It’s a fact that the pioneer cryptocurrency Bitcoin set a benchmark for other types of cryptocurrencies who are mainly referred to as alternative coins or better phrased Altcoins. Hence, there’s been an upsurge in the number of cryptocurrencies since the emergence of Bitcoin about a decade ago. With the likes of Litecoin leading the charge as the major challenger to Bitcoin, similar altcoins such as Ripples, Dogecoin, Dash, Ethereum and many others have also been created. However, the searchlight of this piece is focused on another emerging altcoin that is known as Binance coin. The task before this piece is to elucidate on what Binance coin is, its history, how to mine it and the benefits of the coin.
What is Binance Coin?
Binance Coin, best described is the cryptocurrency run via the Binance ecosystem. As an Ethereum based cryptocurrency, it functions through the ERC-20 token. The tokens were built for usage on the Binance ecosystem and mostly on the exchange of the Binance coin. With this token, fees can be offset on the Binance exchange. However, users are permitted to pay through other digital currencies they want; the Binance team admonishes them to pay via BNB to partake in mouthwatering discounts.
The digital currency was designed by Changpeng Zhao who desired to make the trade of digital currencies faster and easier. Since creation, the worth of Binance coin has been on a steady growth and led to more followers. There’s a wide enthusiasm within the users of the cryptocurrency that it possesses the wherewithal to usurp Bitcoin eventually. Investors on their part are charged up with this possibility, as this is believed to be a good chance to benefit from the constant growth.
Key among the standout realities of Binance Coin is that it possess within its ranks a highly eager team of developers. Since its emergence, the digital currency has conquered a number of difficulties which includes a harsh administration and disbandment of Initial Coin Offering (ICOs) in China. These difficulties notwithstanding, Binance Coin has become stronger and more inviting. Presently, the team is considering moving the coins to a new blockchain. This move will be a landmark for a digital currency asset being tipped by the cryptocurrency sector to take over from Bitcoin.
Being an asset with a high rate of value, when markets are visited, users can purchase and transfer Binance without involving in the process of unified establishments such as banks. It’s important to state that the duo of the sender and receiver need to be on the same network.
History of Binance Coin
It’s important to state that the history of Binance coin began long before its launched, Following, a close work with Beijie Tech team and being their leader for many years, Changpeng Zhao pointed that Binance Coin was set by the middle of 2017 and the ICO running from June 14th 2017 to July 21st of 2017. The ICO was able to raise $15 million just after launch, the worth of BNB was pegged at $0.1. By 30th November 2017. The worth passed the $2 figure prior to growing rapidly until 12th January when it reached the highest figure of $24. This first-time increase led to many people taking note and seizing the opportunity to maximize the benefits of the steady growing value.
How to mine Binance Coin
The process of mining is for confirmation of transactions in a digital currency for a gain. While in some networks such as Bitcoin, the purpose of mining is for issuing fresh coins into the network. In some other cases like the Ethereum network, the gain is done in a way that depicts fees for the transaction.
Although the Binance Coin cannot be mined, the processing of the BNB token is carried out via the network of Ethereum. This shows that it is the miners’ circulation in the Ethereum network that confirms the information and receives payment via the transaction fees requested at BNB.
When the token was established in July 2017, a whopping 200 million were issued into the network. To inspire users in the network, Binance provides large discounts to motivate the users to pay in BNB and use the Binance market. The Binance team reeled out that its plans to purchase back 100 million BNB from the market and damage them. Consequently, this shows that only 100 million BNB will remain in existence. This is thought to support in keeping the worth of BNB developing steadily.
Key benefits of the Binance coin
There is no gainsaying that what most people are bothered about whenever they hear or research about digital currencies, the core subject they are mostly concerned about hinges on the Return On Investment (ROI) they stand to get. Just like other leading cryptocurrencies, Binance Coin has displayed the wherewithal to increase progressively and offer users a deserving ROI.
Since its emergence and earlier in 2018, the worth of Binance Coin had increased with an excess of 15,000%. Should this trend continue, users will definitely desire to harvest more increase from Binance Coin. Below are key benefits to enjoy via the Binance coin.
The Binance coin is a digital currency which gives users the opportunity to operate anonymously. The accounts of the users and transaction information are encrypted to guarantee that no external person will get an access to the investment information in your network.
This is a commendable growth compared to the banking sectors where management, cashiers and similar financial bodies authorities have an easy access to your details. The truth is even the nodes which assist in checking all the transactions can only attest that a particular address has enough BNB but is oblivious of the details of the individual.
Cheaper and faster means of sending cash
It’s a common phenomenon that the cost of sending cash abroad using the banking networks, is usually on the pricey side. Albeit, networks of cryptos such as Binance Coin bypass seeking institutions like banks to ensure the cost of transactions is low.