Binance started as a cryptocurrency exchange platform but has evolved into one of the biggest blockchain ecosystems in the cryptocurrency space. This growth includes having its own cryptocurrency Binance coin (BNB) which was first developed as an ERC-20 token on the ethereum blockchain. Now BNB has been migrated to it's mainnet and even allows other tokens to build on the Binance chain.
It is very common to see new cryptocurrencies gain popularity and die off within a short period especially when they don't have a use case to back them. However, BNB has come to stay and will gradually see its demand increase as the Binance ecosystem expands. Its use case is embedded in the robust Binance Ecosystem and extends even beyond the Binance ecosystem and here are some examples:
Trading Fees on Binance: Traders on Binance can opt-in for the option of using BNB to pay for trading fees and receive discounts. Binance has an average daily trading volume of two billion dollars, with the discount of trading fees as low as 0.015%. It is hard to imagine traders not taking advantage of the discount and it means there is an average flow of 30 million dollars worth of BNB daily from trading fees. There is an increasing number of traders on the Binance exchange which means the number will increase as well.
Gas fee on Binance Chain: Just like Ether powers the ethereum blockchain, BNB is used as fees for transactions of tokens on and other decentralized applications using the Binance chain. BNB has faster processing time with lower transaction fees, developers are easily attracted to build on the Binance chain as it also has a very supportive team for start-ups.
Outside the Binance ecosystem, BNB can further be divided into 5 use cases which include; payment, travel, entertainment, services, and finance. Under each of the above categories, several companies with millions of customers and merchants use BNB to power the delivery of their products and services. For instance, travala.com allows customers to get the best prices of 1.65million properties worldwide and pay with BNB. Other platforms like Netcoin, Nexo, Crypto.com, PundiX, Alchemy, CoinGate, Coinify, Paycent, Decentraland, Loom Network, Dent, and Gifto just to mention a few have already integrated BNB for one use case or another. Considering that BNB is just under 3years old yet already gained such widespread adoption and uses, leaves us to conclude that it will be one of the most useful tokens of the decade.
As more people become aware of cryptocurrency, they also get to acknowledge that Binance is the Amazon of cryptocurrency due to its immense work to achieve freedom of money worldwide. Although the percentage of people that use cryptocurrencies is still very small compared to the world's population, Binance already has a strong community of Binancians that use BNB regularly for daily activities.
The growth of Binance has been incredible and if it was a country in the cryptocurrency space then it would easily be likened to America with the demand for BNB being as much as the demand for US dollars. Although Binance is just 3 years old as at the time of creating this content, it serves several millions of people globally and its application will continue to increase as more people adopt cryptocurrencies making it indeed the token with the most use cases.
It's also worth noting that the price of BNB has increased by over 30X since it's ICO and has adoption increases, the price will go higher. If you want to benefit from this growth and make long term profit, you can signup on Binance and purchase some BNB. Finally, If you want to earn consistent profit from trading cryptocurrencies, then join our telegram Community to explore more opportunities by following this link; https://t.me/CryptoAfricaCommunity
Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.