I Travelled Into the Future and Binance Was Killing It!
The question is should I be holding a bag of BNB?
Binance is the worlds largest crypto exchange with a 24 hour volume in the area of nearly $17Billion... CAPITAL B.
That's massive and lays waste to pretty much all other exchanges by a mile! In dollar terms they dwarf the next largest exchange Coinbase by more than 10B.
Speaking of Coinbase I logged into the exchange this weekend for the first time in nearly 3 years! Was funny to look back and see my BTC and ETH purchases from 2017 when I got into crypto during that years bull run.
The Future of Binance Native Token
Back to Binance and their BNB coin. As a number of exchanges do, Binance has their own token. What exactly does it do?
BNB powers the Binance Ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more. -Binance.com
I know I'm late to this party! Why the hell did I not get a bag when this token first dropped. Obviously my eyes just weren't open for other opportunities, that was a mistake. Ooof.
Thing is we're all still relatively early and there will be other opportunities. Or wait, is there still opportunity and room to grow for BNB?
I'm thinking there is! If in fact we are still early, and I'm sure we are, as Binance continues to crush it and add volume and users, and use for their token, shouldn't their token grow along with the rest of the crypto space in terms of price and market cap?
What does CZ have in store for us?
I'm looking to you CZ, how do you plan to grow your BNB use/utility and ecosystem. According to www.theblockcrypto.com CZ doesn't have plans to go the IPO path, so we can rule that out. But instead plans to dominate the world by giving BNB more and more use.
From the sounds of it CZ is instead entirely focused on expanding the utility of the token. I think that's great news for the token and it's holders.
Sure an IPO raises it's profile and brings in capital, but Binance doesn't need that to be honest. They're already the largest and arguably the most visible exchange on planet earth.
From what I can gather from www.binance.com, the utility token is going to further and further expanded into the areas of Payment, Travel, Entertainment, Service, and Finance.
Beyond using the token to pay for exchange fee's you can pay your crypto.com CC bill, buy an HTC smartphone, Book flights and hotels, buy virtual gifts, participate in auctions, use within video games, BUY SPLINTERLAND CARD PACKS, and more and more and more. And it's only just started, we are early.
BNB Token has done well over the past 2 years, and in my opinion is poised to continue to grow. I'm going to add it to my wish list for 2021. I don't own any exchange tokens, nor do I own any large cap tokens besides the big 2, so I think there's room in my portfolio for BNB.
Always open to hearing your thoughts!
Ciao for now,
Posted Using LeoFinance Beta
I concur. Binance will be a big player in a couple of years and renowned in the 'mainstream' sectors as well.
I made the mistake of selling 5 BNB when they were ~10 USD each and swapped them for LEO. I made one more mistake and swapped it back to BNB when BNB was >30 USD (they announced and released the Vault feature in between). So I first missed the BNB pump and then the LEO pump. :x Don't make the same mistake. Buy BNB from fiat by dollar-cost-averaging and hold it but avoid trading coins around.
Posted Using LeoFinance Beta
oh man, I feel ya. You're not alone, I've definitely made similar mistakes. Too many to admit. Best we can do is understand them and do our best to not repeat them as much as possible, right?
DCA works great for crypto, definitely something I try to instill in people just getting in.
Posted Using LeoFinance Beta