AltCoinTrader lists Binance Coin

AltCoinTrader lists Binance Coin
Binance Coin (BNB) has been one of the best performing cryptocurrencies of the year. BNB started the year at a mere $37 and recently set a new record of $620. That is a massive increase of 1 545%! Today we take a closer look at BNB and why AltCoinTrader, South Africa’s favourite cryptocurrency exchange, will be listing BNB shortly.

History of Binance Coin

BNB is the native coin of Binance cryptocurrency exchange and was built on the Ethereum blockchain. BNB was created by Binance CEO, Changpeng Zhao, otherwise known as CZ and launched in July 2017. The primary aim of BNB is to fuel Binance operations, pay listing fees, exchange fees and trading fees.

Did you know that having a native currency reduces an exchange’s dependency on traditional money? A native crypto like BNB, helps end-users to save on charges/fees and makes for speedy transactions.

How does it work?

As previously stated, you can use BNB to pay trading fees on Binance. When you join, you will get 50% discount on fees for the first year. Every subsequent year of membership, the fee discount decreases. There will be no fee discount when paying in BNB by your fifth year.

At the same time, the value of BNB tokens should also decrease as the fee rebate decreases. In order to avoid depreciation, BNB tokens are burnt every now and then.

Benefits of BNB

  • Secure & Trustworthy BNB is built on a very secure platform that uses a multi-cluster and multi-tier system framework.
  • Fast Transactions BNB Tokens run on Binance’s proprietary matching engine that supports about 1.4 million orders every second.
  • Trade various trading pairs If you have BNB Tokens, you can trade them for a range of other cryptocurrencies like Bitcoin, Ethereum, Tether etc.
  • Discount on trading fees When trading BNB Tokens on Binance, you will get a 50% discount on trading fees.
  • Pay/buy with BNB Many service providers in the travel and hospitality industries accept BNB as payment.
  • Is BNB worth the investment?

    The great thing about BNB is that as long as the Binance exchange continues to grow, so will its native currency. BNB has an inherent use. Currently, the price of BNB is being driven by the launch of Binance’s blockchain network that is aimed at competing with Ethereum for a share of the DeFi market. BNB tokens can even be used to pay gas fees.

    Binance will be launching an NFT marketplace in June which can drive the price of BNB even further. The non-fungible tokens (NFTs) marketplace will allow users to create, sell and buy NFTs on the platform. An NFT is a file on a blockchain that serves as proof of ownership of a unit such as artwork or a collectible. The most talked about NFT at the moment, is a piece of digital art by artist Beeple that sold for $69 million on auction.

    AltCoinTrader lists BNB

    AltCoinTrader will be listing BNB on 3 May 2021. Binance does not offer South African Rand (ZAR) trading pairs any longer. Therefore, there is no way for South African traders to convert cryptos to fiat. With the listing of BNB on AltCoinTrader, South African traders can conveniently buy and sell BNB tokens with ZAR. For more info, check out the AltCoinTrader website and social media channels.