Digital cryptocurrencies are the most recent financial innovation. Because of their decentralized and borderless character, as well as their global acceptability, they are the most efficient investment alternative. Furthermore, the massive rise in the crypto community has prompted innovators and dealers to equate their worth to that of gold.
If you are new to the crypto realm, you should be aware of how far this revolution has progressed. We may believe that the crypto field has reached its height, yet ongoing developments are taking place within, making cryptocurrency not only exciting but also ever-growing.
Binance has experienced a path comparable to that of the cryptocurrency industry.
Binance is a cryptocurrency exchange where you can buy and sell digital currencies. Binance is the world's largest cryptocurrency exchange by trading volume as of January 2018. Changpeng Zhao launched Beijing Technology in 2017. Binance's holding company is Beijing, which is headquartered in Hong Kong. Changepeng Zhao is a software developer who previously worked on high-frequency trading software.
Binance Coin (BNB) was created as a native coin for Binance users to use to pay trading fees while utilizing the exchange. The coin was first introduced in 2017 and operated on the Ethereum-backed blockchain as the token ERC-20.
It has since evolved into Binance's native currency, and it now runs on Binance's blockchain, known as Binance Chain. BNB can be exchanged for other cryptocurrencies such as Bitcoin, Ethereum, and others, in addition to being used for trading fees.
Since Binance Coin is treated as the native coin for Binance customers it is used to pay trading fees while using the exchange. And here are some fabulous facts that have to be known by the users about the Binance Coin.
The decentralized Binance Exchange's native currency is the Binance coin.
BNB is utilized to power Binance and its ecosystem.
Every year, discounts on Binance trading costs are cut in half.
Binance repurchases the BNB token with 20% of its profit. Keeping circulation to a minimum.
Only 100 million BNB will ever be in circulation.
Before the ICO, the BNB tokens were generated.
All 100 million BNB were sold in 20 days, raising around $15 million.
After the launch of the Binance Coin in the market, they have secured various use cases of the BNB coin and they are as follows:
Any crypto trader worth his salt has come across Binance Coin in some form or another. This is because Binance created a great use case for the BNB when it established its exchange. When using BNB to pay for transaction fees, consumers get a 50% discount compared to the current rate for other cryptos.
That discount has now been reduced to 25%, as indicated in the Binance whitepaper, but it remains an excellent value for crypto traders who are at the forefront of fulfilling use cases for cryptocurrency. And, when combined with the current low trading fee rates, using BNB to finance Binance trades remains an excellent deal for everyone involved.
However, in the long run, for Binance Coin to be more valuable as a cryptocurrency, it must be used outside of the Binance exchange. And, throughout the course of the year, we've made it possible to use your BNB to buy goods and services from a growing network of merchants and businesses.
Our recent investment in TravelbyBit, an Australian firm that has enabled more than 150 venues, including the entire Brisbane Airport, to accept cryptocurrency payments, is a fantastic example of a real-world use for BNB. The collaboration will soon enable the usage of BNB on TravelbyBit-affiliated merchants, and system testing is now underway.
Let's face it: in order to achieve financial freedom, we need to make adoption more user-centric. This implies an understanding that our Binance Coin owners will occasionally require cash. Money freedom entails allowing each individual user to utilize cryptocurrencies as he sees fit, without our consent. Binance Coins have been used to withdraw cash from crypto ATMs via Zelaacoin, secure loans through Nexo, and sell crypto for cash via Dether in the last year.
When BNB began to gain real-world value, it became valuable to people other than your crypto trader friends. People like your friends who enjoy doing live broadcasts of even the most banal things they do. Because social media has become an important aspect of many people's lives throughout the world, Binance welcomed the usage of BNB for various functions on innovative platforms.
For example, BNB may be purchased on the crypto-centric social media network Investfeed via API exchange integration. Binance Coin has also been utilized as a gift token on the live streaming service Uplive and chats service ADAMANT. We've even heard of social media influencers earning BNB simply by becoming renowned on particular social media networks. Sometimes you'll be surprised at what folks can do with BNB.
When it comes to spearheading application cases for cryptocurrency, few organizations have walked the talk more convincingly than Binance. Approximately 9 out of 10 Binance employees are paid in BNB. Many people (including Michael Arrington of Arrington XRP Capital) may find this intriguing or even astonishing, but that's just how we roll at Binance. It is only natural for those of us who believe in the company's goal to act on our beliefs.
Aside from what was previously discussed, what do we do with the Binance Coins we earn? Binance just bought Trust Wallet, a blockchain wallet mobile software with a simple UI, improved security, and easy access to decentralized apps. Of course, while Binance encourages financial independence, they also respect people's right to choose their own cryptocurrency wallet. Binance Coin is also supported by Trezor, Eidoo, Enjin, Jaxx, Ledger, Metal Vault, Blox, and Request Wallet.
This is now a common alternative for crypto traders, particularly those who have been pleased with Binance Coin's success thus far. Because of the thrilling market movement on exchanges such as Binance, cryptocurrency has given fresh life to the notion of day trading. And we are humbled to have the support of hundreds, if not millions, of traders on exchanges other than Binance. Binance Coin is now trading on about 12 notable exchanges, including Komodo and kyber.network.
If you identify as a HODLer, Binance Coin has something for you as well. When the Binance decentralized cryptocurrency exchange starts, BNB will become a native coin on its own Binance Chain blockchain, where it will be accepted as payment for all network transfers. When that moment arrives, BNB will be more useful than they are currently, potentially leading to a rise in demand.
Even before that, Binance has made an ongoing commitment to reduce the overall quantity of BNB in the market. Since its inception, Binance has pledged to use 20% of its profits to purchase back Binance Coins and permanently burn them. At a time when market sentiment is low, our commitment to increasing BNB demand remains strong, as seen by our execution to date.
As an active supporter of the entire blockchain movement, Binance Coin can also be used beyond its current network and planned blockchain. And we are gracious enough to investigate cross-functions that advance the use of BNB in a variety of ways. At the moment, the cryptocurrency has ecosystem integrations with the blockchains of Qlink and Skycoin.
And, to be honest, the next great use case for Binance Coin is totally up to the creative minds of the Binance community. Binance is continuously on the move, forging new collaborations and agreements that will improve the usage of BNB. Who knows, the next use case for BNB might be in other industries such as travel, transportation, hospitality, financial payments, or other purposes. There's also a potential that someone in the community (maybe you) will come up with the next great use case for BNB.
Binance Coin appears to be highly promising, given that its success is not dependent on it being an alternative cryptocurrency. It may be used as a coin to power applications and provide processing power for the network. The above discussion shows the importance of BNB coin and the creative use case of the Binance Coin. It is clear that having a Binance coin is undoubtedly the best way for your further business growth. Moreover, many cryptocurrency providers are auctioning their BNB coins to their users. Among them, Clarisco is one of the best cryptocurrency providers globally and guided entrepreneurs to achieve their business goals. It is also more advisable in creating your own trading platform like Binance. The development of a trading platform using Binance Clone Script will help you to trade your BNB coin and increases your business venture.