It is well-known that more than hundreds of cryptocurrencies are thriving in the cryptocurrency market in recent years. Investors are earning interest in the highly volatile and risky venture to invest time and money in any one of the favourable cryptocurrencies. Yes, it is overwhelming for beginners to select which cryptocurrency is right for them to invest for a long period of time in the cryptocurrency market. Binance Coin is one of the hundreds that has emerged as one of the most popular digital currencies to have in a digital wallet. Binance exchange is known as the largest cryptocurrency exchange platform across the world. Let's have an in-depth insight into the Binance Coin cryptocurrency for making a smart decision as soon as possible.
Binance Coin is one of the most popular cryptocurrencies issued by the Binance exchange and trades and is widely called as a BNB coin. Being created in July 2017 by Changpeng Zao, Binance Coin or BNB is known for running on the Ethereum blockchain with a maximum of 200 million of this cryptocurrency token. Recently, it works on its own blockchain called the Binance Chain. Investors are highly interested in this digital currency owing to its power to boost the operation of the Binance exchange with different functionalities like exchanges fees, trading fees, listing fees, and many more.
Investors have started investing through Binance Coin because it is generally used to invest in certain initial coin offerings in the list of launchpad programmes of Binance exchange and provides a seamless marketplace to deal with multiple different cryptocurrency tokens. Binance exchange is widely known for facilitating over 1.4 million transactions per second in these last few years with 2 billion of average daily volume. Investors receive a discount in transaction fees on this Binance exchange for trading for any other cryptocurrency like Bitcoin or stable coins.
Every quarter, Binance Coin utilizes 20% of its annual profit to purchase back and burn BNB Coins to destroy those completely— BNB burning. The latest date for BNB burning is July 18, 2021, and is determined to continue this process till it will reach 50% of the total supply. This process helps the Binance exchange to retain its scarcity and the value amount in the cryptocurrency market.
Transaction Fees: Investors can receive a good amount of discount in transaction fees through the Binance exchange efficiently and effectively. It offers 25% saving on on-spot trading fees, 25% saving on margin trading fees, and 10% saving on futures trading fees.
Trading: Investors can trade the BNB Coin for any other cryptocurrency on exchange programmes by analyzing the restrictions from the Binance exchange.
Payment Mode: Customers can pay through Binance Coin when multiple merchants have started offering this digital payment mode to offer more flexibility in financial transactions.
Promoting Tourism: Binance Coin is known as a popular cryptocurrency that helps to book hotels and flights through a few websites to promote tourism in that place.
Easy Loan Payment: Investors or customers can utilize the power of Binance Coin to pay loan amounts on a few platforms as well as it allows to split bills among friends and family.
Availability of Cryptocurrencies: Binance exchange offers more than a hundred cryptocurrencies to investors including Ethereum, CyberMiles, ZCoin, and many more.
Cybersecurity: Since there is an increase in malicious cyberattacks, Binance exchange asks for two-factor authentication while registering for an account to send a special code every time an account holder wants to log in or withdraw funds.
Centralized Control: Binance Coin is known for being centralized through the control of Binance— who can and cannot be a validator on the network through a voting system.
Pressure from Regulators: Multiple regulatory bodies from different countries such as Thailand, Germany, Japan, the UK, and many more are creating pressure on Binance exchange to take it down by filing complaints against Binance.
Opportunities for Cyberattacks: Since the growth of Binance Coin and its exchange across the world, it has created ample opportunities for malicious cyberattacks.
Binance Chain: Binance Chain is a community-driven blockchain software system for developers and contributors across the world through a reliable and safe feature known as Binance DEX.
Binance Trust Wallet: Binance Trust Wallet is another top product of Binance Coin that offers a secure and decentralized digital wallet to exchange and store valuable digital assets efficiently and effectively.
Binance Research: Binance Research offers multiple institutional research reports, in-depth analysis, and data-driven meaningful insights to investors in this cryptocurrency market.
Binance Info: Binance Info is one of the top products for investors for providing a crypto-encyclopedia with an open and objective information aggregation platform for anyone to contribute any information at any time throughout the year.
Binance Charity: Binance Charity acts as a non-profit platform that is focused on providing advancement in blockchain-enabled philanthropy as well as global sustainable development for the welfare of society on this Earth.
Binance Academy: Binance Academy is very useful for investors who are very eager to know and learn about blockchain and cryptocurrency learning resources through an open-access learning hub.
Binance Lab: Binance Lab is known for investing and empowering the decentralized web by investing in long-lasting technical teams of blockchain entrepreneurs, start-ups, and other communities through financing more than 100 industrial projects across 25 countries in more than five continents for over three years.
Binance Coin started to thrive in the cryptocurrency market since the beginning of 2021 with its price increased to 1445% between January and May for investors to take notice of it. But, as per the volatility of the market, it had a massive drop in price from the all-time record-breaking high price of US$692. But gradually, Binance Coin became stable with US$250 to form a support level from investors. In the period of July to September 2021, this cryptocurrency has shown an increase of up to 100% to attract the eyes of investors towards it. Recently in September, Binance Coin has again dropped down a bit and being constant within a range between US$300 and US$400.
The future in the cryptocurrency market is very uncertain and dynamic in nature— there can be a massive hit or a major drop in the Binance Coin price at any time. Thus, it is essential for investors to study the price chart of BNB Coin before investing in this cryptocurrency token. Multiple factors are keeping the momentum relatively low in these few days. Investors can gain indirect access to the price movements of Bitcoin by investing in this cryptocurrency token. There is a huge demand for BNB Coin as the cryptocurrency market is also thriving across the global boundary. These technical and fundamental factors can show an optimistic rise in Binance Coin in the nearby future, making it a reliable and safe cryptocurrency in the market. This can be a very popular opportunity for investors to invest valuable time and money to gain higher revenue in the nearby future.
That being said, Binance Coin is, indeed, thriving in the cryptocurrency market its popular cryptocurrency token across the world. It offers multiple trading apps and prizes for loyal and long-term investors. They have discovered that staking this coin proves to be very profitable at some point in time. Of course, there is a risk of exchanging Binance Coin through the Binance exchange platform such as loss of capital, and many more. But, one should have extensive research before investing in the cryptocurrency market, especially beginners.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.