Binance is the world’s most significant cryptocurrency trade and exchange platform. It includes a native token called Binance Coin (BNB). The initial idea for this digital asset was to eliminate friction for traders at Binance by fueling the transactions, paying for fees, making in-store payments, and things of the sort. It was an internal asset; it wasn’t supposed to become a retail currency.
Then something interesting happened. Binance’s trade volumes are so high that the demand for BNB soared from the very beginning. That brought the price up very quickly. This is a remarkable example of how usefulness in a cryptocurrency makes it perform well in the market. Even during the 2018 crypto winter, when every other coin was losing value (Bitcoin included), BNB managed to be in green numbers most of the time.
So BNB’s usefulness created demand, then the demand created value and high market performance. The next step was natural: so many users were buying and holding BNB that it has found many other use cases outside of the Binance platform. Maybe it started as a lubricant for the Binance ecosystem, but by now, BNB is one of the most useful and reliable cryptocurrencies in the world because it’s found several ways to be useful whether you trade at Binance or not.
BNB trades at $33.66 as we write this and it’s the seventh cryptocurrency by market capitalization which is at $4.7 billion. These are impressive numbers for a resource that was supposed to be internal to a single website.
BNB’s use cases
Let’s review some of those use cases.
- Buy virtual gifts at Gifto, the live video streaming platform.
- Pay for aircraft at the Aeron pilot shop.
- Pay your Crypto.com credit card bill.
- Make impact investments at Moeda.
- Book and pay for hotels all over the world using the Trip.io platform.
- Accept client payments through coinfy or coingate.
- Buy real estate with Propy.
- Create BNB-based smart contracts at MyWish.
- Invest in the traditional financial markets (stocks, ETFs, etc.) at NAGA.
- Pay for your web servers or cloud services at CenterServ.
- Pay at nightclubs at MoreCoin.
- Use it as collateral for a loan at Nexo and ETHLend.
- Hire freelancers at CanYa.
So as you can see, it already has a lot of exciting case uses which is very unusual in the cryptosphere at large, but even rarer for a token that was meant to be for the internal use of a single platform. But that’s what happens when a coin is useful.
I have been waiting to travel the world, with #bnb.
— CZ Binance (@cz_binance) July 7, 2019
There’s yet a new use case for BNB which was announced just yesterday. TravelByBit Beta is live. This Australian platform allows you to book over a million flights and hotels using BNB alongside Bitcoin and Litecoin. The payment gateway runs on the Binance chain.
Binance is an extremely reliable and useful digital asset. If you are not holding any yet, maybe you should. And now that the TravelByBit Beta is live, you can ask yourself, “where do I want to go next?” as you hold your BNB coins.
Maybe some other projects could study the Binance coin’s case and learn something. A useful coin is not a coin that can only perform well in the cryptocurrency market. It’s also usefulness what will facilitate mainstream adoption for cryptocurrencies and blockchain projects.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.