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Is there a Real Value to Binance Coin (BNB)?

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Binance Coin

Binance Coin (BNB) is one of the most interesting cryptocurrencies at the market right now. The coin was developed by the largest crypto exchange by trading volume in the world, and it only works within the exchange’s ecosystem. However, it still managed to achieve what many believed was impossible — it stopped following Bitcoin’s lead, and it started carving its own path.

At the very least, the coin is highly intriguing, but does it hold real value? This is a question that many in the crypto community have been asking for a while now, uncertain whether BNB is a worthy investment or not.

What gives BNB its value?

Binance Coin cannot be used for purchasing goods and services, like Bitcoin. It currently does not fuel a development platform like Ethereum. It cannot even be used as XRP for sending international payments. However, the coin had still managed to triple its price in the last three months and to surge when most other cryptocurrencies were seeing losses due to the last remnants of the crypto winter.

BNB managed to achieve all of this because of its use cases within Binance, but also because of its future potential. First of all, Binance is the largest crypto exchange in the world, with millions of customers, most of which use the exchange on a daily basis.

This means that the exchange inspires trust among its users, whose numbers still continue to grow regularly. When such a trustworthy service launches its own token, it is hardly surprising that the coin holds real value.

Next, traders using BNB can actually benefit quite a bit by using the coin. Its usage brings a massive 25% discount on trading fees within the exchange, and considering how it is in everyone’s best interest to pay as low a fee as possible, this gives BNB an actual use case.

Binance then expanded its usefulness by bringing back Binance Launchpad — a platform which holds token sales. The platform aims to offer one new coin per month in 2019, and maybe even in the following years. It already held BitTorrent (BTT) token sale on January 28th, Fetch.AI (FET) token sale on February 25th, and Celer Network (CELR) token sale on March 19th. All three token sales were extremely successful, not one of them lasting more than 18 minutes.

However, the real winner here is BNB, as it is the only cryptocurrency that can be used for purchasing these tokens. This decision allowed not only the coin’s price to grow, but also its usage.

Next, Binance also increases the coin’s value by holding quarterly token burns, which are supposed to withdraw tokens from circulation, although there are rumors that Binance uses its own massive supply of the coin for burning. Even if true, they are still shrinking the coin’s supply and will continue to do so until there is only 100 million BNB.

Finally, Binance is working hard on developing its own blockchain, as well as its own decentralized exchange — Binance DEX. Once live, the two will allow Binance to evolve, and become more than just a very popular exchange. It will become a community, one which already made quite a name for itself, and which will invite investors and traders from around the world — giving them what they want, while still remaining relevant in a decentralized ecosystem.

Meanwhile, the DEX and blockchain will use Binance’s own native coin for operating, thus giving BNB a massive new role, and making it multiple times more useful, and even necessary in order to participate. With an ever-shrinking supply, numerous massive use cases, and a reputable background — BNB will likely grow to heights it never knew before.

With that in mind, yes, BNB does have value, and even if there are critics who claim otherwise right now, even they cannot deny that the coin is on its way of having value. Because of this, BNB has seen a lot of activity, with many purchasing it with the intent to HODL. While the coin tripled its price in the last three months, this increase is likely only a minor bump, considering what lies in the coin’s future.

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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 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.

NFTs are already being actively traded in markets globally. For…

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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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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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