What is the latest news about Binance Coin BNB

Will Binance (BNB) Coin Reach 100$ Valuation This Year?

The future of BNB is dependent on the growth of the Binance Exchange platform. And as per the current scenario, Binance Coin's future looks bright which could lead to prices to new highs. And hence as per our BNB price prediction, the BNB price might cross $1200 by the end of 2023.

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Why is Binance Coin (BNB) so high? What is the potential of the Binance coin?

I think that one of the reasons that Binance is doing so well is down to luck and timing. In February 2021 the Game (GME) squeeze got a lot of attention and a flood of retail investors started to take an interest in finances. Many of these people eventual found their way into crypto. At the time, Binance was booming, we had tokens like Safemoon and Elongate creating huge hype and many YouTubers were championing these tokens and sending people down into the underbelly of crypto to buy them.

It seemed like, for the first time ever, making money from investments became something that anybody could do, not just reserved for the rich. This was like a cultural shift and many ‘non-wealthy’ people started to invest for the very first time.

This all coincided with Covid Lockdown, which sparked a period of desperation where people didn’t feel secure in their jobs, people started looking for alternative ways to make money and crypto (the coolest and fastest of all ways to make money) was like a shiny penny on the floor.

So all of that was going on while at the same time BSC had just solved the main issue that made Eth so inaccessible… Gas costs. The gas costs alone on Eth are enough to deter the average investor, they are way too high for anybody to make a profit that doesn’t have thousands to invest. The idea of investing $10 or $20 on Eth is ridiculous. But BSC managed to slash gas fees to almost nothing. They also reduced the time that transactions took to mine down to about 3 seconds, an important advancement over Eth for crypto utility but not so exciting for the retail investor as the reduction in gas.

For an investor, BSC is very attractive. It presents the opportunity to make a hell of a lot of money very quickly. BSC is the birth place of thousands of new tokens a day, many of these will easily do a 10x or even a 100x and once you’ve had a taste of that, it’s hard to walk away. By comparison, shares suddenly seem incredibly stable and boring. The gamble of new tokens (and it really is a gamble as most of them are scams) is incredibly addictive and alluring.

But that’s not the only reason BSC is popular. It’s also very popular from a developer point of view. First of all, it’s incredibly easy to create a BEP 20 token. Deploying on BSC is almost identical to deploying on Eth, you just swap out the uniswap factory address to the pancakeswap one, and all of your code is good to go. So any dev that was making tokens on Eth can automatically make tokens on BSC without having to learn anything new. So from day one BSC had an army of devs that were all ready to make tokens… and it was much much cheaper! To deploy a complicated contract on Eth can cost up to $5k, the exact same contract on BSC costs less than $10.
This was a blessing and a curse. Genuine devs could deploy contracts for almost nothing, but so could the scammers. So BSC got flooded with scams. I’d say that well over 95% of all contracts that deploy to BSC are scams and the amount of money being stolen is huge. Of course, this actually worked in favour of the genuine devs. As a genuine dev on BSC, I get elevated by the scammers. Just by not stealing money I am automatically put on a pedestal and don’t have to spend so much money marketing my services. Imagine going to a mall and you know that every shop will steal your CC info but one… you’d only shop at that one store, they wouldn’t need to market their services, you’d just use them by default as the alternatives are too risky. That’s the position that many genuine devs (myself included) have found ourselves in by making genuine tokens on BSC.

So what will come next? What new blockchain will surpass BSC? For me BTC is successful because it was first, but it’s in no way practical. It’s really just about storage of value, very much like digital gold. Then along came Eth and Eth v2, suddenly we had smart contracts. This was a massive step forward, so it was inevitable that Eth was going to be big. But it was still too slow and too expensive. You can’t realistically buy a coffee using Eth, the gas fees would be lot more than the coffee and you’d need to wait 3 minutes at the checkout. It simply wasn’t practical for the end user, it couldn’t realistically do what crypto longs to do… replace fiat.

Next we get BSC, reducing transaction time to 3 seconds and gas costs to almost nothing. BSC solved the two problems that crypto has that were obstacles to it becoming the new fiat. New blockchains have tried to improve on this, with even faster and cheaper transactions, but they are not being embraced the way BSC was because we don’t need them to be faster, nor cheaper. That’s not the area where we should be focusing now. They are already fast and cheap enough.

Tech people can see that BSC has issues, it’s not truly decentralised. And crypto should be decentralised. So a truly decentralised blockchain could trump it, but the average Joe doesn’t care about that nor truly understand it so it’s not a deal breaker. For something to really take the crown it’d need to present a significant benefit to the end user, for me, the blockchain that will eventually win the race will be the first one that presents tokens that can not rug. It’s not even that hard to do, but so far, nobody has done it. This is the Achilles heel of BSC, way too many scammers. When a new blockchain can address that issue it’ll be the next go to for sure.

 

What is Binance? What is BNB?

Binance is a cryptocurrency exchange that was launched in 2017 by Changpeng Zhao. It is one of the largest cryptocurrency exchanges in the world, with a wide variety of cryptocurrencies available for trading.

BNB, or Binance Coin, is the native cryptocurrency of the Binance exchange. It was created as an ERC-20 token on the Ethereum blockchain but has since migrated to its own blockchain. BNB is used as a utility token on the Binance platform, allowing users to access discounted trading fees and other benefits.

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