Binance Coin is the cryptocurrency used on the Binance platform for trading inside their exchange. Binance is one of the most popular and fastest growing cryptocurrency exchange systems in the world with a trading volume reaching up to $1.6 Billion.
Binance Coin is used for the paying expenses while trading inside the Binance Exchange platform. Binance also offers users a rebate if you pay for charges using the Binance Coin instead of other forms of cryptocurrencies.
If you trade using their native token, Binance Coin then you will receive a 50 percent discount on all trading fees for the first year. Binance offers a lot of incentives to users who utilize Binance Coin while trading inside their platform.
Binance is a cryptocurrency exchange which was founded in 2017 by Changpeng Zhao and Yi He. Changpeng Zhao worked as the manager of Blockchain.com and is also the co-founder of both OKCoin and Biijie Tech. With him being a part of very successful cryptocurrency companies, many people had high trust in Binance.
Binance as such has grown on to become one of the most popular cryptocurrency exchanges in the world, and it regularly trades more than fifty cryptocurrencies in its exchange.
Binance Coin is the primary form of cryptocurrency which is used in the Binance exchange platform. It serves as the main agent which powers the Binance Ecosystem.
There are multiple uses of Binance Coins which include paying trading fees, exchange and listing fees, buying goods and services and there are many other platforms which have started adopting and accepting Binance Coin to purchase numerous items. Binance Coin can also be used to invest in certain Initial Coin Offerings (ICOs) as well.
Binance Coin is the cryptocurrency which is used in the Binance Exchange platform, and it comes with a lot of unique features, and they are as follows:
Binance Coin offers different trading fee discounts to users who use Binance Coin while trading inside the Binance exchange platform. If you purchase any cryptocurrencies inside the Binance exchange, then you will get discounts on the trading fees upon using Binance Coin.
Though the discount percentage might be low, however, it is still very innovative compared to other exchanges which offer little to no discounts.
Binance Coin being the default cryptocurrency of the Binance platform makes it a very powerful cryptocurrency. This is because Binance exchange allows users to purchase 70 different types of cryptocurrencies with Binance Coin.
This greatly increases the potential of Binance Coin and because Binance Coin also has much less volume compared to other cryptocurrencies during volatile situations. As such there will be a bigger price spread in the Binance Coin markets compared to the other active markets.
Another great feature of Binance Coin its Bonus Affiliate earnings which states that there will be an increase in affiliate earnings for individuals who own more at least 500 Binance Coins.
This feature increases both the short and long-term earnings and also creates an increased demand for Binance Coins. As is seen from above it is quite clear that Binance Coin has mainly utility driven features and this makes it one of the most capable and popular cryptocurrencies on offer.
Binance allows new users to enroll in their exchanges and makes it extremely easy for users to buy Binance Coins without any strict regulations. It is this easy accessibility that makes Binance one of the fastest growing exchanges in the world, and Binance Coin a very popular and accessible cryptocurrency available in the world.
Unlike most of the exchanges such as Bittrex and Poloniex which charge high transaction fees, Binance charges comparatively fewer transaction fees. This is because unlike other exchanges, Binance has its native coin in the form of Binance Coin. As such while trading in Binance if you use Binance Coin then there is very little to no transaction fees, and this is a huge incentive for users.
Another Benefit of using Binance Coin is the trustworthiness that it possesses in the cryptocurrency community. Binance has been founded by a group of people who have an outstanding track record in the crypto world.
Binance also possesses a much better business model compared to other crypto-businesses. The trades on Binance also have positive customer reviews as well adding more credibility to their name.
Binance Coin can be bought from the Binance exchange; however, one thing to keep in mind is that Binance exchange only deals with cryptocurrencies. To buy Binance Coin one needs first to possess cryptocurrency which should be bought from coin exchanges such as Coinbase, Coinmama, Changelly etc. using either your credit or debit cards.
After you get hold of Cryptocurrency the next step is to go into the Binance exchange and then buy the Binance Coins. Binance Coins can be bought with different types of cryptocurrencies such as Bitcoin Cash and Ether
|Genesis Date||July 08, 2017 (8 months)|
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