Binance Smart Chain
2022 is proving to be a crucial year for blockchain and DeFi reliability. One of the main concerns for investors this year has quickly revolved around the economic downturn which has affected cryptocurrency prices. With signs of a bear market in full swing, investors are looking for more reliable projects and tokens to back. Despite the drop in prices for many tokens and scam tokens being exposed, investment into cryptocurrency remains strong. One such token stands out as a unique investment.
Binance Smart Chain is a cryptocurrency token that is growing in popularity. Its momentum is backed by its growing usability in the global marketplace. As part of the Binance network, the Binance Smart Chain token is gaining recognition for the potential to provide a better alternative to other cryptocurrencies. Here are some of the upsides when it comes to investing with Binance Smart Chain:
What makes Binance Smart Chain work
Binance Smart Chain (not to be confused with Binance Chain) is a token that was developed and released in 2020 by Binance, which is one of the world’s largest cryptocurrency exchanges. Its efficient and low cost use has helped to bring constant innovations throughout the blockchain universe, and that has only built up its momentum for expanded recognition and use as cryptocurrency continues to become more accessible as a method of payment.
Binance Smart Chain is a great alternative to other cryptocurrencies for a multitude of reasons. Its smart contracts allowed blockchain innovators to run their own applications and was originally a fork from Ethereum’s code, making it far more decentralized than the previous Binance Chain token.
(Beware not to confuse Binance Smart Chain and Binance Chain when making transactions, as that could result in the loss of your funds)
This token allows for delegated proof of stake, which has been able to provide cheaper fees as well as more transactions per second. Please note: this particular feature is more centralized in nature, for all you decentralization enthusiasts.
In a one-to-one fee comparison with Ethereum, Binance Smart Chain roughly costs $1 per 100 transactions while Ethereum could cost anywhere between $3-$50 per transaction. This makes it an incredibly attractive token for investors trying to save on gas costs.
Binance Expands Its Usability Worldwide
Binance has taken advantage of the constant flux in price by allowing users to buy cryptocurrency with a credit card. This service is currently available in over 180 countries and 40 fiat currencies. Binance also offers staking, which allows users to earn rewards for holding onto their cryptocurrency, as well as other services such as margin trading and spot trading.
The firm has also been expanding its reach by partnering with companies such as Samsung and cryptocurrency wallet provider Trust Wallet. The partnership with Samsung will allow Galaxy S10 users to store cryptocurrency on their devices. The partnership with Trust Wallet will enable Binance to offer a mobile cryptocurrency trading experience.
The Future of BSC
Binance is also looking to launch its own Decentralized Exchange (DEX), which would be a big step forward for the company. The DEX will be powered by the Binance Chain blockchain.
The launch of the DEX will be a big step forward for cryptocurrency adoption, as it would make it easier for people to buy and sell cryptocurrency without having to go through a centralized exchange.
Binance Smart Chain Succeeds Amid Blockchain Challenges
Binance Smart Chain received additional news that shows just how influential it has become on the cryptomarket. Earlier in 2022, it was announced Binance Smart Chain would be integrated into the cryptocurrency trading platform Coinbase, a top contender for most popular cryptocurrency exchanges. This is a huge win for Binance Smart Chain as it will help to increase its adoption rate and provide additional visibility to the token, especially in a time when investors and traders are looking for ways to help build up their investments after the crash that happened in early May of 2022.
The upside of Binance Smart Chain is clear. It is a cryptocurrency that offers a lot of potential and is constantly innovating. It has a strong community behind it and is gaining recognition for its ability to provide a better alternative to other cryptocurrencies. If you are looking for a cryptocurrency that has a lot of momentum behind it, Binance Smart Chain is a great option.