Binance Coin is a cryptocurrency, which is used on the Binance exchange to provide the most comfortable terms of trade. With its help you can purchase over 200 varieties of digital coins. And here is the first obvious advantage for the investor: if you have BNB tokens on the platform, the commission for trade becomes less by 50% for their owner.
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- The history of creation of Binance Coin
- Purchase and storage of BNB
- The exchange rate of Binance Coin in 2018: prospects for development
Binance Coin was originally conceived as an instrument for the trading platform, which technically allowed developing both the cryptocurrency and the platform itself. It should be noted that when it was created, a group of Chinese developers tried to save the token from the problems of most modern cryptocurrencies. Such exchanges often have failures in the system, and this always attracts fans of quick profit, this was the first thing the developers worked on.
They thought that a minor problem is an uncomfortable and slow customer service, which often brings problems during the work of the exchange. Despite all the efforts, the platform often could not withstand such a stream of requests, because, according to statistics, the increase in the number of users occurred in a geometric progression. In figures, it looked like this: on 07.12.2017 the number of users was 1 million, and in 20 days – on 27.07.2017, attendance was already 3 million users.
The BNB token is based on the ERC20 protocol, so you can store it on any Ethereum-wallet, as well as on the platform itself, using the functional of the service for payment. Myetherwallet and Mist can be identified among the wallets.
At the moment, you can buy this crypto on your home site and on the centralized EtherDelta platform. The most interesting is that when you buy this cryptocurrency you can count not only on long-term investments, but also on trading with any of the more than 200 cryptocurrencies presented on the exchange, it also gives its dividends:
- Using the token automatically reduces commission fees for transactions to 0.05%. All commission fees on the exchange are withdrawn from the BNB account. This was done to attract the maximum number of users. This privilege lasts 4 years and decreases every year from 50% to 6.25%.
- A huge variety of cryptocurrencies: from the most famous to the youngest.
If you go back a little, then after adding the cryptocurrency to the listing, according to CoinMarketCap, its value was at $ 0.1. However, a little later, it began to grow and reached the peak of its growth on the 24th of January, 2018, passing over the mark of $24.40. Capitalization was $2.4 billion then.
Some experts predicted that the coin would reach $45, but soon its value began to fall. The reason for such a development of events was the prohibition of governments regarding cryptocurrencies, and consequently – the decline in interest in them.
The trading volume affects almost all of the cryptocurrencies and BNB isn’t an exception. However, it must be remembered that the exchange constantly buys tokens from investors and burns them until 100 million Binance Coins are destroyed. Reducing the number of tokens is always an increase in their value. BNB was created not as a tool for investment, but as a means for the comfortable operation of the exchange. Any problems with the operation of the Binance Exchange are dragging down the cost of the token.
Taking into account all the aspects above and increasing demand for BNB tokens, experts predict that by the end of the year one coin will cost about $30.
Binance is one of the most promising platforms and often tops the ratings of the best cryptocurrency exchanges. On the exchange, you can buy over 200 varieties of digital coins and this number is only growing. Binance Coin positively showed itself after listing, reaching $24.40. Developers are going to destroy 100 million tokens, and this automatically increases the cost of cryptocurrency. This cryptocurrency is very promising; it is a good option for long-term investment, if you exclude all possible force majors with the exchange.
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