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BinanceCoin (BNB) Climbing Up While Paying For Your Exchange Fees

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BinanceCoin

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.

We will be updating our subscribers as soon as we know more. For the latest on BNB, sign up below!

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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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