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Binance is one of the world’s premier crypto exchanges and a driving force, opening up new markets and onboarding people to cryptocurrency. Binance has its own multi use-case cryptocurrency, BNB, and a project Launchpad that already has many cryptocurrency-related projects on-board.

Not content with being the world's second-largest exchange by trading volume, Binance recently launched a new blockchain called Binance Smart Chain, which will utilize the native Binance Coin (BNB) token, support smart contract functionality and be compatible with Ethereum.

Where to Buy Binance Coin?

BNB, the native token of the Binance cryptocurrency exchange, can be purchased at several cryptocurrency exchanges around the world. It is a cryptocurrency in its own right.

However, the easiest place to buy BNB coins using cash or credit card is on the Binance Exchange itself.

If you are worried about navigating the complexity of a cryptocurrency exchange, a broker is a far simpler option if you are okay with buying BNB for trading purposes only.

A Brief History on the Price of Binance Coin

Founded in July 2017, Binance has grown in stature over the past few years to become a major piece of infrastructure used by the industry and a litany of traders. It hasn’t all been smooth sailing, however, with the exchange forced to move locations in the past to remain compliant with regulations or in other cases circumvent them.

Before we can predict potential prices in the future, we will need to look at the developments that have affected the price of BNB in the past.

Key News for Binance

Binance launched BNB via a highly successful Initial Coin Offering (ICO), just 11 days prior to the Binance cryptocurrency exchange going live.

BNB was first issued as an ERC-20 token running on the Ethereum network. BNB has a supply cap of 200 million coins, but only 100 million were on offer in the ICO. In April 2019, they migrated BNB to the new Binance Chain mainnet.

Several developments have affected the price of BNB in the past, but none more than the trading volumes, which have been on a steady incline since the inception of the exchange.

Within six months of launching, Binance was already one of the top three global exchanges by trading volume. This was in part to it’s speed in onboarding new users and its operations being run out of cryptocurrency-friendly locations.

In the first half of 2018, Binance saw some incredible growth, with the exchange going from hosting two million users to over 10 million. This, in turn, led to rapid growth in the price of Binance Coin (BNB).

Binance has had some bumps in the road. On May 7th, 2019, it disclosed that it was the victim of a sophisticated security breach, with hackers stealing a total of 7,000 Bitcoin, valued at around $40 million USD at the time.

Fortunately, Binance took the security breach well, plugged the hole, and pledged to return all Bitcoin to those affected, helping to reinstate the exchanges’ reputation.

Binance has also suffered the same fate of other cryptocurrencies when the entire market has turned bearish, however, BNB fared better than most due to its demonstrable utility and Binance’s increasing exchange volumes.

Binance Coin Timeline

  • July 2017

BNB officially launched via ICO at a rate of 0.1 cents per coin. Investors who participated in this ICO are now more than 9000% up. 

  • March 2018

Binance announces intentions to open an office in Malta following a regulatory clampdown in Japan and China. (Price of BNB remains stable around $17)

  • April 2018

Binance signs a Memorandum of Understanding (MoU) with the Government of Bermuda. (BNB opens at $11.79 and closes marginally up at $12.28)

  • August 2018

Binance raised $32 million for a stable coin project to provide a cryptocurrency without volatility. (BNB opens at $9.92 and closes up for the day at $10.16)

  • October 2018

Another MoU is signed with the Malta Stock Exchange, to create a platform for trading security tokens. (BNB trades steady at a bear market discount of $10)

  • January 2019

Binance announces Binance Jersey, a fiat to cryptocurrency exchange with the aim of expanding its European reach. (BNB trades steady around $7)

  • January 2019

Binance announces a partnership with Israeli payment processor Simplex to allow cryptocurrency purchases with debit and credit cards, like Visa and MasterCard. (BNB trades flat for the day at $6.17)

  • May 7, 2019

Binance reveals that it had been the subject of a “large scale security breach” in which hackers steal 7,000 Bitcoin. Due to the professional handling of the situation by Binance CEO Changpeng Zhao, known as CZ, and a commitment to reimburse all parties at their expense, the market responded well. (BNB opens at $22.19 before falling only slightly 20.86)

  • September 23, 2019

Binance.US opens its doors to the public (BNB opens at $20.53 and closes marginally down at $19.49)

  • February 21, 2020

The Malta Financial Services Authority releases a statement saying Binance is not a Malta-based cryptocurrency and not authorized by the MFSA to operate and therefore not subject to regulatory oversight. (BNB trades flat for the day at $22.19)

  • May 22, 2020

Binance announces Smart Chain Blockchain with support for Ethereum’s EVM (Binance opens at $16.13 and closes slightly up for the day at $16.64)

Compare BNB With Fiat Currencies, Commodities and Crypto

Once considered a highly speculative investment, large-cap cryptocurrencies like Binance Coin are becoming more and more established in a maturing cryptocurrency market. In a year where economies have ground to a standstill due to the Coronavirus, it’s native token BNB has outperformed some more traditional commodities. 

Let’s take a look at how BNB did against some other investments since the start of the year.

Compare Binance Coin With Gold

Gold has been a traditional safe-haven asset for as long as anyone can remember. With the economic turmoil due to the Coronavirus, Gold has seen solid 30% gains since the start of the year. Binance Coin saw 26% gains over the same period. When you consider the fate of some other commodities, 26% is nothing to sneeze at.

Compare Binance Coin With Crude Oil

Earlier this year when the impact of the Coronavirus was just starting to be felt, Crude prices began a rapid descent into negative prices per barrel. Economies were brought to a standstill and Russia and Saudi Arabia entered into a price war.

At its lowest, a barrel of crude oil was -$40 a barrel as the global supply glut sent storage costs sky-high. While prices have recuperated a little, crude is still down over 40% since the start of the year and BNB performed much better than crude since January.

Compare Binance Coin With Ethereum

Binance recently announced a new Smart Blockchain with smart contract functionality that some people wrongly speculated represents competition to Ethereum. However, the new chain is compatible with Ethereum’s Virtual Machine (EVM) and could even complement it as a faster settlement layer.

In terms of price, it is hard to outpace ETH as an investment since the beginning of the year, with the coin rising over 60% since January. Binance managed 26%, with the market surprisingly not reacting to the new blockchain announcement, which may have gone under the radar of some.

Compare Binance Coin With USD

Normally, cryptocurrencies are considered highly volatile, not the US dollar. However, when US markets began realizing the cost of the  COVID19 shutdown, the stock market fell dramatically and the US dollar saw unusual volatility.

The Federal Reserve funded some eye-opening quantities easing measures totalling $2.4 trillion in stimulus and bailouts.

When you flood the economy with money you risk triggering inflation and volatility in the US dollar.

At the time of writing, the US dollar was in a slow decline. By contrast, BNB has generally stayed within range when posting a respectable 26% profit.

Compare Binance Coin With Copper

It has been a rough year for the industrial metal, copper. With expectations that the trade war was easing with China, copper was creeping up.

Then came COVID-19. Copper has fallen 15% this year and most analysts predict that copper continues to fall unless there is anything short of global economies getting back to normal. BNB was a far better investment than copper since the start of the year with a 26% return.

Binance Coin Future Price Predictions

2020 has certainly been a tumultuous year economically and in such an environment, it is more difficult to make future price predictions. There are certain factors we can consider however to get an informed estimate.

In trying to ascertain the future value of BNB, we need to look first at the overall outlook for the cryptocurrency market and then the fundamentals of Binance Coin.

Binance Coin Price Predictions for 2020

At the time of writing, the cryptocurrency market had just begun a strong upswing, with some major coins like Ethereum leading the charge. The fact cryptocurrencies are on the move despite such grim economic conditions in many countries is particularly telling.

Time will tell if Binance Coin will be one of the top performers in the next bull market, but most analysts agree with the pace of development, BNB can easily recapture its all-time high of $39.57.

With Binance’s global operations seeing increasing volume and the new Smart Chain on the horizon, we wouldn’t be surprised to see BNB trading at $30 or higher towards the end of 2020.

Beyond 2021 for Binance Coin

When a major player in the cryptocurrency market like Binance, announces it is building a new blockchain network, it is a serious development. If Binance can find a market fit for the new chain, which also utilizes BNB as its native currency, then the token will likely see significantly higher valuations. 

Binance is a company that has proved both clever and nimble in understanding the needs of its users and the regulatory environment. It is likely that there will be significant upward price pressure on BNB due to global expansion into huge markets like India, Binance Smart Chain, and Binance Launchpad. For this reason, we believe Binance has a great chance of recapturing its former all-time high in 2021. It looks set to remain a leading platform for onboarding people to cryptocurrency, for the foreseeable future and we wouldn’t be surprised to see BNB trading at over $500 within five years.

Binance Coin Price Conclusion

With demand for cryptocurrency increasing globally, it makes sense that one of the world’s leading cryptocurrency exchanges and its native currency stands to benefit from the rapidly growing market.

Fortunately, BNB has numerous use cases to stimulate demand for the token. It is the oil that allows the exchange to function and thrive, whether it be to pay fees at a discount, raise funds for a new project known as an Initial Exchange Offering (IEO), the BNB token has utility.

Binance Exchange will likely see more competition in the future from both centralized and decentralized exchanges.  As of now, they are expanding and potential competition from decentralized exchanges isn’t an immediate threat. Most are quite slow, clunky, difficult to use, and not ready for mass adoption. Binance offers a better user experience but still features technical functionality and the app is convenient. We feel rather bullish for Binance Coin over both the medium and long time frames for this reason.

At the time of writing, Binance Coin was going through a period of volatility. Some traders recommend allocating a small part of your capital to capitalise on this volatility by trading BNB on a regulated brokerage platform.

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Frequently Asked Questions

  1. Smart Chain is Binance’s second smart contract chain after the original Binance Chain. Smart Chain offers a delegated Proof-of-Stake (DPoS) governance system featuring 21 node operators designated by BNB holders.

  2. Staking is a component of PoS blockchains, whereby a cryptocurrency holder can help support and secure the network by leaving coins in a wallet, while also earning rewards in that currency. With Binance staking, users can now earn rewards on Binance Coin and other supported chains simply by holding coins in a Binance wallet.

  3. When you leave your coins in a custodial wallet controlled by Binance, you open yourself up to the risk of that exchange getting hacked or going out of business. Exchanges have been known to delist coins and if you don’t get the memo you’ll lose them. It is generally recommended to get your coins into a private wallet as soon as possible.

  4. BNB can be used as a payment method, a utility token to pay fees on the Binance exchange and it can be used for taking part in token sales on the Binance Launchpad. All of these uses give the currency its value.

  5. Brokerage platforms tend to be easier to use than cryptocurrency exchanges. They also commonly offer more flexible trading options because you are not actually transferring coins rather a type of agreement called a contract for difference or CFD. Brokers offer a simple and cost-effective way to gain exposure to Binance Coin price movements without the hassle of owning the coins.

  6. Binance built its own Binance DEX where you can trade cryptocurrencies while also having possession of your private keys and coins at all times. Binance has also diversified into fundraising with Binance Launchpad.

  7. You may remember the ICO craze that happened on Ethereum? Well, Binance Launchpad is an exclusive token launch platform for blockchain startups. Known as an IEO, projects can use Binance to raise funds and launch products. Binance Launchpad also creates demand for the BNB token and helps further develop the cryptocurrency ecosystem.

  8. Yes. BNB is a cryptocurrency accepted at some locations with Binance actively seeking widespread adoption. You can already book a holiday with BNB, click here to see some options.

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