Review on Binance Coin by Jovan Maksimovic
Binance coin review.
Binance Coin (BNB) is a cryptocurrency created by the Binance Exchange, which is the largest and most famous cryptocurrency in the world. It was made in July 2017 and initially worked on the Ethereum blockchain, until Binance developed its own blockchain called the Binance chain. Since then, the Binance cryptocurrency BNB has become independent and today it is one of the most famous.
Like all cryptocurrencies, the Binance token is multifunctional and its area of use is planned to be very wide. But, of course, the reality is different from the wishes of its authors, so the Binance Coin (BNB) has its biggest role in trading and speculating with cryptocurrencies at the Binance exchange office.
Everyone who trades on Binanc or any other world cryptocurrency exchange office knows that for a certain trade they have to pay a fee to the exchange office, ie a "fee". When trading on Binance, each transaction requires you to pay a fee of 0.1% of the total transaction amount. It should be noted that if you trade more your fees are reduced.
Pros
- Trading: can be used in trading against other cryptocurrencies on a number of exchanges.
- Transaction fee payment: If the trading fee is paid with a BNB token, then it is less than that paid in other cryptocurrencies if you trade on Binance.
- Credit card payment: The BNB token can be used for payment if a crypto credit card is raised on Crypto.com.
Cons
- After completing the transaction, you must pay a fee that can be paid in the cryptocurrency you purchased or in the BNB token. If you choose to pay at the BNB, then your fee will be significantly less than if you chose to pay in the cryptocurrency you purchased. In this way, the exchange forces the use of its own coin and thus increases its value with a larger number of users and trading.
