You may not be aware of it, but one of the most popular items on Amazon is a product that you can’t even buy there. I’m talking about Binance Exchange.
Binance Exchange is a cryptocurrency which has grown in popularity since its early beginnings as an ERC-20 token on the Ethereum blockchain in 2017 to now being listed as one of the top coins by market cap at $1.3 billion USD as of this writing, according to coinmarketcap.com.
Why are so many people buying Binance Exchange?
Binance Exchange is the native currency of the world’s largest cryptocurrency exchange, Binance Exchange . The token is used to pay exchange fees, withdrawal fees, listing fees, and all other possible transaction or service fees on the platform. Those paying with BNB get a discounted transaction fee. Right now that discount is 50%. So you can save half your coin by paying with BNB rather than Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), etc.
It’s also worth noting that if you hold BNB in your account on Binance Exchange for 6 months or more it will accrue interest at a rate of 50% annually.
Binance Exchange is the most popular coin on Binance Exchange by transaction volume, according to their website. It accounts for 12% of all transactions on the exchange, dwarfing the number two most-transacted coin (Tether (USDT) at 11%) and third place (Bitcoin Cash (BCH) at 5%).
Because BNB is used as payment for so many services on Binance Exchange, it has become an extremely valuable cryptocurrency.
So why are so many people buying it? What do they expect to hear from its founder and CEO, Changpeng Zhao better known as “CZ” in the crypto community? What’s coming next?
I’ll tell you. Changpeng Zhao has a plan for his coin and its future. His vision and mission is to decentralize and democratize cryptocurrency by making it easy for everyday individuals to buy, hold, and transfer coins.
Zhao’s goal is to make Binance Exchange (BNB) the world’s most widely-used cryptocurrency. He wants it to become the de-facto standard peer-to-peer payment system in the world. Binance Exchange will be used in e-commerce, web development, mobile apps, and other online transactions throughout the world. BNB will also power Binance’s decentralized exchange (DEX), an improvement that will significantly increase transactions per second on the platform.
Through the Binance Exchange DEX, hundreds of millions of daily transactions could be conducted without Binance Exchange being used as a means of payment. Instead, crypto assets will be exchanged peer-to-peer between users. What this means is that people will no longer have to rely on centralized exchanges to buy and sell their favorite cryptocurrency since they can now do it themselves using an easy interface.
Because Binance Exchange will offer full support for all major cryptocurrencies, it will open the door for the massive adoption of numerous new digital assets, including those not yet listed by any other exchange platform. The DEX will also be used to distribute Binance Exchange to users, reducing the current demand on the Binance.com platform.
And that’s not all. Changpeng Zhao is building a decentralized bank that supports all the different cryptocurrencies he plans to list on his exchange, making it simple for people around the world to buy and sell them without third-party involvement. A user could deposit funds into this new bank through Binance Exchange or any other cryptocurrency wallet, which they can then use to purchase any listed coin.
