The Exchange Binance is occupying more and more market niches in the Bitcoin (BTC) ecosystem, fueling concerns about centralization. Today, the crypto exchange announced another project that underpins such concerns:
Decentralization is one of the cornerstones of the Bitcoin (BTC) philosophy. No single person or organization should have the power to control the network as they see fit. In the past, several companies have been criticized for having too much influence on BTC, such as the development company Blockstream (especially criticized by Bitcoin Cash (BCH) supporters) or the mining group Bitmain.
Binance is also starting its own mining pool
Currently, however, it is primarily the Exchange Binance that appears to be on the way to a kind of crypto monopoly. The crypto exchange, which was founded in China in 2017 and soon emigrated, appears to be expanding in spite of the global corona crisis and is preparing to cover every conceivable service of the Bitcoin ecosystem.
Today the “Binance Pool” was announced and already started. First of all, it is a Bitcoin mining pool, with mining for many other cryptocurrencies to be offered via the service in the near future. Binance advertises that miners do not have to pay any fees in the first month.