What's up with Binance Coin?

[MCobian]

Binance Coin has suddenly become popular and attracts many investors, it turns out that the Binance Smart Chain provides a solution that
the Ethereum platform can't provide. The high Ethereum gas fee is utilized by the Binance Smart Chain to attract Ethereum users to switch
to the Binance Smart Chain, which provides significantly lower transaction fees and extremely fast transaction speeds. This is what makes
the price of BNB soar and makes BNB the third best coin today. No wonder the demand for BNB continues to increase every day.

[GreatArkansas]

Everything is very simple and clear - users moving to Smart Chain create a demand for Binance Coin BNB. Binance is becoming a good alternative for the expensive and slow working Ethereum, but I think this is temporary and users will go back when the transaction fees decrease.

This is the main reason, I believe! They are competitors of Ethereum for Defi apps, because of Ethereum's problem, which is scalability.
A lot of people also worried about Binance Smart Chain, there is some issue about being a centralized ecosystem and that's why the cost of transaction fee there is really cheap and some of the projects in Ethereum are copied and pasted to the Binance smart chain, which for me, it is already a red flag.
No hate here, I respect the pump  

[mersal]

IMHO, BSC made the revolution which helped the Binance coin to reach new heights from nowhere and it just happened at the perfect time when ethereum smart contracts stuck for long time due to ridiculous fee on ethereum network so people are searching for a better alternative and they landed at Binance smart chain.And also the reputation of Binance exchange is helping the increase further so it becomes unstoppable for a while.

[ampere]

Outrighly; i believe it is ssafe to say that the dominance of DeFi has contributed greatly to the increase in value of binance coin; what we should meanwhile not ignore is the dominance that has followed the binance smartchain through pancakeswap, julswap, bscex and even the sfp platform. This has caused other dominant platform to switch allegiance to bsc through cross chain thereby increasing value and demand for bnb coin.

Would the hype be sustainable? time will tell

[Mpamaegbu]

BNB rose all the way to the moon becoming the third-largest cryptocurrency by market cap. It's now valued at over $230 per coin, becoming one of the most valuable smart contract platforms in the world after Ethereum. While BNB doesn't come nowhere near close as Ethereum in terms of decentralization, and censorship-resistance, it works great for "De-Fi" with its ultra-low fees and blazing-fast transaction confirmation times.

I'm wondering what could've lead Binance Coin towards new heights within such a short amount of time? Does the "De-Fi" hype have to do anything about this? Do you think BNB's current prices are sustainable or not? Your input will be greatly appreciated. Thanks.

Well, price got to around $330+ and it's now on correction. I am cocksure it will spring back and surpass its initial ATH before the end of this first quarters. Also, remember that the surge in BNB price is due to the rush for the Binance Smart Contract as projects have started moving away from the ETH contract. It's going to get even better with time. I expect BNB price to even topple ETH in months to come.

[Golftech]

BNB prices can exceed ETH if ETH gas does not change, many projects switch to BSC, automatically thus BNB will experience large profits with increased prices,
Binance also offers STake, and farming for new tokens so that is also a factor in the increasing demand for BNB in the market

The adoption of this and the transfer of many projects to BSC did provide many benefits for BNB. it can be seen from the current price which has increased. Besides that, the staking program and IEO made many people still hold BNB. because almost 1-2 months there is an IEO program. and you can bet Binance's IEO is a success. To be able to follow investors, a BNB Hold is required. this is a pretty good strategy

It brings good reflection to this coin, with so much offer investors start to realize the big future of this project.
With what we have seen BNB rises up and reach to the 3rd place bringing more interest not just for traders
but most with investors who are looking for passive profits. Hold this coin and take those previledges while
waiting for more price increase.

[Lagduf]

One of the things that has brought binance coins so far is that there is a lot of interest from all coins wanting to enter the Binance exchange, because they are the number 1 largest exchange at the moment. everything will continue

it should not be related to the listing or something related to it. People are looking for the best chain to trade. BSC has almost the same feature as ethereum.
The majority of new projects didn't even list on binance and they wanna it caused by the community that supporting the binance ecosystem. These platforms were also avoiding the high fees on ethereum.

[BIN-BIN]

Binance chain may be the future of coin transactions due to ethereum high gas fees and longer transaction time, binance coin have done great in terms of market capitalizations and trading volume. I believe in no time from now most defi project will migrate to binance chain because it solve all the challenge we face in the ethereum network now.

[TWW]

One of the things that has brought binance coins so far is that there is a lot of interest from all coins wanting to enter the Binance exchange, because they are the number 1 largest exchange at the moment. everything will continue

it should not be related to the listing or something related to it. People are looking for the best chain to trade. BSC has almost the same feature as ethereum.
The majority of new projects didn't even list on binance and they wanna it caused by the community that supporting the binance ecosystem. These platforms were also avoiding the high fees on ethereum.

the binance blockchain I think will become more popular when the ethereum network has the problem. the binance chain is also not linked with many projects. not easy I think to be able to switch to binance chain from ethereum. I think Binance wants to keep the market and their community populated by projects that have real benefits and development.

[Evgenklm]

Of course, now BNB has a competitive advantage over ETH, and can take the lead among networks with a smart contract, recently 1inch switched to the BSC network due to expensive transactions in the ETH network, so we are waiting for news from other dex exchanges.

[Cherylstar86]

BNB rose all the way to the moon becoming the third-largest cryptocurrency by market cap. It's now valued at over $230 per coin, becoming one of the most valuable smart contract platforms in the world after Ethereum. While BNB doesn't come nowhere near close as Ethereum in terms of decentralization, and censorship-resistance, it works great for "De-Fi" with its ultra-low fees and blazing-fast transaction confirmation times.

I'm wondering what could've lead Binance Coin towards new heights within such a short amount of time? Does the "De-Fi" hype have to do anything about this? Do you think BNB's current prices are sustainable or not? Your input will be greatly appreciated. Thanks.

I think so, this bnb coin is sustainable for the future of our asset. Right now I just started to figure out some good plans on my future in cryptocurrency. What's happening of its price recently is the results of increase in demand, and by the time binance adoption would soon arise! Holders will earn more than being sustainable.

[shoreno]

time flies fast isnt it because we havent noticed that bnb are now in the 3rd rank but before bnb was hardly seen in the ranks and its price were also low back then but i have no comment if the rise of bnb has to do something with defi because i think that defi are different kind but to the question if bnb can sustain its state now id say yes and im expecting that there are more increases that can happen to this coin later in game because bnb already built a strong foundation .

[speedforce]

Of course, now BNB has a competitive advantage over ETH, and can take the lead among networks with a smart contract, recently 1inch switched to the BSC network due to expensive transactions in the ETH network, so we are waiting for news from other dex exchanges.

Decentralized Exchange over Centralized Project which created by Centralized Exchange. Sounds ironic, isnt it? Or just me whom think like that...

[jaberwock]

this bnb coin is sustainable for the future of our asset. Right now I just started to figure out some good plans on my future in cryptocurrency. What's happening of its price recently is the results of increase in demand, and by the time binance adoption would soon arise! Holders will earn more than being sustainable.

Sustainability depends on the project and not BNB itself, the reality is that there are a lot of problems and a lot of issues going around the crypto world and BNB fixed that with BSC and it is quite cheap, while ETH wanted 100+ bucks for a swap, BSC wanted 1 dollars and that means we are in a situation where the world would know that we are not doing that bad, and it is the greatest reason why BNB increased, and that is exactly why I feel like we should not be worried if BNB goes down or not, because as long as they are the best choice, they are going to be good as well.

I believe this pancakeswap thing will keep going higher and higher and we are going to make more profit from it, look at beefy and vaults of projects and how they are tied to pancakeswap and how they do LP as well there, so you will realize all those people making a profit will not leave BNB anytime soon.

[OcTradism]

This is the main reason, I believe! They are competitors of Ethereum for Defi apps, because of Ethereum's problem, which is scalability.
A lot of people also worried about Binance Smart Chain, there is some issue about being a centralized ecosystem and that's why the cost of transaction fee there is really cheap and some of the projects in Ethereum are copied and pasted to the Binance smart chain, which for me, it is already a red flag.
No hate here, I respect the pump  

BNB has a big support from Binance and Binance users. Regarding to scalability, Bitcoin Cash and Ver team tried to convince people that they are real bitcoin and can bring good things for bitcoiners. 4 years from 2017 to 2021, Bitcoin Cash is still a shit altcoin and they can not replace bitcoin.

I think that BNB will face the same challenge. They can be more easily to upgrade their protocol and some technical factors but thinking of taking over Ethereum would be unrealistic. I don't have Binance but I am not wishing to see too much power in hands of Binance.

[rosebrand]

The recent price movement of BNB was so surprising, because it was flying as if it will never come down again, currently now there is a retrace in price, BNB is below $250 and I don't think it will fall below $200 because due to the insane rise in ethereum gas fees people are now diverting from using eth network because it's too expensive rather there prefer using BSC network because it's transactions fee is low and affordable. I think this is one of the reason the price of BNB is going high and for sure it will retain its price and even move higher thereby hitting new ATH.

[BITCOIN4X]

I think that BNB will face the same challenge. They can be more easily to upgrade their protocol and some technical factors but thinking of taking over Ethereum would be unrealistic. I don't have Binance but I am not wishing to see too much power in hands of Binance.

Ethereum's high transaction fee are the reason most users are associated with the BNB price hike. I might agree for that reason but I believe it is temporary because if transaction fee drop then we'll see how people start switching to ethereum again. I also don't think that BNB will overtake ethereum's current ranking as a high market cap altcoin. BNB are close rivals to ethereum, but that doesn't mean they will easily make ethereum abandoned by the community.

Ethereum's transaction fee are currently above 130 GWEI as standard fee, this would still lead many people to think that BNB has enough potential to trade above $230.But at the moment it is very doubtful considering the bitcoin price is still trading at $47K.

[Abiky]

Yes, because of those projects that are choosing BSC over ETH (ERC20). It's more efficient for them and have lower fees and that made BNB put into a crazy ATH.

Low fees and fast transaction confirmation times may seem to be a benefit to many projects in the crypto/Blockchain space. But the truth is, that most smart contract platforms aren't as decentralized as they claim to be. Binance Smart Chain may be superior than ETH from a technical standpoint, but it's utterly centralized. Eventually, people will face the consequences of centralization when Binance makes a decision that would affect the whole blockchain network. Most don't care about this, as long as they're able to fill their pockets with money. I believe that BNB will only go higher in price as long as the "De-Fi" hype persists in the mainstream world.

At least, ETH is on a path to reduce fees once and for all. The ETH 2.0 upgrade will make things more interesting for the project itself. What I admire about Ethereum is its decentralization. Other competing smart contract platforms fall short when it comes to providing security, reliability, and censorship-resistance. ETH is like BTC in this regard. It's truly decentralized, unrivaled, and widely adopted in the mainstream world. Binance Coin is only good as a short term investment, as it's prone to the risks of a single point of failure. Once Binance ceases operations or becomes hacked, you can kiss goodbye to Binance Smart Chain. Only ETH will be able to last forever thanks to its decentralized and censorship-resistant design.

The defi could be the side reason but there are some reasons why binance was growing so hard even when another did small increase.
1. Binance chain is having very small fees
2. There are lots of utility usage of binance coin
3. Binance was also regularly doing burn
4 You can earn so many advantage from the various platforms use BNB like cake and many more. That's why BNB was getting hyped due to the these reasons.

Yes. Binance Smart Chain has a lot of benefits that are hard to ignore in the crypto/Blockchain space. Yet, it's not a perfect solution for smart contracts. As I've said before, BSC is utterly centralized subject to the risks of a single point of failure. The project sacrifices decentralization for scalability/convenience/ease of use. The public doesn't care about decentralization, as most people conduct their trades via centralized exchanges nowadays. They only think about making money as fast as possible, without considering the risks of investing into a centralized project. It was always about decentralization/censorship-resistance in order to make crypto land a better place. Scaling to new heights will only reduce the cryptocurrency's level of decentralization in the long run.

As far as BNB is concerned, I believe it'll go higher in price within the short term. Once the hype ends, BNB could go back to the way it was. ETH is, and will always be, the "King of Smart Contracts" no matter what. Some projects are already realizing that their efforts to overcome Ethereum are in vain. They should focus on making crypto land a better place by working together with other projects in the industry. Interoperability is the way of the future for Blockchain to thrive in the mainstream world. It's not about Binance Smart Chain, or Cardano, or Polkadot, or Ethereum. But rather every single project working together to make crypto/Blockchain tech widely adopted by anyone, anywhere in the world. Once that's achieved, we'll be able to achieve true decentralization. Who knows what the future will bring as the industry grows towards new heights? Just my thoughts

[paxmao]

BNB is backed by a real value of a large exchange: the ability to pay fees with it. Alongside, there is a large development progress that dwarfs many other chains. For example, Ripple or other private chains which have been much longer on the market and have done little to actually create value for owners.

[Heisenberg_Hunter]

Binance is increasingly becoming centralized and it seems to be emerging as "Apple" of the Crypto Market. CZ has bought coinmarketcap and the site has been shilling about BnB now and then. Not just this, they are evolving as global super power in crypto market and been dominating almost every country. In terms of US, coinbase has been extremely slow and would probably go down during insane sudden price pumps or dumps but this hasn't been the case of Binance as an exchange and they have been providing blazing fast transactions.

Now with the improvements in Binance Chain and their domination, dependency rate on BnB has increased over the months and this was well evidently seen as a sudden price hike. As you said in post #41 too much hype on Binance would make crypto market to shift towards adopting a centralized strategy but ETH on the other hand has been highly decentralized for a reason. But do you think ETH's uncapped supply make them more stable over the future while comparing to BnB's utterly limited supply? Though gas fees has been a concern over the years, I think sacrificing it for centralization should be a no go! When Binance was hacked back in 2019, CZ tried to reverse the bitcoin chain which was a highly frowned upon practice in a decentralized crypto economy but with Binance Chain, he has been trying to launch so many projects into it.

I firmly think this is a path of centralization and CZ is trying to control the economy on the whole. With people in crypto are driven towards profits, BnBs rising numbers will always put a smile on their face even how bad the centralization is happening over