Binance Coin

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24.12.2021 08:54
Binance Coin

    The platform's own internal cryptocurrency Binance was launched in 2017 as part of ICO. Binance Coin appeared shortly before the launch of the main platform. Initially, BNB cryptocurrency had the ERC-20 standard, which means it was issued for ICOs on the Ethereum blockchain. However, with the launch of its own network, Binance Coin switched to the BEP2 standard (Binance Chain blockchain standard).

    What Binance Coin is used for

    Clients of the Binance platform can use it for the following purposes:

    1. Repayment of trader's commissions on the Binance exchange (including payment of commissions on the decentralized Binance DEX, Binance Chain or Binance Smart Chain platform).
    2. Purchase of goods and services in online stores (you can use services Binance Pay or Binance Card).
    3. Booking your accommodations, flights and other services on specialized travel websites.
    4. Investing in crowdfunding projects on specialized Binance Launchpad.
    5. Liquidity provision in the Binance Liquidity Swap service.

    Analysis of the project and its prospects

    Before you buy Binance Coin or any other token, it is recommended to conduct a thorough analysis of the project. The cryptocurrency BNB as of October 28, 2021 takes the 3rd position in the CoinMarketCap ranking with a capitalization of $79,731,439,089 and a current market price of $482.29

    Binance Coin's fairly high exchange rate is driven by growing demand. This is achieved as the exchange that issued the coin is highly popular among traders and depositors. 

    As of October 28, 2021, the cryptocurrency exchange Binance ranks first in terms of daily trading volume ($56,188,790,137), according to CoinMarketCap.

    If you look at the chart of BNB, you can clearly see the upward trend with some corrections. The coin is gradually updating its maximum values. The peak of Binance Coin cryptocurrency came in the summer of 2021. After a rather serious correction, BNB keeps growing, which indicates a further positive outlook for the price of Binance Coin

    From the perspective of the project itself, the cryptocurrency marketplace Binance continues to evolve. Innovations are constantly being introduced here, and features that are already working are being updated, which makes the platform even more attractive.

    Given that Binance is #1 in terms of capitalization and volume, the demand for domestic token will continue to grow in the future. In addition, the possibility of paying with cryptocurrency for goods and services on the Internet significantly increases the range of potential investors in this coin.

    To sum up

    All of this is reflected in charts, from which you can understand that BNB is aimed at reaching peaks in the future and breaking them in order to set new highs.

    How to get BNB, the features of the token

    The Binance Chain blockchain operates on the Byzantine Fault Tolerance (BFT) consensus mechanism. It implies the presence of node-validators in the network (a principle similar to proof-of-stake, where nodes are bought by users through freezing a certain number of tokens). That is, instead of mining, a smart contract is responsible for the emergence of new tokens.

    The task of nod-validators is to protect the network from various errors, as well as to check the blocks added to the Binance Chain. 

    Excess tokens in the network are burned. The main goal is to reduce the supply in order to stabilize and increase the rate of the cryptocurrency. BNB Burn is responsible for this. Before the transition to its own blockchain, BNB tokens were on the Ethereum blockchain smart contract. It determined, among other things, the order of destruction of BNB tokens. 

    The number of coins burned is determined by the activity on the Binance website for three months. Due to this, it manages to maintain a balance so that Binance Coin is enough for the smooth operation of the trading platform. 

    Token burning is also a mechanism that contributes to the growth of the cryptocurrency price in the future. Freeing up excess coins will result in a supply that never greatly exceeds the demand for the token.

    Binance token can be purchased on the trading platform of the same name. Also, the coin is offered on other platforms. You can also exchange rubles for Binance Coin in a simpler and sometimes more reliable way - use the services of the cryptocurrency marketplace Broex.io.

    To sum up

    To get Binance Coin token you need to purchase it. For this purpose, the most suitable is a reliable platform with low commissions and high liquidity.

    Broex is a simple solution for all categories of token holders.

    Why do many BNB cryptocurrency buyers prefer this service?

    1. First of all, because Broex.io has a strategic partnership with Binance. Here you can buy, sell, exchange or withdraw Binance Coin without any problems.
    2. In addition, Broex commissions are lower compared to most exchanges, which makes any transaction within the platform more profitable.
    3. Unlike most exchanges with a rather cluttered interface, Broex.io offers a simple application for buying tokens. You can complete a transaction in just a few clicks, which significantly speeds up the entire procedure. 
    4. You can build your cryptocurrency portfolio, and securely store

    Advantages of the Broex cryptocurrency platform:

    • Large selection of trading assets. Thanks to a strategic partnership with Binance, more than 600 cryptocurrencies can be purchased here in addition to cryptocurrencies from the top 10 of CoinMarketCap.
    • Simple interface. All you have to do to make a transaction is to select the token to be bought, the transaction volume, and conduct the transaction.
    • A variety of deposit methods. You can add money to the platform using credit and debit cards of any issuers, as well as various electronic payment systems popular in Russia and CIS countries.
    • Secure storage of tokens. Broex has taken care that the clients' cryptocurrency is protected. For this purpose, they use cold storage on servers disconnected from the Internet. Clients' fiat money is kept on a separate circuit without access to it by the site administration.
    • Licensed platform. Cryptocurrency platform Broex is registered in the European Union and has a local license for financial transactions.

     

    Summary

     

    Cryptocurrency BNB is worth the attention of traders and depositors as an attractive and reliable tool. You should buy the token only on proven platforms with a proper security level and profitable commissions, like Broex.io.

     

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