Binance Coin Potential (BNB)
Binance Coin (BNB) is a trading coin of Binance exchange, what are the benefits of holding Binance Coin. Let’s explore the potential of Binance Coin together!
Use BNB to pay trading fees on the Binance exchange
Any cryptocurrency trader on the Binance exchange will be more exposed to the problem of transaction fees, and Binance is the first exchange to take advantage of this. Binance has been creating great use cases for BNB lately. Using BNB to pay transaction fees entitles users to a 50% discount on the prevailing rate when trading on the Binance exchange.
This discount was recently increased to 25% as mentioned in the official Binance report, but there are many other benefits that BNB offers its holders. Using BNB to reduce transaction fees makes BNB a very useful coin.
Use BNB to itemize and buy and sell items
When you look at the bigger picture, Binance Coin exhibits greater value than regular exchange coins, stretching beyond the reach of the Binance exchange. And over the years, BNB has offered you many ways to use BNB to purchase products and services through a growing network of merchants and companies.
A great example of BNB’s real-world application is the recent investment in TravelbyBit, an Australian start-up that has set up more than 150 facilities, including all of Brisbane’s airports, with the ability to pay for goods. Goods and services using electronic money. This partnership will soon unlock the use of BNB at TravelbyBit-affiliated merchants and testing of the system is ongoing, as CZ can see in the video below.
BNB is also used as a payment method on platforms created by blockchain startups such as crypto point-of-sale solutions provider Pundi X and blockchain payments company Crypto.com. BNB is also used as a discount code via Coinbates. And more applications are being developed to use BNB and Binance supports more blockchain innovators through Binance Labs and Binance Launchpad.
Currency exchange if necessary
To ensure currency freedom, Binance makes the use of currency exchange essential. That means there are times when Binance Coin holders need cash, and Binance will provide it. Monetary freedom means that any individual user can use crypto in the most appropriate way without permission from Binance. Over the past year, Binance Coin has been used to redeem cryptocurrencies through Zelaacoin, pledge loans through Nexo, and sell crypto for cash through Dether.
Use of BNB across services and media
When BNB starts implementing value in the real world, it will bring more value than regular cryptocurrencies. Social media has become an important part of the lives of so many people around the world, which is why Binance embraces the use of BNB for various functions on the innovative platform.
For example, BNB can be purchased via the crypto-centric social media network Investfeed via the API exchange integration. Binance Coin is also used as gift vouchers on online service Uplive and chat service ADAMANT. There are even social media influencers who earn BNB just because they are popular on certain social media platforms. Sometimes you’ll be surprised at the use cases people see for BNB in the real world.
Use BNB to pay employees
Binance uses BNB to pay its employees. About 9 out of 10 Binance employees receive a portion of their salary at BNB. Many people (like Michael Arrington of Arrington XRP Capital) find it funny and even beautiful. Those who believe in the company’s vision want to receive their salary at BNB.
Keep it in a different wallet
What do we do next with Binance other than the above? Binance recently acquired Trust Wallet, a mobile blockchain wallet app with a user-friendly interface, strong security, and convenient connections to decentralized applications. Needless to say, the most trusted wallet by hundreds of thousands in the crypto community (as the name suggests) is Binance’s go-to app to protect their funds.
But of course, while Binance promotes monetary freedom, it also recognizes the freedom of people to choose their preferred wallet for their digital currency. Many of the top crypto wallet makers have been careful to include BNB in their wallets. Binance Coin can also be stored in wallets such as Trezor, Eidoo, Enjin, Jaxx, Ledger, Metal Vault, Blox, and Request Wallet.
Trade like altcoins
For crypto traders, BNB is a well-known altcoin. Crypto has breathed new life into the concept of trading in everyday life. Binance Coin is loved by thousands and even millions of traders, including exchanges other than Binance. So far, Binance Coin has traded on around the top 12 exchanges, including Komodo and kyber.network.
HODLing for later use on Binance Decentralized Exchange Cryptocurrency Exchange (DEX) and Binance Chain (or arbitrary date)
If you consider yourself a HODLer, Binance Coin has something for you too. With the release of the decentralized cryptocurrency exchange Binance, BNB will become a native coin on its own Binance Chain blockchain, which is used as payment for all outgoing funds on the network. At this point, BNB will have a higher utility than it currently does, which will lead to an increase in potential demand.
And even before that, Binance made a permanent commitment to reduce the overall supply of BNB in the market. Every quarter since launch, Binance has pledged to use 20% of its profits to buy back Binance Coins and burn them forever. The increasingly scarce supply of cryptocurrency used by up to 10 million Binance account holders only makes sense to Binance Coin HODLers.
Integrate Binance Coin into blockchain
As an active supporter of the entire blockchain movement, Binance is also exploring use cases for Binance, even beyond its current network, and planning the entire blockchain. And Binance is able to explore cross-functionality that enhances the usefulness of BNB in many ways. Currently, the BNB cryptocurrency has ecosystem integration with the Qlink and Skycoin blockchains
Above are 9 potential Binance coins that you may not know about, as I have mentioned in many posts, BNB is a very potential coin with great value now and in the future. This is a very useful coin, one that I personally recommend you have.
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