Binance coin (BNB), a coin I have been holding judiciously for almost 6 months for reasons of staking reward and transaction fee payment is the coin I will be expatiating on in this post.Also referred to as BNB, it was introduced in the year 2017 and the coin was built on ethereum blockchain. This was the beginning of the exchange token on a blockchain but it was soon moved to the Binance chain in 2019. The binance exchange is one of the fastest and the largest cryptocurrency market in the crypto currencies world.
Binance coin (BNB) can be used to for all operational purposes on Binance, making it the ecosystem coin for the Binance exchange and the Binance chain. Binance coin (BNB) can be used to pay for discounted trading fee, it can also be spent like other cryptocurrencies and traded to get fiat or other cyyptocurrencies.
Token Detail
Binance Coin (BNB) ICO was done on the 1st July, 2017 to 21st July 2017. The coin was sold at 1 BNB = $0.10 and a total of $15 million was raised.
BNB has a total supply of 176,406,561 BNB coin, with a market capitalization of $4,014,073,526 and each coin is traded currently at $27.80 and on several exchanges. Every three months there is a Binance Coin (BNB) burn which is dependent on 20% of the total transaction fee on Binance.
Why I Hold BNB Coin
Unlike most cryptocurrencies, Binance Coin (BNB) cannot be mined, it is used to Power the Binance decentralized exchange (Binance Dex), also it is used as a pair to most of the coins and token listed on the Binance exchange, which has increased the demand of the coin and has caused a rise in the price of the coin and this is one reason I hold the coin. Binance Launchpad has been able to boost the Binance coin as it can be used to participate in token sales.
A lot of vendors accept Binance coin for payment, and recently Binance started its card service which makes it more accessible to purchase goods with the card. BNB can be used to purchase virtual gifts, pay travel fees, pay for utility bills and many more.
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Binance coin are more useful when it comes to trading. When trading coins on the Binance exchange, each selected trade comes with trading fee of 0.1% but mostly, the trading fee are more determined by the trading volumes that are recorded monthly and the Binance coin holdings. Trading fees can be paid using the coin you are trading with or by paying with the available Binance token and by paying with the Binance token comes with an attached discount on the trading fees, paying the trading fee with binance token will attach a 25% discount.
Binance coin can be used to trade futures contract and can be used as collateral to lend for margin traders. Also, holders can stake the coin to get other types of coins as well as get dividend for staking the BNB coin which is often incentivized in form of BNB.
Conclusion
Binance Coin (BNB) is surely going to be experiencing an increase in price due to a few factors which includes its use case, burning, and its staking program. Binance seem to be very innovating at bringing a lot of value around the coin thereby leading to a buy by individuals. The coin should rise to $45 before the end of 1st quarter in 2021 and I will be holding till 2025 before deciding what I want to do with the coins.
If I would like to hold any coin, It would be exchange coins Tron (TRX) which is used by Poloniex and Poloni Dex, Huobi Token (HT) which is Huobi Token, and OKB owned by Okex Exchange because exchanges cannot run out of liquidity, exchanges are always innovative, and I can say for sure that my coin is safe since they work majorly on security.
Really it s a great services that s why i think the fact that Binance is becoming more and more sprawling reinforces the use of the token with other platforms and third-party services. In the event that Binance continues its ever-rapid expansion in the cryptocurrency market, there is no denying that BNB will continue to appreciate in value.
#affable
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That's doing a favor to the dynamics of the supply/demand of BNB.
BNB is arguably one of the best coins and outperformed and appreciated over 300 times since its inception.
Even without that, an exchange platform always makes money regardless of the loss/profit of traders. That always makes the associated coin like BNB a strong coin. Binance as a popular exchange platform with the largest trading volume further makes it more demanding among investors.
Thank you.
Steem on.
#onepercent #india #affable
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I've come across binance coin before but I've never gotten the knowledge you just shared about it. Fact is I haven't been interested in it until I read your post. I think this coin will thrive because it's the native coin of binance exchange. With the volume of trade going on each day, it is not difficult to see why the coin which majorly finds application in transaction fees payment has risen in value over the years.
Thanks for shedding light on the binance coin. It's worth my consideration whenever I choose to use binance.
Nice post, thanks for sharing.
#onepercent #nigeria #affable
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Binance Coin has been one of my favorite crypto coin for a long period of time. I see it as a perfect coin to invest in because of the vast potential it has ahead. It has a great potential ahead.
#I-AM-MANDATE
#onepercent #twopercent #nigeria #affable
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Thank you for taking part in the Bitcoin is Booming Crytpo Challenge.
Keep following @steemitblog for the latest updates.
The Steemit Team
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