trading platform for beginners best for buying binance coin

Binance Coin price in real time, when to invest?

In early 2020, despite the crisis triggered by COVID19 around the world, cryptocurrencies have established themselves as a solid asset class.

However, having thousands of them on the market complicates the investment process. Finding your crypto-nugget and trading the cryptocurrency requires a rigorous analysis of the price as well as the fundamentals behind several cryptocurrencies. 

In order to make things easier for you, let's take a look at Binance Coin, the home token of the Binance crypto exchange. What to remember from the price of Binance Coin since its inception? 

What to expect in the short and long term? How does the Binance blockchain work? Hang in there, we have answers to these questions.  

67% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you can afford to take the high risk of losing your money.

How to take action?

Binance Coin price and value

 

Just like stocks or currencies, the price and value of a cryptocurrency depends on market participants, who on the one hand buy and sell it on the other. Thus, it is the exchanges on the market that define the price variation. The price of Binance Coin (BNB) is no exception to this rule. When buyers exert pressure to buy (by executing higher trading volumes than sellers), the price of BNB fluctuates upward and when it does, the token loses value. 

 

Binance Coin Euro price in 2017 

 

2017 was a euphoric year for all digital currencies. Binance Coin (BNB) was created in July of the same year, a few weeks before the launch of the crypto exchange of the same name (Binance). Its starting price on the market was 0.15 euros. It then flew to more than 2 euros, before registering a drop to 0.57 euros on September 14. The price of Binance Coin (BNB) recorded its annual close was positive, at a price of 7.9 euros, and a daily trading volume in excess of $62 million on the trading platform. 

 

Binance Coin price in 2018 

 

In early 2018, the price of Binance Coin (BNB) continued its upward trend. A BNB was already trading around €18.92 as of January 06. It then underwent strong selling pressure following hostile regulatory measures, especially in China, causing a sudden collapse in its price and an annual close of €5.38. Volume on the trading platform had also dropped to as low as $33 million / day. 

 

Binance Coin price in 2019 

 

In 2019, the price of Binance Coin (BNB) soared following the launch of the Binance Chain test net, a home blockchain of the company (Binance). This last had attracted many projects looking for a more scalable (fast) protocol. The craze for Binance Chain has had a direct effect on the price of BNB. It had hit a record €34 as the crypto market collapsed. Its annual closing was €12.26. 

 

Binance Coin Euro price in 2020 

 

In 2020, the price of Binance Coin (BNB) was relatively stable, as for the entire crypto market. However, it was affected by the stock market crash caused by the COVID crisis at the start of the year. Its price had fallen to €8.52 before starting to rise again. Binance Coin ended the year at a price of €30.29 with a daily trading volume of more than $328 million on the trading platform. 

 

Binance Coin price in 2021 

 

Although it is still early to draw conclusions, 2021 will go down in the annals of BNB history. Indeed, transaction fees (gas) on the Ethereum blockchain had exploded, allowing Binance to attract millions of users to the Binance Smart Chain which offered cheap fees. The price of Binance Coin (BNB) subsequently exploded. It was exchanged against €561 per coin on May 3, a growth rate of more than 1400%. In addition, the bad news for bitcoin, notably fueled by Tesla, pushed the price of BNB (up to €215) down.

67% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you can afford to take the high risk of losing your money.

buy and sell crypto in minutes on binance

Binance Coin Price and Value Prediction 

 

What will the price of Binance Coin (BNB) be at the end of 2021? We have no crystal ball to find out. However, we will share our opinion below. Indeed, it is possible to have an idea on the next trend in the price of Binance Coin (BNB) by bringing into play several factors including the evolution of the entire crypto market (especially bitcoin) or even the usefulness of the token in the market. 

 

Short-term Binance Coin price prediction 

 

In reality, no one knows what a BNB will be worth next week. Indeed, several elements, sometimes exogenous and unpredictable, can influence the price of Binance coin (and the rest of digital currencies) upwards or downwards. It could be hostile regulation, hacking of an exchange platform, etc. BNB is not immune to these risks. It is for this reason that it is advisable not to completely trust predictions.

In addition, some analysts believe that the price of Binance Coin (BNB) will exceed the €500 mark by the end of the year. The less optimistic, on the other hand, believe that the token already has a very high price. Since the trees cannot climb to the sky, they fear a strong correction over the next few weeks. 

However, most traders among us can still use technical analysis to get the best (or worst) of what Binance Coin (BNB) price history reveals. Already for the most optimistic, a crossing from the top of the historic peak of the BNB (€569) would be a good bullish signal. Please note, short-term investing is suitable for traders. The latter only speculate in real time on prices. 

 

Long-term Binance Coin price prediction 

 

What should we expect from the price of Binance Coin (BNB) within five years, for example? Again, there is no miracle recipe to find out. In addition, many investors are betting on the adaptability of the Binance exchange platform. Indeed, it is on all fronts. In addition to regulatory compliance efforts, the crypto exchange regularly launches new products to expand its influence. The most striking example is the Binance Smart Chain. It has become, at some time, the main competitor of the Ethereum network when it comes to decentralised finance (DeFi). If this growth continues, nothing will be able to prevent the Binance Coin (BNB) price from continuing its uptrend in the long term. 

Another positive point for the price of Binance Coin (BNB) over the long term is its deflationary policy. Indeed, at its launch, a maximum of 200 million tokens were created. With the growth of Binance, Changpeng Zhao (aka CZ) and his teams implemented what is called a “burn”. The operation involves burning an amount of BNB tokens equivalent to a portion of the profit made by Binance each semester. De facto, the burnt coins go out of circulation on the market. So far, Binance has burned more than 30 million BNB tokens. Eventually, he plans to put 100 million BNB tokens in the incinerator, this may influence the price of Binance Coin in the long term. 

Anyway, and despite various forecasts, it is important to know that the price of Binance Coin will remain correlated with the health of its parent company, the crypto-exchange Binance. The two projects remain closely linked.

67% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you can afford to take the high risk of losing your money.

Definition: What is “Binance Coin” crypto? 

 

Binance's ambition is to provide the crypto market with an “easy-to-use, more liquidity, more secure and lower trading costs” exchange while allowing its clients to gain exposure to a wide range of assets. ; qualities rare in many crypto-exchanges.

Binance Coin (BNB) is Binance's native digital currency. Clients (of Binance) who hold it access certain exclusive services such as IEOs (Initial Exchange Offering) while benefiting from a discount on trading fees. Launched by Changpeng Zhao in 2017, the Binance Coin (NBB) has become in recent years one of cryptomonnaies most capitalised behind Bitcoin (BTC) and Ethereum (ETH) 

 

Creation history 

 

Binance takes its name from the combination of Binary and Finance. The platform was born from an ICO which, on July 2, 2017, enabled Changpeng Zhao's teams to raise $15 million. In return, the investors in the project had received BNB tokens on July 25, 2017. You will understand, Binance, the exchange platform, is different from Binance Coin, the cryptocurrency, even if the two projects are linked. 

A few weeks after its launch, Binance has followed a string of successes. Its exchange platform has become, after a few years, the world benchmark in cryptocurrency trading. As for Binance Coin (BNB), it is currently the third most important cryptocurrency in the crypto market (+ $66 billion in capitalisation) after bitcoin and Ethereum. 

 

What is it for ? 

 

As we explained above, Binance Coin was created to act as the primary medium of exchange on the Binance crypto exchange. It also allows its users to reduce transaction fees on the platform. Binance Coin is also very useful for Binance DEX, the decentralised version of Binance. It serves as a bargaining chip. The BNB token is also essential for the Binance Smart Chain, a blockchain developed by Binance. BNB is used there to create (by means of smart-contracts) decentralised applications (DApps) compatible with the Ethereum blockchain. The costs to deploy DApps are obligatorily paid in BNB.

 

Binance Coin Blockchain: How Does It Work? 

 

Originally created on the Ethereum blockchain, Binance Coin has migrated to its own blockchain, the Binance Chain. This defines the rule followed by validators to include transactions in a block every 3 seconds. This is the Proof of Staked Authority (PoSa). It is a process which gives each user the possibility of placing BNB tokens in escrow in order to participate in the validation of blocks. After each validation, one of the participants in the process receives the transaction fees (contained in the transactions of the validated block) in the form of BNB coins. Unlike other validation systems, the reward of PoSa participants does not trigger any creation of new tokens after validation of a block.  

67% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you can afford to take the high risk of losing your money.

binance market trend for selected coins

How to get this crypto? 

 

As we have seen above, BNB is the native token of the Binance exchange platform. It is therefore possible for Binance users to buy it directly on the platform. Several other online brokers and brokers also allow you to buy BNB. The latter, which we will present below, allow investors to gain exposure to the variation in the price of BNB without actually owning any. 

 

Obtain binance coin via brokers 

 

It is one of the online brokers who have made trading accessible to everyone. Indeed,

eToro is easy to learn by novices. It also offers the possibility for its users

(beginners as well as experts) to copy the strategies or positions of the most successful

traders. As for its offer in terms of assets, it includes stocks, commodities and even digital

currencies including Binance Coin (BNB). As for Libertex, eToro does not allow the sending

of BNBs purchased on an external wallet. Positions are based on CFDs, very risky financial products,

which only allow you to speculate on the variation in the price of an asset. 

It is an online broker who has been offering financial market services for 23 years.

The platform offers an investment offer on different assets including stocks,

cryptocurrencies, forex, etf (exchange traded funds), etc. The minimum deposit on

Libertex is €10. The accepted payment methods are credit card and bank transfer.

Please note, Binance Coin (BNB) trading on Libertex is done in the form of CFDs. 

Mining crypto

 

Allocating your IT resources in order to be rewarded with a BNB token is not possible. Indeed, this is only possible on blockchains using proof of work. The best known are BitcoinZcash (ZEC), Doge (DOGE) or even Monero (XMR). As mentioned above, block validators on Binance use “proof of stake”. Instead of making its computing power available to the network, it is necessary to block a certain number of BNB tokens to participate in the block validation process. This is obviously one of the ways to obtain BNB, passively, but without resorting to mining.  

 

Binance Coin Faucet

 

Faucets, those websites that facilitate the free distribution of parts or in return for certain tasks, have become rare to this day. In the past, there were many on the web. Faucets played an important role in the democratisation of bitcoin between 2010 and 2011. Binance Coin is an already popular cryptocurrency with the public. There is not, to our knowledge, a faucet that distributes it for free. Before embarking on the search for such a possibility, it will be necessary to be careful of fraudulent sites.

eToro user guide on our trading platform for beginners
libertex user guide on our trading platform for beginners

67% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you can afford to take the high risk of losing your money.

Binance Coin wallet: how to find?

 

It is advisable to use a non-custodial wallet to ensure secure storage of BNB tokens. This alleviates the risk of hacking. Indeed, many exchange platforms are victims of computer attacks. To take shelter, you must use a physical wallet not connected 24 hours a day to the internet (case of a Ledger) or an online wallet but which allows the user to keep control of his private keys (the case of Trust wallet and Atomic wallet).

Advice: should you invest in Binance Coin? 

 

Should you put your money on Binance Coin now? The answer you need depends on your investor profile. Are you a trader? If so, it is possible to surf the volatility of BNB right now to fill your pockets with it, but it is not without risks. Are you more of a long-term investor? In that case, you can get hold of BNB right now and bet on its growth over the long term. This is not investment advice, we call on you to do your own research. 

ADVANTAGES

Opportunity
 

Placing money on Binance coin is betting on the growth of the company behind the project. In a few years, if all goes well for cryptos in general and the Binance platform in particular, it is possible that Binance Coin will derive maximum profit. The fact that Binance Coin is the world's largest crypto exchange is a guarantee of its likely success in the future.

 

The progress of its decentralised version is also to be monitored. Indeed, it is thanks to the craze around decentralised finance (DeFi) that the price of Binance Coin made a bullish rally. The Binance Smart Chain, at the center of Binance's DeFi ecosystem, has continued to attract developers and dozens of projects. The more interest it generates, the more the Binance Coin price will tend to capture a lot of value in the market. 

67% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you can afford to take the high risk of losing your money.

DISADVANTAGES

Risks
 

Like any crypto-exchange, Binance is not immune to the risks of bankruptcy, hacking, or regulations unfavourable to its growth. Its centralisation constitutes a great risk for its long-term sustainability. Even though Binance Smart Chain is a relatively decentralised blockchain, several analysts disagree. Indeed, it only has about twenty validators, all centralised within the CZ company.

 

While it can be agreed that the ease of use, speed and security that Binance offers are more important than decentralisation, this could prove to be wrong if the company is pushed, by a country like United States, for example, to file for bankruptcy. Who says bankruptcy of Binance says end of Binance Coin. Such a scenario would be painful for investors. 

FINAL CONCLUSION

Binance is an icon in the cryptocurrency market. While many blockchains claim to compete with Ethereum on paper, CZ and its teams are reacting in fact both in the creation of unparalleled services and in the development of a scalable protocol for DeFi, to the point of gradually stealing the show from Ethereum; all to the glory of Binance Coin whose price continues to face and break its ATH (All time high).

Binance's success makes buying Binance Coin (BNB) a strategic decision. However, the regulatory pressure exerted on Binance around the world and the risk of a computer attack are pervasive threats that remind us to take a step back. You can continue to benefit from the excellent services offered by Binance, surf the DeFi wave easily without paying a lot of fees, thanks to the Binance Smart Chain, but remember the golden rule: never put your eggs in one basket.