Cryptocurrency is one of the 2021 hottest trending topics. Cryptocurrency such as Bitcoin is traded on crypto exchanges like Binance, CoinBase, and BlockFi. Currently, you can’t purchase these digital currencies from the traditional stock market through a standard brokerage account. The largest exchange by market cap is Binance. The success of Binance prompted them to develop a native coin known as Binance Coin, or you can call it BNB in abbreviation.
Cryptocurrency Exchange Charge trading Fees
There are staggering over 1.4 million transactions that are processed on Binance every second and the site’s 2 billion in the normal daily volume are astounding statistics. Exchanges collect fees for processing crypto transactions, and the main reason Binance is so attractive is that its transaction fees are among the lowest in the Cryptocurrency world. Users pay just 0.1% to perform each of those billions of trades.
Furthermore, Binance decreases their already low transaction fees by a full 50% if you chose to pay for them using the exchange’s native currency, Binance Coin (BNB). This means that a transaction of $200 which is supposed to cost 20 cents will instead cost 10 cents if you chose to pay the transaction fee using BNB.
BNB rolled into the market on July 21, 2017, as an Ethereum-based (ERC-20) token, Binance initiated its initial coin offering (ICO) of 100 million BNB tokens. It finally moved to its own individual blockchain called Binance Chain and limited the BNB supply to 200 million tokens in total.
What Put Binance Coin Among The Best
Review, BNB is the native coin for Binance, the world’s largest cryptocurrency exchange. It was created specifically for use in the Binance ecosystem, which grants favorable rebates to incentivize its use — but there’s more to Binance Coin than just the trading discount. According to Trendycryptonews, BNB:
- Renders lightning-fast transactions
- Can be utilized to buy and sell an enormous variety of cryptocurrencies
- Is safe and secure
- Is accepted as currency by some service providers, mostly in the hospitality/travel industry
Why You Should Consider Investing
On April 6, Forbes published that the cryptocurrency market had topped $2 trillion in value. It was a tremendous moment for crypto, and Forbes cited BNB specifically as one of the smaller altcoins (Bitcoin alternatives) that are pushing so much of that incredible growth.
Beyond the crypto goodies, BNB is not yet candidly accepted as currency outside the travel, accommodations, and entertainment industries, although some investment platforms let you use it to buy mainstream securities. It’s just as trustworthy as non-native crypto, but it’s not as anonymous since Binance tradesmen must possess registered accounts. In the end, it’s another altcoin that you can proudly invest in if you choose to.