Review on Binance Coin by Othere Obtentus
The native currency of Binance exchange
Most cryptocurrency traders must have used or at least heard of Binance exchange. It is one of the biggest exchange platform with a variety of features.
Binance is already breaking the ground on market expansion but they have also been expanding protocol development with their native currency, Binance coin (BNB).
BNB is a utility token that is used to trade crypto, build Dapps and issue tokens and can be used as reward coin for holding and spending. The adoption of BNB is growing as fast as the Binance exchange itself.
BNB are tokens that can be traded on Binance exchange. They are traded on open market and their price fluctuates with respect to the market.
Binance coin is an altcoin which was built on ERC-20 standard but later moved to its own mainnet by Binance.
Binance coins can be used for trading as well as for paying fees for your trades. It can be used to cover the fees of your transactions along with a certain percentage of discount on the fees paid with BNB. Its high utility makes it a very useful and valuable to traders.
Pros
- A good asset for trading
- Useful for receiving discounts on transactions
- Available on multiple exchanges and wallets
- High volume and market capitalization
- Practical utility inside Binance to cover fees
Cons
- Somewhat controlled by Binance Exchange
- Hardly any real life utility outside Binance
- Highly volatile
