Introduction to Binance coin
Binance coin (BNB) is an online digital currency that can be used to perform transactions on the Binance platform for cryptocurrency exchange. As at 2018 Binance was responsible for over one million trades per second ( the largest in the world)
Binance coin users usually receive discounts in charges on the Binance exchange platform. Binance coin can also be switched with other cryptocurrencies like bitcoin and etherium.
BNB was founded on the 21st of July 2017. It was formerly known as ERC-20.
Uses of Binance coin
1. They make trading on the Binance exchange platform easier
2. They serve as a means of payment collection for merchants
3. They can be used for lottery, gift cards and cash tokens
4. BNB can be used to invest in stocks, forex market and other commodities.
5. They serve as loan collateral
Binance coin : how it all began
A total of hundred million BNB tokens were shared between :
1. The founding team – forty percent
2. Angel investors – ten percent
3. Public sale – fifty percent
If BNB token was sold for 0.15$, which helped Binance raise fifteen million dollars.
From the money, 5.25 million dollars was used to upgrade the platform, 7.5 million was used for branding and marketing while the rest was kept incase of emergencies.
Every three months, Binance uses one-fifth of its profit to buy back BNB and destroy them.
This will continue until they have burnt fifty percent of the total supply. This is to make BNB scarce and hence increase its value.
How to Buy Binance Coin(BNB)
Step 1 – Open an online account.
As the name implies the best and most reliable place to buy Binance coin. However if you are not living in the United States of America you will have to use a VPN to register for a United States Binance account. You will be asked to upload some documents for personal identification.
Step 2 – Get a Wallet
After you have created your United States Binance account, you will have to decide where you want to store the BNB you want to buy.
If you use Binance frequently you may keep your BNB of the BNB exchange platform.
How ever for privacy you may decide to a fat a wallet.
Step 3 – proceed to Make your purchase.
With all the formalities taken care of, it is time to buy some Binance coin.
When placing an order you have two options ;
– Market order ; which means you are going to buy at the current market price
– limit order ; waiting for the price to reach a particular limit before you buy.
Binance price prediction
The price of Binance cash has reduced by as much as fifty nine percent in the past weeks as a result of an unexpected sellof in the crypto industry. It’s current price is way below its all time high of 690$.
It is because of all these uncertainty that we shall run an analysis on the price predictions of Binance coin
The Binance coin is the follow – come cryptocurrency that operates on the Binance network.
As at May, Binance coin was the biggest cryptocurrency behind bitcoin and etherium. It has a market capitalization of one hundred and fifty three million Binance coins out of a total of one just and sixty nine million and a maximum supply of one hundred and seventy million.
The ongoing buzz and speculativeness in the cryptocurrency would has brought Binance coin to the center stage.
The price of BNB rose from about thirty seven dollars at the beginning of the year to arrive at an all time high of six hundred and ninety dollars around may. It then went low to a price of four hundred and ninety six dollars on the eighteenth of may. The deep in price continued to two hundred and eighty three dollars the Next day. Hopes were seen as prices were up to four hundred and forty two dollars on the twentieth of may only to dash the hopes and fall to three hundred and eighty eight dollars by your June.
Markets began to crash after some not to good headlines began to circulate the air. Headlines such as Tesla which had a change in policy which caused several ripple effects one of which was they stopped accepting bitcoin as a mode of payment.
What does the future hold for BNB?
Before the sellof many experts had predicted that Binance coin will surpass the one thousand dollars mark. But are these expectations still feasible?
According to wallet Investor ( A Binance coin to United States dollar algorithm based site) the price is most likely to return to about six hundred dollars by December, which will be an increase from the four hundred and eighty two dollars at the beginning of the year.
They also expect future price jumps to eight hundred and eighty four dollars at the end of next year, about one thousand dollars by November 2023 and one thousand seven hundred and five dollars by 2025.
Digital Coin are expecting the price of BNB to reach one thousand seven hundred dollars in the next five years. It also forecasts prices of six hundred and three dollars, six hundred and ninety dollars and one thousand one hundred and ninety nine dollars in 2021,2022 and 2025 respectively.
The BCP (Binance coin prediction) from the economic forecast agency has pegged the price at six hundred and twenty five dollars at the end of 2021, seven hundred and twenty seven dollars by December 2022 and one thousand two hundred and two hundred and forty two dollars by November 2023. Generally they are forecasting an average of one thousand and fifty nine dollars on the long term.