BNB Price Stats
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Market Cap: $40 billion +
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Circulating Supply: 154,533,651
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Supply Cap: 170,533,651
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All-Time High: $339.94 -25.5% February 19, 2021
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All-Time Low: $2.70 +636124.7% October 19, 2017
Brief History Of BNB
Binance (BNB) is the largest cryptocurrency exchange in the world. BNB debuted in July 2017. BNB has performed well since its inception due to its rapidly expanding number of use cases. BNB offers a variety of utilities, including listing fees, exchange fees, trading fees, staking, credit cards, and discounts. Another advantage is that BNB is compatible with the Ethereum blockchain via the ERC 20 standard. BNB has risen to second place in the altcoin rankings, trailing only Ethereum. Because it is one of the world’s largest crypto exchanges, analysts are left to speculate on how much more BNB is worth. BNB is currently ranked fourth in terms of coin market cap and coin gecko. BNB is available for purchase on Binance, CoinW, BingX, BTCEX, and MEXC.
Binance Team
Led by McGill University Alum and CEO of Binance, Changpeng Zhao started off his career developing software for matching trade orders. In 2005, Zhao founded Fusion Systems, which is known for some of the fastest high-frequency trading systems for brokers. Then he briefly worked at the OKCoin exchange. Fast forward to 2017 and this was when Zhao launched Binance on the Ethereum blockchain as an ERC 20 token. BNB was migrated over to Binance Chain in February 2019 and became the native coin of the Binance Chain. More in-depth research is needed to know the other members of his development team. For the time being, Zhao continues to wow the crypto community with the exponential growth of Binance.
Advantages Of Binance Coin
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Binance Smart Chain (BSC) is a new smart contract-enabled blockchain that acts as a parallel chain to Binance Chain. It’s a fork of Ethereum. EVM compatible.
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Fueling transactions on the chain.
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BNB token buyback and burn program.
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Futures trading.
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Low transaction fees.
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Based in Malta and access to markets in 180 countries.
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Buying IEO tokens with it.
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BNB Staking in the wallet.
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Pay by credit card.
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Pay travel expenses.
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Decentralized Dex platform.
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Strong partnership with Asian businesses.
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Assets are insured for security breaches.
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Mobile app.
Disadvantages of Binance Coin
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In 2019, Binance was hacked for $40 million worth of Bitcoin.
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Prone to government censorship due to its centralized platform.
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The platform does not support most traditional payment methods.
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Some of its functionality is being disrupted by decentralized options like Uniswap.
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The Binance platform can be overwhelming for new users and traders.
Use Cases of Binance Coin
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-Centralized exchange (DEX) powered by BNB.
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BNB token buyback and burn program.
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Fueling transactions on the chain.
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Paying for transaction fees.
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Buying IEO tokens with it.
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BNB Staking in the wallet.
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Pay by credit card.
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Pay travel expenses.
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Futures trading.
Summary
Binance is a centralized exchange platform with many use cases, low fees being one of the most important. Short to mid-term BNB will take an increasing market cap from Ethereum. However, once Ethereum 2.0 is online, its open-sourced, permissionless, proof-of-stake network will most likely regain users and developers building on the Ethereum platform.
Sources:
https://decrypt.com/
https://coinmarketcap.com/currencies/binance-coin/
https://cryptonews.com/
https://academy.binance.com/
