Binance coin is a cryptocurrency with a difference. Unlike other digital currencies, which are often associated with anonymity and lack of regulation, the Binance independent coin is highly regulated, and its transactions are transparent. In addition, the Binance coin is one of the few cryptocurrencies that offer real-world benefits to its users, and here are some things you must know about the Binance coin:
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Binance coin is a utility token
BNB is not just another digital currency that you can buy and hold. It is a utility token that provides its holders with various benefits on the Binance platform. For example, holders of BNB can enjoy reduced trading fees, priority customer support, and other perks, which are not available in other cryptocurrencies.
Binance coin is deflationary
BNB is a deflationary cryptocurrency, meaning its supply will decrease over time. This is because a portion of the fees collected by Binance from every trade is used to destroy excess BNB tokens. As the demand for BNB increases and the supply decreases, the price of Binance coin is expected to go up.
Binance coin has a bright future
The Binance platform is constantly expanding and adding new features. This is good news for Binance coin holders as the demand for the token is likely to increase in the future. With the right team in place, the Binance coin could become one of the top cryptocurrencies in the years to come.
Binance Coin BNB: a good investment?
BNB has many uses on the Binance platform, including paying for transaction fees, listing fees, and other charges. BNB is also used to create new tokens on Binance Chain through the ICO (Initial Coin Offering) process.
BNB has a total supply of 180 million coins and a circulating supply of 115 million as of August 2020. The coin has a max supply of 192 million. Binance plans to use 20% of its profits each quarter to buy back and burn BNB, which will eventually reduce the supply of BNB and increase the value of this crypto over time. To know more about bitcoin trading.
BNB is currently trading at around $16.50, up nearly 30% in 2020. The coin has a market capitalization of $1.84 billion and is ranked as the 14th largest cryptocurrency in the market.
Reasons to choose BNB:
Binance is the largest cryptocurrency exchange in the world
Binance is the largest cryptocurrency exchange in the world, with a daily trading volume of over $1 billion. The exchange has over 200 digital assets and offers users a wide range of trading options, including spot trading, margin trading, and futures trading.
To maintain the availability, Binance plans to use 20% of its profits each quarter to buy back and burn BNB, which will eventually reduce the supply of BNB. So, you can get a good return on your investment when the supply is low and demand is high in the market.
Binance is profitable and has a strong track record
Binance is a profitable company with a strong track record. The exchange generated $446 million in profit in 2019 and it is expected to generate even more profits in 2020.
Binance has also been aggressive in buying back and burning BNB, reducing its supply of BNB and increasing its value over time. In the first quarter of 2020, Binance bought back and burned $30 million worth of BNB.
Binance: The new way to trade Bitcoin
Binance is a new way to trade Bitcoin and it is an online platform that allows you to buy and sell cryptocurrencies.
Binance is a good choice for those who want to trade in multiple currencies and it supports over 50 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. Binance also has a mobile app that makes it easy to trade cryptos.
The main advantage of using Binance is that it is very user-friendly. Even if you are new to Bitcoin trading, you will find it easy to use this platform and you do not need to pay a hefty fee for your transactions made through this platform.
Conclusion
A Binance coin is a cryptocurrency with a native token that can be used to trade on the Binance exchange. The coin has seen significant growth since its launch in 2017 and it is currently one of the top 10 cryptocurrencies by market capitalization. So, you can diversify your portfolio by adding this coin along with BTC.
