Binance Coin is a cryptocurrency that is similar to Bitcoin and Ethereum. It is a form of crypto currency that is based on a consensus algorithm. The original consensus method used in Bitcoin was called Proof-of-Work (PoW). In contrast, Binance Coin uses the Proof-of-Authority (PoA) method, which means that participants are vetted and pre-approved by Binance.
Binance Coin began as an exchange token that can be used to pay for trading fees and other transactions on the Binance platform. Later, it became the native coin of the Binance chain. This means that it will be used to fund network fees on the blockchain, much like the Ethereum platform does. As of December 2017, the value of one Binance Coin was worth 25 US dollars.
However, there are some concerns about using the cryptocurrency. There is a chance that the government and other institutions may try to trace your digital activities on Binance. This is especially true if you trade in a large amount of crypto. In addition, it is possible that the government could censor or ban the coin.
When making a purchase on Binance, it is best to first perform a comprehensive market analysis. You need to determine your financial and investment goals, and make an informed decision. Once you have a clear idea of your goals, you can move forward and open a Binance account. To do this, visit the official website of the exchange and click the “Register Now” button.
