What is Binance Coin

What is Binance Coin

In todays blog I'm going to cover a big coin in terms of market cap. This cryptocurrency has recently over taken cardano in terms of market cap recently. With it now having a total market cap of $78,504,029,845.41 which is $7,713,632,564 more then cardano. Which I thought was curious considering cardano took binance coin out of the number 3 spot a couple of months ago. So I thought I would cover todays (10/14/21) number 3 coin and why it now has that spot after losing it for a while. So lets now get into todays special cryptocurrency blog post.         

Why Was Binance Coin Created

Binance was launched in July of 2017, Binance is the biggest cryptocurrency exchange globally based on daily crypto trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally. This is through low fees and offering financial services like staking. They make it easier for the public to get into the cryptocurrency market. Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy ,and Trust Wallet. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects and ties the network together.   Changpeng Zhao is the founder and CEO of Binance. In 2017, Zhao officially launched Binance, and he has been the CEO of the company ever since. Then theirs He Yi is a co-founder and chief marketing officer at Binance. In 2017 she joined forces with Changpeng Zhao and together they created the largest crypto exchange globally Binance along with the coin. Initially Binance coin was created on the Ethereum blockchain as an ERC-20 token in July 2017when it was first created. BNB then was migrated over to Binance blockchain in February of 2019 and became the native coin of the Binance blockchain. Binance started with an Initial Coin Offering (ICO) when it was created. 

How Does Binance Coin Work

Binance coin is a centralized blockchain as well as the coin. It is one of the most popular centralized blockchains in the crypto market. This is because they can offer cheap fees for user of the blockchain and transaction speeds are considerably fast compared to other blockchains. It's also considerably easy to start a project on this blockchain. This coin also allows for a easy way to invest back into the platforms as well. According to Binances website its mission is to become the infrastructure services provider for the whole blockchain ecosystem. 

How Is Binance Coin Doing Right Now

As of writing this blog the price of Binance coin is at $469.72 dollars. We can expect the price of Binance coin to go down a little as we enter the weekend cycle. However with Binance putting a billion dollars into the Binance smart chain we can expect the price to rise starting next Monday. However besides that there is no further news surrounding the cryptocurrency. This however doesn't mean there isn't any future plans for the crypto and blockchain. Which leads us to the next topic of discussion.  

What Is The Future Of Binance Coin

Now the future of the binance smart chain and the cryptocurrency itself isn't exactly clear as of now. However with binance putting in a billion U.S dollars into the blockchain we can expect more projects to be coming to the blockchain. But I'm sure we'll see more be brought into the cryptocurrency itself. We can see the price go up as more liquidity gets brought into the blockchain as binance brings more money and more infrastructure to the blockchain. For now I would be bullish about this crypto after the weekend. However this isn't financial advice so don't take it as such.    

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