In the current critical cryptocurrency market situation, only a few selected cryptos are there that investors can rely on. Since the fall of 2021, the crypto market is continuously going down. The price of the most famous cryptocurrency bitcoin also drastically degraded from the highest mark of over $65,000 to around $20,000 in just one year. For more detail about cryptocurrency Create an account.
However, a few have managed to keep their position intact or have gone through a moderate amount of price change. Binance coin is one among them that is not just standing as a good crypto investment asset but also playing its role perfectly in what it was created for.
Binance coin is a cryptocurrency that is traded and also used to pay transactional fees in the Binance cryptocurrency exchange. Here in this detailed, informative article, you will get to know in detail about Binance coin.
History of Binance coin (BNB):
Binance coin was created and launched in 2017 by Binance. The event by which this cryptocurrency was launched was organized as an Initial Coin Offering crowdfunding event that started on 26th June and ends on 3rd July. The total supply of Binance coins can be 200 billion as per its protocol. So, the launching event offered 100 billion units of these tokens to the investors or the visitors of the event.
Binance coin, after it was created was running on Ethereum Blockchain and was known as a token named ERC-20. But, after Binance developed and launched its blockchain, the Binance Blockchain, Binance coin now runs on it and it became a native cryptocurrency of Binance Blockchain.
Where this crypto can be used?
The basic usage of Binance coin is as a trading asset and fee payment. But, apart from these, cryptocurrency has a wide field of utilization. All the areas where Binance coin can be used are-
- In crypto trading: Binance coin is largely used for short-term trading as the cryptocurrency is performing well since a few years ago.
- To pay transaction fees: This crypto is used to pay transactional fees or trading fees in the Binance cryptocurrency exchange. So, you can pay in Binance coins if you use the exchange to transfer cryptos or to trade them.
- To pay Credit card bills: Crypto Credit card bills can also be paid by Binance coin.
- For investment: This cryptocurrency is also good for long-term investment. As per the experts, the price of Bitcoins is likely to increase in the near future. Therefore, you can invest in this crypto and can make a profit. Though, research more about it before actually getting started.
- Transfer to others: You can transfer Binance coins to others by utilizing some specific applications in the market facilitating this service.
- As loan collateral: Binance coin can also be used as loan collateral in some platforms accepting such activities.
- For entertainment purposes: You might have paid with cryptos to perform several entertainment purposes like buying virtual gifts or lottery tickets. You can now pay with Binance coins for those things.
- To book travel arrangements: Some websites offer you to book travel tickets or hotel rooms by paying with BNB.
- Payment processing by merchants: Some merchants also offer their customers to pay in BNB for their services and products.
Is Binance coin a good investment?
Binance coin has a market capitalization of over $63,000 as of 2022. Also, it is continuously performing well since a few years ago when several other popular currencies are not. When it comes to Binance Coins, the experts are quite hopeful about the price growth.
The current price of BNB is $325.32 as on 8th November 2022. As per experts in 2025 it can reach up to $1,197. Over that, the supply of BNB is also limited to 200 billion. Therefore, BNB is a good asset for investment as per experts.
The price growth and the features offered by Binance coin are perfect for investors to invest in this cryptocurrency. However, if you want to invest in other cryptos too including bitcoin, and make a diversified portfolio which is better than the individual investment you visit british-bitcoinprofit.org because for crypto trading it is very much important to find a reliable platform.