Review on Bancor by Robiul Islam
Bancor will not be suitable for everybody. Some knowledge of the Ethereum…
Bancor will not be suitable for everybody. Some knowledge of the Ethereum universe will be required, before you can participate. We took an active trader’s perspective in this review, as we do in most, and we can’t reach a conclusive verdict. The project feels like a much more user-friendly version of Ether Delta. Will this be the future one-stop-shop for Etherum based tokens? Possibly, but we can’t be sure at this point. While the Bancor Network is quite transparent (unlike some of the shadier establishments in the world of crypto), their service is not that suitable for active traders. If you want to trade aggressively and have the ability to short the market, forex brokers offering crypto may be a better choice. That being said, you should look for a well regulated company.
Pros
- The Bancor Network is a project which facilitates the quick and easy conversion of different Etherum based tokens. The “exchange” launched after a successful ICO in the summer of 2017. The token which they launched is now tradable at the platform. Keep in mind, we will be taking an active trader’s approach in this review and not focus on the technical details around the project. obviously, this business model is in the true spirit of cryptocurrencies. One access the platform with his own wallet, makes a transaction and leaves. There is no centralized storage of each trader’s coins and hence no risk of an “exit scheme” – the exchange simply taking all of the client’s assets and closing.
Cons
- Bancor is not for those who are unfamiliar with the Ethereum ecosystem. On the other hand if you know what a wallet, MetaMask and ERC 20 tokens are, this service is as simple as it gets. This goes with the previous point and should be obvious by now – this service is only suitable for those who have ETH or any of the supported tokens. If you are looking to just get into the world of crypto, this is not the place. Check the list below to see places where you can buy cryptocurrencies with a credit card.
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Comments (1)
May 11, 2020
Bancor network though might seems technical for new entrant now but as good as it is am expecting it that in the nearest future as it use to be for all new projects it will advance and simple to the extent that crypto novice will be able to understand and use it.
