Is Binance going to be the Crypto Wall Street?

Should you join this Crypto race?

Vatsal Patel

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Coinmonks

4 min readJan 7, 2022

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Binance is one of the biggest cryptocurrency exchanges in the world, responsible for $7.7 trillion in crypto exchange volume in 2021. Binance executes around 1.4 million transactions every second and 2 billion in average daily volume.

Binance is the biggest cryptocurrency exchange by volume and the factors driving this growth are Binance Coin (BNB) and Binance Smart Chain. Let’s dive into it.

Binance has the lowest fees (only 0.1% fees) as compared to other exchanges. Also, it offers a 50% fees reduction on using Binance Coin for transactions. If you are excited to jump into the crypto race, you can open a free account with Binance within a few minutes. Open account with this referral link to get 5% commission back:- https://accounts.binance.com/en/register?ref=VPZSLHC8

What is Binance Coin (BNB)?

Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. BNB was initially based on the Ethereum network but is now the native currency of Binance’s blockchain, the Binance chain.

Binance coin reduces fees by 50%. It means that instead of paying 10 cents on a $100 transaction, you’d pay only 5 cents if you complete the transaction using BNB.

Binance Coin now has an insanely large market cap of $84 billion, ranks behind only Bitcoin, Ethereum and USD Tether in terms of market cap and it is growing continuously.

Binance Coin has significantly outperformed its two larger rivals: Bitcoin and Ethereum. BNB gained roughly 1,300% in 2021, according to Arcane Research. By comparison, market leader Bitcoin increased 65% while Ethereum, rose 408%.

It has much more benefits along with reduced fees like:

Provides lightning-fast transactions
Can be used to buy and sell a huge variety of cryptocurrencies
Is safe and secure
Is accepted as currency by some service providers, mostly in the hospitality/travel industry
Might be used as an investment as its price are constantly rising :)

What is Binance Smart Chain(BSC)?

Binance announced its new DeFi platform, Binance Smart Chain(BSC), which was later launched in April 2020. Its purpose was to offer an alternative to Ethereum and other leading DeFi platforms.

BSC has smart contract functionality and is Ethereum Virtual Machine (EVM) compatible. BSC’s dual-chain architecture allows its users to build Decentralized Apps (DApps) and digital assets on one blockchain and exchange it on another using the blockchain’s high-speed trading. Its transaction time is roughly 3 seconds.

It's quite complex technology to understand as cryptocurrency is in its initial stages. Let’s take a look at the benefits of the Binance Smart Chain.

Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the blockchain.

As we know several platforms and apps are being developed on Ethereum like Brave, Rarible, Opensea, Audius etc. Similarly, BSC provides an alternative. BSC is gaining popularity slowly. Hence, if the total gas consumption on BSC increases, it most likely leads to a positive effect on the value of BNB.

Some of the benefits of Binance Smart Chain are:

A rich and growing digital asset ecosystem powered by Binance DEX, the leading decentralized exchange
Cheap transaction fees that reach as low as 1 cent
High performance with a network capable of producing a block every 3 seconds
Cross-chain DeFi mechanisms that increase DeFi interoperability
A supportive Binance ecosystem that funds and bootstraps many DeFi projects
A growing ecosystem of millions of users across Binance.com and Binance DEX
A network of major crypto projects already collaborating with BSC

Ending Note

Binance offers a large variety of services, almost all services available for cryptocurrency. We discussed the Binance Coin and Smart Chain, we can see the future potential in them.

Cryptocurrency is still in its initial stages and waits for widespread adoption. You too can be the early bird by joining it now.

Binance has the lowest fees (only 0.1% fees) as compared to other exchanges. Also, it offers a 50% fees reduction on using Binance Coin for transactions. If you are excited to jump into the crypto race, you can open a free account with Binance within a few minutes. Open account with this referral link to get 5% commission back:- https://accounts.binance.com/en/register?ref=VPZSLHC8

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Is Binance going to be the Crypto Wall Street?

Should you join this Crypto race?

What is Binance Coin (BNB)?

What is Binance Smart Chain(BSC)?

Ending Note

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Written by Vatsal Patel