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$BNB: Another Unicorn Coin?

BitForex Editor
Feb 22, 2021

Firstly, before anything else, it is important to know what Binance (BNB) is all about. So, what then is it?

What is Binance?

Binance (BNB) is a cryptocurrency that links buyers and sellers to carry out cryptocurrency trading. BNB can also be traded for other kinds of cryptocurrencies such as Bitcoin, Litecoin, and even Ethereum. Binance, founded by Changpeng Zhao in 2017 has its main base in Malta. Although, there are offices in parts of Asia such as Japan and China to name a few.

Over the years, its own cryptocurrency which is the Binance coin is well recognized for its kind gestures of ditching out awesome prizes to its top traders. Some of its prizes down the years have been some of Apple products like the MacBook, iPhones, and not to mention sometimes a Maserati. Currently, the team at Binance is on the lookout for partners to create an alliance of a _billion-dollar investment fund.  _ 

What is Binance used for?

Currently, there are a lot of cryptocurrencies in place. However, the Binance coin offers us that is quite appealing. Some of them are:

1.Investment: One of the uses is on investment. As investors would have it, with the use of Binance coin, other platforms permit investors to invest in a stock.

2.Trading: Everything comes down to the restriction set by the exchange. However, BNB coin can indeed be traded for several cryptocurrencies on different exchanges.  

3.Credit card payment:  It serves as a form of payment, especially when it comes to crypto credit card bills.

4.Booking travel arrangements:  This would be highly beneficial for travelers, as with BNB it becomes easy to book hotels and also flights from any reputable websites.

5.Entertainment: When it comes to entertainment, Binance always has a role to play. Whether it's looking for a lottery ticket or even paying or purchasing virtual gifts.

6.Transaction fees on the Binance Exchange:  Another good use of the BNB is in regard to transaction payments. Indeed, payments are settled on the Binance exchange, and at the end of the day, users are handsomely rewarded by being given a discount for acting on such a decision.  

7.Loans and transfers: A good use for BNB is when it comes to transfers. It can serve as a form of collateral for loans on various platforms. Additionally, it is important to be made known that some apps are readily available when it comes to splitting bills and settling family's through the BNB coin.

How do one purchase the Binance (BNB) coin?

In this section, we shall create two scenarios to better explain how to buy the BNB Tokens.

Scenario (1): If as an individual who already owns another cryptocurrency, how do you purchase or buy a BNB token.

Scenario (2): How to go about it, especially knowing full well you do not own any crypto-coin whatsoever.   

Now, for the first scenario, there are about five steps that you would want to adhere to. The steps are:
Step 1: Have an account created on Binance

Step 2: Allow the 2 factor authentication

Step 3: Account verification

Step 4: Let Binance receive your coins

Step 5: Exchanging the coins
By thoroughly following these steps, you can then achieve your objectives which are to convert your other cryptocurrencies to BNB.

Again, for the second scenario, you may be required to purchase some of the most stable currencies out there as Binance doesn't approve currencies like the USD or even the Chinese Yuan. Examples are Bitcoin, Litecoin, and the Ethereum. But before then, depending on your location, you may have to get them from a crypto exchange.  

The Binance Qualities

Binance (BNB) has some remarkable qualities that should keep suitors interested. Some of them are:

1.Growth: When it comes to growth, the BNB currency is on a steady rise, similar to the Binance platform as it expands in value

2.Low cost: The BNB isn't in any way expensive, meaning you can buy BNB as another coin, the same way you purchase bitcoin. Furthermore, trading the BNB on the Binance platform is relatively easy.

3.Community Trust: Most people who want to purchase a cryptocurrency always look out for how trustworthy it is, and to allay any fears BNB is trustworthy.  Investors are becoming more confident in BNB given the fact that its operation is smooth and the withdrawal limit is on the high side.

4.Supply and demand: In the digital currency world, supply and demand play a huge role in a cryptocurrency. Take, for instance, Bitcoin gained a lot of value as a result of its somewhat limited supply chain. It would interest you to know that there are just under a 100 million BNB coin already out there in the market space, and with its rise to stardom, the supply drops.

The future of BNB Token

BNB has a lot of incentives, to make people adopt its token to execute it as their default setting, especially when it comes to exchanges.  Several contests and other alluring methods have been adopted just for the aim of bringing more investors into the fold.

The Prediction of Binance coin

The investors who trade using BNB are being given exciting discounts through a return on investment (ROI). With BNB, the future looks extremely bright as evidence of its characteristics. Moreover, many analysts are pointing towards BNB being a profitable cryptocurrency in the long term.

However, it is important, especially for someone who intends to go deep into the cryptocurrency market to have a bit of historical data in place. This would effectively serve as a guide in making the right investment, just the same way people do stocks and bonds. Cryptocurrencies are reliant on economic tides, meaning they can either increase or decrease depending on the global market volatilities.

In conclusion, BNB has a bright future in the cryptocurrency world. All this is also a result of the company having competent personnel with years of experience when it comes to financing. So, with all been said there is every possibility of BNB becoming another Unicorn coin.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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