Join Binance World’s Largest Crypto Exchange – Over 1 Million Users
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Binance is the 16th largest crypto in the market. With a market capitalization of $708 million dollars, this virtual currency attracts the attention of many investors. However, it might not be easy to consider this virtual currency a security or a utility.
According to the recent report released by eToro, the BNB token can be used as a medium for exchange, even when this was not the main use intended at the moment of its creation. Although the currency does not provide an exclusive access to the Binance platform, it gives several benefits for traders.
Nonetheless, the value of the BNB coin is clearly tied to how the cryptocurrency exchange Binance would behave.
The report reads as follows:
“It is not always easy to classify a coin into one or several of the categories above. In the case of BNB, it can indeed be used as a medium of exchange, but that is arguably not the main use that was intended for the currency upon its creation.”
It is important to mention that just a few days ago, Binance Coin has been accepted by BitTorrent as a means of payment. This shows that there is a real use case as a means of payment by BNB, but it can also be classified as a security. Although this is a very important decision taken by BitTorrent that improves BNB’s market presence, it still depends on Binance and how it will evolve.
Binance is one of the largest and most important cryptocurrency exchanges in the market. In the last 24 hours, the platform handled $1.25 billion dollars in trading volume. In the future, the platform aims at creating a decentralized exchange (DEX) that focuses on user-friendliness. Binance Coin is expected to be the base coin for this exchange.
Additionally, Changpeng Zhao, Binance founder, has also been doing everything as possible for the trading platform and virtual currency to grow.
Join Binance World’s Largest Crypto Exchange – Over 1 Million Users
Invest In Emerging Cryptocurrencies Easily With Binance®
Over 1 Million Users · 24/7 Customer Service · Users In
180 Countries