If you are one of those who think, they would not find any better option than bitcoins in the market then you are in a misconception as it is not the case. In fact, most of the experts and enthusiasts suggest the newbies to diversify their portfolios for avoiding market volatility related risks Best Alternative to USD. Thus, if you are planning to do the same, then Binance might be your destination.
Binance coin is a cryptocurrency that you can use for trading and paying fees if you are on the Binance Cryptocurrency Exchange.
- It trades with the BNB symbol.
- The coin runs on the technology of the Ethereum blockchain with the standard ERC 20.
- The maximum number of BNB tokens is 200 million.
Depending on the results of Quarter 2 of the financial year 2022, Binance Exchange is the largest cryptocurrency exchange on the global platform. Its volume is $7.6 billion.
Analyzing the Binance Coins
The creation of Binance was an effort to create a utility token that offers discounts on trading fees. It happened in 2017 and has undergone huge expansions since that year.
Now, BNB is a part of many transactions, including travel bookings, payment of transaction fees on the Binance Chain, online services, entertainment, and financial services.
Right now, BNB has a significant market cap exceeding $56 billion. Its rank in terms of market cap is 4th, as it follows Bitcoin, Ethereum, and USD Tether.
Binance coin burning
The initial offer in the ICO for Binance Coins was 100 million. But the present supply is lower than the offer. And there is a reason.
In every financial quarter, Binance uses up one-fifth of the profits to re-purchase and burn (permanently destroy) the coins in the treasury.
The burning event has been a regular process of Binance.
- The last BNB burn happened on 13th October 2022
- It destroyed 2,065,152.42 BNB.
- The total worth of the BNB burn was more than $546 million.
This was the 21st quarterly burn of BNB.
Uses and support
Although created as a utility token, the Binance coins have served in different applications all through.
- You can now pay the transaction fee on Binance DEX, Binance Chain, and Binance.com using the BNB coins.
- It’s also possible to book travel accommodations on certain platforms using the BNB coins.
- Many online companies accept BNB as a mode of payment for entertainment purposes like buying lotteries, virtual gifts, or card packs.
- You can also pay for the online services via BNB coins.
- If you are interested in investing in some of the ICOs, you can now pay through Binance coins through the Launchpad program of Binance.
As more new cryptocurrencies are added to the list of the Binance exchange, the use of BNB is offering a seamless marketplace for the trading of cryptos on established platforms.
You can always check trustpedia.io/trading-robots/yuanpay-group/ for BNB trading.
Factors to consider before investing
The above information must have already tempted you to invest in the BNB tokens. But before jumping into the trading of BNB, you should learn about the things that you must consider while investing in Binance Coins.
#1. You can use the BNB coins for investing in some initial coin offerings. But these should be present on the listing of the Launchpad program under Binance.
#2. Binance is finally going to be the primary currency of the decentralized Binance exchange.
#3. New cryptocurrencies are entering the list of Binance Exchange the use of the BNB coins is going to create a seamless marketplace that enhances the dealing of the different new cryptocurrencies too.
#4. VISA Debit Card of Monaco supports BNB coins. As this mode of payment is the pioneer of payment modes, you can use the same on all the cryptocurrency platforms and mobile applications too.
Enjoy the benefits
Last, but not least, you should know about the advantages that you can enjoy with the investment in BNB coins.
- It’s possible to save more on trading fees now if you qualify for the VIP programs of the exchange platform.
- You can now lend through the new token farming opportunities available on BinanceLaunchpool.
- Binance Pay offers easy sending and receiving of crypto payments.
- Binance Loan helps in easy loan acquisition.
- Stake BNB for a single click to earn rewards on using the BNB vault.
Therefore, BNB is creating a profitable environment for crypto traders. If you are one of those who want to try out more choices over Bitcoins only and want to make sure of diversifying your portfolio, then trying out Binance might not be a bad option at all. The above file might be helpful to you with all the fact based info, hence, without wasting further time, focus on your selection with adequate researches now.
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