Binance coin is one of the digital currencies used for buying and selling, binance coin is a crypto asset that has been issued by the binance exchange, and will be used as digital currency in trade. The creator of binance coin is Changpeng Zao, or better known as CZ. CZ created binance coin as a transaction system used on the Tokyo Stock Exchange.
The usefulness of this binance coin was initially only used as one of the assets to run their trading operations. Why do they use binance coin because it has many benefits, namely as a means of payment for trading fees, as exchange fees, as listing fees and many other benefits that can be used on the binance exchange.
Binance coin is a type of ERC-20 token that runs on a blockchain system. Binance coin is useful on various well-known platforms, most people use binance coin digital money because binance coin provides discounts that are very profitable for many people and binance coin can be used to invest in ICOs registered through the Binance Cryptocurrency Launchpad.
Function Binance Coin
- Binance coin functions as a means of payment, which is used to pay for all transactions carried out on Binance
- Binance coin can also participate in token sales that have been issued through Binance Launchpad.
- Binance coin will be used as a means of payment on Binance exchanges carried out on the exchange and can get a discount.
When does Binance coin participate on the exchange
Binance coin, for the first time participated in the Initial Coin Offering [ICO] on June 26 to July 3, 2017. At that time the first price was 1 ETH 2700 BNB or if the price of 1 BTC was 20,000 BNB.
Advantages of using Binance Coin
- Binance coin is a very popular digital money they have a list of different Cryptocurrencies.
- Transaction fees using Binance Coin are cheaper than other digital currencies.
- By using binance coin we can get prizes in the form of Cryptocurrencies.
- Security on binance coin has used the highest security, namely 2FA, a system that is tightly secured.
Disadvantages of using Binance Coin
- Customer service on Binance Coin is slow even though we can email or something but the process steps are slow
- Cannot deposit or withdraw money using conventional methods
- For beginners who just can't buy Cryptocurrencies directly, they have to buy currencies such as BTC and others so that they can deposit binance coins.
Conclusion
By using the Binance Coin digital currency, we can get a lot of benefits from discounts or prizes that are given. Binance coin is very well known on the exchange so the selling price is high.