Crypto exchanges are the platforms that give you the feature to invest in the cryptocurrency of your choice. Among them, the exchange ‘Binance’ is popular. It has its cryptocurrency with the name Binance Coin. It is represented as Bitcoin mining. A common question that surrounds many investors’ minds is why the Binance coin is so popular. Why this cryptocurrency is the right choice for investment? let us know some reason.
As we have mentioned above, Binance coins can be used for trading, they can be also used to buy several applications that are there in their buying products. The Binance exchange has several applications where you can use Binance coin to purchase the product of your choice. With more than 15,000 businesses now accepting cryptocurrency as a payment method, it finds much wider applicability as compared to 2009.
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Some of the paths to using Binance Coin are-
1.You can use it for paying fees on Binance DEX.
2.You can pay the transaction fees BNB Beacon Chain as well as BBB Smart Chain.
3.You can use Binance Coin to pay for goods and services. Platforms like Travala.com accept Binance Coin. You can use Travala for booking hotels, flights, and more.
4.You can also participate in token sales by Binance Launchpad.
More elaborate view on the uses of Binance Coin
- Trading: of the prime uses of the Binance coin is in trading. Similar to other cryptocurrencies, you can also invest in Binance and add to your investment profile.
- Transaction fees: as you know that every crypto exchange charges a certain fee for a transaction. In the case of a Binance exchange, you can use the Binance coin to pay these transaction fees. Sometimes, they also offer you discounts.
- Credit card payments: being a utility token, the Binance coin finds multiple applications. One of them is paying for credit cards. You can use the Binance coin to make payments of credit card bills on crypto.com.
- Make a booking for travel arrangements: if you love to travel, then it’s good news for you. BNB can be used to book hotels and flight tickets on the website that accepts Binance Coin payment.
- Entertainment: send virtual gifts to your loved ones and buy lottery tickets using a Binance coin. Many entertainment websites and gaming websites now accept Binance Coin payment.
- Investment: you can also now plan your investment using this cryptocurrency. This currency is performing well for the last few years and has some popularity these days. So, it can be a good one for amalgamating with other cryptos.
- Loans and transfers: you can also use this coin as collateral for a loan on some of the platforms.
In all these use cases Binance coin becomes one of the most lucrative options for any individual who wishes to own a cryptocurrency. Since it finds many practical usages like the ones mentioned above one doesn’t have to worry about using this cryptocurrency. As more and more platforms are willing to accept cryptocurrencies we can expect a newer role for cryptocurrencies in the times to come.
Initial Coin Offering
It was in 2017 when Binance coin launched its initial coin offering. PNB was distributed to the participants and the angel investors, and even the Binance founding team.
While this may appear strange but Binance used 20% of its profit to buy Binance coins and destroyed them completely. This is done every quarter. The process will continue until it destroys a hundred million Binance coins. This is done to maintain a steady supply of Binance coin and ensure that it remains at a good value in the market.
As a smart investor, you would certainly like to add a cryptocurrency like the Binance coin to your list. You can register yourself on the Binance exchange and start trading, or else there are other platforms as well that will give you the leverage to invest in this cryptocurrency. Irrespective of your choice, it is important to rely on a trustworthy and reliable crypto exchange platform. Doing the basic research and due diligence before registration is important. To gain more insight into the cryptocurrency market, you can log onto platforms where you can find a detailed overview of the crypto exchanges and the trading market. There are other crypto exchanges as well, but make sure that you first research them and then register.