Our Binance FAQ Part 9: 5 Questions About Binance

In this “Binance FAQ” section, we will talk about which token is a good investment in binance, binance smart chain (BNB Chain), the Binance’s token, and the first days of binance, among others.

So, if you don’t have an account on binance, you can participate to win $600 if you sign up for binance. If you already have a Binance account and want this deal, you might be able to create a new one with a different email address. Let’s discover 5 common Binance FAQ.

1) What Binance Coin Should I Buy?

According to Coingecko, Binance has 357 listed tokens at the moment. So, if you want to detect which tokens have had the best performance in the last months, you need to establish which kind of investor you are and start detecting projects with a solid tech base. For example, if you look for short-term profits, you need to evaluate which tokens have performed well in the past within a maximum range of 7 days.

Source: Binance

The priority has to be on only evaluating good projects, so you have to do previous research to make sure you don’t invest in meme coins like Shiba Inu. You might sometimes make a profit if you buy/sell them in a short period, but you need to have a lot of experience as a trader to sustain good profits with such tokens.

Another thing that also makes you have more confidence in the projects is that you interact with their token. You buy it on Binance, pass it to your wallet, put it in some DeFi protocol, etc. In other words, use their ecosystem. That will make you know a lot of details about the blockchain and you will be much more confident in deciding whether to invest in it or not.

2) What’s Binance Smart Chain?

Recently renamed “BNB Chain”, it is the blockchain made by Binance where BNB is the native token. So, if you’ve used any BNB Chain’s dApp like Pancakeswap which has 164.3k users, then you’ve used this blockchain before.

This blockchain was created as an alternative to Ethereum, with the improvement that it is much cheaper and faster to make transactions. However, they had to sacrifice decentralization. Currently, the BNB Chain only has 21 nodes which makes it, in theory, more vulnerable to hacks and more centralized. However, this blockchain has had very few cases of hackers in comparison with other chains, and people are becoming more familiar with these protocols.

Many of us consider BNB Chain the most commercial blockchain, as, after Ethereum, it is the most widely used. Nowadays, it has 189 million active addresses.

Source: ycharts

Today, the current fee you pay for a transaction in the BNB Chain is $0.18, and execute one block every 3 seconds. A lot faster than Ethereum which takes 13 seconds to do the same.

3) What’s Binance Coin?

Binance’s coin is BNB, which is in the #5 position of the tokens with the highest marketcap in the entire ecosystem. Its current marketcap is $47.2 billion with a 24-hour trading volume of $891 million. Also, its circulating and total supply is 163.2 and 165.1 million tokens respectively.

Although BNB is from Binance, you can also buy it on other exchanges such as Dcoin, BTCEX, WOO Network, and FMFW.io. On the other hand, you can hold BNB in many wallets like Metamask, Atomic wallet, Exodus, Ledger, and Trezor.

Binance Account Bound (BAB) tokens have arrived!

Fourteen leading #Web3 projects across #BNBChain will provide exclusive user incentives for @binance's newly announced BAB token.

[1/11] 🧵 pic.twitter.com/y2EkamdBXk

— BNB Chain (@BNBCHAIN) September 8, 2022

Finally, it’s important to know that BNB has a real-time burning mechanism that converts it into a deflationary token. These “burning events” happen once every 3 months.

 

4) When Binance Exchange Started?

Binance started in 2017 and was founded by Changpeng Zhao (CZ) and Yi He. Their initial coverage was global except in the United States. Nowadays, it’s considered the biggest crypto exchange in the world.

In the beginning, Binance’s headquarters were in China. However, they had to move their principal offices to Japan due to the increasing crypto regulations from the Chinese government. Just in 1 year, the marketcap of Binance reached $1.3 billion. Since that moment, Binance understood that the best way to support crypto adoption was by making authorities accept crypto. And the only way to do this is by letting them regulate the ecosystem.

So, in March 2018, Binance moved its offices to Malta and started to partner with from that moment, the exchange began to make alliances with countries like Bermuda, and expanded its operations to Europe, LatAm, Africa, and Asia.

5) Which Binance App to Use?

Binance has an official app on Android and iOS. So, the best way to know about the official application is by the stars and the number of downloads. For example:

• Android version: It has a 4.5/5 evaluation from users and more than 50 million downloads. This is how it looks on any android device when you search “Binance” in the Play Store app:

Source: Play Store

• iOS version: It has a 4.7/5 rating from more than 129.9 users that evaluated the app. This is how it looks on any iOS device when you search “Binance” in the Apps Store app:

Source: Apps Store

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If you already have a Binance account and want this deal, you might be able to create a new one with a different email address.

Sign-Up Links: Binance Global, Binance US

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Disclosure: Altcoin Buzz may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Binance. Copyright Altcoin Buzz Pte Ltd.