Ninelives of Binance Coin
Dear Reader,
This Ninelives post is going to focus on Binance coin, you may know it as BNB, the coin from the dominant exchange Binance. If you could care less about the Binance coin or exchange you can scroll down to find links to other topics in the Ninelives series. It is impossible to discuss BNB without talking about the exchange so this post will not just be about the coin. The reason we call this series #Ninelives is because I'm a cat and cats are said to have 9-lives due to their amazing ability to survive. BNB has not only survived, it has thrived and is rapidly climbing the overall market capitalization ranking, (#17). So, without further delay, let's get onto nine reasons why Binance coin has been a success.
Exchange Discount: If you use BNB to pay your trading fees on Binance, you get a 50% discount in your first year, this will lessen to 25% after 1 year, 12.5% at 2, 6.75% at 3 and it will be zero once you've used Binance for 4 years. Here is my link to sign up for Binance if you haven't already, you can go here and click on "created an account" or "Register." I get a percentage of your already low trading fees. If you don't use BNB you are charged a whopping 0.1% exchange fee. (That is why Binance is popular, it's inexpensive and relatively easy to trade coins on.)
Liquidity: Binance is extremely popular, it is the worlds most popular cryptocurrency exchange and fairly priced trades move quick. Every coin wants to be listed on Binance and you can exchange BNB for over 70 different cryptocurrencies, about 110 coins are available on the website but not everyone can be exchanged for BNB. The total daily exchange volume is typically over one Billion dollars.
Coin Burns: Every quarter Binance burns (destroys) some of its coins. The initial supply of BNB was 200 million coins, now it sits at around 195 million after three coin burns. Binance will purchase 20% of their quarterly profits in BNB coins and destroy them until there are only 100 million remaining. This decrease in supply could put upward pressure on the price of BNB. I do not recommend flipping BNB or making a trade trying to anticipate price movement surrounding a coin burn as attempting to time such an event is an excellent way to lose money.
Binance Labs: An incubator for blockchain technology particularly focused on Decentralized Echanges (DEXs), trading algorithms and other exchange-related technologies. Binance Labs will invest 1 billion dollars worth of BNB into various projects to help them progress. This will help develop blockchain technologies and should by default increase the popularity of the entire Binance ecosystem. Projects will be given priority listings on Binance as an added incentive. Website here
Binance Launchpad: An in-house ICO (Intial Coin Offering) platform for blockchain projects. This ICO platform provides subscribers with vetted, and (hopefully) above-average quality projects in a safe environment for investing. The coins which have used launchpad sold out extremely quickly and were listed on Binance. Most ICOs can only dream of listing on Binance and when they do, they can increase substantially in value as they get massive recognition.
Binance Community: You probably know that Binance is fostering a community. They sometimes post and are verified on Steemit @binanceexchange, Binance also engages its community on Reddit, Twitter, Facebook, Medium, Instagram, Weibo, Telegram, YouTube and more. On their website, they frequently engage the user by offering trading competitions, bounties and even a reward for identifying hackers. The community is rapidly growing and Binance is already the most popular cryptocurrency exchange.
Changpeng Zhao: CZ is the CEO and founder of Binance. He is a Chinese born Canadian who has a background in computer science and working for stock exchanges. He has been involved in Blockchain related projects since 2013 and left his position as the CTO of OKCoin(another exchange) to found Binance in July of 2017. Having come from humble beginnings he is now one of the richest known people in blockchain having made over a billion dollars off of Binance alone in less than one year. Here is a link to the article when he made the front page of Forbes Magazine in February of 2018.
Binance Dexathon: Binance announced a competition to help build a more decentralized exchange (DEX). The winning individual or team will get one million dollars (in BNB of course) and a job. DEX's currently are not very user-friendly, they can be slow and often crash, Binance is hoping to change this. The main advantage of a DEX is that the coins are stored in the trader's wallet and not on the exchange, limiting both risk and liability for the exchange and the trader. More information about the competition can be found here
Binance Chain: Binance is an ERC-20 token, it was programmed on the Ethereum blockchain and can be stored in an Ether wallet. Once Binance has a user-friendly DEX, they intend to launch their own mainnet and leave the Ethereum blockchain. All existing tokens will be converted to the new format and Binance will become a native coin. This is when Binance will cease being a company and become a community. source
Thank you for taking the time to read about Binance coin, I sincerely hope you learned something new. If there are any corrections to be made, please let us know. If you would like to tell us more about BNB, feel free to comment below and include relevant links, you can also let us know what you like or dislike about Binance in general. I'll upvote relevant comments whether they are positive or negative, please no spam. Suggestions for an upcoming Ninelives post are always appreciated.
In no way is this meant to be financial advice. I do not recommend purchasing, using, selling or holding Binance. I currently own some BNB but am not affiliated with the Binance project in any way. If you use Binance coin or the Binance exchange do so at your own risk. I do not recommend speculating on a coin that is going to be listed on Binance solely because of the listing. Please do your own research when making investment decisions.
Previous Topics in the Ninelives Series
| ICOs | IOTA | Bitcoin | TRON |
|---|---|---|---|
| Ethereum | Stellar Lumens | Ripple | NEM |
| Monero | Litecoin | Dash | Cardano |
| EOS | NEO | BAT | Vechain |
If you scratch my back, I'll scratch yours. Please UPVOTE, FOLLOW and RESTEEM. If you follow me, upvote this post and comment below, I will follow you in return up-voting any quality blogs of yours I come across in the future.
If you have not opened a Binance account yet and are interested in doing so, here is my referral link you can go here and click on "created an account" or "Register."
Bye for Meow 😺 mRrrrrrrrrr...
I have used about 10 different exchanges and binance was the best. When I first bought BNB i accidentally bought 0.1eth worth instead of 0.01 and it was a really fortunate and profitable mistake
It's going to take a while to go through that on trading fees
I think I need to trade around 200 ETH worth of the stuff. I'm more of a hodler so that may take awhile.
I can vouch for Binance. I use it and it's super easy. You don't even have to register your EOS tokens. They register them for you, and not to mention they're just easy to use.
Yeah, I use Binance to buy Steem and the even paid me some GAS dust when I held NEO over night before moving it to my wallet. It will be a game changer when they finally move to Malta and get the fiat (Euro and hopefully USD) pairs they are talking about.
That'll be great. Hopefully small countries like Malta will get savvy about the crypto world, and start deregulating exchanges. Just look at Singapore. I'm guessing it wasn't a coincidence that block.one incorporated there,
So sad I moved my Binance investments back when it was lower... oh well...
No regrets. Binance is a great but they could be in trouble if banks open up exchanges themselves
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I need to find a way back into my Binance account. I invested about $1000 there and my 2FA isnt working correctly.
I despise 2FA and dont like that most exchanges force us to use it. 2FA should be optional.
Message them, they're pretty good about resetting 2fa, it involves sending your Id, photo of you with your Id and a note saying 2da reset Binance with the date
I will eventually ... I still have the device the 2FA is on but the code isn't working.
Did I mention how much I dislike 2FA .....
Sorry to hear about your Binance getting stuck. Hopefully, you get back in soon and your coins moon in the meantime. We all hate security until we need it.
Did you use Google Authenticator and changed your Google-Account? So you should find a way to re-activate that old account.
It is not a matter of the device but the google-account they told me.
I like it and also use it for cryptopia, bittrex and bitcoin.de
"bittrex" has a special key to reset 2FA it if the account is lost.
su publicación fue votada y compartida :)
Some days ago when did some trading at Binance I've seen the BNB. I am also very interested in "hodling" some.
Unfortunately Binance does not trade SBD (but STEEM only).
I guess they will add it, soon. STEEM is also quite new at binance.
I have no idea if it is a good idea to by STEEM and exchange to SBD at steemit/market or better buy SBD at bittrex.
Sell some SBD for Steem, it's not worth using more than a couple dollars to promote posts. I find the best friends and follwers are made from comments and engagement