This article is about What is Binance Coin (BNB), How and Where to Buy BNB, Binance Coin Use cases, Where to store BNB, Binance coin price prediction 2021, BNB comparison with Gold, Crude oil, ETH, USD and Copper.
Table of Contents
- What is Binance Coin
- Where Do You Buy Binance Coin
- How to Buy Binance Coin
- Where You Can Use BNB
- Where to Store Binance Coin
- Reddit Binance Coin
- A Short History Of Binance Coin
- Binance Coin Timeline
- Binance Coin (BNB) Comparison With Fiat currencies, Commodities, and Cryptocurrencies
- Binance Coin Price Prediction
What is Binance Coin
Binance is one of the world’s most influential crypto exchanges and a driving force, opening new markets and connecting people to crypto.
Binance exchange has its coin known as Binance coin (BNB), its multi-use-case cryptocurrency.
Binance coin is very commonly used in Binance Launchpad that has introduced many crypto-related projects. People can engage in launchpad projects by buying and holding BNB coins on the Binance exchange. Binance launchpad has produced some handsome profits, and users prefer to engage in Binance launchpad projects by utilizing their Binance coin holdings.
Binance is the largest exchange globally in terms of volume traded. Binance launched a new blockchain called the Binance Smart Chain, where the native-BNB-token will use a smart contract functionality that will be supported by Binance smart chain.
BNB is currently trading at 29.9200 Dollars. BNB has shown real price strength against Bitcoin and other cryptocurrencies even if the crypto market is falling.
Where Do You Buy Binance Coin
BNB is the primary token of the Binance exchange, can be purchased worldwide from various crypto exchanges.
The most accessible place to buy BNB coins with cash, credit card, or Bank transfer is on the Binance exchange.
US citizens can buy Binance coin on Binance US.
Other than the Binance exchange, BNB is accessible on more than 100 crypto exchanges. You can see all exchanges and market pairs of Binance coin (BNB) on:
How to Buy Binance Coin
Binance coin is available on so many exchanges, and there are so many ways to buy BNB.
- To buy BNB on Binance exchange, log in or signup into Binance.
- You can buy BNB against cryptocurrencies like BTC, ETH, XRP, VET, ONT, USDT, USDS, USDC, DAI, and more. See all BNB pairs.
- If you require to Buy BNB against Fiat currency, Binance gives you many choices. Buy Binance Coin against all major fiat currencies like AUD, USD, GBP, EUR, INR, YEN, YAUN, WON, and twenty-plus more fiat currencies.
- You can buy BNB instantly by connecting your Debit or Credit card with a Binance exchange.
- You can buy BNB by connecting your bank account with the Binance exchange.
- US buyers can buy BNB on Binance US, and European Users can Buy BNB on Binance Jersey. Just by connecting your bank account or credit cards.
Where You Can Use BNB
Binance coin has many use cases. Some main ones are:
- On Binance, you can get a 25% discount on trading fees by holding BNB.
- Stake BNB via Mithrill Wallet.
- Travel the world through Travelbybit paying with BNB
- Buy virtual gifts on video streaming through Gifto.
- Pay crypto.com credit card bill with BNB.
- You can purchase everything from stores that use Pundi X, XPOS devices.
- You can pay with BNB on Dent apps.
- Pay with BNB for aircraft in the piolet shop designed by Aeron.
- Settle your debts with your friends and family members using BNB on LNDR.
- On ETHlend, you can take loans by using BNB as collateral.
- On NAGA, you can use BNB to invest in more than 800 financial instruments like Commodities, Stocks, etc.
- With Coinpayments and Coin Gate, you can receive your customer’s payments in BNB.
- With the help of Metal pay, you can sell or purchase with USD with FDIC insured account.
- In Stormplay, you can earn BNB by completing surveys.
- In NEXO, you can use BNB to get crypto loans.
- You can hire freelancers with BNB on CANYA.
- You can create smart contracts by paying with BNB on MyWish.
- You can use Bytepay to accept BNB in your email. Web or in person.
- With Trip.io, you can book more than 460,000 hotels and homestays utilizing BNB.
- Via Propy, you can buy real state properties with BNB.
- With Center Serv, you can pay for your cloud or dedicated server.
Where to Store Binance Coin
You can store your BNB on Binance exchange or various top wallets like:
- Trezor Wallet
- Ledger Wallet
- Trust Wallet
- Cool Wallet S
- Metal Wallet
- Ethos Universal Wallet
- Atomic Wallet
- Clay and many more
Reddit Binance Coin
Binance has a major subreddit with the name of r/Binance.
It has more than 74k members. You can discuss anything relating to Binance and BNB on this subreddit.
A Short History Of Binance Coin
Binance, founded in July 2017, has, in recent years, become an imperative piece of infrastructure that is broadly used by traders in the crypto industry. This has not gone smoothly, as, in the past, the exchange has been forced to change location to comply with regulations.
Before predicting BNB’s potential future prices in the future, we need to look at the developments that have influenced its worth in the past.
Main Binance Events
Binance launched BNB through a very successful Initial Coin Offering (ICO) only 11 days before the Binance exchange went live.
BNB was among the first coins that were produced on the Ethereum network, known as ERC20 tokens. Later in 2019, BNB shifted to Binance self-designed blockchain.
BNB has a stock limit of 200 million coins, but only 100 million BNB coins were offered for sale in the ICO.
Several significant developments have led BNB’s price broadly accepted as a payment option in big companies like Travala.com.
Such partnerships increased trading volumes of BNB across all exchanges, and now the Binance coin is in the list of the most traded cryptocurrencies with significant volume.
Within six months of its launch, Binance was already among the top three global trade volume exchanges. This was due to the speed of Binance in boarding new users and the fact that its activities were conducted in crypto-friendly places.
In the first half of 2018, Binance saw incredible growth. The exchange users rose from two million to over 10 million in months. That drove to a accelerated growth in the rate of the BNB token.
Binance has experienced quite a few obstacles in her path. On May 7, 2019, Binance revealed that she had been the victim of a state-of-the-art security breach, where hackers stole a total of 7,000 Bitcoins, estimated at $ 40 million at the time.
Fortunately, Binance handled the security breach very well and promised to return all Bitcoin to those affected, reclaiming the exchange’s reputation.
In 2018-2019, Binance coin suffered the same fate as other cryptocurrencies when the whole market became bearish. Still, BNB did better than most coins because of the demonstrable utility uses plus the increasing exchange volumes of Binance.
Binance Coin Timeline
BNB was officially launched via an ICO for 0.1 cents per coin. Investors participating in this ICO then saw their BNB coin price increase to more than 9,000% in value.
Binance announces its intention to open an office in Malta as a result of regulatory pressure in Japan and China (BNB’s price remains stable at around USD 17)
Binance signs a Memorandum of Understanding (MoU) with the Bermuda government. (BNB opens at 11.79 and closes marginally at 12.28 dollars)
Binance raised $ 32 million for a stable coin project to offer a non-volatile cryptocurrency today known as Binance USD (BUSD) (BNB opens at 9.92 and closes the day at 10.16 dollars))
Another MoU was signed with the Malta Stock Exchange to create a secure trading platform (BNB trading at a value of 10 dollars stable on a bear market).)
Binance announces Binance Jersey, a fiat to crypto exchange to increase the European exposure toward cryptocurrencies. (BNB trading remained stable at around $ 7)
Binance announces a collaboration with the Israeli payment processor Simplex to allow crypto purchases with debit and credit cards. (BNB operates at $ 6.17 all day long).)
May 7, 2019
Binance reveals that they were the victims of a “massive security breach” in which hackers captured 7,000 Bitcoin. Thanks to the professional handling of the situation by the Binance CEO Changpeng Zhao, also known as CZ, and a commitment to repay all parties their losses, the market responded well (BNB opened at 22.19 and only slightly drops to 20.86 dollars).)
September 23, 2019
Binance.US opens its doors to US citizens. (BNB begins at 20.53 and closes marginally at $ 19.49)
February 21, 2020
The Malta Financial Services Authority issues a statement stating that Binance is not a Malta-based cryptocurrency exchange and is therefore not authorized by the MFSA (BNB kept at USD 22,19 all-day)
May 22, 2020
Binance announces the Smart Chain Blockchain with support for the EVM of Ethereum (Binance opens at 16.13 and closes with a slight profit at 16.64 dollars)
OCT 17, 2020
13th BNB Burn
The other factor in constant price growth is the BNB burn factor. Binance burns BNB coin quarterly regularly. SO the less supply of BNB and continuously growing demand boosts the price of Binance coin. 13th BNB burn performed on October 17, 2020, is the most expensive coin burn in Crypto history. 2253888 BNB worth of 68,000,000 Dollars were destroyed in this 13th Binance coin quarterly burn.
Binance Coin (BNB) Comparison With Fiat currencies, Commodities, and Cryptocurrencies
Binance coin is deemed to be a top investment. Not only BNB has many uses, but also BNB holds relatively strong against the bear market.
In a year when economies have come to a standstill through the coronavirus, Binance’s native token BNB has done better than some more traditional commodities.
Let us see how BNB has been performing since the beginning of this year versus some other investments.
Binance Coin Comparison With Gold
Gold is a traditional haven for investors for as long as one can remember. With the coronavirus’s economic turmoil, gold has experienced a substantial 30% appreciation since the beginning of this year. Binance Coin increased by 260% over the same period. If you look at some other raw materials’ fate, 260% are exceptional returns.
Binance Coin Comparison with Crude Oil
Earlier this year, when the coronavirus’s impact was barely felt, crude oil prices quickly started to fall to even negative prices per barrel. The economies came to a standstill as Russia and Saudi Arabia began an oil price war.
At its lowest point, a barrel of crude oil cost-40 dollars a barrel as the global abundance of the Oil increased storage costs sky high. Although oil prices have recovered slightly, crude oil prices have still fallen by more than 40% since the beginning of the year, and BNB has been performing much better than Oil since January.
Binance Coin Comparison With Ethereum
Binance announced a new smart blockchain with a smart contract functionality. Some people mistakenly speculate that it involves competition with Ethereum. However, the new blockchain is compatible with Ethereum’s Virtual Machine (EVM) and could even enhance it as a faster settlement layer.
In terms of price, it has been challenging to exceed ETH as an investment. Since the beginning of this year, Ethereum has increased by more than 310%. Binance Coin achieved 260%, as the market not responding surprisingly to the new Binance blockchain announcement.
BNB Comparison With US dollar
Typically, cryptocurrencies are considered very volatile, but not the US dollar. However, when the US markets realized the financial cost of COVID19, the stock market fell dramatically, and the US dollar saw unusual volatility.
The Federal Reserve financed an incredible amount of relief measures with a total value of USD 2.4 trillion in economic incentive and rescue operations.
However, if you flood the economy with Dollars, you risk possible inflation and US dollar volatility.
At the time of writing, the US dollar slowly declined. BNB, on the other hand, generally remained on an upbeat track with respectable profits.
Binance Coin Comparison with Copper
It’s been a stressful year for copper, the industrial metal. With the expectation that the trade war between the US and China was diminishing, the price of copper crawled up.
But then COVID-19 came. Copper has fallen by 15% this year, and most analysts predict that copper will continue to decline unless the world economies return to normal. BNB has been a much safer investment than copper since the beginning of this year.
Binance Coin Price Prediction
Economically, 2020 was undoubtedly a disturbing year, and it is tougher to make BNB future price forecasts in such an environment. Though, there are several determinants that we can consider to make an informed assessment.
Therefore, to determine the future value of BNB, we must first look at the general outlook for the crypto market and then look at the basic principles of Binance Coin.
At the time of writing, the crypto money market had just begun a strong revival, with some large coins such as Bitcoin taking the lead. The fact that the crypto market is on the move, despite quite grim economic conditions in many countries, is particularly significant.
Time will tell whether Binance Coin will be one of the best performing’s coins in the coming bull market, but most analysts agree BNB can quickly regain its record level of 39.57 dollars.
Now that Binance’s global operations are increasing and the New Binance Smart Chain is functional and doing exceptionally well, we would not be surprised if BNB were to trade above 30 dollars or more by the end of 2020.
Binance Coin Price Prediction 2021
When a dominant player on the crypto money market like Binance announces that it is building a new blockchain network, this is a serious development.
If Binance can find a market suitable for the new chain, new coins start launching on the Binance Chain, BNB token is likely to see significantly higher valuations.
Binance is a company that has proved both smart and agile in understanding the needs of its users complying with regulations.
There will likely be a significant upward price movement of BNB due to global expansion in huge markets such as India, China, Russia. Use of BNB in Binance Smart Chain, Binance Launchpad, and a payment mode over the internet.
For this reason, we believe that the Binance coin has an excellent opportunity to regain its old highs.
Binance seems to remain a leading platform in cryptocurrencies because of the large innovations they are bringing in. We would not be surprised to see BNB trading at over $ 500 within five years.
With demand for crypto coins growing worldwide, it is logical that one of the world’s leading platforms (Binance) with its currency (BNB) will benefit from the rapidly growing crypto market.
Fortunately, BNB has many use-cases to stimulate demand for the token. It is the BNB that makes the Binance exchange work and thrive. Whether it is the payment of exchange fees at a discount or collecting money for a new project known as an Initial Exchange Offering (IEO), the BNB token always has a use case.
The Binance exchange is likely to see more competition from both centralized and decentralized exchanges in the future. They are currently expanding, and the potential competition from decentralized exchanges is not yet an immediate threat. Most of them are relatively slow, clumsy, difficult to use, and not yet ready for mass acceptance.
Binance offers a better user experience, easy to use interface, top-level security, so many products like Binance savings, Binance staking, Binance Launch pool, Binance P2P markets, so many modes of payments plus the mobile apps both on Andriod and iOS are also convenient to use. For this reason, we are quite optimistic about Binance Coin for both the medium and long-term.
Binance exchange is the best exchange in the crypto industry. Binance team is motivated and loyal with their ambitions. If Binance is able to serve their customers in future the way she is doing in past two years, there is no doubt BNB price will increase to new highs.
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I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.