Review on Binance Coin by Peace Ofem
A CRYPTOCURRENCY OF GREAT IMPORTANCE
Binance coin is the highly famous cryptocurrency created by the Binance exchange. It has attracted interest lately as Binance is now the largest crypto exchange globally. It was made available to the public July 2017 and has the ticker symbol BNB and was launched on the Ethereum blockchain as an ERC20. The token was established with a total supply of two hundred million.
As the underlying gas that powers the Binance ecosystem, it backs numerous services on the it's ecosystem,. It can be used as a go between (intermediary) when exchanging money from one crypto coin to another granting users good access to it globally. BNB, was created with the idea of operating a native crypto asset, which was meant to offer a different process of paying fees charged to traders using the exchange making it stand out from other exchanges in that it transacts purely in cryptocurrencies as opposed to exchanges that deal in fiat currencies with a vision to compete with other exchanges by offering results to the numerous issues with the cryptocurrency trading infrastructure.
Seeing tremendous increase (growth) in interest throughout the years, it has risen up to be one of the ten top cryptocurrencies which makes it possible to be traded in different trading pairs. BNB price is provided in USD by default, though the base currency can be switched easily to British Pounds, Russian ruble, Japanese yen, and Euro.
As the native coin of the Binance chain is has various use cases which include:
Spending on goods and services across many establishments like paying for travel expenses, buy virtual gifts on live video streaming platforms etc
Fueling transactions on the chain.
Pay trading fees- a 25% discount entitled to users when BNB is paid to trade on Binance.
Dust conversions can take place as it allows small amounts of different cryptocurrencies to be converted that cannot be traded in users account into BNB.
Binance account tier-users with account balances in BNB and thirty days accumulated trading volume above certain thresholds are given VIP tiers with additional fee discounts and perks.
Binance chain native token- BNB can be used as payment for fees on the Binance coin.
Binance coin is associated with 400+ coins making it one of the most liquid currency around and also used in peer to peer transactions alongside its availability of holding it on different wallets. as a coin of great popularity,it has had good price increase in the past and will hopefully continue to do so presently and in the future because when invested it can be very profitable.
BNB remains reliable, cheap with good trading features
and high increasing value.
Pros
- Great international reach and reputation
- Good investment asset and excellent service
- BNB is a high value trading coin
- Finest mobile wallet services
- User friendly and intuitive interface
Cons
- No fiat to crypto exchange trading on main exchange
- It cannot be mined
