Binance coin (BNB): Why should you buy, returns, use cases, and more. Starting I am not a financial advisor or anyone trying g to give false price predictions. I have some experience in trading in Binance coin (BNB) and at the same time want to share what are its use cases. Binance coin (BNB) is no more an exchange token but a worthy competitor to Ethereum (ETH). The previous line may seem too heavy but there is no apple to apple comparison here. Binance smart chain started off helping anyone who couldn’t or didn’t want to afford high Ethereum gas fees. Ethereum network was clogged in and high gas fees were just a by-product. Ethereum’s new EIP update seems to clear these issues.
Check out Binance smart chain based Projects:
Why should you buy Binance coin (BNB)?
The company offered 10% of the supply to angel investors, 40% of the supply to the founding team, and the remaining supply to the public. Anyone who used to open a Binance account would get some Binance coin (BNB) in return. This coin could be used for transactions and fees.
Anyone holding their Binance coin would have made 1690.8% retuns in just 1 year.
The returns have come in because of the recent bull market, growing use cases of Binance coin (BNB), Binance smart chain (BSC) projects, etc. The growth and the price rise are perfectly justified. Binance burns some of its coin now and then, which helps in a further rise in prices. Demand and supply gap.
Staking and Savings
Like any coins and tokens, finance offers APY (Annual Percentage Yield) or interest in layman terms to its holders. The interest rate can vary depending on the market and no of coins staked. You can read my previous article about: How to earn passive income from holding Cryptocurrencies.
Launchpool and Launchpad
This further helps the holder to earn and farm new coins. There are a ton of projects listed on the Binance platform under Launpool and Launchpad. A user can simply stake their Binance coin and farm new coins/tokens. There is a locking period however, you can redeem early if you want.
There are tons of opportunities to earn while you hold Binance coin. The possibilities are limitless. Further, if new projects are launched and are still not listed on any exchanges Binance smart chain acts like oil. You can buy the coins/tokens using a fraction of the amount of your Binance coin.
As I said, I won’t be giving you all a random price prediction but some valid reasons why you should buy Binance coin. Binance is one of the leading crypto exchanges in the world. However, every reader should make their own decision before investing. Final word Binance coin sits at No. 4 on the Market cap. It shows how widely accepted the coin is.