Binance Coin (BNB) started out as an exchange currency on the basis of an Ethereum blockchain. As a part of the trading platform, BNB’s goal in the short term was to draw attention to the stocks. In its monthly and yearly reports, BNB has been showing steady growth rates. With such an ongoing trend, Binance Coin has everything it takes to become an entirely independent cryptocurrency.
The chart for Binance Coin shows its rates’ dynamics in comparison with the US dollar. As with every other stock, BNB had fluctuations throughout the years. However, the general overview is surprisingly stable for a relatively new market player. BNB has the support of major financial companies and the user activity of traders. Considerable funds are invested in development, which indicates its reliability.
BNB’s rate depends on:
● The general state of the cryptocurrency market.
● The news regarding the exchange activities. Hacking or banning BNB’s activities can seriously affect the BNB rate and the entire cryptocurrency market, since the site is one of the world’s largest in terms of turnover.
● The limited emission, redemption and deleting of tokens.
The analysts’ forecast for the further cost of the token, looking at the BNB chart is that it will have a stable rate. Most experts are sure that with a combination of high competition and narrow
specialization, one should not expect a sharp increase in value from a token. It is difficult for such a
coin to compete with full-fledged cryptocurrencies, and its value can increase significantly only if the
stock market makes an economic breakthrough.
Since Binance Coin is primarily a platform’s internal token intended for obtaining a discount, it is not present on other trading portals, and there is no full-fledged wallet for storing it. Users can keep it in any wallet that supports the Ethereum algorithm.
Here are some of the Binance Coin wallet options:
All in all, there is no lack of safe crypto websites that suit BNB wallets.
BNB coins were first out in the summer of 2017. The well-known crypto exchange Binance became the first system to release its own cryptocurrency, Binance Coin. Since then, even though the resource itself is relatively young, the value of the currency and its market capitalization has continued to grow.
The initial price of the coin after the ICO was only 10 cents. By the end of autumn 2017, the token’s cost was already $2.5, and later it exceeded the $10 point.
So, BNB — what is it today? Nowadays, BNB is within the best cryptocurrencies when it comes to the daily trading volume. This success allowed the token to confidently gain a position in the TOP-20 cryptocurrency rating by capitalization.
A well-thought-out system for destroying coins speaks in favour of further increasing the value of the token. Every third month, 20% of tokens proceed to redemption and burning. The developers plan to carry out such manipulations until only 100 million of the 200 million tokens remain. Naturally, the decrease in emission has a beneficial influence on the currency rate, and it is one of the reasons for BNB’s steady growth.
You may be wondering what to use Binance Coin for while trading. BNB mining is impossible, and the cost of coins directly depends on the state of Binance’s stocks. BNB developers plan to create an efficient trading system with a feature of instant assets exchange and spot trading.
BNB has several significant advantages:
● Stable rates
● A well-thought-out plan to increase the token’s value by phasing out half of the coins from the market
● Discounts on commission on the Binance market
● The prospects of loyal users conducting Binance transactions for free
One can use BNB to lessen the commission only for the first four years after its creation, i.e. until 2022. At the same time, the discount will decrease every year:
● 1st year - 50%
● 2nd year - 25%
● 3rd year - 12.5%
● 4th year - 6.75%
For the fifth year, the discount will no longer be valid.
Coins are listed only on two exchanges:
● Binance, where the token is bought, sold and exchanged in 50 pairs, and can be instantly converted to four biggest cryptocurrencies
● EtherDelta, a blockchain exchange that supports all cryptocurrencies issued on the ERC20 protocol
Typically, BNB live news is positive. So, if you want to start your day with the latest BNB news, invest in Binance tokens and follow our blog. We always offer our readers fresh and reliable updates on the cryptocurrency market.
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