Binance coin – a must-have for cryptocurrency investors
If you invest in cryptocurrencies, you may have heard of the Binance coin. If you haven’t bought some, you might want to consider buying now! After all, Binance is one of the largest cryptocurrency exchanges.
First, let’s go through a brief history of Binance and its BNB tokens. Then, we’ll discuss the many ways you can use Binance coins. More importantly, we’ll talk about why it’s a must-have for any crypto portfolio.
Cryptocurrencies have other uses outside of being “internet money.” Case in point, BNB coins have numerous applications in the Binance platform. They have a great chance of increasing in value, so it’s likely a good investment.
Binance and BNB
Photo Credit: tomsguide.com
The biggest crypto exchange started from one man: Changpeng Zhao. He’s commonly referred to as “CZ.” More importantly, he’s the founder and CEO of Binance.
He was a Chinese-Canadian coder who built trading systems for Wall Street. Then on July 14th, 2017, Binance officially launched. It became the largest in the world in less than 180 days!
Nowadays, its 24-hour trading volume is around $12 billion. Binance claims to have 25% of the market share. It has over 1.4 million Binance exchanges happening every second!
The same month, Binance coin (BNB) launched through an Initial Coin Offering (ICO). It serves various purposes for the online platform.
There are 200 million BNB coins in circulation. At the time of writing, the platform has burned 30,567,063 coins. Are you wondering why it’s reducing the amount of Binance coins?
According to the website, this increases its value. In turn, this solves a problem common with fiat currencies called inflation. As we increase the money supply, its value decreases.
This is common practice in many cryptos. For example, the big BTC goes through bitcoin halving. Binance aims to destroy a total of 100 million coins or have the total supply.
If you’re looking to mine cryptos, look elsewhere. You can’t mine BNB coins. Though you may stake them, leave a few on the platform to earn more BNB later.
How do you use Binance coins?
There are three types of cryptocurrencies. First, we have security tokens. These represent ownership of specific assets. For example, AXS coins let you buy virtual pets in Axie Infinity.
Others are called governance tokens. Holding them lets you vote on a crypto network’s development. For instance, DOT coins let you vote on the Polkadot network.
BNB coins are utility tokens. They serve various purposes for Binance. For example, it’s an important part of the Binance Chain. It allows people to create apps and smart contracts.
This network is compatible with the Ethereum blockchain. In turn, developers can easily create apps powered by cryptos. Here are its other uses:
- Buy cryptos – BNB has several trading pairs. You may swap it for other cryptos.
- Save on trading fees – Pay transaction fees with BNB to get discounts.
- Buy stuff in real life – Binance Pay lets users purchase goods using BNB and other cryptos. They even offer a Visa credit card!
- Book your next vacation – You may get airline and hotel reservations using Binance coins.
- Buy NFTs – The Binance NFT marketplace just launched. You may bid on digital art using BNB and other cryptos. You may also use the coins on Decentraland and Axie Infinity!
- Access online services – BNB coins let you use certain VPNs and even hire freelancers.
- Get financial options – You can use BNB to take out loans and invest in stocks.
As we said, you may stake BNB coins on Binance. You may choose fixed or locked savings. The latter pays more, but you can’t touch your coins for a set period.
Should you purchase Binance coins?
At the time of writing, BNB cost around $298.73. The market cap was $45,906,142,442.56. Note that these numbers change every second. It has changed as this article is being written!
Binance coins are a great investment. As the world adopts crypto, even more, nothing seems to stop its growth! Most investors are using the platform.
Remember the BNB burning we talked about? Once it happens, Binance coins will cost even more. Buying later means paying more! It’s the reason why you might want to buy now.
You may purchase them easily from Binance. Make an account, then link your debit cards or credit cards. Then, you may start purchasing BNB with your funds.
Please plan your investments before going through with them. Take all advice with a grain of salt, even ours. Research the crypto market by yourself to choose the coins that suit you.
Cryptos are well-known for their unruly price movements. You may see your coins double or triple in value in a few hours. Sadly, those gains could fade away just as fast.
Start by understanding how cryptocurrencies work. Learn how they’re used in the real world. This will help you find the best ones that fit your goals.
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Final Thoughts
Binance coins play a huge role in the crypto platform. It allows several of its functions. Also, BNB coins provide many benefits to their users.
However, you shouldn’t limit yourself to cryptos only. Look at the other asset classes for more options. Take stocks and bonds as examples. Mobile apps let you invest easily nowadays.
Real estate investing is now more convenient too. Crowdfunding lets you start with around $500 or less! You may start building a portfolio with a few taps.
Learn more about Binance coins
What are Binance coins?
BNB coin is the cryptocurrency that helps Binance work. Specifically, it has several key functions in this crypto exchange. You may start buying some by creating a Binance account.
How much is the Binance coin worth?
It costs roughly $298.73 at the time of writing. Note that crypto prices tend to change frequently and quickly. Check CoinMarketCap or other websites for the latest price.
Is Binance coin a good investment?
BNB coins are a great investment due to Binance’s growing popularity. Buying some early could mean big returns for investors. Still, please plan carefully before investing in anything.
Disclaimer: This article is the author’s personal opinion, differing from the “official” statements or facts. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by Inquirer.net constitutes an investment recommendation, nor should any data or content published by Inquirer.net be relied upon for any investment activities.
Usa.Inquirer.net strongly recommends that you perform your own independent research and/or speak
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