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$1 Billion in Profits and 3 More Reasons to Ditch Bitcoin (BTC) for Binance Coin (BNB)

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Binance

Truth be told, Bitcoin (BTC) is the safest cryptocurrency investment option out there. The digital asset has even been crowned King due to the simple fact that the crypto markets usually respond in tandem with the general action of BTC. Evidence of this is the recently delayed Bitcoin ETF announcement by the SEC that has led the market in a sense of turmoil for the last 3 days. BTC has since increased its dominance to over 48%.

But there could be another Crypto King in the horizon who is backed by a crypto exchange that expects $1 Billion in profits for 2018.

The exchange known as Binance was reported to be projecting annual profits for the year of 2018 that is to the tune of $1 Billion. The same exchange has a very stable coin that is used as a base pair on the exchange and to pay for trading fees. This coin is Binance Coin (BNB). This coin was how the exchange funded its ICO last year in July 2017. Therefore, backed by such a profitable exchange ($1 Billion in projected profits), BNB is sure to continue gaining in value for the foreseeable future.

BNB is currently ranked 16th on Coinmarketcap.com and valued at $12.39 at the moment of writing this. The total supply of the coin is 192.44 Million with a circulating supply of 95.512 Million. This then brings us to the second reason why BNB should become an investment option.

During the ICO, 200 Million BNB coins were minted in total. As illustrated in the project’s whitepaper, the exchange would burn some BNB every annual quarter till there were only 100 Million BNB coins remaining in the total supply. This means that the difference of 7.56 Million BNB seen above in the total supply, has been destroyed by the organization in the last year and they intend on continuing to do so. As the amount of BNB reduces in the markets, so shall the value of the coin with time.

A third reason why BNB should be on your radar is that the Binance exchange plans on extending its services by opening offices/exchanges in Uganda and Malta. This means more visibility for the exchange as well as new clients for trading. This will increase the trading volume and the use of BNB on the now global exchanges. The latter will increase its demand and its price.

BNB General trend for the past year. Source, coinmarketcap.com

Finally, and observing the general trend of BNB in the crypto markets, it has continually risen in value over the months due to the aforementioned reasons. Its history is of continual increment in value with time can be seen with the shared chart above. This means that the same trend of increased value will be observed in the future. BNB is, therefore, a better buy and HODL option than Bitcoin (BTC).

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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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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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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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