Binance Coin

Binance Coin

(bnb)

Available

Prices are in USD.

Market Data For Binance Coin

Current Price $354.68
Market Cap $54,708,133,888
Market Cap Rank #4
Total Volume $1,471,152,128
High 24H $362.63
Low 24H $347.16
Price Change 24H 3.98%
Price Change Percentage 24H 1.13%
Market Cap Change 24H $652,010,240.00
Market Cap Change Percentage 24H 1.21%
Circulating Supply 154,533,648 bnb
Total Supply 170,533,648
All Time High $686.31 -48.58%
May 10, 2021
All Time Low $0.0398 886,185.56%
October 19, 2017 -

Coin Data For Binance Coin

About Binance Coin

Binance Coin Review: Mining Guide, Price & Analysis of Binance Cryptocurrency

Binance is the biggest cryptocurrency exchange in the market. It operates on its blockchain. As a result, Binance has its own cryptocurrency. The Binance coins are mostly useful in paying for transaction fees within the Binance exchange.

The blockchain serves several functions. Users can create new tokens to digitize existing assets. Moreover, they can send, receive, burn and mint and freeze and unfreeze tokens. This is one of the most versatile blockchain platforms that exist.

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Moreover, the DEX market allows you to check and confirm prices quickly. This simplifies exchange processes. Binance is transforming how people exchange cryptocurrencies. The value proposition for this exchange is convenience.

Binance is fast and secure. It is also reliable and trustworthy. There are no custody fees. This means that traders maintain their private keys and funds. Even better, the coin supports the exchange of more than 100 coins in the market. This makes a case for the use of coins.

How Binance Coins Work

Binance coins are useful in paying transaction fees. For active traders, transaction fees can add up real quick. With the coins, this process is simplified. Further, you can receive discounts. Here is how that works.

Binance offers users a 50% partial refund for the first year. From there, the discount halves every year. This discount only applies if you wish to use Binance coins in transactions. The discount automatically applies if you have the coins in your wallet.

But, you can choose not to use your Binance coins in transactions. In this case, you can just turn off the automatic discount. The coins were originally ERC-20 coins. This is because the Ethereum network was the host of this currency. The company now has its own blockchain. As a result, the token are now BEP-2 tokens.

The currently sit at position 10 in market cap share. They have a market cap of $4,377,151,647. The circulating supply of Binance coins is 144,406,561. Further, the total supply is 176,406,561. The current price of token stands at $30.32 for one the token. This is a coin with great value. Being top ten in market cap share says a lot. The exchange is the best exchange in terms of trading volume.

Can Investors Mine Binance Coins?

No, investors cannot mine Binance coins. This is because the network uses a Byzantine Fault Tolerance consensus. However, this does not mean that you cannot get rewards for securing the network.

You can get rewards by becoming a validator. A validator validates the accuracy of a new block. This process is the same as mining, except it does not require complex equipment.

Sadly, not everyone can become a validator. Current validators are from the community. However, the platform is looking to create more positions in order to achieve better decentralization. Therefore, keep an eye on that.

In any case, the company are something you should have in your portfolio. The value is increasing over time. Moreover, transactions will be smoother for you on the Binance exchange. You can buy and sell knowing you have a discount working for you.

The Team behind Binance

The Binance team consists of some of the most brilliant minds in cryptocurrency. Additionally, the team consists of experts in finance. In turn, this is one of the most daunting teams in the space.

The CEO is Changpeng Zhao. He is a Chinese-Canadian business executive. Zhao was previously a member of the team behind Blockchain.info. Also, he was the Chief Technology Officer of OKCoin. Therefore, Zhao has enough experience to spearhead Binance into the future.

Moreover, it is clear to see why the company is seeing so much success. It has the biggest trading volume in all of the exchanges. Binance easily sees over $25 billion in trading volume in 24 hours. This platform will only see more success with more adoption of cryptocurrency by the public. In turn, the coins will be even more valuable.

Binance Coin Burning

Once every quarter, the company buys and burns Binance coins. They use 20% of their profit to buy these coins. Binance ends up burning millions of coins each quarter. As a result, the remaining coins become more valuable.

Every time a burn happens, the price of the coins surges. This may not be the case for future burns. But it is highly unlikely it will be different. This is yet another reason why the coin holders are at an advantage.

Binance DEX

Binance DEX is yet another way the entity is revolutionizing exchanges. The Binance DEX is a decentralized exchange. Here, users can exchange coins peer-to-peer style. This means that the coins do not have to pass through your exchange wallet. Instead, the currencies go straight to your preferred wallet.

It is growing in trading volume each month. It is now the top-ranked decentralized exchange in the market. This is something traders are getting behind. Further, the coins power all transactions. This is yet another incentive to be a Binance coin holder.

Privacy and Security

The company takes the privacy and security of users very seriously. The platform requires users to set up two-step authentication. In 2018, Binance experienced a hacking attempt. However, automated systems caught the hackers before they could do any damage. This is some good news.

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However, there is also bad news. A 2019 attack saw the venture lose 7000 Bitcoins. The company states that its emergency insurance fund covers all losses. All in all, the pros outweigh the cons. Binance is still one of the safest exchanges in the market.

Our Take on Company

The success of Binance speaks for itself. There are many reasons why traders trust this exchange. Its trading volume goes up every day. The only way is up for this cryptocurrency exchange. As such, this puts a strong case for the use case of platform..

If everything goes to plan, the company will see its trading volume go up each day. This is because more and more people are adopting cryptocurrencies. As a result, Binance coins will see their values go up.

Advantages

  • It has a huge list of coins.
  • Involves low transaction fees.
  • It has a very secure exchange.
  • High trading volume means you have a better chance of selling your cryptos immediately.

Disadvantages

  • Customer support delays and unreliability.

How to buy the Coins

The coins are a great addition to any portfolio. Luckily, you can easily buy the token at the Binance exchange or at Bitfinex. It is no secret that this coin will keep growing in value. Its value is growing side by side with the exchange.

The exchange will only see more growth. There are more and more people adopting cryptocurrencies. Most of these people will end up trading their cryptos on Binance. As a result, the coin will see more adoption.

Final Verdict

With Binance coins, the pros outweigh the cons. There is no serious disadvantage involved. Initially, Binance did not support fiat deposits and withdrawals. But now it does. This shows dedication by the development team. Continuous research and development are necessary for the success of such a platform.

In any case, we expect the coins to grow in value as time goes on. Unless something goes terribly wrong. However, the current settings suggest that it won’t. The Coin might grow to popular like Ethereum in the future.

 

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