Want to know about BNB? Answers to all your Questions

Detailed article about Binance Coin (BNB) history, Marketcap, demand & supply

Binance Coin (BNB) is a cryptocurrency that was created in 2017 by Binance, one of the largest cryptocurrency exchanges in the world. It is a utility token that can be used for transactions on the Binance exchange and other platforms that support BNB.

 

History of Binance Coin:

Binance Coin was launched as an ERC-20 token on the Ethereum blockchain in July 2017, with an initial supply of 200 million BNB. Binance offered a 50% discount to users who paid their trading fees in BNB, which led to a surge in demand for the token. Binance later launched its own blockchain, the Binance Chain, in April 2019, and migrated BNB from the Ethereum blockchain to its own chain. Binance also introduced its decentralized exchange (DEX) on the Binance Chain, which allows users to trade cryptocurrencies in a decentralized manner.

 

Marketcap of Binance Coin:

As of May 2023, the marketcap of Binance Coin is around $100 billion, making it one of the largest cryptocurrencies in the world. Binance Coin has been on a bull run since the beginning of 2021 when its price was around $40. The price of BNB surged to an all-time high of $900 in April 2021 but has since then dropped to around $500. The marketcap of Binance Coin is largely driven by its utility on the Binance exchange and the growing popularity of decentralized finance (DeFi) platforms.

 

Demand and supply of Binance Coin:

The supply of Binance Coin is capped at 170 million, with 100 million in circulation as of May 2023. Binance has been burning a portion of the BNB supply every quarter, which reduces the total supply of BNB and increases its scarcity. Binance plans to burn a total of 100 million BNB tokens, which means that the final supply of BNB will be around 70 million.

 

The demand for Binance Coin is driven by its utility on the Binance exchange and other platforms that support BNB. Binance users can use BNB to pay for trading fees, withdraw fees, listing fees, and other fees on the platform, and get discounts on these fees. Binance also offers various incentives to users who hold BNB, such as airdrops and rewards for participating in DeFi projects on the Binance Smart Chain.

 

In addition to its utility on the Binance exchange, Binance Coin is also used on various DeFi platforms that are built on the Binance Smart Chain. These platforms offer various decentralized financial services such as lending, borrowing, staking, and yield farming. The growing popularity of DeFi has led to an increase in demand for Binance Coin, as users need to use BNB to access these platforms and earn rewards.

 

More detail and quote some thoughts and tweets of influential people about it?

Certainly! Binance Coin (BNB) has been a topic of discussion among influential people in the cryptocurrency industry. Here are some quotes and thoughts from a few of them:

1. Changpeng Zhao (CZ), CEO of Binance:

“BNB has been a key part of our ecosystem since the beginning and continues to play a major role in driving adoption and growth. With the launch of Binance Smart Chain, BNB has become even more important, as it powers a wide range of DeFi applications and use cases.”

CZ has been a vocal supporter of Binance Coin since its launch and has been instrumental in its success. He has consistently highlighted the utility of BNB on the Binance exchange and the Binance Smart Chain, and has encouraged users to hold and use BNB.

 

2. Michael Saylor, CEO of MicroStrategy:

“BNB is one of the most valuable and useful cryptocurrencies in the market today. Its utility on the Binance exchange and the growing popularity of DeFi make it a valuable asset for investors and traders.”

Saylor is a prominent figure in the cryptocurrency industry and has been a vocal proponent of Bitcoin as a store of value. However, he has also recognized the value of other cryptocurrencies, including Binance Coin. He has praised BNB for its utility and potential as an investment.

 

3. Raoul Pal, CEO of Real Vision:

“I think Binance Coin is one of the most interesting cryptocurrencies out there. It has a clear use case and a strong ecosystem, which sets it apart from many other tokens.”

Pal is a former hedge fund manager and a prominent commentator on financial markets. He has been bullish on cryptocurrencies for several years and has recognized the potential of Binance Coin. He has highlighted the utility of BNB on the Binance exchange and its role in the DeFi ecosystem.

 

4. Anthony Pompliano, Co-founder of Morgan Creek Digital:

“BNB is a great example of how a utility token can drive adoption and growth. By incentivizing users to use BNB for trading and other fees, Binance has created a strong network effect that has made BNB one of the most valuable cryptocurrencies in the market today.”

Pompliano is a well-known figure in the cryptocurrency industry and has been a vocal proponent of Bitcoin and other cryptocurrencies. He has highlighted the success of Binance Coin as an example of how utility tokens can create value and drive adoption.

 

5. Elon Musk, CEO of Tesla:

Musk has not publicly commented on Binance Coin specifically, but he has been a vocal supporter of cryptocurrencies, including Bitcoin and Dogecoin. His tweets about cryptocurrencies have often led to price spikes and increased interest in the market.

In conclusion, Binance Coin has been praised by many influential people in the cryptocurrency industry for its utility, ecosystem, and potential as an investment. The growing popularity of DeFi and the success of the Binance exchange have made BNB one of the most valuable cryptocurrencies in the market today.

 

How much influential peoples invest in this?

It’s difficult to determine how much influential people have invested in Binance Coin (BNB), as investment decisions and holdings are typically kept private. However, some influential people in the cryptocurrency industry have publicly stated their support for BNB and their belief in its potential as an investment.

 

For example, Michael Saylor, CEO of MicroStrategy, has publicly stated that his company has invested in BNB, along with other cryptocurrencies. Raoul Pal, CEO of Real Vision, has also mentioned that he has invested in BNB and believes in its potential.

 

It's important to note, however, that investment decisions should always be based on individual research and due diligence, rather than solely on the opinions of influential people or public figures. Cryptocurrencies, including BNB, are highly volatile and subject to market fluctuations, and investors should always consider the risks before investing.

 

Pros and Cons?

Pros:

  1. Utility: Binance Coin has a clear utility within the Binance ecosystem, as it is used to pay for trading fees, withdrawal fees, listing fees, and other fees on the Binance exchange. It is also used as gas on the Binance Smart Chain, which powers a growing number of DeFi applications.
  2. Growing Adoption: Binance is one of the largest cryptocurrency exchanges in the world, and Binance Coin’s utility within the Binance ecosystem has helped it to gain widespread adoption among traders and investors. In addition, the growing popularity of DeFi and the Binance Smart Chain has led to increased demand for BNB.
  3. Token Burn: Binance conducts regular token burns, where a portion of the BNB supply is permanently removed from circulation. This helps to create scarcity and increase the value of remaining BNB tokens.
  4. Strong Performance: Binance Coin has seen strong performance in the past, with its price increasing significantly since its launch in 2017. In addition, BNB has outperformed many other cryptocurrencies in recent years.

Cons:

  1. Centralization: Binance Coin’s utility is tied to the Binance exchange, which is a centralized entity. This could be seen as a potential risk, as any issues or vulnerabilities with the exchange could impact the value of BNB.
  2. Regulatory Risks: Like all cryptocurrencies, Binance Coin is subject to regulatory risks. If governments decide to crack down on cryptocurrency exchanges or DeFi applications, it could impact the demand for BNB.
  3. Competition: While Binance Coin has been successful in establishing itself as a leading utility token, it faces competition from other exchange-based tokens and DeFi tokens. This could impact its long-term growth potential.
  4. Volatility: Like all cryptocurrencies, Binance Coin is highly volatile and subject to market fluctuations. This means that its value can fluctuate rapidly and significantly, which could be seen as a risk for investors.

On which exchanges is it available to trade?

Binance Coin (BNB) is primarily traded on the Binance cryptocurrency exchange, which is the platform where the token was originally launched. However, BNB is also available to trade on a variety of other exchanges, including:

  1. Binance US
  2. Binance DEX
  3. BitMax
  4. Bitrue
  5. BitForex
  6. Bitfinex
  7. Bithumb
  8. CoinBene
  9. Huobi Global
  10. KuCoin
  11. OKEx

Please note that this list is not exhaustive, and Binance Coin may be available on other exchanges as well. It’s important to conduct your own research and choose a reputable exchange before trading BNB or any other cryptocurrency.

 

What do different governments say about it?

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