Place/Date: - July 7th, 2022 at 3:51 pm UTC · 5 min read
“Difficult tasks are tackled from where it is easy, and great undertakings have small beginnings”, from the Tao-te Ching, chapter 63.
On July 5, 2022, CoinW announced to its global users that BTC transactions fee are free. It is reported that CoinW is the first leading exchange in the world to announce free BTC transaction fee.
As we all know, as the world’s most emerging industry, the fintech sector brings together the world’s best talent. And exchanges are one of the most lucrative business models in the fintech industry, and for exchanges, transaction fees are a significant amount of revenue.
Related data shows that Coinbase, the world’s first Nasdaq-listed exchange, announced its fiscal 2021 first-quarter earnings, showing a net profit of $771.5 million. Based on Binance’s announcement that it destroyed $600 million worth (20% of each quarter’s profit) of BNB in the first quarter of 2021, its profit for the first quarter of 2021 is about $3 billion, a profit that exceeds 40% of Tencent Holdings’ profit.
As we can see from the above data, the leading exchange is incredibly profitable, and a large part of it comes from user transaction fees, which means that the contribution of a large number of trading users, has made the bulk of the exchange’s wealth.
We all know the spirit of blockchain is to be more fair, just and open. It is because in the real world, there is huge intermediary friction and high monopoly in the financial industry, which leads to high transaction costs and low transaction efficiency. It was only then that Satoshi Nakamoto went all out to invent Bitcoin, aiming to eliminate the middlemen in financial transactions and allow people around the world to trade freely, free of minting taxes.
The announcement of CoinW’s global free BTC transaction fee, is bound to set off an uproar inside the industry. It is reported that CoinW is a veteran exchange established in 2017, holding a number of national and regional financial regulatory licenses such as the US MSB financial license, Singapore MAS license, SVGFSA license, and the Lithuanian Financial Crimes Investigation Service (FCIS). The total number of users worldwide is 7.5 million.
CoinW’s launch of free global BTC transaction fees to give more profits back to the industry’s users, who make the crypto industry brilliant. The action also amounts to a tribute to Bitcoin and all the innovators in the Crypto market, which has underpinned the growth of the Crypto fintech market.
There is no blockchain without Bitcoin, and there is no Crypto Fintech market without Bitcoin. As the entrance and channel of the whole digital currency industry, a series of innovative tracks have been extended by Bitcoin, including ETH, DeFi, NFT, GameFi, Web3, Metaverse, and so on.
We know that Bitcoin’s market value occupies more than 50% of the total market value of digital currencies for a long time. Bitcoin affects the trend of the entire Crypto market, and Bitcoin is equivalent to the broad market index of the entire Crypto market.
This time, CoinW launched the global free BTC transaction fee equivalent to a huge benefit to global users, and CoinW as the world’s first free BTC transaction fee exchange is bound to be remembered by the entire Crypto market.
As a global financial market, the Crypto market changes very quickly, usually with big changes every quarter. Only when we have experienced the bull/bear change and the baptism of the period, we can stay in awe.
CoinW understands that the Crypto market cycle changes very quickly and users vote with their feet, so we always adhere to the service tenet of “no evil” and “users first”, and constantly optimize our technology and services from the perspective of users.
CoinW has established futures, OTC, research institute, Ventures, ETF, finance and other sections from the initial coin trading to the whole industry chain layout of research, investment and incubation. It aims to provide better services for users. Help users to trade better, trade faster and trade more correctly.
On January 3, 2009, Satoshi Nakamoto mined the first block of Bitcoin, the Genesis block, on a small server in Helsinki, Finland, and received the first “mining” reward of -50 bitcoins, at which point the price of bitcoin was $0.
On June 9, 2011, 26-year-old Linke Yang founded the first bitcoin exchange in China, Bitcoin China, and the price of bitcoin that day was 150 RMB, the highest price of bitcoin that year was only about 300 RMB.
On July 24, 2014, the ICO fundraising for Ethereum, programmer Vitalik Buterin was inspired by Bitcoin and proposed a “next-generation cryptocurrency and decentralized application platform”, which had an ICO price of about $0.3 and a Bitcoin price of over $500.
On July 7, 2022, CoinW announced to global users free BTC transaction fees. The aim was to give back to users across the industry and pay tribute to Satoshi Nakamoto and Bitcoin. At this time, the price of Bitcoin was around $20,000.