If you are a crypto trader you must have heard about the Binance coin that is being traded by many for the last few years. Binance coin is largely being traded by its own exchange known as Binance. This platform is capable of facilitating about 1.4 million transactions in seconds. Here you need to pay a certain amount of fee but it is through the Binance digital currency only. Now users of the Binance exchange also receive a discount on the fees they have used for transactions. Now you can say that this discount is just a kind of incentive only. Now you can trade the binance for other forms of cryptocurrency like a lite coin, bitcoin, or Ethereum. Therefore, today in this context we will learn a few interesting facts about the Binance coins.

What are the various applications of the Binance coin?

  • Used in trading

You can use the Binance coins for trading other forms of cryptocurrencies on different exchanges. But in that case, you need to adhere to limitations set by that particular exchange.

  • Pay for credit card bills

You can even use the Binance exchange for clearing the credit card bills as well.

  • Used for processing payment

Now stores that are convenient with the binance payment system can look forward to initiating binance as one of the payment processing mediums. Now, this sort of payment is quite helpful because they can use it flexibly as needed.

  • For booking traveling

You can also use the Binance coin for booking flights and hotels on the respective websites.

  • Entertaining purpose

You can also rely on the Binance coin for buying online gifts and for purchasing lottery tickets. Therefore, it can also prove useful when it comes to entertainment.

  • For investment

You can use multiple platforms to let investors invest in different kinds of ETFs, and stocks on other assets.

  • For transferring loan

Do you know binance can be also considered as collateral when you want to take a loan? Certain apps also help users to segregate their bills. Later they can pay their friends and family with the help of Binance coins.

What is the principle behind Binance and what technology is responsible for its creation?

You should know that Ethereum blockahin is used for creating the binance. It mainly includes the ERC 20 tokens that you can store to retain their value. Remember that here you don’t have the privilege of mining because it’s already mined from before. And the distribution of the pre-mined coins takes place through the ICO. As you know that the Binance tokens come on a discount of say 50 percent in the initial year. Remember from the fifth year you won’t get the leverage of using the tokens and to a great extent that will hamper the token’s value.

Do you think the Binance coin has a real presence in the market?

The main goal of the binance is to make the cryptocurrency exchange operational and authorize the whole domain of the binance. But though it offers discounts on Binance coin trading and is used in various areas still it’s not much acceptable in many places. Besides everything note that the Binance coins have the solid strategic and financial support that keep the coins on a float in the next coming years.

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Pros of using the Binance coins

  • Secured

Users can have full faith in using the Binance coin as an asset for investment as well as the Binance platform because they are secured as they use multi-tier and cluster systems. They also offer various types of protection attributes to the users.

  • Multiple crypto trading options

You can trade Binance coins in exchange for fiat currency or other many cryptocurrencies. With Binance, you can trade on several cryptocurrencies at a single time. Like you can trade on 150 crypto platforms. At that particular time, reliable trade matching methods can also be used without any hassle.


  • Splurge Binance coins as needed

Though Binance is known for crypto that offers discounts while traded on its platform binance which too is quite known for providing smooth transactions, still you can explore it in various ways like you can use it for traveling or for buying meals as well. You can utilize it to get a new home as well.

Final talk

By now you got a lot of information about the Binance coin. So you use it without any hesitation. Meanwhile take a look at one of the safe, high-end sites BitIQ. Here you will learn the technique to invest smartly in bitcoin and other crypto assets and how to make a profit.

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