Binance, Exchanges

Is Binance Coin Legit?

Binance coin is a cryptocurrency created by the China-based cryptocurrency exchange Binance. It is based on the Ethereum blockchain and uses the ERC 20 token standard.

Binance coin can be used to pay fees on the Binance exchange and can be traded on other cryptocurrency exchanges. It has a circulating supply of 144 million and a total supply of 176 million.

NOTE: WARNING: Binance Coin (BNB) is a legitimate cryptocurrency, but it is important to be aware of the potential risks associated with investing in any cryptocurrency. Be sure to research and understand the technology, market conditions, and risks associated with investing in any cryptocurrency, including BNB. Also, ensure you are only trading with a trusted and secure exchange platform.

Binance coin has been criticized for being too centralized. Only 100 million Binance coins will ever be created, and 60% of those have already been distributed to investors in the form of an ICO. Binance also has control over the Binance coin smart contract.

However, Binance has been working to decentralize its operations. In 2019, it launched the Binance DEX, a decentralized exchange that uses the Binance chain.

The legitimacy of Binance coin has been questioned by some in the cryptocurrency community due to its close association with the centralized Binance exchange. However, others believe that Binance coin is a legitimate cryptocurrency with a strong team behind it and a bright future ahead.

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Is Binance Coin Worth Buying?

Binance coin is the native cryptocurrency of the Binance exchange. It is often used to pay for trading fees on the platform and can also be used to purchase certain assets. The Binance coin has experienced strong growth since its launch in 2017 and is currently one of the top 10 largest cryptocurrencies by market capitalization.
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