Review on Binance Coin by Aniruddh Ravel

Name: Binance Coin
Item: Binance Coin
Rating: 5

June 19, 2019

Bnb coin

Binance is an international cryptocurrency exchange and it is possible to make deposits in fiat. It was founded in China in the year 2017 by Changpeng Zhao
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Binance was founded in China but was later headquartered in Japan due to the ban on the cryptocurrency trading in China as decided by the Chinese government in September 2017.
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January 2018, Binance became the biggest cryptocurrency exchange along with a market capitalization of BNB of 1.3 billion dollars. It also achieved various milestones such as reaching a trading volume of 10 billion dollars on a daily basis.
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Pros

In an ICO conducted the Binance coin was used in order to raise the money for the platform in the year 2017.
BNB is considered a utility coin with the sole purpose of providing discount offers on the trading process. For every quarter the Binance purchase back the BNB coins with the tokens up to 20% and then burns it. This process will be continued as long as 50% of the total tokens is burnt and leaves BNB only amounting to 100 million.
As the discount with the trading fee is reduced, the burn can cushion the already reduced demand for the Binance coins. As indicated by the BNB price analysis, the demand for the BNB is quite strong.

Cons

It is only limited to the Binance exchange. The fact that the reputation and the performance of the exchange also influence the Binance can be a huge problem. The user cannot fund the account with the normal currency.