# General Questions

The most general questions about BIOPset are answered in long form on [Medium](https://medium.com/biopset/biopbet-101-1647801107c4). The responses are summarized here.

## What's so special about BIOPset?

BIOPset gives cryptocurrency price speculators on-chain access to the first decentralized binary options platform.

## Who are your centralized competitors?

There are too many to mention. Here is a [list](https://evokefinance.com/best-binary-options-brokers/) of 20 centralized binary options platforms.

## What are the benefits of BIOPset over centralized competitors?

1. BIOPset has no minimums.&#x20;
2. Maximums are capped at the pool balance.&#x20;
3. There are no know-your-customer (or **KYC**) obligations to fulfill.&#x20;
4. BIOPset boast competitive  rates of return (89.8% at the time of writing as compared with 83–95% of the 20 other services listed above).
5. BIOPset is a more seamless platform for binary options trading. Compared to centralized services, there is no waiting period to withdraw earnings.

## Why is BIOPset safer than centralized competitors?

BIOPset is a *trustless* binary options platform that does not require traders to apply for / establish an account. [Published](https://github.com/shalaquiana/BIOPv1-Contracts/tree/main/contracts) smart contracts manage all transactions and every transaction that occurs on BIOPset is auditable via the Ethereum Blockchain.

Prior to BIOPset, only early investors/owners could act as a house in centralized binary trading. BIOPset enables liquidity providers to back the house and make the trading rules through ownership of BIOP tokens.

## What are BIOP tokens?

As part of the utilization rewards scheme, traders (or options holders/buyers), writers (or liquidity providers), and settlers earn BIOP governance tokens. Those tokens are required to vote on proposals that govern the platform. Depending on governance initiatives, BIOP tokens could receive a percentage of the fees generated by the platform. By default BIOP tokens earn zero fees. [Learn more about BIOP tokens.](https://medium.com/biopset/whats-up-with-that-biop-token-554773eec46b)

## What are the risks of using BIOPset?

BIOPset is presently in beta. The code is constantly improved and variables may change. Finally, BIOPset runs on smart contracts that have not yet been audited.

In short, there are many risks and platform users must know that the possibility of losing their funds is very high at this stage.
