What Is Binance Coin and Is Binance Coin A Good Investment?

Is It Worth Investing In Binance Coin (BNB) In 2021?

Last Updated July 23rd 2021
25 Min Read

Binance Coin (BNB) caught your attention? Want to know what Binance Coin is? Wondering if Binance Coin is a good investment? No worries! We at Trading Education are here to guide you on your journey to cryptocurrency trading success.

In this article, we’ll take a look at what Binance Coin actually is, the ins and outs of Binance Coin investing, how BNB works, and also how you can potentially make a profit from trading or using BNB.

If you want to invest in BNB quickly and easily, check out eToro Exchange!

Contents:

What Is Binance Coin?

Why is BNB Rising so Much? How Has BNB Price Gone Up more than 300% in 2021?

Binance Coin: The Top Utility Token of 2021?

How Does Binance Coin Work?

Is It Worth Investing In BNB In 2021?

Is Binance Coin Safe to Invest?

How Well Has Binance Coin Performed?

What’s the Future of Binance Coin?

How Much Will BNB Be Worth? 

What Should I Invest In BNB?

How Can I Invest in BNB?

Where Can I Trade Binance Coin?

Learn To Trade Binance Coin With eToro

Key Points

FAQs

What Is Binance Coin?

Binance Coin (BNB) is the highly popular cryptocurrency created by the well-known Binance Exchange

The Binance Exchange is by far the largest cryptocurrency exchange in the world and was created by the influential Changpeng Zhao (often referred to as ‘CZ’). 

Note that CZ is known to be very influential in the cryptocurrency world. Before Binance, Zhao also worked on OKCoin. However, after the Binance ICO, he relinquished control over the coin to a new CEO.

Binance offers the most crypto to crypto pairs and has a daily trading volume of approximately $49,648,428,419. They are so huge, they dwarf all other exchanges, including their biggest rival, Coinbase.

The history of BNB is more than curious. Binance, the parent company, was mostly funded by its ICO in 2017, mostly from China. Many of the earlier investors before the ICO have already cashed out (perhaps that wasn’t their wisest decision!).

Binance Coin was made available to the public for the first time on 25 July 2017 and has the BNB ticker symbol.

BNB can be broken down into ‘Jagers’, in the same way that Bitcoin can be broken down into Satoshis. 1 Jager = 0.00000001 BNB.

Interestingly enough, BNB was launched on the Ethereum blockchain as an ERC-20 token (just like Tron and a swath of other big-name cryptos). 

In Binance Coin’s first Initial Coin Offering (ICO), they raised 15 million within three weeks. Since then, BNB has moved from the Ethereum blockchain to its Binance blockchain in 2019.

We should also note that Binance Coin has a cap of 200 million. That means that eventually, Binance Coin will surpass Bitcoin in terms of volume, which will make it easier to trade.

At the time of writing, there is a circulating supply of 153,432,897.00 BNB and a market capitalisation of $92,678,395,439, according to CoinMarketCap - making it the third-largest cryptocurrency.

What is Binance Coin used for?

Binance Coin has two primary functions, 1) to function as a ‘discount token’ to pay for fees on the Binance Exchange, and 2) fuel for the Binance Smart Chain.

At first, in 2017, Binance Coin was strictly a ‘utility token’ that when used on the Binance Exchanged would give a trader a discount on trading fees. For a few years, there was not much use for BNB besides this.

Then, in September 2020, Binance launched the Binance Smart Chain, a parallel chain purely for smart contracts, dApps and DeFi services.

Why is BNB Rising so Much? How Has BNB Price Gone Up more than 300% in 2021?

Why has BNB gained so much value in 2021, though? Well, that takes us straight back to what BNB is primarily used for. Let us explain.

BNB primarily started going up in February 2021 and this was almost entirely because of the Binance Smart Chain (BSC).

Because the BSC was so much cheaper to work on than the Ethereum network, it became a viable alternative and many projects started moving over.

According to YCharts, average Ether transaction fees peaked at $39.49, which is incredibly high. 

Following that peak, Ether transaction fees continued to be highly volatile, a headache for most DeFi developers. On 11th May they even hit $62.51.

In short, the more projects on the BSC, the more BNB is in use, increasing demand and increasing its price.

Today, the BSC is the second-largest DeFi platform, according to DeFi.prime with 36 DeFi projects, which is 10 more than third place, Bitcoin. However, it still has a while to get to Ethereum’s 214.

And the DeFi market is expected to grow tremendously for the rest of 2021. As Christine Kim of CoinDesk points out, in the first quarter of 2021 DeFi applications have grown from $20 billion to $50 billion, an increase of 150%.

The Binance Exchange is very busy

As mentioned earlier, the Binance Exchange is the most popular and largest crypto exchange in the world. It has the most diverse selection of coins to buy/sell and the most crypto to fiat pairs.

In 2021 crypto trading volume increased overall because of the current boom and Binance managed to make money - lots of money - from this action.

And BNB benefited hugely from this too. As it is still used on the Binance Exchange for a discount on fees, demand likely increased for the coin to be used when Bitcoin began to surge to $60k.

Some crypto experts think that Binance Coin may continue to go up in value, possibly outpacing Bitcoin price.

And it’s not so far-fetched when you compare BNB’s market capitalisation growth to that of bigger rivals Ethereum and Bitcoin.

Binance Coin growth chart

Binance Coin growth in comparison to Ethereum and Bitcoin. Source: bloomberg.com

While Binance Coin is not going to replace Bitcoin as the leader of global digital currency, it is likely to be one of the big winners in 2021. Especially if the crypto market continues to rise.

All in all, BNB has an advantage over most coins because we can already see its use cases. First as a utility token, then as fuel for the BSC. Meanwhile, investing in other coins is purely speculative as they are yet to deliver results.

Read more: How Much Will BNB Be Worth In 2021 And Beyond?

Binance Coin: The Top Utility Token of 2021?

Though many believe that Binance Coin is a good investment and one of the safest cryptocurrencies out there (mainly because of its relative stability), no one can say this for certain. Thus, it’s up to you to decide if investing in BNB in 2021 is worth it.

For the average trader, perhaps the most appealing aspect of investing in BNB is the fact that you can get a discount of 25% on the Binance Exchange. In 2017, this discount was even greater, 50%.

Interestingly, there are a variety of different types of exchange fees that can be paid with BNB. They include transaction fees, voting fees for new tokens, commissions, and also fees for launching new instruments.

We have to agree that this approach is a very clever way to keep traders coming back to the platform and in a sense, Binance Coin is like a discount coupon.

It is worth wondering, however, how long this discount will continue to be offered. In the future, it may continue to decrease or even stop.

In fact, according to their white paper, in 2019 Binance was supposed to half this discount yet again to 12.5%, but so far, this has not happened.

It is believed that Binance has not reduced the 25% discount because they want to remain popular and in good faith with their traders. For now, though, it is something to look out for in the future.

It is also worth mentioning that their white paper also points out that in the 4th year, which would be 2021, the discount will be reduced further to 6.75%.

If this happens, then interest in Binance Coin could partially decline - unless the developers behind Binance offer another reason to trade or hold BNB.

Check Out: Is it Worth Investing in Binance Coin Now?

How Does Binance Coin Work?

binance coin in front of a laptop with chart

From a technical point of view, there isn’t anything particularly unique about Binance Coin. That said, there are some important things to know about Binance Coin.

As stated earlier, BNB was created on the Ethereum blockchain but has moved to its own blockchain Binance Chain.

Interestingly, this blockchain uses the Tendermint byzantine-fault-tolerant consensus mechanism and has three different types of nodes:

  1. Validator nodes that validate transactions
  2. Witness nodes that witness the process and broadcast transactions
  3. Accelerator nodes owned by organisations and that speed up the process

Note that fees are distributed among all validators.

As BNB was built upon the Ethereum blockchain, it can be assumed that much of the technology behind it is very similar. However, after Binance switched to their own blockchain, there may be more significant differences.

It should be also mentioned that the Binance Coin network is centralised, which will always be off-putting for some cryptocurrency enthusiasts. Simply because decentralisation is one of the main advantages of cryptocurrencies over fiat money!

That said, in comparison to other centralised coins, Binance Coin has a much better image. The exchange has a lot of financial backing, which can enhance the use of BNB.

Some of the benefits of BNB are quick transactions, seamless experiences, and high security.

Talking about security, we should note that since BNB is used mostly across the Binance ecosystem, users will need a verified account. Therefore, BNB - compared to privacy coins like Monero - limits anonymity and leaves a digital footprint.

Have you considered Buying BNB?

Coin Burning

Coin burning is one of the most unique aspects of Binance Coin.

Due to the artificial scarcity of cryptocurrencies, BNB vendors have found a way to ensure that the value of the asset rises steadily: BNB tokens are removed through a process called burning.

In other words, Binance destroys coins in what they call a ‘burn’. This is mentioned in the Binance white paper. 

Burning is the opposite of minting. Every quarter (three months), Binance plans to destroy Binance Coin per trading volume on the Binance trading platform.

All transactions will be logged on the Binance blockchain. Binance performs this burn using a smart contract. It is impossible to return the coins once they are destroyed.

They plan to eventually destroy 100 million coins, which will leave 100 million in existence when the 200 million cap is reached. Once 100 million remains, they will stop.

For Binance to perform a burn, they have to use 20% of their profits to buy back BNB.

The team behind Binance owns approximately 40% of the total supply (though some sources differ significantly, more on that in a bit), and the burn is to reward the Binance team for their work.

Interestingly, approximately 9 in 10 employees at Binance receive a portion of their salary in BNB.

What results from this is that the supply is deflating instead of inflating. Shifting the supply and demand curve can drive the price of the coin up over time.

This is similar to stocks when companies buy back their stocks from initial investors. It is equivalent to a dividend give out.

You can find out more about Binance’s burn process and when these burns have taken place on the Binance website.

By knowing when the coin burning will take place, traders can potentially know when to sell the coin because lowering the number of coins will increase the value of the BNB, giving them a profit.

Interestingly, Binance may have made its biggest-ever profit from burning BNB tokens in the first quarter of 2021. According to Cointelegraph, Binance burned $600 million worth of BNB and may have made a profit of $750 million from it.

Is It Worth Investing In BNB In 2021?

With a market cap of over $51.08B and various benefits, investing in BNB in 2021 is definitely worth it.

Let’s not forget that BNB is one of the top utility tokens and has a wide range of advantages over other digital coins.

At the same time, remember that BNB is an asset with a high risk and high reward investment ratio.

Thus, if you decide to invest in BNB, always do your research and proceed with caution.

Read Also: 26 Reasons Why You Should Invest in Binance Coin Today

Is Binance Coin Safe to Invest?

Most likely it is safe to invest in Binance Coin, though there are several things you should be aware of before investing.

As mentioned earlier, Binance Coin is considered a relatively safe coin. Historically, it has been less volatile than other altcoins, maintaining a lot of its gains.

Perhaps the biggest concern is that Binance Coin is by default centralised. This raises several concerns.

Though the power of the Binance Smart Chain is technically divided between 21 node operators, they are elected by BNB holders. So far so good. 

But the problem is that Binance owns most BNB tokens (keep reading, we get to this in a moment!). What this means is that Binance effectively controls whoever can validate transactions and make changes to the Binance Smart Chain.

Many crypto enthusiasts would straight up turn down BNB just because of that, it’s entirely against the idea of cryptocurrency. And it’s not hard to disagree with such people when you learn about the other potential issues centralised coins might have.

With Binance having so much control over the crypto, they could easily make changes to how it works and have the authority to do it. There could even be issues of price manipulation too.

Furthermore, for many, it is seen as a security threat. Centralised cryptos are more at risk of attack because they have a central point that can be hacked. This is also true if there is a system failure.

Decentralised cryptos are distributed, preventing this from happening. Users generally feel more trustworthy of decentralised cryptos as well.

As we said above, most Binance Coins are owned by Binance, but are located in different wallets. Adding an extra layer of centralisation to BNB.

Checking Etherscan, you can see several Binance wallets that when combined own more than 80% of all BNB.

BNB top 100 token holders

BNB top 100 token holders. Source: Etherscan.io

The two largest wallets are Binance 7, which contains 52.0150% of all BNB, and Binance 8, which contains 27.1419%. For many crypto traders, this is very concerning.

Another concern is Ethereum 2.0, Ethereum’s move to proof of stake, which is supposed to be completed at some point in 2021 (no one is sure of the exact date yet).

This is a big concern because many DeFi projects jumped to the BSC because of high Ether fees and proof of stake may make using Ethereum cheaper and BNB may lose its competitive advantage.

On top of that, we also have to consider BNB’s rivals. Aside from Ethereum, BNB also has to compete with Cardano, EOS and Tron, just to name a few.

Binance needs to continuously keep its eye on them to make sure it can stay ahead.

The next concern to be wary of is the rise of DeFi and DEXs. While Binance is benefitting hugely from the BSC, its primary business is the Binance Exchange and helping DeFi grow could be their downfall.

However, CZ has suggested that Binance will go with the flow and adapt to what the market wants. In an interview with CoinDesk’s Muyao Shen, he said:

“Our mission is not to build a CeFi [centralised finance] exchange [...] Right now it is one of our larger businesses that support our growth. But over the long term, we want to push decentralization”.

Potentially meaning that while they are centralised now - both as an exchange and crypto - they see decentralisation as the future, and it is likely where they will take the company as it grows.

A final concern worth pointing out is that Binance has had numerous issues with regulators, and it has meant they have had to relocate several times.

Binance was first formed in China, but following regulations put in place in 2017, they had to relocate to Japan. But shortly after that, Japan also introduced stricter laws on cryptocurrency, and again they had to move.

Today, Binance is generally recognised to be located in Malta (sometimes nicknamed ‘Blockchain Island’). But Malta’s financial regulator, the Malta Financial Services Authority, came out in 2020 to say that Binance is not authorised by them to operate and is not regulated.

So, if Binance is unable to resolve the issue, we may see them relocate again, which puts the whole company and cryptocurrency at risk.

However, CZ argues that Binance doesn’t have or need a headquarters. To him, it is unnecessary, and it doesn’t really mean anything, which does make some sense in this day and age.

Instead, he argues that Binance has ‘licensed entities’ in different parts of the world for regulatory purposes.

CZ also disagrees that Binance has had any regulatory issues. In an interview with Bloomberg, he stated: 

“Binance is very regulated, even in more jurisdictions than Coinbase. [...] There are a number of other entities around the world which are fully regulated entities using the Binance brand. I think Binance is probably holding the most exchange licenses or what you could relate to as exchange licenses globally. And there aren’t that many specific exchange licenses. But Binance probably holds the most number of crypto exchange-related licenses globally.”

In the same interview, when asked about KYC and AML, CZ also stated “we are probably the most compliant exchange worldwide”.

How Well Has Binance Coin Performed?

binance coin chart

Binance Coin has performed very well since its creation. Initially starting at around $0.1051 on its launch, it took full advantage of the bull run of 2017 to finish the year at around $8, according to historical data from Investing.com.

However, 2017 didn’t last forever and was followed by a disappointing 2018, and 2019, the year of recovery. It was a similar cycle for all other cryptos.

But as Binance Coin was very young at the time, it didn’t have the burden of meeting people’s expectations. It was even able to hit new highs throughout 2018 and 2019, where it momentarily mingled with $38.

Then came 2020 and you can guess what became a big issue by March. Yup, that pandemic. BNB went from around $25 in mid-February down to $10. 

But 2020 turned out to be a blessing in disguise and by the end of the year, had returned to the $38 mark it reached in 2019.

In February 2021, the price of BNB increased by 200% to reach a record high of $336 per coin.

But this really didn’t last long. It would be one of many all-time highs that were about to get smashed in 2021. By April we would see $598 and by May $690.

So far, it seems that Binance Coin may continue this uptrend. Of course, though, no one can guarantee this, and some believe a major correction in price may occur.

Read More: Could Binance Coin Make Me A Millionaire?

What’s the Future of Binance Coin?

As the cryptocurrency market continues to exponentially, leading crypto exchanges like Binance have the potential to grow.

If institutional investors and big banks continue to enter the cryptocurrency market in the coming years, this will likely increase demand for Binance Coin.

An additional factor is that Binance has promised to use about 20% of profit to buy back the Binance Coin about 50% units. This should also give prices a big boost in the future if Binance delivers on its promise!

In the end, let’s not forget that digital currencies tend to follow bull and bear cycles, so one should always keep an eye on technical indicators, fundamentals, crypto news, and market sentiment.

Will BNB Go Up?

Many experts seem to believe that BNB will continue to go up in the coming months and years. For the time being, the outlook is very positive.

However, this will depend on a few major factors:

  • Ether transaction fees remain high.
  • DeFi continues to grow.
  • High usage of BNB at the Binance Exchange (which will likely happen if the cryptocurrency market remains bullish).

But there are other factors at play behind the scenes that could also increase the price of BNB.

The Binance Exchange is Binance’s main cash cow, and it is continuing to expand. In 2021, they will add more payment channels which will give more people around the world access to crypto. Most recently, it announced several new channels for Southeast Asia in April 2021.

Elsewhere, Binance is introducing the Binance Card and Binance Pay.

The Binance Card is effectively a Visa debit card that converts your crypto into your local currency whenever you make a transaction. 

Powered by Swipe, it is linked to your ‘Card Wallet’ which is located within your Binance account. Holders can also get cash back on their purchases depending on the amount of BNB they have.

Binance Pay, according to Binance’s blog “is a contactless, borderless and secure user-to-user cryptocurrency payment feature on the Binance App”.

Elsewhere, Binance has been very active in acquiring other companies. In 2019, they acquired Indian Bitcoin exchange, WazirX and then in 2020, they bought CoinMarketCap - a hugely popular site for checking different cryptos market caps and prices.

And BNB is not the only coin Binance is involved in. They have also introduced two stablecoins, BUSD, which is pegged to the US dollar, and BIDR, which is pegged to the Indonesian rupiah.

Both coins are ‘BEP-20 coins’, tokens that are created on the Binance Chain, in the same way, Ethereum has ERC-20 tokens.

How Much Will BNB Be Worth? 

While nobody can make accurate price predictions, you may want to know how much BNB could be worth in 2021. With a strong community of supporters and a positive market image, BNB looks like it will likely rise in value. 

WalletInvestor, for example, forecasts that BNB could reach $934.134 within a year. Gov Capital gives a lower one-year prediction of $730.944003 but is still higher than the current price.

This is also roughly in line with Trading Beasts prediction of a maximum of $715.624 by December 2021.

Meanwhile, DigitalCoin is far more bullish, believing that Binance Coin could reach $1,041.19 in 2021.

But this is not the most bullish 2021 prediction for Binance Coin! Far from it. The Economy Forecast Agency has very high hopes, estimating a low of $1,955 and a high of $2,311 by December 2021.

And at the most extreme end of the spectrum, Coin Price Forecast believes that Binance Coin could reach $3,687 by the end of the year.

What will Binance Coin be worth in 2025?

Binance Coin could be worth as much as $16,093 by mid-2025 according to Coin Price Forecast. That said, they do also predict a slight decline to $15,975 by the end of the year.

Elsewhere, price forecasts for Binance Coin in 2025 are also very positive. DigitalCoin forecasts a perhaps more realistic (but still bullish) $2,067.57.

While The Economy Forecast Agency foresees a maximum of $3,915 in 2025.

What will Binance Coin be worth in 2030?

In 2030, Binance Coin could be worth as high as $36,362, according to Coin Price Forecast. Elsewhere, Cryptocurrency Price Prediction believes Binance Coin could be worth a maximum of $26,993.74.

Do remember that these are forecasts for the potential price and 2030 is still a long way away. Who knows what could happen in the following decade.

Will BNB reach $1,000?

Yes, several price forecasters do foresee BNB reaching $1,000, though they do not all agree on when this could happen. There are a few that believe it could happen by 2021.

The Economy Forecast Agency believes that it could happen by July 2021, closing the month at $1,080. Cryptocurrency Price Prediction also foresees BNB surpassing $1k by July 2021 ($1,326.36).

They are also joined by Coin Price Forecast, which predicts $1,505 by mid-2021 (so in a similar period). DigitalCoin also believes $1,041.19 is possible in 2021.

But not everyone believes $1k in 2021 is possible. Trading Beasts estimates that this could happen by June 2023 ($1,001.081).

And WalletInvestor does not foresee higher than $934.134 in one year, while Gov Capital does not see more than $730.944003.

How much will BNB reach?

$36,394 is the highest prediction we have seen for BNB. Coin Price Forecast believes this could be possible by the end of 2032.

What Should I Invest In BNB?

Given its positive future and advantages over other cryptocurrencies, BNB offers some great opportunities for investors.

But just because you can, that doesn’t mean you should invest in Binance Coin. Remember there’s no 100% profitable investment.

Before you open an account and invest in any asset, you should consider its risk-return trade-off and decide on a risk management strategy to succeed. 

How Can I Invest in BNB?

If you decide to invest in BNB, finding a place to buy Binance Coin is easy. 

There are different ways to invest in BNB either in the short or long-term, with cryptocurrency exchange platforms like eToro being the safest places to invest in crypto.

Naturally, Binance Coin traders will buy BNB as an investment option if they think that the price is likely to increase from the current exchange rate.

Where Can I Trade Binance Coin?

Now you know more about Binance Coin and all the aspects of Binance Coin investment. So, if you consider trading Binance Coin, we at Trading Education recommend using regulated exchanges, such as eToro

eToro – Best Broker to Buy Binance Coin BNB 

etoro broker

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.

Learn To Trade Binance Coin With eToro

Want to divide deeper into the world of Binance Coin and learn how to trade cryptocurrencies? Then sign up with eToro.

Whether you’re an experienced crypto investor or taking your first steps into this sector, Binance Coin is potentially a strong contender for your investment portfolio. BNB investors can also build a diversified portfolio with the most popular coins.

We hope this guide has helped demystify this major crypto coin for you. If you're feeling inspired to start investing in BNB, or this article has provided some extra insight to your existing investing knowledge, you may be pleased to know that eToro provides the ability to invest in crypto assets and CFDs on up to 90+ cryptocurrencies

Buying BNB with eToro is easy and can be done in four simple steps.

Step 1. Create an account with eToro. You will need to provide your full name and address, among other identifying information.

Step 2. Submit a form of identification, such as a government-issued ID card. This is done to prevent fraud. You will need to wait for your identification to be verified.

Step 3. Make a deposit. The minimum deposit on eToro is $50 for US traders and $200 for the rest of the world (however, do check if it is different in your country - there are some exceptions!). Shortly you will be able to use this money to buy BNB.

Step 4. Buy BNB. Trade markets → Crypto → then select BNB/Binance Coin and choose how you would like to open your position and how much you would like to buy.

And that’s it! Now your trading BNB!

Selling you BNB can be done just as easily too.

Step 1. Click on your portfolio to see all the cryptos you are trading.

Step 2. Select BNB, then click the red X.

Step 3. Click close trade.

Key Points

If you remember anything from What Is Binance Coin & Is Binance Coin A Good Investment? make it these key points.

  • Binance Coin (BNB) was created by the Binance Exchange in 2017 initially as a utility token for transaction fees. Since then, it has become a major player in DeFi.
  • By 2019 Binance Coin had migrated away from the Ethereum blockchain to its mainnet. Binance Coin was originally an ERC-20 token, just like Tron was.
  • BNB tokens are regularly destroyed or burned to ensure that BNB increases in value steadily. This is done every quarter (three months).
  • BNB started 2021 at around 37.62 and has since risen to a new all-time high of $690.93. According to some price predictions, it has huge potential in the coming months and years.

If you decide to invest in BNB, we at Trading Education can guide you on your journey and help you sign up with a reputable broker like eToro.

Would you invest in BNB in 2021?

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FAQs

Still have questions about Binance Coin? No problem! Here are some commonly asked questions that you might find useful.

Is Binance reputable?

Yes, Binance is one of the most reputable and fast-growing crypto exchanges. Created in 2017, Binance has grown to a crypto giant that offers more than a hundred cryptocurrencies to buy and trade.

What is BNB’s all-time high?

$690.93, as per data provided by CoinMarketCap at the time of writing. In 2021 BNB has broken several all-time highs already, so this one might not last long!

How many BNB coins are there?

There is a max supply of 170,532,785 BNB coins and a total supply of 169,432,897, according to CoinMarketCap.

Do also note that the current circulating supply is 153,432,897 BNB, approximately 90% of all coins.

Can you mine BNB?

Yes, you can mine BNB just like most other cryptocurrencies. Coinario recommends those interested in mining BNB to join a mining pool after investing in some ASICs.

How fast you mine BNB depends on your hashrate. BNB mining is also possible with Android phones, not just PCs, but it is not possible with iPhones. The best way though is by using ASICs.

What can I buy with BNB coin?

You can also use BNB to buy NFTs and virtual gifts, and even book flights and hotels, according to Trust Wallet, aside from paying for fees on the Binance Exchange.

Can Binance get hacked?

Yes, the Binance Exchange has been hacked several times before and is always at risk of getting hacked again.

As mentioned above, Binance was hacked in 2019 and lost 7,000 BTC, which at the time was equivalent to $40 million. But it should be noted that this minuscule in comparison to the Mt Gox hack in 2014, where more than $450 million worth of Bitcoin was stolen.

Despite the severity of Binance’s previous hacks, it usually doesn’t do too much to the price of BNB. Furthermore, Binance’s blockchain is very secure, and it is highly unlikely that hackers can take advantage of it.

It is worth noting that in the past when the Binance Exchange has been hacked, it usually halts all trading and seeks to return what has been stolen to the victims. 

In the 2019 incident, Binance said that they would cover the losses in full and that no user’s funds will be affected.

How can I get free Binance Coins?

While you can get Binance Coins without paying for them, most sites offering ‘free’ Binance Coins often require you do something in return. In other words, they make you work for them, so in the end, it’s not really free.

To make things worse, the amount of BNB you receive might be pretty small and it may not be wise to share your details with such sites.

What is BNB vault?

BNB vault is a way to stake your BNB tokens to earn interest on them. BNB vault can be referred to as a ‘yield aggregator’.

It gives stakers the best possible returns on their BNB by utilising both centralised and decentralised methods.

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