This last week has been crazy for Crypto Currencies except for Bitcoin.
Firstly, we saw Ripple (XRP) touching $3.75 from $0.20 where it had been sitting for ages.Currently it at number with respect to market cap after Bitcoin and is trading at $3.43 at the time of this writing.
Addition to that for the first time Ether crossed $1000 mark and I was the happiest person because for me ether is very underrated.
Those who had missed on ripple thought to forget it and go after another coin as this is what happening for last couple of weeks. Investors pick one coin, flood money in it, make profits and then shift to next one. So for big fishes, today's pick was TRON(TRX).
According to official site
TRON is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology. The protocol allows each user to freely publish, store and own data, and in the decentralized autonomous form, decides the distribution, subscription and push of contents and enables content creators by releasing, circulating and dealing with digital assets, thus forming a decentralized content entertainment ecosystem.
If you take a look at TRON's early morning price, it was only 553 satoshi, then investors took interest in it and pumped it to $0.20 from $0.05.
After checking the graph and current price, you might be thinking traders have made a lot of money from this coin but no my friend you are mistaken. There are some other players who are making more than any individual right now.
If you take a look at the volume column, you will see the 24 h volume of those coins from Binance exchange.
These numbers are in Bitcoins, so if we go with TRX we get 126,837 bitcoins have been traded in last 24 hours. Yeah, I know that is the insane amount but please patient. There is more to the story.
This is the fee section of Binance exchange where they have written all the fees which they can charge you at different times.
Check the trading section, there trading fee is ** 0.1 %** that means whatever amount you are trading they will take 0.1 percent of that as commission which is 1000th part of your amount.
If I do some Quick Maths(If you have heard this current quick maths meme and song then this quick math will be more fun for you :p ).
0.1 percent of 100,000 bitcoins
= 100,000/1000 = 100 Bitcoins
Yes,Yes that's right. You read right, it is not a joke, they made 100 bitcoins just in last 24 hours from the only trading volume of one coin, TRON.
I don't know the exact number but according to my calculation, their last 24 hours earing only from the trading fee is more than 250 bitcoins.
So again comes quick maths.
1 btc = $15,020
250 * 15,020 = $ 3,755,000
More than $3.7 million in fees in just one day. So if there is someone who is saying he made thousands yesterday please see these sharks what they are doing.
More funny thing is, they don't lose money.Only traders lose money.Doesn't matter your current trade will be profitable or not, regardless of that they will take their cut from you.So in any case they will be in profit.They just have to give you security, bear some strict legal matters and do some work in the backend to provide the service which is helping them to earn millions in a day.
This is a calculation for one exchange. Take a look at the 24 h market cap of Crypto Currencies.
I promise you, this is the last time I am doing Quick Maths :p
0.1% of 69, 100, 287, 926
= 69, 100, 287, 926 / 1000 = $69, 100, 287
Only $69 Million.
So not a trader or ICO company or Crypto founder, these Crypto Exchanges are making more money from their fees.
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