Why is Binance Coin doing so much better than other crypto currencies right now?

[juwon55]

Currently, the main use case of BNB token stems from its ability to be used to decrease trading fees on the Binance Platform. Users can choose to pay for fees using BNB instead of utilising the cryptocurrency they are trading. If one chooses to do so they can expect 50% trading fees in their first year of membership, which decreases by half every year of subscription, until year five, where a discount no longer applies.


In essence, BNB becomes the fuel for the Binance ecosystem, providing real-world utility to the token, unlike many other cryptocurrency projects whose promise of utility stems from the future success of yet to be released product. The reduction in fees is hugely significant to frequent traders as the platform itself currently undercuts any other exchange on the market without even employing the token discount, at 0.1% per trade. Combine this with the lowered fees when BNB is implemented to trade with and the exchange substantially undercuts its competitors on trading fees.

For example Huobi and Bitfinex both employ trading fees of 0.2%. The oversight of Binance competitors higher fees is likely what drew many to the platform from in the first place.

REASONS WHY BNB BECAME SUCCESSFUL.

Organic Growth Through Reputation: Binance’s significant success in the cryptocurrency spot exchange market thus far has gained them substantial brand recognition in the marketplace. Couple this success with an ever-expanding user base and this could translate into sustainable long-term growth for the BNB token.

Continual Drive for Innovation: Since their inception, Binance has made continual strides to expand their product offering and overall ecosystem. For example, improving the functionality of the exchange itself, introducing the coin burn function and offering market participants the opportunity to invest in cryptocurrencies utilizing BNB in their Launchpad program. Further efforts to improve the Binance ecosystem will not go unnoticed and will certainly affect the price of BNB.

Sustainable Growth During a Bearish Market: Although the fortunate timing of the implementation of the exchange can be seen as luck by many, Binance have not failed to increase their market dominance this year in a declining market (approx. -70% YTD). The consistency of trading volume, hovering around 1 Billion USD per day suggests that when the market decides to turn bullish, the number of individuals who utilize the platform and its token will increase.

Ref: https://blog.bbod.io/fundamental-pick-binance-coin-bnb/

[Flangler]

Binance coin is doing good. Because the exchange itself is doing great. The biggest volume is the answer,

[bittraffic]

The fact that you'd rather pay BNB to your transaction with discounts than BTC is a lot better which is why BNB is bought by traders. The volume is huge too so you can dump no matter how much you got to dump there will be bids to it. But yes the reputation of the exchange is really good, its been recommended by users here which is why it sounded like they all give testimonials.

[Rambotnic]

This is marketplace not discussion section

[panpine]

Its largest volume will be the convincing answer. It will still be stable no matter what happens

[jrrsparkles]

Binance is the most trade volume crypto exchange than any other and they have created their own coin and have discounts for transaction fee when we trade with binance coins so more people will use it which make the prices to go higher but it is not coin for future other than better trading for now.

[juwon55]

yea.. it's called usability concept which most crypto project should adopt.

[tendy263]

Numbers don't lie, the Binance exchange pushes more volume than most exchanges put together

[slaman29]

Organic growth, this is the important thing people forget about. But I would not call Binance purely organic 100%, at least I would say not to the organic degree of Bitcoin itself. Binance did some heavy marketing too, and their CEO continues to do a lot of PR stories and media mentions. But yes, when they first started out, they did what paypal did, give out referrals some incentive to spread the word.

Then, when China started making life difficult, they moved away and business was not disrupted. That was another important thing. Lose a few hours down time it's a crisis. Lose for days like others have it's a coffin.