The cryptocurrency market is a very exciting place to be, but it can also be intimidating. There are many different types of coins and tokens out there, but it is hard to know which will be the best investments.
If you’re looking for a good coin with high growth potential, look no further than Binance Coin (BNB). This token has been around since 2017 and is one of the most popular coins on the market today.
How does Binance Coin work?
Binance Coin (BNB) is the token behind the Binance Exchange. The Binance Exchange allows people to trade cryptocurrencies for other types of cryptocurrencies, and also for fiat currencies. The company behind it is called Binance, and it’s currently ranked as one of the top exchanges to trade between Bitcoin, Ethereum, Tether, Iota, NEO & Other Altcoins.
How to Buy BNB Coins
To buy Binance Coin, you will need first to have Bitcoin or Ethereum. Then, go to the purchase page of this cryptocurrency and fill out a form that will allow you to trade your BTC or ETH for Binance Coins.
An advantage that many people enjoy is Binance’s reduced trading fees. If you pay those fees with Binance Coins, then you will receive a significant discount. For example, fees of 0.1% are reduced to 0.05%, which can be as much as 50% off if you’re trading large amounts on this platform.
Fees for Bitcoin deposits are free, and withdrawal fees also depend on how much coin is being moved around.
Another thing to remember is that Binance Coins can be used to invest in initial coin offering (ICO) tokens. Many ICOs will only accept Binance Coin as a means of payment. This can give holders an advantage when it comes to investing.
History of Binance Coin (BNB)
Binance Coin (BNB) was launched in July 2017. It’s a decentralized token that runs on the Ethereum network and has its own blockchain.
Binance Coin is a token that was made to help finance the Binance Exchange. Users of the exchange can use this token to pay their transaction fees. This helps them save money when they invest on this platform. The coin-burning feature also helps make the supply of coins smaller, which should make it more valuable in the long term.
Binance Coin has managed to attract several notable investors, including Tim Draper, Bo Shen, and Joe Lubin. The company also appealed to the Russian government because of its decentralized nature. The company that created the coin and the exchange, Binance, is based in Japan.
Binance Coin was never available to investors through an initial coin offering (ICO). Instead of an ICO, all of the coins were airdropped to the market on July 14th 2017.
In the future, Binance Coin will be used to attract more users. The company plans to create a decentralized exchange that is powered by blockchain technology, much like Ethereum or NEO.
Binance Coin Price History
This token has had an impressive price history, rising from $0.15 in November 2017 to a high of $24.50 in January 2018. That means anyone who invested early saw returns as high as nearly 5,000%. This makes Binance Coin one of the best investments on the market today, and it’s not too late to get started.
There are currently about 150 Million Binance Coins in circulation out of a maximum supply of 171 Million. The market cap is $75,029,335,415 as of Oct 19, 2017 and each BNB costs $485.75 (at the time of writing).
Many people consider Binance Coin to be one of the best cryptocurrency investments for 2021 and beyond, if not the best coin out there based on its extremely high growth rate and popularity.
(Summary) Final Thoughts on Investing in the Binance Coin (BNB)
Binance Coin (BNB) is one of the best cryptocurrency investments you can make because it’s very popular and has a high growth rate. This cryptocurrency token, which runs on the Ethereum blockchain, was created to give users transaction fees discounts when they use it to pay these fees.
The coin also enjoys other advantages, such as being able to invest in initial coin offerings with Binance Coins and the coin burning feature, which is a mechanism that reduces total supply and creates scarcity.
If you’re looking for a good coin with high growth potential, then look no further than Binance Coin. This token has been around since 2017 and is one of the most popular coins on the market today.
Binance Coin (BNB) FAQ
Who Owns The Company Behind Binance Coin (BNB)?
The company behind this cryptocurrency token is called Binance, and it’s currently ranked as the top exchange for trading between Bitcoin, Ethereum, Tether, Iota, NEO & Other Altcoins.
What is The Total Supply of BNB Coins?
There are currently about 150 Million Binance Coins in circulation out of a maximum supply of 171 million.
What Is Coin Burn?
Coin burn means that a coin or token is bought from the open market and then destroyed, not to be used again. This reduces the total supply of coins and creates scarcity.
Are There Any Fees When You Use BNB To Pay Transaction Fees?
Yes, there are, but they are very small. At this time, the fee for using this token to pay transaction fees is 0.1% of your trade total, and it reduces every year until 2023 when it reaches 0.01%.
What Are The Advantages Of Binance Coin?
Some of the advantages of this coin are that you can invest in initial coin offering tokens and have a high growth rate. Also, these coins enjoy other advantages, such as getting discounts when trading fees are paid with Binance Coins, and there is also a coin-burning feature.
Which is better Binance or Coinbase?
Binance is the better exchange to trade cryptocurrencies, and it has much lower transaction fees than Coinbase. Binance also has the best coins on the market, such as BNB & BTC. On the other hand, Coinbase is best for buying cryptocurrencies and storing them in the wallet.