Binancecoin (BNB) description
Binance coin is the cryptocurrency of Binance exchange. This exchange offers a wide range of trade markets, but also lending, options , futures and margin trading.
Tokens for other projects can be created on this blockchain , like on Ethereum.
Binancecoins can be used to pay for trading fees at the exchange with the same name. User paying fees in this cryptocurrency get a rebate on the fees .The coins that are used to pay for fees are burned until a 50 percent reduction of the total amount is coins is reached.
Team and community
The team is well known. Founder and CEO is Changpeng Zhao. The company has a total of around 600 employees worldwide.
Exchanges and usecases
Beside the central exchange and the decentral exchange with the same name, can you trade this cryptocurrency at 30 other exchanges.
Review for Binancecoin :
A very strong point of binancecoin are the markets on the exchange with BNB as base currency beside USDT and BTC markets.
Every quarter an amount of BNB gathered from fees on the exchange is burned , reducing the total supply of coins.
Recently a token BUSD was created on this chain. It is a tokenized USD , that will keep a value very close to one US dollar. It is, what we call a stablecoin.
The possibility to create tokens for projects on top of the chain is not something new. It was done earlier by Waves and Ethereum. But on this blockchain, creating a token for serious project, brings a top exchange listing nearby.
There are two part of exchanges, the normal centralized exchange , and also a decentral exchange running under the name Binance DEX.
The environment for this cryptocoin is very strong what is already visible in the value of the total chain of over 3 billion US dollar at the moment of writing.
These days more and more exchange trading pairs become available in all kind of stablecoins (mainly based on USD). This slowly will take market share away from bitcoin markets. And still bitcoins value comes from the biggest use case , trading with them in new financial markets.
We think Binancecoin might grow stronger then Ethereum. And this chain has the potential to be the number one valued blockchain , leaving Bitcoin behind in value. But always keep in mind, what you read on coinsrate.org is not financial advice, do your own research before buying or selling any cryptocurrency.
Last update of this page 18-11-2019