If the vast and increasingly large world of cryptocurrencies, we will tell you about one of the cryptocurrencies that is among the top 30 that generates more market capitalization, binance coin is positioned exactly in the 28th position.
It is currently ranked number 4 according to the coin market cap; it is impressive how many of the coins are going down and binance coin keeps rising and positioning itself between places higher and higher.
And it is that this cryptocurrency belongs to the crypto exchange or binance exchange house and this is represented with the symbol BNB, working with blockchain, similar to the Ethereum platform with its Ether currency.
The creation of this coin was in the year 2017, by Chang Peng Zhao and Roger Wang as its co-founder. It was founded to work within the binance platform, although it initially started out as an Ethereum token.
What is it for at BNB?
Its main use is for those people who are engaged in trading, since their fees for commissions to make changes are quite low.
In addition to being used to trade with other cryptocurrencies as it is affiliated with almost any pair of currencies. For example, for a while these tokens were sold at a ratio of 2700 BNB to 1 Ether and 20,000 BNB at the rate of one bitcoin.
How to get BNB?
This token cannot be mined as it would be with a proof-of-work cryptocurrency, i.e. mining, since binance blockchain uses the consensus mechanism. Instead, there are consensus validators that BNB wins by securing the network and validating the blocks.
The validators are those people who are in charge of validating all the transactions that the blocks are doing and they are the ones who get the BNB.
On the other hand, the way to get them is to buy them in binance and in some other exchanges.
How to invest in BNB?
Some of the most commonly used ways are through the Binance platform, it can be to invest in projects through launchpad or also in blockchain projects.
Another way is through farming, which consists of listing a new currency and placing the BNB in it, and what is generated in your statistics according to what we invest, will generate a profit that will be displayed in the new currency.
Why Invest in Binance Coin?
According to many experts in the field of cryptocurrencies it is considered that BNB is a good investment, not only in the long term, but also in the medium term, since according to the behavior that this token has been showing it is expected to continue increasing.
Since the charts speak for themselves, in about July 2020 the BNB was trading at around $40, today it costs about $280.
Despite having only 3.32% of the market dominance, it has a trade volume of more than 2.5 billion dollars.
In addition to that this token has a real purpose as it is used to pay transaction fees and buy other cryptocurrencies that are on exchange offer.