" of this new decentralized service was highly anticipated by me and many others, there were initially no tokens to exchange into which held any investment interest / value for me. That just changed yesterday!

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Transaction
Highlights!

  • Using the Binance DEX app installed on my Ledger Nano S, I successfully opened my account for the first time in months.

    1. As discussed in my Tech Aide: Set-Up of New Ledger Nano X! post, the Binance DEX app would not load onto my Ledger Nano X!

  • Once inside, opening the DEX Exchange is very simple and straightforward. Anyone familiar with the Exchange on Binance CEX will be immediately "right at home" as it is very likely the same code is used. With one notable exception!

    1. The exception? Upon posting your limit order, a dialog window opens waiting for the "signal" from your Ledger that it is okay to proceed. Yes, love this!!

  • On my Ledger Nano S, I saw my first DEX transaction details. It had a total of 10 different screens to go through, to verify all of the transaction details. At the end of these, there was a "Verify" option which, when selected, completed the transaction instantly!

  • I was able to execute this transaction at a discount of
    + 15%
    in comparison to the "big name" centralized exchange on which investors could execute the same exchange pair utilizing BTC!

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I could not be any happier with this result. As with any of the DEXes with which I am familiar, the user need only have a cryptographic address. As many of us know, this is indecipherable as to who is behind it, thus preserving our privacy.

  • Note: Why does this Steemian consider this a big deal? Probably one of those characters trying to avoid paying their "fair share" of taxes, right? While I will not pretend I am excited about whatever the "powers that be" deem to be my "fair share" of taxes on my crypto asset class profits, that is not the issue for me.

    What is my "problem" then? The potential for the State's confiscation of our private property! 😧 Which, in this case, would be the potential wealth associated with our crypto assets. 😞 "Silly boy" you say? It has been done before! I might write a post about it some day, but you can read about the historic details here and here, if you are interested in knowing more about this one of many historical precedents.

    Man almost continually fails to learn much from history. Or failing to remember what little they might have learned at the time. I for one would like to avoid that mistake ...

Back to my transaction experience, ... To get this great benefit, from an easily executed transaction, at a + 15% discount!

Wow!! While I have no idea how often or for how long this will be the case, sign me up for more!! 😉 👍

Source: Binance Public Images Drive

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There you have it dear reader! Another example of why Binance is the largest overall crypto exchange in the world.

Closing

Long anticipating the potential for what a DEX can do for those of us investing into this asset class, I was very impressed with this experience. It reinforced why my BNB tokens are the most valuable specific asset I hold in it.

Given how well it went, I am now more excited than before about the future of using this service and hoping they quickly add new trading pairs in support.

I trust you found some value in this post dear reader. I’d love to hear any feedback you may be inspired to provide. And I'll be happy to answer any follow-up questions you may wish to ask.

Until "next time," all the best to you for a better tomorrow, as we all work together to build up our Steem Communities and increase the value of the Steem blockchain! 👍 😊

Respectfully,
Steemian @roleerob

Posted using SteemPeak and “immutably enshrined in the blockchain” on Friday, 16 August 2019!

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P.S. "Only" 960 words ... < 1000! Maybe there's "hope" for me yet! 😉

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Hi @roleerob

Thank you for sharing link to this post and your own experience with Binance DEX.

I moved all my savings into STEEM blockchain so I may not ever have a chance to use binance dex, however I strongly believe many others may find this publication very useful.

I'm only wondering, if building decentralized exchanges will have any serious impact on our (investors) trust. Or will it hardly matters (it all comes down to level of education and awareness, which isn't very high yet).

Yours
Piotr

To me, from what I understand from my research @crypto.piotr ...

"... if building decentralized exchanges will have any serious impact on our (investors) trust."

... this is the whole point of decentralized exchanges. I have seen many times the word "trustless' applied to blockchain technology, as there is no need to have to trust some institution or others. Safeguarding the value of your asset is built in to it. What is your understanding of this?

The power of the State has been a factor in the lives of man almost since the beginning of time. In our time, the KYC and AML laws (are you familiar with them?) are a big issue. I think there is an effort underway to make them "universal," as the various State entities (Poland, USA, others ...) wrestle with how they are going to "control" this new asset class. Why do you supposed they want to do that?

Decentralized exchanges, as stated in my post here, require nothing more than a cryptographic address to access. In the case of Binance DEX, this address is provided by my Ledger, so that is as strong a safeguard as is currently available to any of us.

"I moved all my savings into STEEM blockchain ..."

Hmmm. Okay sir, I hope you do not suffer great loss from this decision (STEEM is dropping again this morning ...). I prefer to have my investment into this asset class spread across a number of cryptos, as I explain in a post I am in the midst of finishing - a "celebration" of having a two-year anniversary of my choosing to invest into it ...

Vert cool!

I made my first KyberSwap trade this week. I hope they add more tokens in the future, right now the offer is still pretty small.

I wasn't thinking about buying anything but since Bittrex wanted to charge me over 5% of my tokens to move them to a Personal Wallet, I decided to sell them and buy them back through KyberSwap, thus avoiding that exaggerated fee. 😉

Hmmm, not familiar with KyberSwap @trincowski. Is that a DEX service?

Posted using Partiko Android

No, KyberSwap takes it a level further. The coins never leave your Wallet, so you trade them directly from your Wallet! 😍

There's no need for deposits, withdrawals or any of the fees involved in those processes.

Okay @trincowski thanks! Sounds like BitShares then. My limited experience is they have such teeny, tiny trading volumes that it doesn't really offer the hoped for value the potential represents.

Next step for me with Binance DEX is the link to the Trusty wallet. I'll find out if it supports Binance DEX trades directly from inside it.

If so, maybe I'll write another post about it ... 🙂

Posted using Partiko Android

Wow! Great to here about your experience! I have yet to try it but given the couple of tokens I have been watching, I may do so soon! Now I know who to ask! Thanks for sharing!

Posted using Partiko iOS

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