$BNB BINANCE Coin: A Noob's Guide
BINANCE Is one of the Premier Cryptocurrency Exchanges in the world. It has seen unprecedented growth since July 2017.
What's really cool about Binance is that they have their own ERC20 Token called Binance coin. When you buy it, you feel like you own a bit of the exchange.. That's because you do!
In that way, it functions similarly to a publically held company would when investors buy stock in that company. The growth they have seen has been phenomenal. They ramped up in July 2017 and have quickly found themselves in the top ten.
The reason I get excited about this coin is because it's not just cool and unique, but has real-world applications and uses within the exchange.
Use for fees
Not only can you buy $BNB on Binance, but you can also use it as a "coupon" for your trading fees. Trading fees also happen to be a lot lower on Binance since they are trying to stay competitive. Still, it's an excellent value, and they seem to be adding, on average, one coin every 1-2 days lately. I don't think I have paid any withdrawal fees, either.
Smart contracts
Built on the Ethereum platform, smart contracts can be created and executed using BNB. This might open up the door for margin trading down the road.
BNB Supply
Binance will also, every quarter, use 20% of their profits to buy BNB and destroy them. This adds value to other coins that people are holding. This is great because they will decrease the supply and increase the demand for the coin by increasing its application.
Conclusion
BNB is an excellent value right now. If you are searching for a long term hold, it's definitely one you should keep on the radar.
Seems like there are a few coins out there that will decrease the supply, or do a reverse split, in order to reduce supply and increase demand and add value to their coins. It's an interesting trend to watch as things move forward.
There will likely be other uses on Binance exchange in the future with their token that we haven't even thought of yet. It will be great to see the exchange and the token grow!
Note: Always do your own research before you invest in cryptocurrency.