Sirwin
Sirwin

Easy & Short Token Review: Binance Coin (Special Edition)


Hello Publish0x community and welcome back in my Sunday article dedicated to the “Easy and Short. Cryptocurriencies made accessible” section.

Today we are here with the first article of a special month of this section dedicated to Binance!
5 weeks, 5 amazing articles with a lot of tips and video tutorial dedicated.

So, don’t miss this opportunity and follow me to stay updated.

Let’s start this special month with an introduction to Binance world’s and the Binance Coin (BNB).

Binance is today one of the best known and most used cryptocurrency exchanges in the world. Even in a very competitive sector, Binance managed to emerge brilliantly, becoming a leader through a well-recognized quality of service.

Remember that Binance, in addition to being an exchange, is in fact also a cryptocurrency wallet, a trading service, a training academy, a charitable foundation, a supplier of its own cryptocurrency (Binance Coin) and much more!

Binance

There are so many resources available to investors and users, and in this special month, I want to take them all into consideration, allowing you to have the most complete Binance review.

Unlike many competitors who base their business on traditional crypto money exchange and vice versa, Binance focuses its services on crypto-to-crypto trading, and I like it a lot!

You can find my video-opinion about why I choose Crypto Trading instead of Forex, Stock, Index at this link:

This choice allows the exchange to change many aspects of its operations compared to its close competitors, taking the limits of the growth of the company to another level.

The history of Binance begins "only" in 2017. At the time there were already many exchanges, even very well known, such as Coinbase and Kraken, just to name two of the best known.

The founder of the service, Changpeng Zhao, however, was able to differentiate himself from all the others and enter the market with incredible speed and success. His previous experience has certainly helped him, but his story still remains one of the most amazing in the cryptocurrency world.

Zhao founded in 2013 a company dedicated to creating software for the management of orders for financial brokers. He then joined the decentralized economy revolution working first for Blockchain.info, then for OKCoin, another exchange that Zhao ended up competing with. On all these occasions he distinguished himself as a brilliant and capable innovator, leading the department dedicated to technological innovation.

After obtaining this high-impact profile, Zhao founded Binance to overcome the limitations of pre-existing exchanges and creating his own reality in the crypto world.

Binance

Let’s talk about Binance Coin (BNB).
Binance Coin (BNB) was at the beginning an ERC20 token issued on the Ethereum blockchain. Binance plans to use 20% of the profits each quarter to repurchase and "burn" BNB, until 50% of the total BNB supply (100 million) is "burned". The BNB token allows you to receive discounts on the services of the Binance platform.

The BNB token has multiple applications, essentially being the hub that powers the Binance ecosystem. The most important current use cases include the use of BNB for:

- Pay trading fees on the exchange
- Crypto.com has included support for Binance's BNB token on its platform which includes the Monaco Visa Card and mobile app
- The Uplive platform supports BNB to purchase virtual gifts

Binance has launched a fiat-crypto exchange in Uganda, thanks to which its customers will be able to buy Bitcoin (BTC) and Ethereum (ETH) using the local fiat currency, the Ugandan Shilling (UGX).
Another important Binance collaboration is with Prague-based Changelly, an easy-to-use platform that offers users an easy way to convert cryptocurrencies with approximately two million registered customers and fifteen thousand transactions per day. It also allows users to purchase Bitcoins using a credit card. The partnership would appear to be a win for both sides. Changelly would continue to provide users with a simple and affordable medium of exchange without going through the scrutiny of sophisticated graphics. Using Binance's rates and exchange rates, Changelly could attract users from Shapeshift, its main rival. It would also have access to a wider range of coins, which is currently limited to just over one hundred.

Binance

When we talk about BNB mining, Binance Coin cannot be mined and they are only released by the company.

Binance has minted a total of 200 million BNB tokens. The company held the ICO between 14 and 27 July 2017. The total supply of tokens was awarded as a percentage to different entities:

- 100 million (50%) of BNB tokens have been reserved for the ICO
- 80 million (40%) of BNB tokens were assigned to the "founding team"
- 20 million (10%) of BNB tokens were reserved for Angel Investors

This cryptocurrency introduced by Binance in 2017 has multiple use cases, but within the Binance Exchange ecosystem, it is used as a utility token that allows users to receive discounts when they pay trading fees.

As the large cryptocurrency market continues to grow, prominent exchanges like Binance continue to expand. If, as analysts are predicting, institutional investors will increasingly start entering this business, the cryptocurrency sector will benefit both in terms of liquidity and value.

I hope you liked this first introductive article for the special “Binance month”.
This was just a first taste of what Binance has to offer as a crypto platform.

If you want to start trading on Binance and have a 10% discount on fees, you can register on it through this link: Binance link

Next weeks, I’ll go deeper into Binance Earn, Binance Charity, Binance Academy, many differences from TradingView and Binance charting and much more! So, don't miss this chance to get a bigger insight into this amazing company!

Enjoy the end of this amazing 2020!

How do you rate this article?

99


MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Easy&Short. Cryptocurrencies made accessible
Easy&Short. Cryptocurrencies made accessible

In this section, we are going to create two article per each cryptocurrency/token. The first one will be technical, with a simplification of the Whitepaper and the second one will be about particulars of the coin. For example staking yields, particular functions and so on! I am sure you will like this very much!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.