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What is Binance Coin? Is it worth investing in 2021? Learn all you need about BNB.
Binance coin is a native token of Binance exchange with a trade symbol BNB, and it runs on BEP20, BEP2, and ERC20 protocols.
We know that digital cryptocurrency doesn’t depend on the intermediates like central banks and governments. Binance is the largest crypto exchange globally, and thus, BNB has attracted many investors lately. The token can be used to pay the transaction fees while exchanging the coins. It is an innovation where users get rewarded if they use it to pay the transaction fees.
It is always so easy to buy BNB tokens. You need to create your account using your email address and confirm your email address on the next step. You are then ready to use your account. After successfully verifying your account, deposit the coins to Binance, and you are now ready to exchange the coins on the Binance platform.
BNB was first made available for the public in July 2017 and was launched on the Ethereum blockchain. It offers many uses that include trading, payment processing, credit card payments, investment, and many more. It can be used to trade and pay fees on Binance Exchange as we know that Binance is a kind of exchange platform that only transacts in cryptocurrencies, unlike other exchanges that deal in fiat currencies. The Binance Coin was created before the Initial Coin Offering that raised a fund of nearly $15 million. The funds were used to build the platform and its marketing and branding, along with reserving 15% of the funds.
It is backed by the largest crypto exchange in the world. BNB has gained a lot of value in the initial months of the year. It is mainly because of the Binance exchange platform. It is believed that the coin’s value will certainly increase in the coming months. Although it cannot replace Bitcoin, it is undoubtedly likely to be a big winner in 2021.
Binance coin is believed to be a good investment and is one of the safest cryptos. It has a market price of $246 with an increase of 22.35% in 24 hours on Monday. At the time of writing, the price of BNB reached 239.94 by a decrease of 3.87% in 24 hours. With a market capitalization of more than $38 billion, BNB seems worth investing in 2021.
The overall trend of the Binance coin seems to be bullish, and it is predicted that it might have a slight dip in April and May. There is no doubt that the Binance coin is a desirable investment, but specific facts must be considered before investing. The first thing is that BNB's profitability is closely related to the popularity of Binance, which means that the binance coin would suffer if anything happens to Binance. The second thing is that the Binance platform is a centralized platform that will require KYC and AML processes that might be faulty sometimes.