Sunday, January 29, 2023

Is BNB a better alternative to Bitcoin for investment?

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In the last couple of years, cryptocurrency has garnered much popularity dragging the attention of numerous investors. If you have been connected with the crypto verse one way or the other, then you must be familiar with a popular name Binance. It came into existence in 2017 and has established itself as the world’s largest cryptocurrency exchange. Now a world-famous crypto exchange, it came up with its own native cryptocurrency named BNB. 

Now it has been known that Bitcoin has been a major and most loved cryptocurrency among investors owing to its global popularity. But now that BNB is a native crypto to world popular exchange, Binance can withstand against the latter dominant crypto king in becoming a better alternative? Well, it might seem too early to say so. But for your curiosity, we are going to find out whether BNB does make a better substitute to crypto king BTC, plus, we are also going to discuss its works, how to buy it, plus can BNB reach 10000. So let’s begin our exploration on


BNB: what is it?

Sharing a similar namesake with its native cryptocurrency exchange Binance, it is also known as Binance Coin or BNB. Talking about the Binance platform, lets crypto traders and investors make fee payments and do trading by using BNB. Earlier this coin found its use for functioning on the ERC-20 standard on the Ethereum blockchain, but now it has gained popularity in being a native crypto coin of Binance. If we go by the current statistics in January 2022, then the Binance exchange has proved its worth with more than 1.4 million transactions in a short time. With its standout performance, the value of the exchange has doubled. 

Read also: What Are Pump And Dump Crypto Scams?

BNB price history

Now after knowing this, it certainly raises more inquisitiveness in knowing about BNB and what makes it so special. And for that, we need to know about the brief history of BNB. Beginning on 17th November 2017, the price of BNB was very low at 0.50 USD during that time. But its value reached more than 25 USD within 67 days. Then on 22nd June, 2019 BNB peaked at its ATH (All-Time-High) at 39.59 USD. 

And once again this crypto coin rose to a remarkable 861 percent from the mentioned date within the last 197 days. Now coming to the third cycle, the native crypto of the Binance exchange increased its worth to around 350 USD with a market cap exceeding 53 billion USD. If you are interested in knowing the BNB price prediction for 2025 then it is expected to reach $ 380.82.

Pros and cons of Binance Coin or BNB

With the major advantages of BNB, investors must also check out for the cons it has. First, let us count on the benefits. 

Pros

Due to its present landscape in the crypto verse, plus the significant rise of Binance, BNB has emerged as a stupendous utility token. With its need for making transactions on its native crypto trading platform, you are most welcome to make an investment in this altcoin and earn profit in return. Adding advantages, a person can also make online purchases like crypto credit card bills, travel, gift cards, entertainment, and lots more. Adding one more major advantage of Binance Coin is a discount on the charged fee. The BNB transactions are done instantly on the Binance exchange, and a fee of 0.1% applies to all. 

Cons

Coming to the downsides, many crypto critics have pointed out that regulatory bodies in China can badly impact BNB in the long run. Another major disadvantage of BNB is its progress which is directly connected with the native Binance exchange reputation. Hence, we can say that if there is any effect on Binance, then the reputation of its native crypto gets affected directly. It is hard to assume about the performance of BNB in the coming decades, no matter whether it is efficient in sustaining its performance at present or not. 

Burning of Binance Coins

After every 3 months, 20 percent of the total profits are used by Binance for the permanent burning of the BNB. The latest burning of the BNB coins happened in 2022 on 15th January. The exchange platform emptied 1,099,888 of its native tokens in its treasury. 168,137,036 coins are the total supply of the BNB tokens at present.

Final words

Binance Coin or BNB has shown its prominence in being ranked among the top cryptocurrencies, and this makes it one of the best alternatives to Bitcoin for investors. To explore other topics, log on to the Cryptoknowmics website. It covers a myriad of topics including soft fork and a hard fork, crypto whale alert, airdrops, news, and events. If you don’t want to miss any new updates, then do sign up on this website. 

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