Ever since the initial coin offerings have taken place, The Binance coin has shown a surge in the cryptocurrency market.
Binance is a utility token that is used to pay the Binance exchange fee. It offers a 20% discount if used to buy products through the Binance exchange system. Thus, it allows users to make transactions at a much lower rate than other coins and tokens.
The profit from token sales is used to purchase more BNB, utilizing a process that ironically destroys the monetary holdings of Binance.
If you are planning to invest in the cryptocurrency market, Binance coin is one of the top cryptocurrencies to invest in.
With a market capitalization of $501.13, the Binance coin has a bright future that could lead to remarkably high prices by 2025.
So if you want to begin investing in cryptocurrency, here's how to buy Binance Coin in 2021:
Create An Online Account
Sign up on the Binance app on your desktop or your smartphone and purchase the Binance Token. If you are a U.S citizen, you need to use a VPN to access the application.
Next, upload your biometric information, driver's license, and your social security number in order o confirm your identity.
This process is highly crucial to help avoid identity theft and other cybersecurity-related issues.
Purchase A Wallet
This step is optional. Once you are done signing up to the Binance application, choose where you want to store your Binance coins before making any purchases.
Frequent users of the Binance application can store large sums of money into wallets they have a private key for.
Voila! Make Your Purchase.
Once you have made an account, set up security options, and chosen a wallet you want to store your coins in, you are ready to make purchases.
Now there are different options to choose from when it comes to buying Binance tokens for BNB exchanges.
You can wait till the price of the Binance token reaches a specific limit to make your purchase, or you can buy your tokens right away by placing a market order.
Is It Beneficial To Invest In Binance Coin?
Binance coins offer the lowest rates when purchasing at the lowest prices, but it is not always about prices.
Don't make any decisions just because other people are buying Binance coins. Do it only if you are confident enough to profit when the prices go higher.
There are no doubt a lot of reasons Binance coin is an excellent investment in cryptocurrencies. Binance coins can be used to pay transaction money on Binance smart chain, a fast-growing market in the crypto world.
The Binance exchange system uses a multi-tier system that enhances its security. Moreover, The SAFU (Secure Assets Fund for Users) can safely store your funds.
This is why millions of cryptocurrency users trust Binance with their transactions and funds. Moreover, the Binance coin is extraordinarily diverse and can be used in multiple ways.
Since it is a token utility, it is widely accepted by the hospital and traveling industry. You can easily pay your electricity fee, buy a meal, or pay your medical bills using BNB.
When making purchases through BNB, you will be offered multiple discounts on your transactions.
For example, if you buy coins, you are charged a transaction fee of $20. However, if you make purchases through BNB, you will get a 50% discount and only pay $5!
What Are The Different Types of Cryptocurrencies?
When people talk about cryptocurrencies, Bitcoin tends to get all the attention. However, while Bitcoin was the first-ever cryptocurrency, several other currencies are getting popular day by day.
Below are some examples of different types of cryptocurrencies that are gaining popularity and acceptance as a substitute mode of payment.
Traded under XLM, Steller is a virtual cryptocurrency that uses open-source code to make transactions worldwide.
With a market capitalization of over $1 billion, it is known as one of the best performing cryptocurrencies worldwide.
Founder by the Steller Foundation, steller has a current circulation of 22.5 billion coins. In May 2020, the value of steller dropped roughly by two-third of the original price.
Bitcoin's market capitalization has boosted to over $991 billion in the last few days. This decentralized currency can be sent to people without the need for any intermediaries. It is considered to be one of the top cryptocurrencies to invest in. People often wonder, "How does Bitcoin work."
Bitcoins are kept in applications that have a digital wallet. They can be easily purchased using real money and then used to buy certain products and services.
Tether is becoming extremely popular day by day. Since it is a stablecoin, the prices do not fluctuate. The tokens are issued by Tether Limited, which Bitfinex controls. It was designed to retain its value of $1, but it is predicted that the price of Tether will fluctuate in the coming years.
The Binance coin was created as a utility token in 2017, but the uses have now expanded, allowing it to be used for transactions and payments. For example, you can quickly pay for services like travel costs, utility bills, and entertainment. The best thing about Binance is that the prices are very low. Hence, it is a very affordable option for people who are looking for safe investments.
Ethereum is the second most popular cryptocurrency after Bitcoin. Invented by Vitalek Buterin in 2013, it has a price value of $3493.41 today.
Ethereum allows a broad range of financial services without the need for any central authority like a bank or a government. Moreover, Ethereum has now started to execute upgrades on its platform called Ethereum 2.0 that uses the proof of stake strategy.
Litecoin was invented by a Programmer named Charlie Lee, who used an open-source method that allows the coins to be decoded through several CPUs. While Litecoin has several similarities to Bitcoin, the transactions are much faster.
This is probably because Litecoin aims to process transactions every two to three minutes while the transaction time for Bitcoin is 10 minutes. In addition, it uses a scrypt algorithm that makes it challenging to produce the coins.
(ADA) Cardano Coin
Cardano was founded by the co-founder of Ethereum in 2015. It is one of the largest platforms to use the proof of stake blockchain strategy.
The Cardano coin poses a design that aims to overcome issues faced by other cryptocurrencies, such as compliance and scalability rates.
It is similar to both Bitcoin and Ethereum in ways that the two layers within this cryptocurrency act like Bitcoin and Ethereum. The first layer regulates transactions and is identical to Bitcoin, while the second layer controls computation just like Ethereum.
The Polkadot cryptocurrency allows external networks to communicate within its blockchain. It also uses a proof of stake platform that is extremely environmentally friendly and reliable. The first sale made by Polkadot's tokens raised a total of 485,331 Ethers
Can You Use Binance Anonymously?
Since Binance tokens are only used within the Binance exchange system, it is pretty hard to maintain anonymity. Making transactions using Binance coins requires a verified account.
Moreover, to maintain the security of the platform, Binance has adopted several security measures. For example, it has collaborated with AML (Anti-money laundering) and KYC (Know Your Customers) to take certain precautions.
It will ask for personal information like your number and email to confirm your identity. This means you cannot make payments using BNB without creating an account.
Furthermore, once you start trading digitally, you will leave a digital footprint behind that can be effortlessly tracked.
You will not be able to maintain your anonymity from the government, hackers, and Binance itself. Therefore, if you are conscious about your privacy and want to remain anonymous when trading cryptocurrency, you should not use Binance.
Instead, you can use other cryptocurrencies like Zcash or Monero that use several methods to keep you anonymous.
In a Nutshell
The Binance coin has been providing a seamless experience to millions of cryptocurrency users worldwide.
The cryptocurrency market is precarious and unpredictable, but you can gain countless profits by investing large sums of money once you get the hang of it.
Although the profits are good, this market is exceptionally tricky to understand. So take time to research before you start investing money.
Search how the market works and invest only if you are confident enough to continue. And if you feel out of your depth with cryptocurrency, try to learn a thing or two about it.
Sign up with Superprof and find yourself a crypto expert to help you learn the ropes. They will teach you how to buy, mine, or trade, according to your preferences.
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