Binance Coin Review 2024

    In Binance coin review article, we introduce Binance, a leading cryptocurrency exchange, and its currency, Binance Coin (BNB). We explore Binance’s features, Binance Coin’s role, and its impact on the cryptocurrency world. 

    This review is ideal for anyone interested in understanding the basics of Binance and its digital currency.

    Binance Review: Coin Pros and Cons 

    Like all cryptocurrencies, Binance has its advantages and disadvantages:

    Pros:

    Fast & Cost-Effective: Binance Smart Chain facilitates quicker and cheaper transactions than many blockchains, making it ideal for swift betting.

    Lower Fees: Compared to Ethereum, transactions on Binance Smart Chain generally incur lower fees, appealing for budget-conscious users.

    Versatile Use: BNB is efficiently utilized across various dApps and platforms within the extensive Binance ecosystem.

    Staking & Yield Farming: BNB holders can generate extra income through staking or yield farming, enhancing their potential.

    Potential Value Growth: The value of BNB could increase over time if token’s value rises, offering potential financial growth.

      Rapid Growth & Utility: Binance’s quick ascension since 2017 and the utility of BNB in providing trading fee discounts increase its attractiveness.

    Diverse Applications: Beyond trading fee discounts, BNB’s utility extends to payments, covering transaction costs, and securing financial services, demonstrating its versatility.

    binance-bnb-crypto-coin-review-pros-cons

    Cons:

    Regulatory Flux: The evolving nature of cryptocurrency and blockchain regulations may pose legal uncertainties or restrictions, depending on one’s location.

    Limited Acceptance: Despite its growing popularity, BNB and the Binance Smart Chain may not be as widely accepted as traditional fiat currencies for various purposes.

    Learning Curve: The adoption of cryptocurrencies like BNB, necessitates overcoming a learning curve, particularly for those new to blockchain technology.

    Investment Risk: Like all cryptocurrencies, BNB carries investment risks influenced by market trends, Binance’s performance, regulatory changes, and public sentiment towards crypto.

    Introduction To Binance Coin

    Binance is a popular place to buy and sell many different kinds of digital money, like Bitcoin. It’s easy for people to use. Binance also has its type of digital money called BNB. 

    At first, BNB was just a token you could use on another system, but now it’s the main kind of money on Binance’s system. 

    When you use BNB to trade, you can save money because you get discounts on the fees you have to pay. This makes Binance and BNB a big deal for people who trade digital money online. 

    Binance Coin (BNB)

    Coin Binance, or BNB, is a type of digital money that you can use on crypto exchanges. Binance is a website where people buy and sell different currencies. It’s very fast and can do lots of trades very quickly.

    BNB is handy for a few reasons:

    • If you use it on Binance, you can get discounts on the fees you must pay for trading. 
    • It also makes it easy to swap it for other digital currencies like Bitcoin, Ethereum, Litecoin, and thousands of others.

    BNB first appeared in July 2017 when Binance sold it to people to raise money, like a big online fundraiser called an Initial Coin Offering (ICO). At first, BNB worked on the Ethereum system and was an ERC-20 token. 

    But then Binance decided to create its network/blockchain called Binance Chain, and in 2019, they let everyone change their old BNB tokens for new ones that worked on this new blockchain now known as BSC (Binance Smart Chain).

    During the big sale when BNB first came out, they sold 100 million tokens at 15 cents each, and they got $15 million in Bitcoin and Ethereum. They used this money to improve Binance, tell more people about it, and have some saved just in case of emergencies.

    Binance Exchange

    Binance, created by CZ in 2017, is a prominent place online where you can buy and sell digital money like Bitcoin and Ethereum. It’s easy to use and supports many different kinds of cryptocurrencies, including Binance token BNB. 

    Binance is not just for trading; you can also keep your digital money safe there, earn some interest on it, help out miners, and get tips on smart investing. Binance works in many countries, but some places like the U.S. and U.K. have rules and regulations that limit what it can do.

    Before China made new rules against trading digital money, Binance moved its main office out of the country to Japan. 

    Binance does many things: 

    • It helps new digital money projects get started on its launchpad. 
    • Adds and removes cryptocurrencies for trading including derivatives trading. 
    • Allows copy trading, farm yield. 
    • Lets people take out their cryptocurrencies digital money (using bank transfers or Binance bank card).

    If you want to compare exchanges, you can read this – Binance vs Coinbase.

    What Makes This Coin Unique?

    Binance is the native cryptocurrency of the Binance exchange. It is one of the world’s largest and most popular cryptocurrency exchanges, with Bitcoin, Ethereum, and USD Tether ahead of it (read this – best Tether sports betting). 

    BNB was created as an ERC-20 token on the Ethereum blockchain but later migrated to Binance’s blockchain, known as Binance Smart Chain (BSC), through Binance Coin Swap.

    In our Binance crypto review you can see some features that make Binance Coin unique:

    unique-cryptocurrency-bnb-coin-binance-blockchain-review
    • Utility Token: BNB was initially created as a utility token on the Binance platform. It can be used to pay for trading fees, transaction fees, and other fees on the Binance exchange.
    • Discounts and Benefits: BNB holders on the Binance platform often receive various benefits, including reduced trading fees when using BNB to pay for fees. This can incentivize traders to hold and use BNB.
    • Token Burning: Binance periodically conducts token burns, where several BNB coins are permanently removed from circulation. This can create scarcity and potentially increase the value of the remaining coins.
    • Cross-Platform Usability: Since BNB bet was initially an ERC-20 token, it was compatible with the Ethereum blockchain. This meant it could be stored in Ethereum wallets and used in decentralized applications (dApps) on the Ethereum network. After migrating to BSC, it still maintains compatibility with Binance’s ecosystem.
    • Smart Contracts and dApps: With the launch of the Binance Smart Chain, BNB gained the capability to interact with smart contracts and participate in decentralized applications similar to Ethereum. This expands its use cases beyond the Binance exchange.
    • Delegated Proof of Stake (DPoS): Binance Smart Chain uses a consensus mechanism known as Delegated Proof of Stake. This means that block validators are elected by BNB holders, giving them a say in the network’s governance.
    • Staking and Yield Farming: BNB holders can participate in staking, locking up their tokens to support the network’s security and, in return, receive rewards. Additionally, BNB can be used in various yield farming activities, allowing holders to earn additional tokens.
    • NFTs and Gaming: Binance Smart Chain has been used as a platform for NFT (Non-Fungible Token) projects and blockchain-based games. BNB can be used within these ecosystems.
    • Launchpad for ICOs and Token Sales: Binance Launchpad is a platform for launching new tokens and coins. BNB is often used as the primary currency for participating in token sales.
    • Community and Ecosystem: Binance Coin has a large and active community that supports its adoption and development.

    FAQ About Binance Coin

    ⭐ What is Binance?

    Binance is a leading online cryptocurrency exchange platform founded in 2017.

    ⭐ What is BNB?

    BNB is the native cryptocurrency of Binance, initially an ERC-20 token, now key to the Binance Chain.

    ⭐ What are the main uses of BNB?

    BNB is used for trading fee discounts on Binance, payments, and various other financial transactions.

    ⭐ Why does Binance burn BNB coins?

    Binance periodically burns BNB coins to reduce supply, potentially increasing its value.

    ⭐ Is BNB a good investment?

    BNB could be a viable investment, but like all cryptocurrencies, it involves risk and is subject to market volatility.

    ⭐ What's the BNB blockchain review?

    Short BNB coin review – it offers fast transactions, low fees, and supports various decentralized applications, making it a popular choice for users and developers alike.

    ⭐ What is the Binance crypto card?

    The Binance crypto card is a payment card linked to your Binance account, allowing you to spend cryptocurrency like traditional money at merchants that accept card payments. You can read about more best crypto cards.

    Binance Crypto Review: BNB Technical Analysis

    This overview will explain how BNB performs in the market and its importance to investors and traders in the cryptocurrency world.

    Max Supply

    The maximum supply of BNB was initially set at 200 million coins. However, Binance uses a portion of its profits to perform quarterly coin burns, permanently removing a certain number of BNB from circulation and reducing the total supply over time. 

    As of June 2023, the total supply has been reduced to 155,851,405.16 BNB due to these coin burns, which are part of Binance’s commitment to reducing the overall supply to 100 million BNB, or half of the initial supply.

    1-year Price Low/High

    The 1-year price low and high provide a snapshot of BNB’s volatility within a year. The significant difference between the low of $213.67 and the high of $388.72 indicates the coin’s potential for large price swings, which is common in the cryptocurrency market.

    All-time High

    Token binance BNB reached its all-time high of $690.93 on May 10, 2021. This peak reflects the overall bullish sentiment in the cryptocurrency market during that period and the growth and adoption of Binance’s ecosystem, including the Binance Exchange, Binance Smart Chain, and various other products and services.

    Current Price

    The current price of BNB results from various factors, including market sentiment, adoption, trading volume, and the overall performance of the cryptocurrency market. It’s also influenced by Binance’s business developments, partnerships, and regulatory news.

    At the moment, the current price is $353.

    Market Cap 

    BNB’s market cap is calculated by multiplying the current price by the circulating supply. BNB is one of the largest cryptocurrencies by market capitalization, indicating its widespread use and acceptance within the crypto ecosystem.

    Markets

    BNB is widely traded on various cryptocurrency exchange sites, with Binance being the most common place to buy and sell it. It’s also available on other platforms like Bybit, Kucoin, OKX, BitMax, Huobi Global, and others, making it easy for many people to trade BNB.

    The presence of multiple exchanges also helps with price discovery and stability, as it’s less likely to be manipulated on any single platform.

    How Does It Work?

    There were 200 million BNB coins when it first started, but now there are fewer because Binance destroys some every three months at burning events. They do this to keep the value of their coins stable. In early 2023, Binance removed over 2 million BNB coins worth about $676 million.

    BNB started as a way to pay less for trading fees on Binance. Now, it’s used for more things, like paying for transactions on Binance’s trading websites and systems. Binance made a special blockchain called Binance Smart Chain just for trading, like a digital ledger. This blockchain uses BNB to make everything work smoothly.

    There are two big parts of the BNB blockchain:

    • One is called the Binance Beacon Chain, which lets people who own BNB have a say in how the system is run by staking their coins and voting – usually called governance.
    • The other part is the Binance Smart Chain, which works with Ethereum (another kind of digital money) and lets different blockchain systems talk to each other. This setup makes the Binance blockchain useful and flexible for all the different things people want to do with it in the Binance world.

    BSC network allows token creation, buying, and selling like on the Ethereum chain (ERC). Moreover, users can create and dispose of NFTs using the BSC blockchain.

    BNB Price History 

    Like the rest of the crypto market, Binance Coin has had its ups and downs. In early 2021, things were looking up, and BNB hit its highest price ever at around $692. But it couldn’t keep that high price and mostly stayed under $400 during the summer.

    cryptocurrency-binance-token-price


    In November 2021, BNB’s price went up again over $600, but then some big world news, like Russia’s actions in Ukraine, shook the market. By January 24, 2022, BNB was down to about $373. It kept dropping and was around $363 by February 24.

    After that, BNB tried to climb back up to about $409, but then it slipped back to $362 by March. It managed to jump to approximately $462 on April, but then a big problem in the crypto world happened on May when a certain stablecoin messed up, and BNB’s price fell hard to $217. It tried to recover to $337 in May, but it didn’t last.

    In June 2022, the U.S. government started looking into BNB’s original coin sale from 2017, and that caused the price to dip again, even going below $200 at one point. It bounced back a little to $223 the next day but dropped to $187 shortly after. 

    Also, we have an article about BNB price prediction.

    What Affects BNB Price?

    The price of BNB, like any cryptocurrency, is influenced by various factors that can sway its value. Here’s a more detailed look at what can affect BNB’s price:

    • Adoption and Usage: If BNB becomes a preferred method for transactions, such as paying for goods and services online, or if companies widely adopt it for business transactions, demand could increase. For example, if a major retailer announces that it will accept BNB as payment, its price could surge.
    • Market Sentiment: The overall mood of the cryptocurrency market can significantly impact BNB’s price. If there’s a bull market and investors are optimistic, pouring money into crypto, BNB will likely benefit. Conversely, if there’s a market crash or negative sentiment due to a high-profile hack or regulatory crackdown, BNB’s price might fall.
    • Binance’s Performance: As Binance continues to innovate, offering new services such as decentralized finance (DeFi) platforms or non-fungible token (NFT) marketplaces can boost confidence in BNB. Binance is launching a successful service that rivals Ethereum’s smart contract capabilities, potentially increasing BNB’s value.
    • Token Burns: Binance periodically conducts BNB token burns, where several BNB tokens are permanently removed from circulation. This is akin to a company buying back its shares; it can increase the value of the remaining tokens. If Binance announces a larger-than-expected burn, the price might rise in anticipation of a reduced supply.
    • News and Public Perception: Positive news, such as Binance partnering with a major financial institution, can increase trust and demand for BNB. On the other hand, negative news, like a regulatory investigation into Binance, could cause the price to drop as investors lose confidence.
    • Whale Activity: Large holders of BNB, often called “whales,” can influence the price by making substantial trades. If a whale decides to sell a significant amount of BNB, it can flood the market and drive the price down. Conversely, if a whale makes a large purchase, it can create a sudden spike in price.

    Is BNB A Good Investment?

    It could be a good idea if you’re considering investing in BNB for a long time. But remember, investing can be like a rollercoaster with many ups and downs, especially with cryptocurrencies like BNB.

    The price of BNB can change a lot, so it’s essential to keep an eye on how many people are buying it, any updates to its system, and the rules of the cryptocurrency world.

    Before you start, take some time to understand how things work in cryptocurrency. If you’re careful and do your research, investing in BNB might work out well for you. But there’s no need to hurry – it’s often better to be patient and watch closely. 

    How to and Where to Buy Binance Coin?

    Some Binance coin sportsbook,  where you could buy BNB:

    • Binance Exchange (Binance is the official platform where BNB was originally issued)
    • Other Cryptocurrency Exchanges (like Coinbase, Kraken, Bittrex, and Huobi).
    • Peer-to-Peer (P2P) Platforms (if available in your country)
    • Cryptocurrency ATMs (if available in your country)

    You should choose the best place to buy Binance coin for you.

    If this is your first time buying Binance coin, here is a guide how to buy Binance coin:

    how-to-buy-token-binance
    1. Create an Account on a Cryptocurrency Exchange: You’ll first need to create an account on a reputable cryptocurrency exchange. Some popular exchanges where you can buy BNB include Binance, Coinbase, Kraken, and Bittrex.
    2.  Complete Verification (if required): Depending on the exchange and your location, you may need to complete a verification process to comply with Know Your Customer (KYC) regulations.
    3. Deposit Funds: Deposit your preferred currency (e.g., USD, EUR, BTC) into your exchange account. This can usually be done through bank transfer, credit/debit card, or other supported payment methods.
    4. Locate BNB on the Exchange: Once your funds are deposited, locate the trading pair for BNB. For example, if you deposited USD, you’ll want to find the BNB/USD trading pair.
    5. Place an Order: It can be eitherMarket order (executes immediately at the current market price) or Limit order (this allows you to set a specific price at which you want to buy BNB. It will only execute when the market reaches that price).
    6. Withdraw BNB to Your Wallet (Optional): While it’s not necessary, for added security, you may consider withdrawing your BNB to a personal cryptocurrency wallet.

    Binance Coin Review: Conclusion

    Binance Coin (BNB) and Binance Smart Chain provide a swift and cost-effective betting experience with reduced fees. BNB’s adaptability and potential for value appreciation add to its appeal for betting.

    Nonetheless, users should be mindful of the risks associated with price fluctuations, evolving regulations, and the learning curve in cryptocurrency usage. 

    These factors should be taken into account when utilizing BNB for betting activities. If you want to purchase BNB, reputable exchanges like Binance, Coinbase, Kraken, Bittrex, and Huobi offer it. Additionally, DEX platforms and cryptocurrency ATMs are viable options. 

    For newcomers, follow steps mentioned on the Binance coin review, like creating an account, completing verification, depositing funds, locating the BNB trading pair, and placing an order (Market or Limit). Transfer your Binance sports betting coin to a personal cryptocurrency wallet as an extra security measure.

    Yana Levkovich

    Crypto Analyst

    Yana is an expert with a deep understanding of cryptocurrency more than 7+ years. Covering everything from traditional technology to blockchain tech and decentralized finance (DeFi). Her expertise extends to tasks like white paper creation and tokenomics consultancy. She advises companies seeking success in the cryptocurrency industry, so sh ..
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