Binance coin (BNB) is an ERC20 based token issued by Binance with a total supply of 200,000,000 tokens.
This coin can be used on the Binance exchange to pay for the trading fees and will get you a nice discount that decreases every year that you stay with binance.
When you have an account on the Binance exchange then go to your account settings. There you can set the option: Using BNB to pay for fees to on to enable this discount.
If not, just create an account and step into the world of crypto trading.
Binance is the biggest crypto exchange, has two factor authentication, there is even talk of relocating from Hong Kong to Malta. And even better, there maybe some partnership with a bank so they can offer crypto to fiat!
Binance coin (BNB)
Let me tell you a bit more about the BNB coin and why I believe that it could be a nice investment for the longer term.
I like coins that have real value, that have a purpose so in a way I think that I kinda changed from a purely technical trader to a Fundamental/Technical trader. Now I look a bit further down the road what can happen when I invest.
Reasons why BNB has lots of potential that could make us a bit richer:
- BNB is used on the Binance exchange so users can get a discount.
- Looking at the latest news Binance announced a $1 billion fund to back blockchain and crypto startups. And yes it is backed by the BNB coin.
- Every quarter, Binance will use 20% of its profit to buy back and burn BNB until 100MM BNB are burned. As the total supply of BNB decreases it’s value increases
- BNB is used as gas on Binance. The more applications of the BNB coin the better it will be for it’s value
- BNB has been rising since december 2017. Yes, I know it went parabolic in the beginning of 2018 and after that had a nice sell off. It never came back to the prices before the rise.
- We went from $1.52 to $5.46 after the sell off. 3.59 times your invested cash, even after a sell off is not bad
- Even when Bitcoin was in a bad shape it kept climbing since then until $14.99 now. Wait a minute, that is 9.86 times after a big dip or almost 10 times your capital. Not bad for waiting just 6 months.I know, for the people that were in the crypto space in the beginning of 2017 and made with Ripple an easy 30 times or maybe even 100 times with other coins, that 10 times is really nothing. But guys, lets get back to reallity. More or less whatever you bought in 2017 went up and made nice gains. Now we have to get back on our feet, stop floating in outer space, stop with all the lambo and moon shit and realise that it is really hard to find the unicorn in the market. So I will gladly settle for coins that multiply by 10 in a bad period in the crypto market.
- I drew 3 dotted horizontal support and resistance lines. You can see that the last months it is ranging between the two upper blue horizontal lines. So buying at the lower end, that first was resistance and now became support is a winning strategy.
- Ichimoku also agrees that we are in an uptrend
So putting it al together in a few sentences. We have the biggest crypto exchange (binance) that is rapidly growing with a coin that has many applications and for the forseeable future I see no reasons why not to have it in your portfolio.