Table of Contents
What Is Cryptocurrency?
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The word “Cryptocurrency” itself tells us that it is related to the subject ‘money’. Cryptocurrency is nothing but just a form of payment that normally involves online payment for goods and several services. This process normally works to control the creation of coins and to verify the transfer of coin ownership.
The system of Cryptocurrencies usually does not use centralized control like central banking or digital currency. But in some cases, they do use the centralized system. So in one line, we can say cryptocurrency uses both centralized and decentralized systems.
Let me clear the last sentence more clearly. When the process of cryptocurrency is created before any issuance or issued by a single user, it is generally considered to be centralized. But on the other hand, when the process of cryptocurrency works through a technology blockchain, it is considered to be decentralized. Bitcoin was first originally released as open-source software in 2009 as a ‘decentralized cryptocurrency’. This led to more releases of decentralized cryptocurrency.
Binance And CoinDCX: A Brief
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Binance
In the process of cryptocurrency, Binance is an exchange where users can trade cryptocurrencies. Binance supports the most commonly traded cryptocurrencies of the world. Binance provides a crypto wallet for all its traders which helps them to store their electronic funds like coins. Binance has its own token currency that is ‘Binance Coin’.
CoinDCX
CoinDCX is an India-based crypto-trading exchange organization. CoinDCX is the largest and safest cryptocurrency exchange in India. In India to use this feature, we have to first download the app ‘CoinDCX Go’ and deposit the INR amount of our choice. Hence, we can buy the first cryptocurrency of our choice. We can also withdraw money from CoinDCX.
What Is The Difference Between Binance And CoinDCX?
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Not too much difference can be found between Binance and CoinDCX. But few important differences are there. Read the following
| Total number of supported Cryptos | Binance- 239 and CoinDCX -210 |
| Credit Method | Binance- yes and CoiunDCX- No |
| Method Of Using | Binance- difficult and CoinDCX- easy |
| Fees | Binance-this charges a minimum amount of $10 as fees with 3.5% additional withdrawal charges.
CoinCDX- thus only charges 0.1% fees during withdrawal. |
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