✔️ Information reviewed and updated in April 2024 by Pedro Martínez González
While many users might be wary of cryptocurrencies, they have actually proven their importance and value as Binance Coin. And it is that little by little they have been gaining a place in the history of finance with more and more cryptocurrencies in the market.
Here we will talk about the cryptocurrency known as BNB or Binance Coin. We have prepared a guide with which we will tell you everything you need to know about this option. Thus, you will no longer have to worry because you do not know anything about cryptocurrencies when looking for where to invest your money.
✨What is BNB? ✨
Known as BNB by the abbreviation of Binance Coin, this is the official cryptocurrency of CriptoExchange, also known as Binance exchange house. Launched mainly for the Asian market, Binance Coin is one of the first digital coins to appear 100% focused on this important market.
The main reason why Binance decided to launch its own cryptocurrency is in the fact that they sought to facilitate operations within this platform. This is how BNB was born, with the aim of making the process of investing, exchanging and transacting in the Asian market much easier and simpler.
Among the advantages that BNB offers we find the fact that this cryptocurrency accepts trading with a large number of cryptocurrencies. In addition, it offers users who use their own Token benefits as a discount during the first 4 years of use.
Otherwise, Binance Coin appears as a way to support transactions within the same Binance platform. To increase the value and importance of this cryptocurrency, the same developers have launched different projects related to Blockchange, in this way they are used as a kind of gas to self-feed the system.
✨Differences between Binance Coin and Bitcoin✨
- Token Amount: One of the main advantages of BNB over Bitcoin is the fact that This cryptocurrency allows you to operate with much more Token than Bitcoin. This is because BNB owns 200 million cryptocurrencies.
- Certified engine: To power this platform, Binance developed a compatible certified engine which allows making transactions much faster. Compared cone after cryptocurrencies, this is one of the fastest on the market making transactions almost instantaneous, which is faster than Bitcoin.
- Volume of transactions: Another point in favor is that Binance Coin allows generating a greater volume of transactions due to its certified engine. And, by having a higher capacity and speed engine, more transactions can be generated in the same period of time compared to Bitcoin, for example.
- Trading with other currencies: Finally, we can find that Binance Coin, thanks to the use of the Binance platform, manages to be compatible with other types of cryptocurrencies. This allows you to carry out different transactions with other cryptocurrencies, making its use much more versatile compared to Bitcoin or Ethereum, for example.
✨Technology behind Binance Coin✨
Like other cryptocurrencies, Binance Coin is based on the Ethereum ERC 20 token which complements its token with the Bitcoin Blockchain technology. In addition, to operate, it has open source or open source software which uses a cluster system.
The structure has a data carrier by means of structure with various drive assignments which increases the security of the system. This, in addition, accelerates the speed of transactions which makes operations much faster, as we told you in the previous point.
Another feature that we can find is that Binance Coin uses fees for each transaction generated with discounts of up to 50% during the first years that they are used. That is why Binance announced that it would buy back the coins in order to devalue them and make their value rise.
As for mining, you should know that this cryptocurrency cannot be mined so you cannot obtain it by solving complex algorithms. To get virtual coins from Binance can only be achieved through exchanges or transactions. Users with high transaction volumes receive bonuses known as Airdrops.
✨Binance Advantages✨
- Operation speed: If you are one of those users who despair because transaction processes are slow, Binance is for you. This cryptocurrency offers you the possibility of operating in a short time having fast results and lower operating costs by compensating speed with volume.
- Discounts: For those who decide to trade through Binance Coin, they will be able to receive benefits such as 50% discount during the first 4 years that you use this coin. This discount is exclusive to Binance as this promotion was launched with the aim of encouraging its use as an exchange token for the platform.
- Security and trust: Thanks to the fact that this platform uses both the Ethereum Token system and the Bitcoin Blockchain, we have the assurance that the process will be safe and efficient. The technology used in this cryptocurrency also It allows to have a compatible engine with a higher volume of transactions.
- Back: Finally, we have the support that Binance can give to the cryptocurrency, something that only few currencies have. In the Asian and Chinese financial markets, Binance enjoys great prestige which goes hand in hand with the alliances it has, thus allowing this currency to be more reliable.
✨Is it worth it? ✨
There are two reasons why BNB is worth considering as a form of cryptocurrency investment. This because of Binance is considered one of the most important exchange houses or Exchange not only in the Asian market, but in the world.
The second reason that you should take into account is that experts agree that this platform will become much more relevant in the years to come. This Because the capitalization or value that this coin is charging is one of the highest in the market, at least in predictions.
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