Today, there are more than 19,000 crypto assets listed on CoinMarketCap that are traded across more than 500 exchanges. While Bitcoin and Ethereum represent upwards of 60% of the market share, there are many altcoins with high growth potential.
Binance Coin (BNB) is a cryptocurrency issued by Binance, which runs the biggest cryptocurrency exchange. Binance generated 30.2% of the trade volume of the crypto industry in March 2022. Binance handled 33.7% of the total crypto industry trading volume in November 2021 and recorded $5.5 billion in revenue in 2021. Moreover, it has introduced leveraged trading, initial exchange offerings (IEOs) and allows staking for select projects. No other exchanges offer the kind of comprehensiveness, vision, and usability that the Binance exchange does. In addition, it has well-established provisions for user funds’ insurance.
BNB is the native coin in the Binance Smart Chain. BNB is also the official currency of the Binance exchange. BNB functions as a utility token and allows users to pay reduced transaction and trading fees on the Binance exchange. BNB started as an ERC-20 token built on Ethereum and later shifted to its own blockchain, as a hard fork of the Go Ethereum (Geth) protocol. BNB is secured by the Tendermint byzantine-fault-tolerant mechanism.
BNB has adopted measures like BEP-95 to upgrade its deflationary tokenomics. It also followed the much-talked-about improvement proposal of Ethereum (EIP-1559) to burn a part of the fees and decentralize itself further. Binance burns 2% of all available BNB tokens four times per year, which improves token velocity.
Binance Smart Chain has proven enticing to users due to its low fees, ability to launch new tokens on the BEP token standard and the utility of its decentralized exchange PancakeSwap, which enables farming and staking.
Users can easily purchase BNB on many exchanges using a wide range of payment options, including wire transfer, credit card, debit card, stable coins, such as USDT, USDC or BUSD, or cryptocurrency.
Many wallet apps also enable purchase of crypto assets. The private and secure service of the Trust Wallet app enables purchase with a credit card and has the benefits of instant exchange.
BNB can be purchased on the Binance exchange following three steps. First, you need to register for a Binance trading account. If accessing Binance from the US, you need to use the BinanceUS exchange. Second, you need to verify your identity from the account settings dashboard. In the third step, a bank account can be linked in the account setting dashboard, or another type of cryptocurrency can be deposited in order to purchase BNB. Once a bank account is linked or cryptocurrency is deposited on the exchange, simply navigate to the BNB currency market and buy the currency in the quantity that fits your strategy.
BNB is best purchased on cryptocurrency exchanges. The most common and direct way to purchase BNB is on the Binance or BinanceUS exchanges. BNB is also available on FTX, Gate.io, KuCoin, Huobi Global, Bithumb, Bybit, and more. BNB can be traded across Spot, Perpetual, and Futures markets. BNB trading pairs include both Fiat and crypto assets, such as USD, BSUD, USDT, BTC, ETH, EUR, USDC, and more. Since BNB is the native coin of the Binance exchange, many competitors have not listed the currency on competitive exchange platforms. Among the platforms that do not trade BNB coins are Kraken, Bitstamp, Bitfinex, and Coinbase.
Purchasing crypto on Binance comes with several benefits in terms of user trust and security. Binance offers discounted fees for Binance coin transactions. This strategy encourages users to make transactions on their platform. Although US-based users pay slightly more on BinanceUS, it is still cheaper than Coinbase, which. charges users 0.50% per transaction, plus extra charges based on the selected payment method. Coinbase users can pay up to 4% per transaction, whereas Binance users pay fractions of 1%.
Binance has adopted strict user protection protocols and leading technological measures. Binance’s Secure Asset Fund for Futures (SAFU) feature ensures that one-tenth of all its trading fees are kept in a secure asset fund. Binance’s personalized access control measures ensure restricted access for devices and addresses. Binance transaction data is also secured via end-to-end encryption.
BNB’s price increase since its launch has been remarkable. This progression provides a testimony to BNB’s future growth potential and expanding utility. For instance, on August 1st, 2017, BNB recorded its all-time-low price of $0.096. On May 10th, 2021, the price surged to an all-time high of $691. As of April 26, 2022, BNB is trading at $403.39 with a 24-hour trading volume of $1,810,186,301.
The value of Binance coins follows the law of supply and demand, just like commodities and stocks. If there is high interest in buying BNB, the prices can increase. If there is low demand or excessive selling, then the price can decrease. While the supply and demand dynamics can have a bearing on the price of BNB, price also depends on the type of exchange it trades on. Larger exchanges, like the Binance and FTX register increased trading volume and liquidity, while smaller ones have lesser trading volumes. This difference in supply and trading volume across exchanges can affect the price of BNB coins.
Once BNB is purchased, the cryptocurrency is stored directly on the exchange wallet. BNB can then be withdrawn to a cold storage wallet on a phone or computer, or kept in your trading account. While Binance is one of the safest exchanges, there is always risk when storing cryptocurrency with an exchange.
A digital wallet is the best way to store crypto assets. There are many wallets that have high ratings for security and privacy. Research the best BNB wallets based on the preferred storage type. Trust Wallet is one wallet that is highly compatible with Binance. Trust Wallet has more than 25 million users, and can be readily downloaded from the iOS app store and Google play store. The Trust Wallet allows the transfer and exchange of cryptos without leaving the application. It also facilitates the participation in the DeFi economy and allows earning interest on the crypto stored in the wallet.
In general, when choosing crypto wallets, there are two options: a hot wallet or a cold wallet. A hot wallet is connected to the internet, such as on an exchange or mobile phone. A cold wallet is not connected to the internet, such as a USB wallet or a computer that is not online. The choice depends on the security features and the frequency that the wallet needs to be accessed to make transactions.
Hot wallets are easy to use if you intend to make frequent transactions, but this feature also makes them more vulnerable than cold wallets. Since cold wallets remain offline, they are safer for keeping large amounts of cryptocurrency protected.
It is important to be cautious when choosing the right time to buy BNB, given that the value fluctuates every day. Cryptocurrency prices in general are often impacted by the price of Bitcoin. Since Bitcoin is the largest cryptocurrency by marketcap, macro economic events can have positive or negative effects on the price of Bitcoin.
BNB and other large cap cryptocurrency generally follow the price movements of Bitcoin. So when the Bitcoin market is on decline this is a good time to look for entry points into BNB. When the Bitcoin price is increasing, this is a time to be cautious on determining the best price to buy BNB. Positive news such as technology releases, or negative press such as vulnerabilities or hacks can impact price.
It is important to research the price cycles of BNB before buying. By determining the weekly and monthly high and low prices, this puts the current spot price in perspective. The best time to buy is when BNB is near its monthly range low price. Be careful when BNB is near its range high, since the price could pull back.
The long-term story for BNB is one of favorable for growth. Some analysts predict that BNB will reach more than $1,000 by 2024. However, BNB is also a utility coin. This means there will always be buying interest in the BNB currency, because it can be used to pay reduced trading fees on the Binance exchange. Utility also provides a form of price stability.
When buying BNB coins there are several things to consider:
Altcoins are a reference to other cryptocurrency projects besides Bitcoin. BNB is an altcoin, as well as PKT, Monero, Ethereum, Cardano, Solana and others.
Generally, an altcoin is tied to a technology project. Many altcoin propose to be utility tokens that have some use case, such for payments or other redemptive purposes. When considering altcoins to invest into, it is important to research what the project represents and determine the success the project is having delivering on its purpose and roadmap. Building a portfolio of altcoins can decrease portfolio risk by investing into diverse projects and technologies.
PKT is a new cryptocurrency project that is helping build a high speed data network powered by the people. The focus of the PKT project is to help get the next billion people online through mesh networking. PKT is deploying a new kind of technology that enables secure, private, permissionless wifi-sharing so people can easily get internet access. This enables people worldwide to get online without requiring a traditional internet service provider. As people begin to get internet access for free, they will pay with PKT Cash ($PKT) for how fast they want their connection to be. PKT is a mined PoW (Proof of Work) coin, which means the coin can be earned by running the PacketCrypt software, as there is no centralized issuer
PKT can be purchased on BitMart and Bittrex exchanges using USDT. BitMart supports global customers, including US customer, Bittrex supports global customers, excluding US customer. To purchase PKT, USDT can also be deposited directly to the exchange from another wallet. To purchase USDT on an exchange, a bank account must be linked to either the BitMart or Bittrex exchange. Once PKT is purchased, it can remain on the exchange, or be withdrawn to a PKT wallet.
PKT can also be purchased using BNB on PancakeSwap in the form of wrapped-PKT (wPKT). WPKT trades on a 1:1 basis with PKT. WPKT can be stored in a MetaMask wallet using the BEP20 network.
PKT can be mined using CPU processing power and bandwidth. To mine, simply download the free PacketCrypt mining software and install it onto a CPU enabled computer or server. Then set up a PKT wallet that supports mining.
PKT mining yields fluctuate based on bandwidth availability and CPU power. PKT yields can either be held in a PKT wallet for future utility, including as paying for internet speed and VPN services, or the coins can be transferred to the BitMart or Bittrex exchange and be sold for USDT.
BNB is one of the top 10 cryptocurrencies in the world. BNB is a widely used utility coin that provides reduced trading fees on the Binance exchange and powers decentralized exchange transactions on PancakeSwap. The long-term profitability of BNB is based on the increasing market share of the Binance and BinanceUS exchanges.
Other Altcoins can offer healthy gains and can bring valuable technology-based utility to the world. One of the top emerging altcoins is PKT Cash. The PKT project is on a mission to provide an alternative way to gain high speed internet access and get the next billion people online. By owning PKT, people are able to support this important advancement for the internet.
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