Pros of Binance Coin
- Discounted transactions fees
- Native currency of Binance
- Well distributed ownership
- Maintains value with BNB Burning
Cons of Binance Coin
History – A quick history lesson on Binance Coin
Binance Coin is fairly young when considered with the likes of Bitcoin. It has been available to trade since January of 2018 and was founded by Changpeng Zhao. Changpeng initially found Fusion Systems which was used for high-frequency trading and around 2013 he decided to make the switch to the crypto industry. This switch began when he joined Blockchain.info and provided his services to the online crypto wallet. He then had another stint as CTO at OKCoin but that lasted for a brief period before he decided to find Binance.
Binance quickly gained momentum as an online crypto exchange and as of January 2018, it was the largest exchange in terms of market capitalisation. Their offices have been moved from China to Japan and now they are currently situated in Malta. The first move came in 2017 when China decided to ban cryptocurrency trading and Binance decided to set up shop in Japan. The move didn’t last long when Binance decided in March of 2018 that the only solution would be to set their headquarters in Malta. Since then, agreements have been signed with both the Government of Bermuda and the Malta Stock Exchange to develop a service to trade security tokens. To take a look at the most famous of cryptocurrencies, head to our Bitcoin trading page.
Development – Why was Binance Coin developed?
The development of Binance Coin was fairly similar to the majority of other cryptocurrencies on the market. Changpeng’s idea was to create a stable coin, and the project managed to raise a total of $32 million. Binance Coin was developed to compete with the other trading options that were available but its main selling point would be the native currency on the biggest exchange in the world as well as the hopeful stability that would come as a result of that.
Binance also hoped to surpass the Bitcoin software in terms of transactions and scalability potential. This development was completed over a number of years and the option to buy Binance Coin is finally available to just about every customer looking to enter the crypto trading industry. To find out more information about all of your crypto options, head to our best cryptocurrency to invest in page right here at Bitreviews New Zealand.
Statistics & Major Facts – Facts to know before you buy Binance Coin
Since Binance Coin trading has been available, plenty of users have used the statistics presented to illustrate the potential of the cryptocurrency. As a Binance Coin owner, you will have voting rights on Binance’s crypto listings and gain access to the initial exchange offerings (IEOs) on Binance. This is unprecedented power that is given to the customer base which exceeds the other offers on the market.
Binance also undertakes a quarterly ‘Burn’ which is in accordance with the Binance whitepaper. This Burn involves Binance using 20% of their profits to buy back units of BNB and destroy them completely. This is done until 50% of the total supply remains, which is 100 million Binance Coins.
BNB is 10th on the markets in terms of market capitalization, however, its growth has been competing with the biggest names in the industry lately and it can only be a matter of time until Binance Coin climbs those rankings with the current Binance Coin price. Be sure to conduct your own research surrounding the potential to buy Binance Coin before investing large amounts of money.
Security, Features, Use Cases – What is Binance Coin used for?
As with any other crypto option on the market, your security should be your primary concern. There are plenty of Binance Coin trading reviews and you will need to read over some of our trading reviews to get your career going. Your gains from your initial investment will not have much value if your account is breached in any way.
Due to Binance primarily being an exchange, their security measures put in place will be among the best in the industry, however, due to their incredibly high trading volume, they are certainly the most sought after target for the majority of online hackers out there. If you would like to take a look at how the security methods of another industry giant compare, head to our buy Bitcoin Cash page.
In May of 2019, there was a large scale attack towards Binance which involved viruses, phishing attempts and other hacking methods that resulted in Binance losing 7000 Bitcoin units. This news came as a shock to the entire crypto community and the price of BNB did experience a decrease in value. Withdrawals and deposits were halted, but transactions were allowed to continue within the exchange. The customers who had lost funds were also reimbursed by means of the secure asset fund which Binance has in place.
There are a remarkable number of uses for BNB and they are split into five categories. These include, payment, travel, entertainment, service and finance. In terms of payment, there are plenty of options to settle credit card accounts and pay for a variety of other services using your Binance Coin units.
Binance Coin trading also allows owners the ability to book airfares, hotels and accommodation using their crypto. There are numerous entertainment services also offering their business with compensation in BNB. All of these uses can be found on the Binance website and they have managed to gain more support than most of the other cryptocurrencies on the market.
How to trade – Our tip for Binance Coin trading
To get trading with some of the best Binance Coin trading sites, you will need to have an informed opinion surrounding the cryptocurrency itself and do as much research as possible before attempting to make a Binance Coin price prediction. When you feel you have enough understanding to finally buy Binance Coin, you will need to browse through our operator reviews to find a trading platform that suits your crypto needs. These reviews cover the major aspects of any trading platform and there are plenty to choose from – you can get started by taking a look at our XTB review.
Once you think you have found the best Binance Coin trading option, you will need to sign up with an online crypto wallet in order to store your units of Binance Coin. We have also conducted reviews of the various wallet service providers and these can all be found right here at Bitreviews New Zealand. With access to a reputable wallet, you will also need to verify your accounts before you are able to make any transactions. This is usually done by sending in a copy of your ID card or passport.
With some crypto wallets, you may be able to bypass this procedure as none of your personal details are needed. However, there are plenty of Binance Coin trading scams and you will need to conduct the necessary research to ensure you are not at risk of losing your funds.
You will then need to deposit some of your traditional currency in order to trade it and buy Binance Coin. Most of the available service providers will offer a variety of methods to deposit funds with them and you can use our reviews to ensure that your preferred payment method is covered. With funds in your account, you can finally begin Binance Coin trading.
It is highly recommended that you wait for a while and get a feel of how the price behaves before you make the decision to buy Binance Coin. Also, check the charts to get an idea of exactly how the price has been behaving, it is never recommended to buy at a peak but you may just be at the start of the upward trend.
The only way to make an informed Binance Coin prediction would be to stay as informed as possible with any information you can get your hands on. The markets respond fairly quickly to any developments as cryptocurrencies can be traded at any time of the day from anywhere in the world. If you would like to see just how other cryptocurrencies compare, be sure to check out our Ethereum trading, buy Litecoin and Ripple trading pages. These are all big names within the crypto industry and can provide some insights before you decide to buy crypto online.
Future Outlook – What does the future hold for Binance Coin?
If you have made the choice to buy Binance Coin, you will be very interested in the future outlook of the cryptocurrency. There have been some recent developments which could prove to be negative for Binance but there are also signs that the cryptocurrency means business. In February of 2020, the Malta Financial Services Authority stated that Binance “is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.” but this statement could just be some administrative hurdles that will easily be overcome.
There were also leaked documents at the end of 2020 that described Binance as being a structure to deceive American regulators and secretly profit from crypto investors. These documents were leaked by Forbes and only time will tell if they were an indication of the truth. That being said, Binance is one of the most well-designed cryptocurrencies on the market and its value may continue on its upward trend.
Reputation and Customer Feedback – General consensus on BNB
Binance Coin already has an established reputation as the largest cryptocurrency exchanges on the market. Customers who have decided to buy Binance Coin will be able to enjoy cheaper transaction costs and most reviews found the experience to be a positive one. The stolen funds from the security breach were reimbursed fairly quickly and Binance has managed to uphold its reputation as a giant within the industry. The customer support team of the exchange service are efficient and friendly which will ensure that any queries are answered as soon as possible when you are making use of the exchange.
Binance has also gained the reputation of being the forerunner in crypto integration. They have made many traditional services available by offering crypto payment methods. There are also a host of annual competitions and plenty of research that Binance conducts to ensure they have some of the best resources out there.
Overall Conclusion – A good choice for crypto investors
With a solid understanding of exactly how Binance Coin trading came to be, you will need to keep in mind all the aspects of the cryptocurrency to have an idea of where it could be heading in the coming years. Once you have a grasp of how Binance Coin came to be, you will also need to take into account the development that has gone into making the cryptocurrency a reality. This sheds light on the potential of the cryptocurrency itself and may give an insight into where the value of its crypto unit is heading.
Our statistics and facts of Binance Coin will give you a numerical comparison tool to be used against other cryptocurrencies. The methods that Binance Coin has put in place to ensure the scarcity of the cryptocurrency is unique on the market and time will tell if the tactic will pay off. Be sure to have all the security considerations in mind before you invest too heavily with Binance Coin but once you have obtained some units, you will have unprecedented markets that are available that can all be transacted with your cryptocurrency.