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.
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!
Transaction Highlights!
- Using the Binance DEX app installed on my Ledger Nano S, I successfully opened my account for the first time in months.
- 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
onenotable exception! - 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!
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!! 😉 👍
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!
P.S. "Only" 960 words ... < 1000! Maybe there's "hope" for me yet! 😉
Interested in reading more of my “technical aide” posts? Great!
- Welcome to the Steemisphere! Getting Off to a "Flying Start," Version 1.0 – Covers the full spectrum of what a new Steemian needs to know to get off to a “flying start.”
- User's Guide to the Steemisphere, Version 1.0 – Covers the recommended apps and tools a new Steemian needs as they begin to engage with our Steem blockchain.
- Tech Aide: Investing in the Steem Blockchain on Binance and Bittrex - Covers investing in STEEM and SBD - both sending and receiving - on these popular exchanges.
- Tech Aide: Added Security Steps for Downloading Open-Source Software - Covers additional security steps you can take when downloading and installing open-source software.
- Tech Aide: Ledger and the new Binance DEX - Covers details of the conversion process, from ERC20 to BEP-2, for the BNB token and transferring it from the Ethereum blockchain to Binance's new DEX blockchain.
- Tech Aide: Set-Up of New Ledger Nano X! - After long anticipation, provides details of my "less than optimum" experience with Ledger's new product.
