The exchange Binance for only six months managed to become one of the most popular trading platforms. The exchange is constantly improving security and protection technology from hacking attacks. Interestingly, at this point Binance has not ever been hacked.
- Why Binance?
- Binance Coin (BNB)
- Paying off the commission with a discount
- Launchpad section
- Airdrop for BNB owners
- Earnings on Binance Coin: creating your own Blockchain and decentralized exchange
- Prospects of Binance Coin (BNB)
On Binance, there is a very convenient multilingual interface of the Cabinet. There is also a very interesting LaunchPad section where investors can take part in the best ICOs in the world, which were selected by a special team of the trading floor. And the most important feature of the exchange – it is a very fast speed of transactions, giving the opportunity to make almost 1.4 million transactions per second.
In general, Binance is a great project that is constantly evolving and improving for its users. However, there is another feature that distinguishes this exchange from the majority of others – the presence of its own token BNB. This coin allows exchange users who hold it to get a lot of benefits. And, of course, you can make good money on the growth of BNB, just like on any other promising cryptocurrency.
So what is this BNB token of the Binance exchange? What benefits does it bring to its investors? And how to use it correctly in order to get the maximum profit using it on this trading platform? This article will tell you about that today.
Binance Coin (BNB)
The Binance Coin (BNB) token appeared on the digital currency market quite recently, but it has already gained popularity and trust from many investors and traders. The capitalization of this coin at the beginning of 2022 was about $72 billion, and the BNB token is in the list of the top 5 best cryptocurrencies in the world.
As of this writing, the price of Binance Coin (BNB) is hovering around $420 to $440.
First of all, the growth in the value of the crypto coin and its popularity is due to its high demand. The developers of the Binance exchange initially conceived to create their coin, so that users would have an incentive to buy it and constantly use it, receiving various benefits. In fact, both sides benefit from this at once. Crypto investors get certain bonuses for investing money in BNB, and the crypto exchange increases its capitalization, continuing to grow at a breakneck pace.
But what benefits and perks are we talking about? How can you use this token and what can you get if you invest your money in it? Let’s explore this in more detail.
Paying off the commission with a discount
Like most other crypto exchanges, Binance takes a certain commission for the use of its services, albeit very small – only 0.1%.
However, those who have BNB token in their account can pay with it for transactions, receiving a discount. This chip is very profitable for traders who make a lot of transactions with cryptocurrency every day. So, in order to get the most out of each cryptocurrency purchase/sale, they can use a BNB token and pay less for the commission. It’s very easy to do this. You just need to buy Binance coin on this exchange, and then go to your personal account and enable commission payment with BNB.
After that you will get a discount on exchange commission. This will maximize the benefits of trading on the exchange.
In this section, every user of the Binance exchange can exchange their Binance Coins for tokens of various Blockchain ICO projects.
The topic of investing in ICOs is one of the hottest and most popular among the cryptocurrency community. An investor investing in the right project can make a very large profit and multiply his capital by hundreds of times. However, there is one problem. To do this, you need to find a really good quality ICO. Due to such demand, there are a lot of fraudsters who create unsuccessful projects in advance. And the number of such ICOs is gradually approaching 100%. The risk of losing your funds is also high. That is why it is necessary to very carefully select all ICOs before investing your hard-earned money in them, otherwise you can be left with nothing.
However, the Binance exchange easily solves this problem with global fraud. The team of this trading floor very carefully selects all ICO projects before announcing them in a special section of LaunchPad. And you can be 100% sure that these are not scammers, but really promising startups. The selection criteria are very strict, and the selection is carried out by highly qualified analysts. The exchange cannot afford to make a mistake and set up their investors who trust Binanse. Reputation in this case is priceless.
Almost every project in this section will give investors the opportunity to earn good money, increasing their wealth at least several times. Evidence of this is the fact that all ICOs in this section close within seconds after the start of trading. And in order to get a piece of the shares in the form of tokens of this or that company, you will have to try very hard, since the competition here is very big. And not everyone will be able to take part even in one ICO project.
Airdrop for BNB owners
As already mentioned, the exchange constantly encourages users to buy its token BNB. And one such incentive is the distribution of free cryptocurrency Airdrop for holders of Binance Coin. This is another great chance to make money without doing almost anything. You just have to buy BNB on the internal exchange, and then wait for some cryptocurrency to accrue with Airdrop. The new free coin can then be successfully sold on the same trading floor.
Binance from time to time holds various expensive contests and lotteries, which, in one way or another, are associated with the coin BNB. As a result, you can win various cryptocurrencies, BNB tokens, as well as other prizes. For example, once there was a drawing with a grand prize BMW i8, which was held jointly by Binance exchange and cryptocurrency Vechain. Everyone can try their luck in such draws/quizzes and get nice prizes.
Earnings on Binance Coin
On investing in the BNB token, you can make a very good profit. To do this, you just need to buy it and keep it in your wallet or cryptocurrency account for a while. If you keep it on exchange, you can give coins to stacking and get additional profit (currently – about 5-6% per year). However, in this case your coins are at the exchange’s disposal and are “frozen” for a certain period of time. To have full control over your own coins, you should keep them in your wallet.
If you still don’t have your own BNB wallet, follow this link. It won’t take you long to create one and will ensure that your funds are secure.
The coin is in constant use and the demand for it is constantly growing. This increases its capitalization and rate every day. And if you buy Binance Coin now, then after a while you can expect a growth of your investment. And all because the exchange has created so many incentives for users to use BNB. As everyone knows very well, the higher the demand on the digital currency market, the higher the rate of coins.
Another criterion for the growth of BNB’s value is the limited issuance of tokens and the quarterly “burning” of coins by the exchange’s developers. Limited issuance means that the number of these tokens will not be infinite. As many will be produced as specified in the smart contract. In addition, the exchange conducts regular “burning” of some coins, that is, destroying a certain amount of them (no one will be able to use them anymore). That, of course, will greatly affect the growth of the price of token, because there are fewer and fewer of these coins.
Prospects for Binance and its token BNB
Binance is one of the best cryptocurrency exchanges. Millions of users from all over the world buy/sell coins on this exchange every minute. This has made this trading platform a leader in the volume of trading a variety of cryptocurrencies. At the moment, Binance ranks first in the world on this indicator.
Binance Exchange features a very high speed of financial operations, low commissions, a very good protection against hacking attacks, competent management and the presence of its own policy of the project development. But the main advantage of Binance is its own BNB token.
The developers are constantly encouraging exchange users to buy this coin to successfully develop the company and increase its capitalization. Using the exchange token, you can get a discount on the commission for all transactions that you make on this exchange. This, in turn, will allow you to make the most profitable transactions. And it will especially come in handy for traders who make dozens of transactions to buy/sell cryptocurrencies every day.
Alternatively, Binance Coin can be used in LaunchPad to participate in high-quality ICO projects, which are carefully selected by Binance developers. Binance Coin can be used to get free Airdrop giveaways and participate in contests/quizzes.
If you are thinking about how to build a proper cryptocurrency investment portfolio, then Binance Coin is one of the major assets that should be in it.
Binance Coin (BNB) will help make money for all investors who simply buy it and store it on a domestic exchange account. Due to the growing demand for BNB, its capitalization and price is constantly increasing. And given the limited issue of coins and their quarterly “burning” we can only plan to increase its rate. Thus, BNB in the long run will allow earning quite good sums, if you leave this coin in long-term storage.