Binance Exchange is becoming the flotilla leader in the cryptoindustry, and the BNB coin is confidently rising up in the list of top cryptocurrencies. It has a variety ways of using. What are the prospects for Binance Coin and what factors will determine its pricing in 2019-2020?
What is Binance Coin?
After the launch of the exchange in 2017, BNB coin (ERC-20 standard) was created on the basis of Ethereum. Exchange token is not an invention of Binance. This is a fairly common practice. For example, the Winklevi offered the market a stable Gemini Dollar, and the Huobi Global ecosystem is nourished by the classic (not stable) Huobi Token. The coin was sold at ICO in July 2017. The management allocated 100 million out of 200 million coins to the community. Each quarter, Binance redeems a part of the BNB for the purpose of their subsequent destruction. This will occur until 50% of the total number of tokens remains in circulation. The redemption of coins is previously reported on Binance Announcements. Why coins are being burned? This is a tricky move on keeping the acceptable value of a stock token. It decreases supply with increasing demand.
Where to Buy BNB?
It is logical that the native crypto of the exchange is sold there. But the brainchild of CZ is not enclosed in the native walls. The coin trading is available on LBank, P2PB2B, Coinsbit, Gate.io, HitBTC. The most interesting thing is that the volumes there are quite large. Everything is relative, but if you wanna buy BNB somewhere on the side, then these exchanges will help to satisfy your very specific tastes.
Binance Coin Team
There are a lot of good specialists in the exchange’s staff. But not all of them are related to the creation of cryptocurrency. Naturally the main protagonist is Changpen Jao. But he is not alone.
Remember these faces. They have made a great contribution to the development of the cryptocurrency market.
The Binance’s ecosystem functions precisely because of this token. But the usefulness of the coin is not limited to purely technical issues. Binance Coin has several very important ways of application:
- Payment of the merchant fee. From the amount of each transaction the exchange must pay a small fee. If you wish, you can safely call it “exchange tax.” It is most profitable to spend the payment in the BNB. The commission will not be withdrawn from the coins you are trading, BNB will cover losses. In addition, until 2022, when you pay the commission with the native token, you get a good discount. Read the guide on Binance fees and discounts.
- Services of Monaco, a blockchain platform (not the state). The platform supports the BNB token in particular for its mobile applications and Visa Monaco payment cards.
- Buying virtual gifts via the Uplive platform. As you understand, Binanse Coin is one of the currencies for the calculation.
The functionality of this exchange token has recently become even wider. A platform for launching Binance Launchpad coins began to work on the basis of the exchange. It is used in IEOs. The most successful tokensale was the sale of BTT (BitTorrent) coin.
In addition, a decentralized DEX exchange from Binance is about to appear in front of the community in all its glory. Obviously, BNBs will be important for trading activity and transactions.
Binance Coin (BNB) News
In the spring 2019, the exchange team is planning to participate in the Token 2049 conference (Hong Kong). In addition, the creators of BNB will visit the blockchain week in Paris. It seems that there may be presented new ideas and developments. The main event for the coin will be its using on Binance DEX. Recently, users could get good bonuses when testing the decentralized exchange – up to 4 thousand BNBs, this was more than $40,000.
On April 18, 2019, the Binance network switched to its own blockchain. This immediately lead to pumping wave. On April 23, 2019, public access will be opened and the BNB swap will begin.
Binance Coin (BNB) Price Forecast 2019
The coin showed a very good dynamics over the past year. As of March 2019, it costs about $19, and ATH (All-Time-High) was at almost $25, that is, the crypto has lost not so much in value when compared with Bitcoin and Ethereum.
Here are a couple of positive factors. In 2019, users are actively interested in the native cryptocurrency DEX (this is BNB, as you may have guessed).
In addition, Binance Coin, which is currently an ERC-20 token, will be re-released on the Binance Chain. This will happen after the transition of DEX from testnet to mainnet.
As for potentially unfavorable factors, the main markets for the coin are Binance websites. In case any of them fails, the coin will feel it. In addition, some users doubt the fairness of pricing, which is not without common sense, because the influence of the top exchange on their token cannot be denied. However, in 2019 the asset may well reach past heights (ATH at USD $ 24.91, which was observed on January 12, 2018, according to data from Coinpaprika).
Moreover, BNB can show new ATH, considering increased activity on the Launchpad platform. We think it can reach even $50.
BNB Price Prediction 2020
The exchange team seems to be focused on BUIDL.
Therefore, we believe that in the long run, a coin can be a very good investment. Justin Sun, the founder of the TRON Foundation, called BNB a new bitcoin.
Of course, this is an exaggeration, which some users did not like, but it has its significant impact. Crypto enthusiast Tommy Mustache believes that in 2020 a “new wave” of users will enter the exchange, which will make it the clear leader on the crypto market. Therefore, this will have a positive effect on the price of its native token.
Disclaimer: do not make rash purchases in the cryptocurrency market. We give only food for thought, not investment or trading guides.