Binance coin is called BNB. It’s just another token, but it’s useful for three main reasons:
- You can convert dust from all your transactions into BNB. It’s very handy and it’s only one button in your spot wallet. I generally convert all the dust except bitcoin into BNB. It’s great to have it.
- You can stack any project in the Launchpool with either some altcoin or BNB. You can just shove BNB into the BNB vault and it will farm whatever project they’ve going going on. It’s neat.
- If you have some BNB position, you get cashbacks, discounts on stuff like margin, larger commissions on referrals, all that jazz. The problem is that it needs something like 500 BNB which now costs over 100.000 euro and I don’t have that. So they might have to reconsider the rate, but I don’t think they will. They haven’t adjusted the Bitcoin fees either, it’s still something like 0.0005.
Now, BNB is blowing up. I sure wish I had bought some more, but I haven’t, so I’m not too biased. It’s just another shitcoin as usual. But it’s a useful shitcoin. It’s like a large retailer’s coupons. You get some coupons which are shitcoins, basically, but they have value ’cause the retailer is huge and solid. So it’s like that.
Also, Binance seems to be dominating in the DeFi scene with Binance smart chain right now, spawning an entire ecosystem of other projects and tokens. It’s like Ethereum, but different. How different? I don’t really care to check point-for-point, but here’s an article that might shed some light. https://www.binance.com/en/blog/421499824684901925/The-Evolution-of-BNB-From-Fees-to-Global-DeFi-Infrastructure
And if you wanna get pre-chewed food here’s a separate analysis https://itsblockchain.com/binance-smart-chain-ecosystem-guide/
Another thing to consider is the burn. Binance tokens get burned, thus making the supply scarcer and increasing the coin’s value.
So it might be worth to hold onto some BNB coins. They’ve skyrocketed in price already and with every burn they get even pricier.
Also, huge news, it was just announced an hour ago that you can now buy fractional stocks with BNB. The first stock available is Tesla stock. TSLA. https://www.binance.com/en/support/announcement/2c64611658c645a59e05ef12f02c22ab
You can get BNB from Coinbase or Binace directly, or pretty much any exchange out there.