(IJCH) Five Reasons Why I Have Binance Coin (or Why purchasing BNB was a No-Brainer)
(IJCH) Five Reasons Why I Have Binance Coin (or Why purchasing BNB was a No-Brainer)
IJCH - Inside JaiChai's Head (Meaning: My Warped, Personal Opinions and Musings)
From the Author:
Salutations.
I am JaiChai.
And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.
I invite you to interact with everyone, learn, and have as much fun as possible!
For my returning online friends, "It's always great to see you again!"
What is Binance Coin?
Binance Coin, or BNB, is an ERC20 token tied to Binance, a popular online cryptocurrency exchange.
Just how popular is Binance?
It leads the world in trading volume with $1.6 billion in 24-hour volume.
Trading on Binance
I've been trading cryptos since the MtGox and subsequent BTC-e days.
(That means that I've had plenty of time to make every crypto trading mistake known to Man! Lol!)
Compared to the old days when navigating an exchange's trading menu felt like entering a confusing, hostile territory, Binance is like Camelot.
In short, I'm tickled pink with my trading experience on Binance.
Binance offers both basic and advanced trading menus and array of flexible trading tools.
Binance is expansive; listing an impressive inventory of tradeable cryptos.
It is fast.
On Binance I've enjoyed instantaneous market orders, up to the second buyer/seller matches on limit orders, and refreshingly responsive customer service.
BTW, since Binance does not deal with fiat/crypto pairs, no AML/KYC is required; making crypto trading available to worldwide customers - no matter what their country's crypto to fiat policies may be.
Macro Play on China
Binance's token (BNB) enables me to easily have a stake in the Chinese Crypto scene.
Cryptos like NEO, ONT, TKY, etc. are highly liquid on Binance and traded with BNB quickly and easily.
Increasing Scarcity (Scheduled Coin Burns)
Binance has an ongoing commitment to decrease the total supply of BNB in the market.
Every quarter since it launched, Binance committed to using 20% of our profit to buy back Binance Coins and burn them permanently.
End Result for the BNB Holder?
A scheduled, pro-rated increase in Binance equity that feels like an annuity or quarterly dividend.
And this is without factoring in any market price activity!
Resilient during this Bear Market
Even a cursory look at BNB's chart on coinmarketcap.com reveals how BNB continues to be a resilient, steady climber.
Discounted Trading Fees
The first year launch offer provides a 50 percent discount on trades through Binance coin, and the discount percentage reduces by half each year.
That is, the second-year discount is 25 percent, the third-year discount is 12.5 percent, and the fourth-year discount is 6.25%, with the discount ending from the fifth year onwards.
Utilizing My Dust Bin
Crypto dust refers to a fractional cryptocurrency value. It is usually impossible to trade crypto dust due to the fact that they are less than the transaction fees.
Being lower than the minimum trading limit, it usually sits idle in user wallets. Hence, the term “crypto dust.”
Every 24 hours, I empty my dust bin and receive BNB tokens.
Conclusion
I've discussed my five reasons why I have BNB and why purchasing them was a No-Brainer for me.
But my list of reasons is just a hint of BNB token's total use cases.
For further details about BNB's utility, see:
https://medium.com/binanceexchange/10-ways-to-use-bnb-binance-coin-15fe2fbae1ab
Don't Forget...
By JaiChai
Really Appreciate You Stopping By.
Truly hope to see you again!
And if you liked my post, kindly Upvote, Comment, Follow, and ReSteem.
About the Author
Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
After 24 years of active duty, he retired in Asia.
Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.
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Binance is my favorite exchange. As long as trading volume is good and Binance keeps burning coins, the price should be good. If there is a sea change to DEXs, it could affect the value of BNB unless Binance figures out how to add value in that space, which they claim to be working on.
I agree.
They appear to be highly innovative and adaptable.
Thanks for visiting and commenting.
Namaste, JaiChai
I own a whole 13 BNB lol but I might have to make a real investment instead of just holding a few for lower fees.
I love bnb and it keeps the costs down too while using bots
Posted using Partiko iOS
Thanks for visiting and commenting.
Namaste, JaiChai
Getting some BNB is the same concept as investing in the equipment sellers during the gold rush.
You can't go wrong as long as Binance doesn't do something shady to undermine itself.
Interesting. I am new to crypto (only into it because of my interest in blogging on steemit). I have used coinbase and blocktrades, but that is it. May have to check Binance out too. :)
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Posted using Partiko Android
Thank you for visiting.
Glad to hear that Steemit got you into cryptos.
Namaste, JaiChai
This post is very we’ll written and topic very interesting: thanks for doing it!
(Bookmarked for reading it later, on a better screen than my little phots screen)
A huge hug from @amico! 🤗
Posted using Partiko iOS
I have yet to purchase an BNB, but you make it sound like a good buy. I'll have to take a deeper look.
I like it better than the Kucoin version.
Anyway, I can still remember when BTC-e effectively held my BTC and LTC hostage because of their exotic, ever-changing fee structure and minimum withdrawal amounts. (But at least their Troll Box was amusing. Lol!)
Back then, if one had the patience and skills, arbitrage could be moderately profitable.
These days, bots and specialized "best price service platforms" make individual arbitrage very difficult - unless you have multiple passports or some foreign friends who trust you a lot!
Speaking of BTC-e, karma's a bitch, no?
Thanks for visiting and commenting.
Have a great day.
Namaste, JaiChai
Great suggestion, might be something I may invest into.
Seems to stay stronger then most.
Another thing is the indivisibility of certain tokens like NEO, if you use BNB to pay the fees, you won't be stuck with a fraction of a NEO that is useless!