If you have not heard of the Binance Coin yet, it is not your fault. The mainstream media is too obsessed with bitcoin to let other cryptocurrencies occupy the main stage. As a result, the craze with bitcoin has overshadowed all the other cryptocurrencies in the market. But, slowly, people are starting to branch out to other forms of cryptocurrency and invest in more than just bitcoin.
It does not mean that bitcoin is losing its popularity but that people are starting to take notice of the crypto trade more seriously. Instead of just a momentary fad, it is beginning to be regarded as a potential exchange currency.
Binance Coin is one such cryptocurrency available for people to trade it. Like using https://bitqz.app/ to trade in bitcoins, you can trade in Binance Coins exclusively on the Binance Exchange.
History of Binance Coin
Coming to talk about the history of Binance Coins, they first came into existence in 2017. It started as a part of the blockchain technology of Ethereum. It was launched using Initial Coin Offering (ICO) with 200 million Binance Coins. This launch system allowed the tokens to be sold to different groups of people.
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The founding team received 80 million tokens. Initial investors received 20 million tokens, and the rest of the 100 million tokens were available to the public. The word received is used, however, to clarify, the members of the team and the investors had to buy those tokens. The Binance Coins were sold to them and not given as a present.
The money earned from this initial sale was around 15 million dollars in bitcoin and Ethereum. Since this was a startup venture by the team, they needed to invest this money carefully. A portion of the earnings was kept aside for any emergencies. They needed to prepare in case there were any unfortunate incidents or circumstances.
A major portion of the sales money was spent on marketing. As mentioned earlier, this was a new business. Their brand value was not much at all. To promote Binance coin and its platform, they needed to invest in marketing and spreading the word of the new cryptocurrency in the market. This strategic decision was taken by the company. When they are destroying the tokens, they are reducing the total number of Binance Coins. The fewer there are Binance Coins in the market, the more valuable this form of cryptocurrency becomes. Thus with every year, the total number of Binance Coins decreases, and the price of them rises.
Binance intends to continue burning the tokens until the total number of tokens becomes 100 million. Exactly half of what they had started with.
Uses of Binance Coin- Points To Note
You might think that Binance Coin is relatively less known; its uses will be fewer as well. This is certainly not true. The Binance Exchange largely facilitates the use of Binance Coin. However, that is not everything to take note of. There are other uses of Binance coins that you need to get familiar with. Read on to know further.
- Apart from trading in Binance Exchange, the platform also offers a discount for the users when they pay with Binance Coin. The transaction fees are reduced to almost half the original price when paid through Binance tokens.
- Other platforms also allow the use of Binance Coin as investment tokens. You can use it to invest on other platforms and not just Binance Exchange.
- Certain travel websites have accepted Binance Coin as a means of valid currency. You can use Binance tokens to pay for your airplane tickets or book your hotel rooms.
- You can also use it to buy virtual gifts for your family. Many such establishments support Binance Coin. You can also purchase lottery tickets with this cryptocurrency.
The Bottom Line
At the end of the day, Binance is famous worldwide and has millions of happy customers worldwide. Due to the ease of use and amazing features, Binance has become quite popular in the last few years. Based on the mentioned above factors, if you seem to be interested in trying your hands out in Binance coins, it is high time to do so. Happy investing!
