Today, thanks to current technologies, we have the facilities to do a lot of things that we did not think possible before. Because of these technologies, we have access to state-of-the-art entertainment, excellent medical care, and amenities that we did not see possible more than 20 years ago. And, really, it can be applied to all aspects of our life, including finances.
Before, it was thought that large investments were only reserved for those people who invested within the stock market, and that they were generally wealthy people or with a fairly complete training in the financial world. But, over the years this changed. And while a college degree in economics can go a long way toward making smart investments, it really hasn’t become a totally mandatory thing to have when it comes to investing.
Today, anyone can make an investment if they are smart and imaginative enough. And, proof of this is cryptocurrencies. Since the creation of bitcoin, the cryptocurrency market has grown a lot, as well as the number of traders in the current market. So, presumably, this medium has grown a lot in recent years, especially since bitcoin surpassed the price of gold. But, all this is part of the charm of cryptocurrencies, as well as the great variety of them that are in the current market, as is the case with Binance Coin.
Binance and its currency
If you are a true fan of the world of cryptocurrencies, it is likely that you have heard of Binance, a platform founded in 2017, it has become the starting point of many investors by functioning as a kind of exchange house. But, Binance is not only about being able to buy and sell cryptocurrencies on a platform, as they have also experimented a bit and have come to create their own cryptocurrency, Binance Coin.
Binance Coin, also known as BNB, was created in July 2017, the principle ran on the same Ethereum blockchain. But, since then things have changed and this cryptocurrency has been able to find its own blockchain.
BNB, as such, has come to work in a rather curious way. At the time of its creation, more than 100 million tokens of this cryptocurrency were offered, with this information one would expect it to be low or that there would be at least a significant volume of this cryptocurrency currently circulating. But, Binance has not wanted this to happen at all in order to maintain the price of it in a certain way.
For this, Binance “burns” its cryptocurrencies from time to time. More or less a quarter, the platform is dedicated to burning a large number of tokens. In fact, in 2021 the equivalent of more than 500 million dollars in tokens was burned. And furthermore, today it can be assumed that there are less than 200 million tokens available in the market or at least in circulation.
But itself, because of the burns and how BNB works, you can say that it is a fairly stable cryptocurrency in terms of price, and therefore lots of traders are looking to get hold of it, and in the process make a very lucrative investment.