Cryptocurrency is big and you wouldn’t be able to easily buy it through a standard brokerage account on the stock market. It is like you would with a share of Amazon or index fund. Bitcoin and other cryptocurrencies exchange on specialized exchanges. Etoro, CoinBase, and BlockFiBinance is the world’s largest cryptocurrency exchange. It’s so popular that a native cryptocurrency called Binance Coin was established solely to make paying for the site’s services easier.
Trading Cryptocurrency requires Fees
The succeeding numbers might mean nothing to you if you are not aware of how crypto exchanges work. But the 1.4 million transactions executed every second on Binance and the 2 billion off its sites in daily average are really impressive statistics. Executing crypto transactions takes fees with every exchange and one of the reasons why Binance is famous is because its transaction fees are the lowest all over the world. To complete each of the billions of trades, users only pay 0.1%.
Binance Coin reduces trading cost
Binance lessens the trading fees that are already low by 50% full if the exchange’s native cryptocurrency. Users pays using Binance Coin (BNB). So, instead of paying 20 cents on a $200 transaction, you’d pay only 5 cents for completed BNB transactions.
When Binance made its initial coin offering (ICO), the BNB hit the market on 21st of July in 2017. It then moved to its own blockchain called Binance Chain and only allowed to supply 200 million tokens in total.
Binance Coin: Positive Aspects
According to reviews, the native app for Binance is BNB which is the biggest cryptocurrency exchange in the world. The coin is made exactly for Binance ecosystem. Binance ecosystem offers refunds for incentives. Binance coin is not only about the trading discount. CoinJournal notes that BNB delivers quick transactions. Users utilize this to buy and sell Big diversity of cryptocurrencies. It is secure and safe. Some service providers recognize BNB as currency, especially in the hospital or travel industry.
Think Twice before Joining the Craze
Forbes reported on April 6th that the cryptocurrency market had surpassed $2 trillion in value. This considers as a big moment for crypto. BNB was cited by Forbes as one of the smaller altcoins (Bitcoin alternatives) that drive the unbelievable growth.
Of course, investors who look for quick bucks should take it easy.
If we look at the bigger picture, BNB is not yet widely recognized as currency outside the travel, accommodations, and entertainment industry. However, buying mainstream securities is allowed by some investment platforms. It is as dependable as non-native crypto but not as unidentified since registered accounts are a must for Binance traders. Finally, it is an altcoin you could invest in if you want. However, just like all crypto investment, investors expect highs and drops.
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