Binance is well known among cryptocurrency enthusiasts. The company is one of the most popular market places for cryptocurrency trading. Asides from that lofty position of a reliable exchange, Binance has its own token simply referred to as Binance coin. Those that are familiar with Binance can easily understand why this coin is so highly regarded.
What is Binance coin (BNB)?
We have already stated what Binance coin is, but for the purpose of clarity, it is important to stress that Binance coin is a digital currency that belongs to the popular exchange, Binance. It is the default cryptocurrency of the giant exchange. Though it is not necessary a currency (like Bitcoin, Ethereum and the rest), it is treated as such within the Binance network. It is an electronic asset that follows the ERC-20 standard. While you may not use it outside the network, it is quite useful in the network to facilitate transactions.
Development of the Binance coin (BNB)
It can be said that the major reason for creating Binance coin (BNB) was to ease the fees incurred by traders using the Binance network. When the global exchange network announced that it will release its own token based on the Ethereum blockchain platform, it released a whitepaper that explicitly explained the facts about the token.
The ICO for the coin was a huge success and at the end of the day, BNB experienced tremendous increase in value to even rival established regular cryptocurrencies in terms of value and market capitalization.
Features of the Binance coin
With the BNB, traders can also be sure of multiple options when it comes to trading. The Binance platform is unarguably the largest cryptocurrency exchange when it comes to trading volume and traders will find just about any coins they want to trade with BNB. This abundance of options makes the coin an ideal token for profit oriented traders as well as a reliable digital asset for investment purposes.
With Binance coins, security is not a major concern. Binance is one of the most secured exchanges and the token is built on a strong Ethereum-based blockchain that is almost completely impossible to hack. Besides that, the coin is a very stable currency.
The future of Binance coin
Binance coin is definitely one of the most reliable tokens in the cryptocurrency ecosystem and there is not concern, whatsoever, about how it is going to fare in the near future. The team behind the exchange and the coin have proven over and over again that it is a capable of doing what is necessary to keep the platform at the top. In mid-April 2018, for instance, the company completed the burning of 30 million tokens so as to maintain equilibrium between demand and supply and control price. Binance also has strong partnership with some established players in the industry.
The fact that BNB has joined the top 20 cryptocurrencies even though it is not traded on other platforms shows how valuable and reliable it is.