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

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

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Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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CoinFlip

Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans for the future.

Partnership with Monarch Wallet

On May 5th, CoinFlip…

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Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on regulated exchanges. 

Most of the leading exchanges adhere to…

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