Binance Coin (BNB) a ‘safe’ bet

Now there’s no such thing as a safe bet when it comes to cryptocurrencies, but if the recent January cryptocalypse didn’t start you thinking about where you want your coins to rest while you ride out any future turmoil , then Binance’s in-house token BNB might be a good start.

The Binance Coin was originally released to fund the creation of the exchange itself but has some practical uses now that support its value.

Firstly, BNB can be used as a pair to trade against every coin currently on the exchange (30+), which means there is fast and practical way to cash out, or to buy a new coin. 

Secondly, if you choose to pay your trading fees in BNB then you receive a discount, starting at 50% in your first year on the exchange. If you trade a lot, then this can amount to significant savings.

Finally, as an investment, the price of BNB has been steadily rising and should continue to due to the increasing number of people joining the exchange and the fact that Binance are constantly buying back coins and destroying them.

As they explain on their website:

Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back.  All buy-back transactions will be announced on the blockchain.  We eventually will destroy 100MM BNB, leaving 100MM BNB remaining

The price of BNB has risen from around US$2 in early December to as high as $22 by early January 2018. Even with the massive drop in crypto prices in mid-January, BNB quickly recovered to be heading upwards toward $20 at the time of writing. Nobody knows for sure what will happen to its price, but our prediction is that while you won’t see a crazy 10x increase in value in 2018, BNB will finish the year perhaps as high as $40.

That’s about as ‘safe’ as you can expect in Crypto-world.

Of course you’ll need to join Binance in order to purchase the coin in the first place. But Binance itself is now regarded as one of the best exchanges going around with their large collection of coins and insanely low trading fees (using BNB, you’ll only be charged 0.05%). You can’t deposit fiat though, so you’d need to buy your coins first from an exchange such as Coinbase and then transfer BTC or ETH over to them.

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