Binance Coin is commonly known as BNB and it has introduced by Binance exchange. It is one of the largest exchanges having more than 1.4 million supporters in the world. Binance Coin the Official trading site was introduced as a utility token that can save the transactions fees of the users, but it was started used for various applications, and most of the businesses started using this Binance Coin as a valid payment method.
With the rise of Binance Coins, these days, many renowned business organizations and are using Binance Coins as their preferredpayment method. With Binance Coins, it has become easier than ever to do travel booking, online transactions and other financial services.
Binance Coin is in the 4th position after bitcoin, Ethereum, and Tether. Do you know that Binance burn its one-fifth of profits to destroy or burn the excess coins every year, and it can make this coin a stable investment option? At the initial stage, Binance Coin was run on Ethereum blockchain. In 2017, Binance chain was launched and Binance Coin was started its own blockchain network.
Like Bitcoins, Binance coins are also capped with a certain number and it is 200 million only. So, people cannot mine more than 200 million of Binance Coin. 10% of this coin is occupied by the angel investors and 40% of Binance Coins are owned by the founding team of this crypto. Rest 50% coins or tokens are available for the general investors.
Points To Note Before Investing In Binance Coins:
- It is true that 100 million Binance Coins are available for the users, but every year Binance exchange destroy or repurchase their one-fifth of profits. They use to burn their cols held in their treasury. This burning process is held by the exchange on a regular basis. For example, Binance exchange has burned 1,099,888 BNB in 2021, which is equivalent to $595,314,380.
- As stated above that Binance Coins was launched with discounted trading and transaction fees and people can use this coin on various platforms including Binance.com, Binance DEX, and Binance Chain. Apart from that, people can also use it as a payment gateway and you can use Binance Coins on various crypto exchanges for buying coins and tokens. You can also use it for travel and accommodation booking, as there are many international travel agents available that accept this coin as a valid payment gateway.
- People can use Binance Coins for buying goods and services, and you can use it for buying gifts, lotteries and gift cards. There are some platforms available where you can use your coin for buying online services.
- Apart from that, you can also invest in ICOs by using your coins. There are many ICOs are listed in Binance’s program and you can find many crypto assets on Binance exchange. So, if you invest in a crypto or multiple digital assets to diversify your portfolio then you can use Binance Coins. You can simply purchase such coins and store them in your wallet. Afterward, you can use your Binance Coins instead of fiat currency for buying crypto assets.
- Binance Coins is the only crypto that is supported by the Visa debit card issued by Monaco and you can find almost all payment services and crypto platforms that accept this coin as a valid payment gateway. Initially, when it was started, Binance Coins has made a record of 3.7 million daily transactions, which is triple of Ethereum transactions. However, as per the financial research reports, Binance coinswerewas declined in 2021.
- Binance Coins was not introduced as a crypto currency and it was used for making online transactions. People used to use such coins on Binance exchange for buying other crypto currencies. People using such coins for their transactions can save their transaction fees and they can avail a huge discount on their transaction fees from the Binance exchange.
So, now as you have got yourself familiar with the investment factors with Binance coins, you can now choose to use Bitcoin Era for your investment. It is a reliable and trusted platform from where you can invest in different types of crypto currencies.