Learn Everything There Is to Know About Binance Coin BNB

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As we are well aware, the crypto boom is engulfing markets. There are a lot of transaction ecosystems for crypto out there. For instance, Binance Coin is one of the most sought-after cryptocurrencies that are traded on the Binance exchange platform. It is known to regulate a whopping 1.4 million transactions every second. Start your investing journey today with the btceer.de/.

 If you are a beginner in the world of crypto, it is easy to go haywire. So here is all you need to know about Binance, a prominent cryptocurrency ruling the world market. A welcome discount on the transaction will be given to a new user of the Binance exchange. It is intriguing to note that BNB can be traded for a legion of cryptocurrencies such as litecoin, Ethereum, and so on and so forth.

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 Binance has a historical link with the Ethereum blockchain. It started out in July 2017 as a member of the Ethereum blockchain fraternity. However, when a new trading platform was created for the Binance chain itself, it became the original currency of Binance’s own ecosystem.

Binance coin and ICO relations

An interesting fact is that Binance Coin stormed the market with an ICO. You might be wondering what “ICO” stands for. It is nothing but an initial coin offering. So, this feature of the Binance blockchain has a lot of significance. It attracted a lot of users to the crypto community. Among a spectrum of users, tokens of Bitcoin were distributed. In addition to the founding team itself, angel investors make up this group of people. 

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A complete breakdown of the percentage distributed can give you a clearer picture.

  1. Founding geeks: 80 million BNB or 40% of the total
  2. Angel investors: 20 million BNB or equivalent 10%
  3. Public: 100 million BNB or equivalent (50%)

Out of these, the 100 million tokens available to the public were sold completely. It generated massive revenue for Binance’s founders. They used a chunk of the money to upgrade the blockchain space at Binance.

 Binance Coin: What is it used for?

The coin, just like any evolving crypto token, is used for a gamut of activities other than trading. Let us dive directly into its utility.

  • Investment:

For both short-term and long-term money making, people rely on investments. It is fortunate to witness that countless platforms accept bitcoin as a token of payment for buying stocks in the securities market. It means that now if you want to invest in any asset apart from stocks, you can go with ETFs.

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The need for a dependable, long-term store of value is another prominent justification for investing in this cryptocurrency. In contrast to the fiat currency, the majority of cryptocurrencies have a finite supply that is limited by mathematical procedures. Because of this, it is impossible for any political organization or governmental body to lose value due to inflation. Furthermore, because cryptocurrencies are cryptographically secured, it is not possible for a government agency to tax or seize tokens without the owner’s consent.

  • Loan facility:

The digital currency fever has spread to the banking sector. Now it accepts bitcoin tokens as collateral for securing loans. Well, this is not the end of it. There are even apps and platforms that allow friends and relatives to split the money and pay using Bitcoin.

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  • Transaction fee:
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BNB is ideal for transactions on blockchain ledgers. You will also get a discount if you do so.

  • Trading:

This is the most famous utility of Bitcoin. It can be traded for separate cryptocurrencies, thus making it the current pursuit of many crypto enthusiasts.

The Bottom Line

Even though it is obvious that there are numerous reasons to be wary of digital currencies, many conventional investors have come around to the new asset class. A transformational sector with the potential to rock the globe like the Internet did in the 1990s, the blockchain industry is frequently referred to as such.

Before they start investing, proponents of digital currencies should be careful to understand the risks involved. They should take the time to comprehend the most typical traps that new investors fall into in addition to fully investigating their new assets and mastering the intricate security standards.

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