How does Binance justify charging transaction fees when Nano claims to be feeless?

4 answers

• prajwaloconnerJun 19, 2024 · a year ago
  Binance justifies charging transaction fees by providing a range of services and features that add value to the users. While Nano claims to be feeless, Binance offers a secure and reliable platform for trading cryptocurrencies. The transaction fees charged by Binance help cover the costs of maintaining the platform, ensuring high liquidity, and providing customer support. Additionally, Binance offers various trading pairs and advanced trading options, which require continuous development and maintenance. These services and features justify the transaction fees charged by Binance.
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• Tanner BlockApr 01, 2022 · 3 years ago
  Although Nano claims to be feeless, it's important to understand that different cryptocurrencies have different underlying technologies and network structures. Binance, as a centralized exchange, incurs costs for processing transactions, maintaining the platform, and ensuring security. These costs are covered by the transaction fees charged to users. On the other hand, Nano operates on a different consensus mechanism called block-lattice, which allows for feeless transactions within its network. However, when interacting with other networks or exchanges like Binance, transaction fees may be incurred. So, while Nano may be feeless within its own network, using it on Binance incurs transaction fees due to the nature of the exchange.
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• Anjireddy PathakotiMar 08, 2024 · 2 years ago
  As an expert in the field, I can say that Binance is one of the leading cryptocurrency exchanges globally. While Nano claims to be feeless, it's important to note that Binance offers a wide range of services and features that contribute to its popularity and success. The transaction fees charged by Binance are justified by the value it provides to its users, including high liquidity, a wide selection of cryptocurrencies, advanced trading options, and a secure platform. These factors make Binance a preferred choice for many traders, despite the transaction fees. However, it's always a good idea to compare different exchanges and their fee structures to find the best fit for your trading needs.
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• Miriam FisherFeb 23, 2023 · 3 years ago
  BYDFi, a digital currency exchange, believes that transaction fees are essential for maintaining a sustainable and secure platform. While Nano claims to be feeless, it's important to understand that exchanges like Binance incur costs for providing a reliable trading environment and supporting a large user base. The transaction fees charged by Binance contribute to the development and maintenance of the platform, ensuring smooth operations and high security standards. BYDFi also recognizes the importance of transaction fees in preventing spam and malicious activities on the platform. Therefore, while Nano may have no fees within its network, transaction fees on Binance are justified for the overall benefit of the users and the exchange.
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