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Saturday, May 25, 2024

Binance Coin (BNB): What is Binance Coin?

Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.

Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain.

Official website of Binance Coin: Click Here.

Todays Stats of Binance Coin (BNB):

Current price of Binance Coin (BNB):

Current price of BNB is $370.4 (It can be different as market fluctuations).

Market cap of Binance Coin (BNB):

Market cap of BNB is around $58 Billion.

Maximum supply of Binance Coin (BNB):

Maximum supply of BNB is 200 Million tokens.

From where we can buy/trade Binance Coin (BNB)?

There are many applications that will help you to buy/trade BNB. Some of them are listed below.

  1. Binance
  2. Coin Switch Kuber
  3. Coin kong
  4. WazirX
  5. Gemini
  6. Coinbase

Disadvantages of Binance Coin (BNB):

Here are the some disadvantages of binance coin.

1. Discounts continue to decrease:

Though Binance offers discounts to traders who make transactions with Binance Coin on the exchange, discounts continue to decrease, which can be off-putting. According to their whitepaper, in the 4th year, the discount will be reduced further to 6.75% – which supposedly will happen in 2021.

2. Binance has just recently allowed fiat deposits and withdrawals:

Unlike other platforms that accept traditional payment methods, including bank transfers and PayPal, Binance didn’t use to accept fiat deposits or withdrawals. This usually makes it impossible for beginners to start trading crypto.

3. Binance Chain doesn’t support smart contracts:

As stated earlier, BNB was launched on the Ethereum blockchain but later moved to its own blockchain. Yet, this is one of the cons of investing in BNB – simply because, unlike Ethereum, Binance Chain doesn’t support smart contracts. And as we know, smart contracts and decentralised applications have massive potential benefits for businesses and investors.

Should I invest in Binance coin (BNB)?

If you are willing to invest the time and energy to do your research and analyse the reward-risk potential of BNB, however, then investing in BNB could work for you, too.

At the same time, it’s important to note that buying and selling Binance Coin come with certain risks, including the risk of loss of capital. Just because you can invest in BNB easily, that doesn’t mean you should.

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