What is Binance Coin?
Binance Coin is a cryptocurrency. which can be used as a mediator when exchanging money, from one crypto-coin to another. It is started by the Binance Exchange. Binance derived from the words “Binary” and “Finance”. It is a leading Cryptocurrency exchange.
In 2017, ChangPeng Zhao founded a company called Beijie Technology. Beijie is the holding company that runs the Binance exchange. It is currently headquartered in Hong Kong. Zhao has worked to boost the growth of the platform into one of the most successful exchanges in the world.
Is Binance coin a good investment?
According to us, the BNB coin is a good investment. BNB returns in the last 2 years are around 400%. The return on investment tells the investment will good investment or not. Binance coin is a cryptocurrency and as we all that investing in cryptocurrency comes in high risk, high returns investments.
But, If you cannot take the risk on your capital or money then don’t invest in the BNB coin, Because investing in it involves risk. and second important thing is, You should have knowledge about the BNB coin.
If you don’t have knowledge about it, You are just doing gambling and as we all are aware that in gambling we can lose our all money in it at the end. So, Please gain knowledge about it before thinking to invest in it.
BNB is an trending and popular coin. The BNB coin value will rise in the future due to the increase or rise in demand. It makes the Binance coin a good investment.
So, If you are looking to invest in BNB coin then gain knowledge first then invest in it. The coming future of BNB coin is bright.
Related:- 5 best cryptocurrency to invest in 2021
How does the Binance coin work?
Binance coin ( BNB ) as Build on the basics of Ethereum technology. It is assumed that many technologies behind it, It is very similar. After they turned to their blockchain, there may be more significant differences.
BNB uses ERC20 tokens which can be store and hold value. According to technical point of view, BNB not have anything particularly different or unique from others.
However, We can’t mine BNB tokens, Because they have been pre-mined and distributed through ICO. Tokens in circulation are used for discounted trading on Binance Exchange.
So, It work same like other crypto. The working of BNB is very simple, It is ICO based crypto due to this it can’t be mined.
Factors that affect the price of Binance coin
Let’s see, what are the factors that affects the price or value of Binance coin ( BNB ).
Demand and Supply
Demand and supply is an important factor that affects the price of BNB.
The supply is more and demand is less, in this condition the value of BNB is fall and on the other hand, If the demand is more and supply is less, in this condition the value of BNB rise.
According to Expert’s traders, Many people trade on the basis of news, tips, articles, social media, and many other places. They affect the price of BNB either upwards or downwards.
In the world we work, how can media not play a task in Binance coin price? Many studies elaborate on their relationship, but in simple terms, the idea is that positive media attention may be a possible answer to why the Binance coin goes up.
In contrast, negative attention can cause price dips. In today’s world, Mass media plays important role in every single thing. So, Be careful while negative news.
There’s a reason banks are heavily secured with armed men. People’s wealth that has been entrusted unto banks has to be kept safe. Anything that approaches the safety of people’s wealth will definitely keep them away.
The same applies to the Binance coin and in its case, the fear of security is heightened because the money is kept on the internet, which is not a conventional bank. The most important factor that affects the price of BNB.
In addition to the fact that the internet is not a normal bank, the growing cybersecurity threat attached to the internet is a bigger worry. Various governmental agencies around the world, particularly in the U.S., have been pointing out that cybersecurity is now a greater national and international threat than terrorism.
In reality, we’ve seen hacks of bitcoin exchanges lead to a drop in the price of BNB. Cybersecurity threats are not in our control. We have to do things to save our Binance coin is that We have to keep strong and unique.
These 3 are the important factors that affects the price of Binance Coin. Many other factors are their such as change in regulations, change in community, change in mindset, and many small factors.
Where can I buy a Binance coin ( BNB )?
It is recommended that after buying the BNB coin from any Exchange then transfer that coin to the safest place. Because keeping that coin on Exchange is unsafe due to a soft wallet or an internet wallet.
Nowadays, cyber hacking on the exchange is trending. So, To keep your coin or crypto safe then transfer it to any safest place. MyEtherWallet and Trezor Wallet are the best options available for the safekeeping of the BNB coins then withdrawn from the active exchange.
Where can I trade Binance coin ( BNB )?
Are you looking to trade the Binance coin ( BNB ) then you can do trading in it on the Binance Exchange.
First, You should have a Binance Exchange account to trade on Binance coin. If you not have then you can open it by going on the Binance Exchange platform. After completing your registration you will allow doing trade on it.
What is the market cap of Binance coin ( BNB )?
The market cap of Binance coin ( BNB ) is around $48.5 Billions. It is important thing to know about BNB.
Can Binance coin withdraw to the bank account?
Yes, You can withdraw your money to your bank account. But, You can’t withdraw directly, First you should convert Binance coin ( BNB ) to Bitcoin ( BTC ).
After, you should convert that Bitcoin to the currency ( Country currency ). In this way you can withdraw your crypto in your bank account.
What is the future of the Binance coin?
The future of the Binance coin is very bright due to the before returns ( From 2017 to 2020 ) is around 400%. So, It has the potential to give good returns on investment in the future.
Last word from mini invest
I hope you have understand and got the knowledge about Binance coin. If you have any feedback or recommendation then you can leave or write in the comment below.