If you are new to the world of Binance Coin investing, you might be wondering if BNB is a good investment, or shall I invest in Binance Coin?
It’s a good thing you checked online before just buying it. Investing in any kind of asset requires that you fully understand what it does and its potential flaws that could result in a loss.
Well, let’s break all Binance-related myths circulating online before you consider investing in Binance Coin. You’ll then be able to come to your own conclusions on whether or not BNB is worth investing in.
If you want to buy Binance BNB quickly and easily, with 0% Commission, check out eToro Exchange!
In this guide, we will cover:
- What Is Binance Coin?
- How Does Binance Coin Work?
- What Is BNB?
- Is Binance Coin A Good Investment?
- Binance Coin (BNB) vs. Binance Coin (BTC)
- Should I Invest In Binance Coin?
- Binance Coin Price Predictions: How Much Could Binance Coin Be Worth?
- What Will Affect Binance Coin In 2021 And Beyond?
- How To Invest In Binance Coin?
- Conclusion: Is BNB worth buying?
- Key Points
What Is Binance Coin?
Binance Coin (BNB) was created by the popular crypto exchange Binance and is the native token on both the Binance Chain and Binance Smart Chain.
BNB had a successful Initial Coin Offering (ICO) of 100 million tokens in 2017 and raised over $15 million (used for further promotion and development of the coin).
Note that, initially, Binance Coin was launched on the Ethereum blockchain as an ERC-20 token but later moved to its own blockchain, the Binance Chain.
The main purpose of Binance Coin was to offer an alternative way to pay for trading fees on the Binance platform.
Now Binance Coin is one of the best utility tokens that can be employed beyond the Binance ecosystem, across blockchain and non-blockchain companies.
Binance Coin can be used to pay for goods, property, travel, and online services (e.g., via TravelbyBit). It can be used to get virtual gifts (e.g., on Gifto), in-game rewards, and also to pay freelancers for their work (e.g., on CanWork).
Binance Coin is also recognised by major tech companies that allow users to use BNB through built-in wallets (e.g., Samsung’s s10).
Interestingly, it’s not only its properties that make Binance Coin highly appreciated; the popularity of Binance is a factor that we can’t ignore.
After all, Binance is one of the leading crypto platforms globally, with deep pools of liquidity, so it’s no surprise that Binance has managed to push BNB adoption further.
How Does Binance Coin Work?
Binance Coin can be used on the Binance platform and is also one of the best utility tokens in 2021.
Binance Chain uses the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism, which involves three types of nodes: validator nodes; witness nodes; and accelerator nodes.
BNB also uses a unique burndown policy to ensure the steady growth of Binance Coin. Binance regularly buys back and destroys BNB tokens till it cuts its supply in half, leaving only 100 million in circulation.
This policy is one of the biggest advantages of Binance Coin, designed to overcome the possible depreciation of value.
Another important aspect of Binance Coin is the discount the platform offers for BNB traders. Note that the discount reduces by half each year and ends from the fifth year onwards, which would be 2022.
What Is BNB?
BNB is the ticker symbol of Binance Coin and you will often see the two used interchangeably. Most often, you will see ‘BNB’ used when trading the coin or just because it is shorter to use.
We should note that BNB has a total supply of 200 million coins. Currently, there are 144,406,561 tokens in circulation. The good news is that the periodic BNB burn that happens once a quarter is not linked to performance indicators on Binance.
BNB can act as a currency and a medium of exchange, which makes it a rival of some of the biggest cryptos in 2021.
What is BNB used for?
BNB is primarily used to get a discount when paying for transaction fees on the Binance Exchange and to fuel the Binance Smart Chain ecosystem.
However, Binance Coin has supposedly more than 120 use cases and is often referred to as one of the top utility tokens in existence.
BNB’s value is closely tied to the Binance Exchange. Just do not forget that holding BNB is not an investment in Binance the company; it doesn’t allow you to have a stake in Binance.
Most recently, BNB added a new use case to its long list - the Binance Smart Chain (BSC).
The BSC is a new chain that works parallel to the Binance Chain and can host DeFi (decentralised finance) projects and dApps. It has provided it with a huge boost of activity and has fast become BNB’s biggest use case.
Today, the BSC is the second-largest DeFi chain according to DeFiprime, with 36 DeFi projects, 10 more projects than Bitcoin’s 26. That said, the BSC is still quite far behind Ethereum, at 215 DeFi projects.
The BSC was initially created in September 2020, but it didn’t gain too much attention until February 2021. This attention primarily came from projects that wanted to move from the Ethereum network to the BSC because of high Ether fees.
Is BNB a stablecoin?
No, BNB is not a stablecoin. Binance Coin could be more correctly described as a ‘utility token’ because it offers consumers a product or service that can easily be redeemed; you trade the coin for a service/product.
That said, with its use on the Binance Smart Chain, it has become a little more difficult to define and is perhaps more similar to Ethereum.
Binance has created a few stablecoins though. BUSD is pegged to the US dollar and BIDR, a stablecoin pegged to the Indonesian rupiah.
However, these two coins are not the same as BNB and don’t even operate on the same network (check the FAQs for more on BUSD and BIDR).
Read Also: Could Binance Coin Make Me A Millionaire?
Is Binance Coin A Good Investment?
According to crypto experts, Binance Coin is a good investment. With a market cap of $41B, Binance Coin is currently ranking fourth on Coin Market Cap.
Let’s not forget that a high trading volume means high liquidity, which is a vital factor for day traders and scalpers.
Despite all this, investing in Binance Coin can be risky because no highly profitable asset is 100% safe. Cryptocurrencies, in particular, are highly volatile and unpredictable.
This doesn’t mean that investing in BNB is a bad idea, though. Cryptocurrency investors who decide to add BNB to their portfolios should simply consider the risk-reward ratio of BNB and develop an effective risk management strategy.
Why has BNB risen so much?
BNB has risen so much because high Ether fees on the Ethereum network have pushed developers to find alternative places to launch DeFi apps.
Looking at YCharts, you can see how volatile Ethereum transaction fees have become in 2021. It makes it very frustrating to work with when you have no idea how much you will be paying each time you need to make a transaction.
Comparing YChart’s data with Binance Smart Chain fees on BscScan is a very different picture.
Ethereum has had problems with transaction fees for a long time. As the network has gotten busier and busier, fees have continued to rise. In a sense, it is a victim of its own success.
This caused congestion with many transactions waiting to be validated. And when this usually happens, fees get higher and higher. And in 2021 it hit new highs that some developers found just too much.
It has now even reached the point where Binance Smart Chain activity is supposedly outperforming Ethereum, according to AMBCrypto’s Ekta Mourya.
This is further backed up by DappRadar who in their Q1 2021 noted that the BSC overtook Ethereum in the latter half of the quarter in terms of daily unique active wallets.
Daily unique active wallets by blockchain. Source: dappradar.com
On top of that, Binance Coin benefits from high activity at the Binance Exchange too. During the same period around February 2021, Bitcoin was going through a bull market.
This meant increased trading at the Binance Exchange, which also meant more people wanted BNB to pay for fees at the exchange. This increase in demand for the coin increases the price.
The Binance Exchange is the largest cryptocurrency exchange in the world. Not only does it have the most cryptocurrency pairs to trade, but it also dwarfs second place in terms of 24-hour trade volume and weekly visits.
If you combine second place, Huobi Global and third place, Coinbase, Binance is still leagues ahead.
Binance benefits extensively from the experience of CEO Changpeng Zhao (CZ) who formerly worked in high-frequency currency trading platforms before he moved into Bitcoin and crypto trading.
Before Binance came along, cryptocurrency exchanges were very low quality - typically slow, not very secure and had terrible customer support.
And Binance is more than just an exchange. They are also expanding to cover various other areas of the crypto market. For starters, did you know that they own CoinMarketCap?
They are also moving into crypto debit cards, gradually introducing the Binance Card to various parts of the world. The card works just like a Visa debit card and converts your crypto into fiat when making a transaction.
And they also introduced their ‘staking’ platform in 2019, which allows crypto traders to lock up their crypto to gain interest on it.
In the same article by Ekta Mourya, she hints that perhaps flash loans fuelled by staking might be the key reason why the BSC ‘flipped’ the Ethereum network.
Check Out: Is it Worth Investing in Binance Coin Now?
Would You Consider Investing in Binance coin BNB?
Binance Coin (BNB) vs. Binance Coin (BTC)
A great way to help you understand Binance Coin better is by comparing it to the most well-known coin, Bitcoin.
Is BNB linked to Bitcoin?
No, there is no direct link between BNB and Bitcoin. BNB was created on the Ethereum blockchain as an ERC-20 token and later on moved to the Binance Chain, which was created later.
Binance Coin is not a fork of Bitcoin like Bitcoin Cash or Litecoin, for example. Both are cryptocurrencies, though, without the creation of Bitcoin, no other cryptocurrencies would have ever existed.
What does BNB/BTC mean?
BNB/BTC or BTC/BNB is a trading pair. When you see this on a broker platform, it means you can trade Binance Coin for Bitcoin or Bitcoin for Binance Coin.
BNB/BTC means you are trading Binance Coin for Bitcoin. BTC/BNB means you are trading Bitcoin for Binance Coin.
How do I change from BTC to BNB?
To change your BTC to BNB, you will need to convert it at an exchange, ideally one that supports the BTC to BNB trading pair.
Otherwise, you might need to convert your BTC into fiat then into BNB, which will take more time and cost you more.
Do note that sometimes it can be cheaper to buy BNB with Bitcoin than the US dollar. Note the below graph: the green the price of BNB in USD and the orange is the price of BNB in BTC.
Year-to-date price of BNB in USD and BTC. Source: coinmarketcap.com
Is BNB better than Bitcoin?
Most people would probably say that Bitcoin is better than BNB.
Technologically speaking, BNB does have some advantages. For one, mining BNB is less harmful to the environment.
However, what will likely be a major turn off for many BTC holders, particularly those that joined early on, is the fact that BNB is centralised.
Though designed to be decentralised with 21 node validators, Binance owns the majority of tokens. According to Etherscan, the three largest wallets own over 80% of BNB (Binance 7, Binance 8, and Binance 9).
This makes BNB very centralised because BNB stakeholders vote on who can become a validator on the network. This means they practically have complete control over who gets to validate on the network.
To crypto sceptics, it looks like a hell of a pump and dump scam. And many crypto traders, particularly those that started early on, would probably avoid BNB purely because of that fact. (Getting away from centralisation was the whole point of crypto!)
That said, BTC has become very centralised even though that it was developed to be decentralised.
According to Olga Kharif of Bloomberg in 2020, Chinese mining pools “control 49.9% of all computing power on the network”. Supposedly Bitcoin’s network operations are controlled by only five companies.
It’s pretty worrying because these mining pools could almost pull off a 51% attack and manipulate the network - if they ever wanted to.
So, while the two draw a tie on centralisation, there’s one key area where BNB trumps Bitcoin - DeFi.
As mentioned earlier, the Binance Smart Chain has more DeFi projects than Bitcoin. While it might not seem so significant at the moment, the DeFi market is growing at a very impressive rate - up to 143% by February 2021, according to Anirudh Tiwari of beincrypto, doubling in value.
So, in the years to come, if this trend continues, we really could see a very different crypto market, with projects fuelling DeFi taking the lead and transactional cryptos, like Bitcoin, taking the backseat.
Perhaps the most obvious reason why Bitcoin is considered better than Binance Coin - and all other coins for that matter - is that Bitcoin is the most popular.
People feel more comfortable buying it. It is a household name now. People more easily understand what it does and see its potential to rise in price.
All this aside, both Bitcoin and Binance Coin are still excellent investments, and it would perhaps be worth investing in both of them, which can reduce risk.
Should I Invest In Binance Coin?
Binance Coin is definitely worth considering in 2021. Yet, the truth is that the final decision comes down to you.
What kind of crypto investor do you want to be? Are you interested in the discount rates Binance offers for those who use BNB on their platform? Or do you believe that Binance’s burndown policy will provide a steady growth rate of BNB in the long-term? Are you interested in BNB’s trading potential? When you find answers to these questions, you’ll be able to decide if you should invest in Binance Coin.
With different advantages over other cryptocurrencies, Binance Coin can be a good investment for you. We should also acknowledge Binance’s success - with crypto legend CZ in charge - and its role in the probability of profit on Binance Coin investing.
In the short-term, for instance, it seems that BNB is not going to lose its value as Binance is pushing for adoption and expanding globally.
At the same time, we should mention again that cryptocurrency investing can be risky, and you may lose all your funds without the possibility of returning them.
Before investing, consider the fact that Binance Coin is fairly dependent on Binance, which is a centralised exchange that requires Know Your Customer and Anti-Money Laundering details and is often the target of online attacks.
After you’ve weighed the pros and cons of investing in Binance Coin to make an informed decision regarding BNB, remember that cryptocurrency investing shouldn’t be complicated.
Cryptocurrency investing can generate high returns if you keep it simple and don’t put too many barriers in the way of making a profit.
Binance Coin Price Predictions: How Much Could Binance Coin Be Worth?
If you decide to invest in Binance Coin, you may want to know how much it could be worth in the years to come.
Though price predictions remain speculative and depend on crypto news, demand and supply, and market sentiment, past performance and data analysis can help investors and traders to create crypto forecasts.
To begin with, Binance Coin’s performance is allied to that of Bitcoin and the cryptocurrency market as a whole. In the last two years, just like other cryptos, BNB recovered from a dreadful 2018 and rose to a peak in the mid of 2019.
In 2019, BNB reached an all-time high of $40.
Interestingly, though the Binance exchange was hacked in May 2019, that didn’t affect BNB too much. Why? Simply because Binance’s reputation is way too impressive to be torn down by a single attack.
But all of these achievements were peanuts by the time 2021 came around. BNB rose and rose, breaking several all-time highs along the way to eventually reach $690.93. Pretty impressive after starting the year at $37.44!
According to expert price predictions, Binance Coin could reach a mean of $2,500 in the next four years. Let’s look at some key milestones for BNB’s price.
Will Binance Coin reach $1,000?
Coin Price Forecast forecasts that Binance Coin will reach $1,005 by the end of 2021, an increase of +179%.
The Economy Forecast Agency believes there is a possibility that BNB will reach $1,084 at the highest in March 2022. Cryptocurrency Price Prediction gives a similar forecast of $1,051.00 by March 2022.
WalletInvestor predicts that Binance Coin will first surpass $1,000 by April 2023 at the earliest.
DigitalCoin believes that Binance Coin will first breach $1,000 by June 2024 ($1,039.15), but it will likely end the year at around $817.17. However, they do predict that BNB will manage to maintain $1k from 2025.
Gov Capital also seems to believe that 2024 will be the year Binance Coin will cross over $1k, to reach $1,043.7653 by April.
Trading Beasts doesn’t foresee Binance Coin reaching $1,000 in the next three years, giving a maximum prediction of $754.998 by December 2021.
So, it seems like there is a chance Binance Coin could reach $1,000 by March 2022. If not, there may be a possibility of seeing BNB get to $1k between April and June 2024.
What will Binance Coin be worth in 2025?
At the very highest, Cryptocurrency Price Prediction believes that Binance Coin will start January 2025 at $3,709.42 and end December 2025 at $5,164.10.
In a similarly bullish manner, Coin Price Forecast estimates Binance Coin could be worth $4,386 by mid-2025 and decline a little to $4,354 by the end of 2025.
But generally speaking, most price forecasters are more conservative.
DigitalCoin believes that Binance Coin will reach its maximum price for 2025 in January of $1,307.27 and will not be able to recover this for the rest of the year.
WalletInvestor predicts that Binance Coin will start 2025 at a maximum of $1,614.310 and end 2025 at a maximum of $2,009.560.
Gov Capital estimates that Binance Coin will start January 2025 at a maximum of $857.8747 and end December 2025 at $1,067.453.
The Economy Forecast Agency foresees a low of $1,261 and a maximum of $1,451 for 2025.
All in all, it looks like for 2025, Binance Coin will be somewhere between $800 at the lowest and possibly up to $2,000 at the very highest.
Binance Coin price prediction 2030?
Cryptocurrency Price Prediction forecasts that Binance Coin could reach a maximum of $14,728.59 by December 2030.
Slightly less bullish is Coin Price Forecast, which estimates a maximum of $9,910 by the end of 2030, an increase of +2,650%.
Do remember that 2030 is a long way away! Things could be dramatically different by that point! So, don’t set goals for BNB to reach these prices, you may end up disappointing yourself.
Don't Miss: What Will Binance Coin Be Worth In 10 Years?
What Will Affect Binance Coin In 2021 And Beyond?
Though price predictions remain speculative, we should mention that Binance Coin’s value may be affected by numerous factors.
Macro factors, such as crypto prices, crypto news, demand and supply, and regulations are some of the elements that can affect BNB’s value.
Besides, there are different bespoke factors, such as the success of Binance Launchpad IEOs, that play a crucial role in BNB’s success.
Binance’s performance, in particular, is one of the most influential factors that should be considered.
The direction of Binance.US, launched in 2019, needs special consideration as US visitors are among the most active Binance users. Note that US visitors accounted for 8.4% of the Binance exchange traffic as of 2019.
It’s not only the potential of Binance but its unique policies that affect investing. Discount rates are undoubtedly a factor that attracts traders and investors. Note that for the first year the discount was 50%.
According to BNB’s whitepaper, however, there won’t be any discounts after the year 2022, which can lead to a decrease in interest.
Investing in BNB is affected by the burning of BNB tokens as well. This practice, as stated earlier, aims to increase scarcity by reducing the number of BNB by 50%.
Let’s not forget that scarcity refers to the finite nature of digital coins: the demand should exceed the supply to make a coin more valuable.
Looking back to the Binance Smart Chain, there is one major threat to its success - Ethereum, where the BSC got most of its traffic from.
As you may have heard, Ethereum is in the process of upgrading to proof of stake, ‘Ethereum 2.0’. The process started in December 2020 but will likely not be finished until the end of 2021.
It’s a major threat to Binance Coin because Ethereum may become cheaper to use and developers may hop back. Will Ethereum get its revenge?
But we may see more ways to use BNB in the future as Binance continues to experiment with different crypto-related ideas. While their exchange is their primary focus, they are aware that as the market changes, they will have to too or disappear.
This is particularly the case as decentralised exchanges (DEXs) are on the rise and may soon put centralised exchanges, like Binance, to rest.
Read Also: Will Binance Coin Make Me Rich?
How To Invest In Binance Coin?
You can easily invest in Binance Coin in four simple steps.
Step 1. Create an account with a broker, such as eToro. You will need to provide your full name and address, and upload a copy of a government-issued photo ID.
Step 2. Your details will need to be verified. This may take some time, so don’t expect to start trading immediately. This is done to prevent fraud.
Step 3. Make a deposit. You will need to do this so you can buy BNB. The minimum deposit of BNB is $200 in most countries, $50 in the USA (though do note that there are several countries where the required deposit is lower or higher! So, make sure you check).
Step 4. Buy BNB. Go to ‘Trade Markets’ → ‘Crypto’ → ‘BNB’. You will then be able to choose how much BNB you wish to buy and on what terms.
Now you have BNB coin!
eToro – Best Broker to Buy Binance Coin BNB
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Conclusion: Is BNB worth buying?
BNB is absolutely worth buying and should probably be on the top of every crypto trader’s buy list. That is, of course, that the negatives are not too big a turnoff.
When you understand the coin, its value makes complete sense. It powers the Binance Exchange and the emerging DeFi market on the BSC, two huge platforms at the top of their game.
BNB is also more appealing to traders because it is pretty easy to understand. It’s not like speculating on a project that hasn’t started yet that makes big, bold claims (like Cardano, for example). We can already see BNB working and providing value.
Further to that, BNB is a well-built, quick and secure crypto that benefits enormously from being attached to the Binance Exchange where a lot of people buy crypto.
Having the financial backing of an exchange that is deeply involved in crypto and has the money to fund projects allows BNB to react to changes quickly and stay ahead of the crypto community and lead innovation.
However, be aware of the risks involved! Keep them in mind when considering how much you want to invest in Binance Coin.
Put together goals, don’t risk too much and never risk more than you can afford. And remember to diversify your risk by investing in other cryptos or stocks - don’t put everything on BNB.
If you remember anything from Is Binance Coin A Good Investment & Should I Invest In BNB? make it these key points.
- Binance Coin is a coin that deserves a second look. Binance was created by the Binance exchange to help Binance users pay for transaction fees on the platform.
- Binance was initially launched on the Ethereum blockchain but moved to its own blockchain, Binance Chain. Note that Binance Chain doesn’t support smart contracts.
- Binance Coin is one of the top utility tokens in 2021 and many experts believe its value will increase in the years to come. Interestingly, there are many macro and specific factors that may affect BNB, including Binance’s performance.
- Binance’s unique burndown policy and the discount rates they offer are also vital to help experts make price forecasts. Some expect that BNB will reach $250 per coin by 2025.
- Though BNB can be a profitable investment, crypto investing remains a risky venture and one should analyse the reward-risk ratio of the asset they are interested in.
Still have some unanswered questions on Binance Coin? Perhaps these frequently asked questions will help.
Why is Binance Coin dropping?
Binance Coin nosedived when Elon Musk, CEO of Tesla, announced that Tesla will no longer accept Bitcoin as a payment option.
And if that wasn’t enough, he cited environmental reasons as the primary reason, which just felt like the nail in the coffin. Binance Coin, like all other altcoins, followed Bitcoin into a downward spiral.
Elsewhere, some people have also cited regulatory issues as to why BNB has dropped so much in the last few weeks.
In Thailand, Bangkok Post’s Darana Chudasri reported that the Thailand Security and Exchange Commission has issued a warning to investors that Binance is not regulated by them.
And it is possible that if Binance does not become regulated in places like Thailand, we might see regulators start to go after them.
Similar news was reported by InvestingCube’s Elliott Laybourne in May 2021, who explained that Binance was being investigated by the Department of Justice (DOJ) and the Internal Revenue Service (IRS) in the US.
Supposedly their investigations are to focus on potential money laundering and tax violations by US citizens.
Will BNB Coin go up?
It is quite likely that BNB will go up and recover its losses from its recent decline after Elon Musk jilted Bitcoin.
A BNB recovery is quite understandable. Musk pointing out the issue of Bitcoin’s energy consumption is not going to stop people from using crypto, BNB included.
It may eventually mean people could drop Bitcoin, but BNB, like many other newer cryptos, is much more energy-efficient.
Remember most price forecasters foresee a rise in BNB in the coming years.
How do I withdraw money from BNB?
You would need to sell your BNB at a cryptocurrency exchange that deals in BNB. Once sold, you can withdraw your fiat currency from the exchange to your bank account.
Alternatively, depending on where you are located in the world, you could apply for a Binance Card, which will allow you to withdraw money from a regular ATM from your BNB.
How many BNB coins have been burned?
As of April 2021, Binance has burned approximately 15.3% of its total supply of BNB tokens, according to Yogita Khatri of The Block.
In Binance’s most recent burn - the 15th quarter - over 1 million tokens were burned, which were worth approximately $595 million. So far, this is the largest number of tokens to have ever been burned.
How reliable is Binance?
Binance is probably the most reliable cryptocurrency exchange to date with a strong focus on security and customer satisfaction. If anything, it set the bar pretty high for crypto exchanges.
It’s important to point out that CZ, before founding Binance, worked in many high-frequency trading companies. He fully understands how these companies work and brought an element of professionalism into a newly emerging industry.
What happens if Binance gets hacked?
The Binance Exchange is well-equipped to deal with hackers having dealt with them multiple times. Binance has a protocol and is typically very transparent about hacks.
Binance’s last major hack was in 2019, where $40 million worth of Bitcoin was stolen and Binance informed traders that two-factor authentication codes were also stolen and advised them to change them.
In the past Binance has suspended deposits and withdrawals (but not trading), until they find out who hacked them and put a stop to it. Crypto exchanges have been hacked many times with the Mt Gox hack being the most well-known.
Interestingly, hacks at the Binance Exchange do not seem to impact BNB that much.
Looking back at the 7th May 2019 hack where $40 million worth of Bitcoin was stolen, BNB only lost a few dollars in value.
On the 6th May, the day before it was announced, BNB was worth $22.21 per coin. It then dipped to $20.86 on the 7th, the day of the hack and by the 9th, it had reached a low of $18.83.
And then a few days later shot up to new highs, eventually reaching $35.05 by the 25th May, which was a new all-time high at the time.
So, if you invest in BNB, Binance hacks might not be as big a concern as you would think. However, that does depend on Binance remaining transparent on when such events occur.
What can I buy with BNB?
BNB can be used to purchase a variety of products and services online, mostly in hospitality and travel. One of Binance’s most well-known partners is TravelbyBit, which allows BNB to be used in 150 establishments.
It is quite likely that as BNB continues to grow in popularity, we will see wider use of BNB.
With the introduction of the Binance Card, BNB could almost be used anywhere, though technically speaking, with every transaction, it will be converted into fiat.
What is BNB’s all-time high?
$690.93 in BNB’s all-time high, according to CoinMarketCap at the time of writing. This record was achieved in May 2021.
What’s the difference between BUSD and USDT?
BUSD is Binance’s stablecoin which is pegged to the US dollar, while USDT is Tether, another stablecoin pegged to the US dollar. USDT was created by iFinex which also owns the Bitfinex cryptocurrency exchange.
It is worth noting that BUSD is regulated by the New York State Department of Financial Services, while Tether is not regulated at all.
Is BNB a BEP2 or BEP20?
BNB is both a BEP2 and BEP20 coin. BEP2 is the token standard for the Binance Chain while BEP20 is the token standard for the Binance Smart Chain. The value of BNB on both chains is the same.
Though do note that to move BNB from the Binance Chain to the Binance Smart Chain, you need to make a transaction, which will have a fee.
If you enjoyed reading our article Is Binance Coin A Good Investment And Should I Invest In BNB? please share it with anyone who might be interested in cryptocurrency trading.