Long-Term King, or What is Binance Coin?
Everytime a cryptocurrency exchange launches its own coin many people feel cautious. At the end of the day, all these tokens can only be sold at exchanges that issued them, and this creates an opportunity to manipulate their prices. However, everything seems to be different concerning Binance Coin (BNB) and it looks better than the others. Because even on the most stressful days in the market, this token stand strong and successfully holds defense.
Binance is one of the largest cryptocurrency exchanges in the world. It has issued a total of 197,192,382 BNB and 99,014,000 of them are currently in circulation. This cryptocurrency may be used to pay fees on the exchange itself. In fact, BNB holders may get a discount if they pay fees in BNB rather than BTC. Price of one Binance Coin is currently at over $13 and it is ranked 27th by market cap which is pretty good for an ERC20 token that has an extremely limited amount of practical applications.
Moreover, Binance is buying out BNB tokens from users to reduce circulation amounts. Although, not many details are publicly known, it is expected that in the end only 100 million coins will be left. It means that the original supply will be reduced almost twofold, and the rest of the tokens will be burnt
Given the current popularity of Binance, it is safe to assume that users will continue to use Binance Coin to pay their fees. Demand in BNB is justified, although there are still not many options to use it. In any case, Binance Coin is one of the most profitable long-term investment options at the moment.
P.S. If you want to know more about Binance, you can read our article about the exchange.