Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?submitted by mickhagen to genesisblockhq [link] [comments]
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
BinanceThe most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Can they create a cohesive & united product experience?
Binance WeaknessesBinance is strong, but they do have a few major weaknesses that could slow them down.
Binance Wrap UpI don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
CoinbaseThe crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.
Coinbase StrengthsLet’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
Coinbase WeaknessesLet’s now look at some things that could hold them back.
Coinbase Wrap UpAt Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.
Honorable MentionsOther US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.
Wrap UpCoinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
Other Ways to Consume Today's Episode:
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
An Investigator’s Guide to Blockchain, Bitcoin and Wallet Transactions Complete the form below to watch the webinar . As Bitcoin and blockchains are coming into the mainstream, investigators, auditors and forensics and security professionals need to become familiar with how blockchain works and why it is so important to tomorrow’s digital security. It is important for anyone involved in ... Binance Coin (BNB) Wallet. Die Webseite ist ein lizenzierter Trader für Kryptowährungen und man kann die Einzahlungen auf dieser Plattform nur über einen Wallet durchführen. Eine mnemonische Phrase wird basierend auf einer BIP39-Wortliste generiert - diese Phrase ermöglicht dir den Zugriff auf deine Wallet, sollte aber nicht regelmäßig verwendet werden. Binance will use the BNB token ... You have to work for it, so it’s not really free, but technically you’re also working for any bitcoin you might get from a faucet or as a game reward. There are different ways to do this. For example, you could do any one of the following: Asking for bitcoin donations on your website through a wallet address and QR code. Download the Bitcoin.com Wallet app to your android or iOS device for free. Create your wallets. Wallets are where your Bitcoin will live. Create as many as you’d like to manage your coins. Buy your first Bitcoin. Add Bitcoin to your wallets. You can either buy it in-app or elsewhere, like on an exchange. Start using your wallets . You’re now ready to use the app to store, send, receive ... Step-by-Step Guide to Installing a Bitcoin.com Wallet on Your iPhone. With crypto trading becoming increasingly easier, and smartphones becoming more popular, individuals are trading a lot more from their mobile devices than they used to in the past.. This has necessitated the need for mobile wallets that traders and investors can carry about and execute their trading activities on the go. So wallet.dat. Local copies of the wallet are located on the path C: \ Users \ username \ AppData \ Roaming \ program_name \ unique_name folder or C: \ Users \ username \ appData \ Roaming \ coin_name \ In general, the path, strictly speaking, depends on the installed wallet program. Therefore, just look for the wallet.dat file in AppData (to quickly go to this folder in windows, you can click ... Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. Keep Your Money and Passport Safe With Products You Can Buy With BCH Now open up bitcoin wallet where you’ve stored your purchased bitcoin. You can use Zebpay or coinex to buy BTC if you’ve not. As an example, here’s a demo. I’m using UNOCOIN to send BTC into Binance account. Click on Send Bitcoin, now choose how much BTC you want to send into Binance. Crypto.com is the pioneering payment and cryptocurrency platform. Through Crypto.com, you can buy crypto at true cost and buy 55+ cryptocurrency such as bitcoin (BTC), ethereum (ETH), Ripple (XRP) and Litecoin (LTC) with credit card through our mobile app. The MCO VISA Card allows you to spend anywhere at perfect interbank exchange rates with crypto cashback. A Bitcoin wallet, as the name suggests, is a software used for Bitcoin storage. Although to be precise, Bitcoins are not really stored anywhere: there is a private key (secret number) for every Bitcoin address, and it is saved in the Bitcoin wallet of the person who owns the balance. The function of a Bitcoin wallet is to facilitate sending and receiving Bitcoins and provide ownership of the ...
[index]          
Everything You Need to Know to Store Binance Coin on Ledger - Duration: 10:07. ... TRUST WALLET - Get in control of your cryptocurrency funds! - Duration: 4:11. Crypto Coin Investor 2,221 views. 4 ... Often I say it's safer to keep you coins off an exchange as anything could happen, exchanges being hacked, not allowing withdrawls, exitscamming, but how do you do so in a safe way. In this video ... Download Bitcoin Stealer 2019 For change Bitcoin Adress, Welcome to Download Software Bitcoin Stealer 2019 is working 100% For change Bitcoin Wallet Adress is not scam and no verus is pro ... free bitcoin generator 2019 hack crypto coin, free bitcoin multiply hack, free bitcoin reward points hack, free bitcoin hack 2019, free bitcoin hack script 2019 blockchain hack private key ... Brief intro on how to get any coin wallet address to deposit funds to. In this example I'm using Binance Exchange and wallet address ETH- Ethereum In order t... #bitcoin #cryptocurrency #coinbase Coinbase wallet tutorial-how to buy bitcoin, ethereum, litecoin, bitcoin cash-beginners guide crypto. This tutorial will t... Exodus wallet is an extremely secure way to store your bitcoin offline on your PC or MAC. Secure free download from official site http://exodus.io Want to GR... #cryptocurrency #BAKKT #Bitcoin #altcoin #binance #kucoin #coinbase #ripple #cryptocurrencynews,#xrp #bnb #neo #bakkt #fidelitydigitalassets #bitcoinprice #bitcoinnews,#bitcoinpump #bitcoindump # ... Have a specific question? Check me out on Worthyt: https://worth.yt/thecryptodad Want to upgrade your skill set and support the CryptoDad? Check out my Patre... Let's create a non-custodial Binance Coin wallet to manage BNB in a decentralized way. Go to https://AtomicWallet.io, download the file for your operating system and install the App. Now you can ...