Binance Coin (BNB) was launched in China in August 2017. The platform itself experienced a significant rise in popularity over the past months together with the BNB coin. Its stunning growth in 2021 and explorations into the DeFi world has meant that BNB is being seen as one of Bitcoin’s future competitors. The future of BNB as a token is heavily dependent on the growth of Binance. In order to prevent this depreciation and maintain a stable price for the BNB, its creators committed to periodically destroying (or “burning”) some of these coins in order to reduce their total supply until 50% of the total BNB supply (100 million) is burned. It was assumedly taken sometime the last day of June when fiscal Q2 ended, so 1 bitcoin would have been trading for between $18,750 and $20,300 throughout the day, which at 10,500 coins would mean that around $197 million to $213 million of its total “digital assets” would be in bitcoin.

Now, to determine exactly how much of that total holding is Bitcoin, we’d have to know exactly when the snapshot was taken. Tesla has not disclosed holding any major cryptocurrencies other than bitcoin and, now, Dogecoin. Musk has detailed in the past that he personally owns Dogecoin but has not indicated that Tesla does, though the electric car company has been accepting Doge payments for some merchandise on their website. It’s unclear whether the company has simply been holding on to the tokens used for merch purchases or www.youtube.com has made dedicated buys of the dog-themed “joke” cryptocurrency that Musk has repeatedly voiced his support for on Twitter. The company disclosed that it currently owns $218 million worth of digital assets after selling $963 million worth of bitcoin. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Tesla reportedly had around 42,000 bitcoin heading into the second quarter, so after selling 75% of them, it should have had around 10,500 at the end of the quarter.

Others predict that Binance Coin’s value will cross $1,200 by the end of 2023 and effectively reach $1,700 by the end of 2024 if the token can maintain the positive momentum. Some analysts expect the price of BNB to reach $527.8 by December 2021. Others have a more conservative view and predict that the token might trend around $475 this year, setting the foundation to reach the $500 target next year. With the economic value of blockchain, upcoming cryptocurrencies including BNB offer exciting alternatives to investing in traditional commodities. In a blockchain, that trusted gatekeeper is replaced by computers all over the internet, each maintaining its own copy of the database. That’s what makes bitcoins impossible to copy. Whereas a centralized system is in big trouble if a hacker is able to breach its security protections, Netsolutions explains that it’s “practically impossible to bring down a dApp because it will require a hacker to take down all the distributed hosting nodes.” That means separately accessing all the different devices that contain copies of the blockchain database – a much more time-consuming endeavor than hacking into one computer’s centralized database. This is why most blockchain election providers partially centralize the management of voter identities.

You will see why. Binance will no longer be able to offer that service in the United States. Some routers can be manually set up to work with this service as well. Use a third-party eWallet service to consolidate addresses. First of all, the users on the platform can use it to pay for trading fees at various discounts. Through his scheme to defraud, ZHONG was able to withdraw many times more Bitcoin out of Silk Road than he had deposited in the first instance. Scheduled to launch early next year, the card will initially roll out to travelers visiting Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Australia and Europe. 0.10 to as high as $600 within 4 years, BNB has shown that it is definitely one of the cryptocurrencies to watch out for in the coming years. Binance CEO Changpeng Zhao recently stated that the objective of BNB was to provide a cryptocurrency that could grow faster than Bitcoin. Asher Tan, CEO of Australian bitcoin exchange CoinJar.

Leave a Reply

Your email address will not be published. Required fields are marked *