The time that we are living in right now, cryptocurrency has vanquished a considerable portion of the overall trading market and rapidly making inroads to the homes of common people apart from experienced businessmen and investors. Under the circumstances, the competition to maintain a secure and commendable position on Coinmarketcap has become fiercely challenging for even the leading cryptocurrencies like Bitcoin, Ethereum, etc. Moreover, the recent downfalls in price have exacerbated the current market condition of many top cryptocurrencies.
However, using such uncertain times as the golden opportunities to divert the attention of the traders from the usually popular coins, a significant number of new Altcoins are making rapid improvements and marching forward in the cryptocurrency chart. The default cryptocurrency of Binance Exchange, the Binance Coin (BNB) certainly falls under this umbrella of digital currencies.
Since its tokenization by the end of July 2017, Binance Coin has been grabbing the attention of a considerable number of experienced as well as novice investors. Within just nine months of its introduction as a tradable token, BNB has achieved the 20th position on Coinmarketcap in terms of total market capitalization. This incident alone can vindicate its popularity among crypto-traders. Here, a few aspects of this coin would be discussed to establish the fact why it is still a great cryptocurrency option to invest.
The Developmental Period of BNB Token:
Binance coin is the default currency of the world’s largest cryptocurrency exchange of the same name. At this very moment, the overall trading volume of Binance exchange is nearly 2.2 billion USD on a 24-hour scale. So, when this exchange announced about issuing their own token, it grabbed the attention of the traders residing all across the globe. In the whitepaper, the development team of this renowned exchange mentioned various facts about BNB token explicitly. According to those facts, BNB is a coin that will run exclusively on Ethereum Blockchain Platform along with other ERC-20 tokens and at most, 200 Million Binance tokens would be available for trading in the market at a time. The sole purpose of forming this currency was to offer a discount on fees incurred while paying with this currency.
During the ICO period of this coin, the distribution of BNB coins was meticulously organized by the exchange. Now, 50% of the coins are sold as ICOs and the rest is distributed between the group and angel investors in a 4:1 ratio. The efficient, strict, and rigid ecosystem that Binance exchange provides for this coin is one of the main reasons behind its meteoric rise in the price chart.
Distinct Features and Advantages of BNB Coin:
BNB token, being the default cryptocurrency of Binance Exchange, incorporates all of its unique features and offers to its holders. Some of these features include:
a. Superior Technology: Binance possesses a very skillful development team that helps this currency as well as the exchange of going through constant upgrades and implementing new user-friendly properties. The Binance platform is capable of processing nearly 1.4 million orders per second which offers the luxury of time to BNB traders.
b. Scalability and Convenience: The efficient BNB platform is currently deployed on more than thirty exchanges and offers its traders the advantage of a decentralized cryptocurrency trading environment. Also, this cryptocurrency platform also offers scalability and convenience by supporting multiple languages on its platform. The BNB token can be supported in a vast range of devices starting from desktops to Android and iOS Smartphone.
c. Clean and User-Friendly Interface: The BNB platform, as well as the exchange, offers a pristine and easily comprehensible user interface for the traders. As a result, the investors can have a seamless trading experience with no doubt whatsoever while trading this currency.
d. Available Options and Discount: Binance being the largest cryptocurrency exchange in terms of trading volume till date offers numerous cryptocurrency options for trading with BNB coin on its platform. It allows traders of different currencies to invest and elicit considerable profit from this coin. Also, the exchange provides a generous discount to all the traders trading BNB on Binance platform.
e. Security: The cryptocurrency exchange of Binance is one of the most secure exchanges of the world which is impervious to hack attacks and other malicious cyber activities. This invariably makes BNB coin one of the most secure currencies to exchange. Also, unlike many other big guns, BNB coin is actually very stable and provides assurance.
Recent Events and Partnerships:
On April 15th of this year, Binance completed burning of 30 million tokens for the purpose of increasing its demand and lowering circulation. Burning coins is a very effective way to maintain equilibrium between demand and supply. Although so far there are no conspicuous signs of price surge yet, the speculators are expecting a change in the market sentiment very soon.
As far as partnerships are concerned, Binance has been engaged in a strategic collaboration with NEO smart economy, one of the most promising blockchains in China as well as the world. The currency is likely to involve in more lucrative partnerships by the end of this year.
The BNB token currently holds the 20th position on Coinmarketcap with a commendable market cap of circa $1.4 billion along with a price of approximately $12 (as of 19th April 2018). As soon as the effects of the recent event of coin burn begin, the price of BNB is likely to experience a positive surge. With more new partnerships and upgrades, the user interface and security of this currency are also likely to ameliorate significantly. Hence, the importance of investing in this default currency of Binance Exchange is now quite evident.
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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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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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