BinanceCoin, BNB, with constantly spinning around the value of 9$, but hardly reaching this goal in the past couple of weeks is a part of the biggest crypto exchange: Binance. That being the fact, you can’t miss on giving a thought (or two) about investing in this token – especially with having BNB far from its all-time high price. Furthermore, since it is the case that BNB is a part of Ethereum, the second largest currency on the market, also being backed up by the biggest crypto exchange, BNB seems to be here to stay. So, let’s see how you can take the most out of this token while revealing its true purpose along the way.
The Purpose behind BinanceCoin
BinanceCoin is doing pretty well despite the occasional cases of drops in its price. This currency is launched by one of the biggest exchanges on the market, Binance, ranked as a 24th token on the global coin ranking list. The price of BNB is spinning around 9$ per one unit for quite some time now, which is a major success by itself; and if you add the fact that the only purpose set for this currency is paying for exchange fees, this price becomes even more astonishing.
BinanceCoin might have accomplished this range of price thanks to the fact that this currency is launched and promoted by one of the most popular exchanges on the market where millions of exchanges are being processed on a daily basis.
This leads to an obvious, but still interesting conclusion where you can easily deduct that Binance exchange is getting BNB, a coin forged personally by them, for a service they are providing for investors and coin holders. Since fees have to be settled when purchasing different coins, BNB has to be used and so the market demand for this currency is in the constant flow, which consequently feels good for BNB’s market capitalization.
Binance coin is currently operating on a smaller portion of the network on the blockchain platform of Ethereum, where all coin holders are allowed to get all sorts of discounts when dealing with exchanges on Binance exchange market.
Binance exchange is also planning on designing and launching a decentralized blockchain-based platform where all users would be able to deal with exchanges of different currencies cost-effectively, promptly and in near real-time.
In this case, owning BNB would grant all users the access to special features along with allowing all BNB holders to join the network once Binance exchange launched their decentralized exchange platform.
The number of BinanceCoin tokens is limited and the limit is set to 200 million units. There are 197 million units in circulation at the current moment.
Once the platform is launched, Binance won’t stop there with promoting BNB. It is initially planned to grant all BNB holders a 50% discount on all exchanges through the platform with the guaranteed lowest fees. The longer a user would hold onto using BNB, from year to year that user would be entitled to more discounts.
How is BinanceCoin doing at the Moment?
Since BNB started to trade back in July of 2017, it started from 0.11$ per one unit and promptly climbed up to being worth over 2$ per one token. Since then, BNB had its peaks and lows over the time, so we had it trading at over 24$ per one unit in January 2018, while it soon fell to 9$ and below.
With the plans Binance exchange has for BNB, it is expected that this currency will soon reach its peak again, dealing at 24$ and over the initial all-time high.
With Binance opening the exchange on a decentralized blockchain platform, it is almost easily predicted that many investors will choose this platform as their favorite choice for trading given the fact that Binance is already rated as one of the top exchanges on the crypto market.
There is also a rumor going on that the number of BNB tokens would be reduced in half, having the limit set to 100 million tokens instead of having the limit set to 200 million as it is the case at the current moment.
Although many investors and holders might be worried due to the most recent storm of drops ravaging the crypto market, it is obvious that BinanceCoin would be able to withstand any crisis that may come its way.
The fact that this token is currently set on Ethereum while looking forward to being operated with on Binance exchange decentralized platform that should be launched in the future, BNB says it is here to stay.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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