#HEMIBinanceTGE Explanation of the word Binance today (peer)
The term Peer in the world of Binance and the cryptocurrency market often refers to the concept of peer-to-peer (P2P), which is a system where digital assets or money are exchanged directly between users without the need for a central intermediary such as banks or financial institutions. For example, when you buy or sell cryptocurrency through the Binance P2P service, you are dealing directly with another user within the platform, while Binance acts as a guarantor to ensure the security of the transaction and protect both parties.
The advantage of the Peer system lies in providing greater freedom and lower costs compared to traditional methods, as there are no high banking fees, and it facilitates users in different countries to transfer money quickly. Additionally, it offers a variety of payment methods such as bank transfers, e-wallets, or even cash payment as per the agreement between the parties.
Thus, the concept of Peer reflects the essence of the philosophy of cryptocurrencies: independence, transparency, and the removal of the need for intermediaries.