BURN

Rushspeed_94

What will happen to all coins in the contract? BURN BURN BURN

Austomic

BURN MORE!

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand, Terra… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/vpazdp/monthly_optimists_discussion_july_2022/).

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

snoopdogg69696969

He ends the video by saying that people should DELETE or BURN their Bored Ape NFTs, quite literally decreasing supply. he probably is holding it LMAO

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand, Terra… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/vpazdp/monthly_optimists_discussion_july_2022/).

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

blueberry-yogurt

Most of us just ignore all the organized stuff, and don't really talk about it much except when religious wackos scream at us that we're GOING TO BURN IN HELL FOR ALL ETERNITY UNLESS we ACCEPT JESUS AS OUR SAVIOR!!!!! or whatever.

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

drunkPrisonSquirrel

Fuck hanging, BURN THEM MUTHA FUCKAS ALIVE

Pma2kdota

Tether accountants once they hear about this: BURN THE BOOKS!

N1kes

Yessss. burn!! BURN!!

Objective-Baseball-7

**HAHAHAHA YES BURN BITCH** - *so I can buy the dip*

TokenB3

SATOSHI SWAP: Decentralized Margin Trading Protocol (Deflationary Token\*) ✅ Multi-Chain Dex! ✅ Leveraged trading with any of your favorite tokens! ✅Trade, lend, borrow! EARN INTEREST: ✅ Securely deposit in our audited vaults and passively earn interest YIELD FARMING: ✅ Farm yield by providing liquidity to the SatoshiSwap DEX STAKING: ✅ Lock up your tokens in the HODL bar and receive staking rewards TRADING FEES: ✅ A percentage of each trade is shared with token holders LIQUIDATION FEES: ✅ All liquidated trades that occur on the SatoshiSwap margin dex are shared with token holders VAULT FEES: ✅ A percentage of fees from the vaults are shared with token holders \*LEVERAGED BURN: ✅ SatoshiSwap by design burns tokens in proportion to how much activity occurs on the margin dex. With leveraged trades occuring, this means burns will occur in proportion to the amount of leverage e.g. x10. 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀 Audit, Video Preview, Roadmap and Complet DOCS in: satoshiswap(dot)net

cihngir

🌟Baby Manchester City Fan ✅ COMMUNITY FAN TOKEN ✅ KYCED & AUDITED ✅ TAX 6-6 ✅ SC/HC: 200/400 ✅ STAKING NFT SYSTEM WITH HIGH APY ✅ MARKETPLACE ✅ BUY BACK AND BURN ✅ FOLLOWED BY Barack Obama ⏱15:00 (UTC) June 12nd ❇️https://www.pinksale.finance/launchpad/0xA7Bc2Dd37321c3E53FB178f5140e522CBd4051C5?chain=BSC https://t.me/babymancity

cihngir

🌟Baby Manchester City Fan ✅ COMMUNITY FAN TOKEN ✅ KYCED & AUDITED ✅ TAX 6-6 ✅ SC/HC: 200/400 ✅ STAKING NFT SYSTEM WITH HIGH APY ✅ MARKETPLACE ✅ BUY BACK AND BURN ✅ FOLLOWED BY Barack Obama ⏱15:00 (UTC) June 12nd ❇️https://www.pinksale.finance/launchpad/0xA7Bc2Dd37321c3E53FB178f5140e522CBd4051C5?chain=BSC https://t.me/babymancity

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lxc/top_10_binance_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand, Terra… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v293th/monthly_skeptics_discussion_june_2022/).

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand, Terra… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/uvunu3/britains_crypto_list_heres_who_to_watch/).

Negative_Salt_4599

Oh ur a veteran? Thats right some of those who were forces are the same that BURN CROSSES! # proving my point but for real thank you for u service to this country id admire that ur username could be different you wanna be offensive whatever dude

grndslm

BURN!! Should change the company Tesla's name to Edison!!

Gengar025

Yeah, you already lost, should have sold at the top, wtf were you doing. ​ BURN IT

Brainsick001

Hahaha OP wants to post an article to contribute and have a discussion.. Bitcoin reddit => BURN HIM!

Bored_guy_in_dc

BURN BABY BURN!!! Give me that 3k BTC again!

Icy_Pea_1996

🚨LAUNCHING SOON!🚨 ♨️TheWeirdos | $TWD♨️ ⏳LAUNCH DATE ; MAY 9 16:30 UTC ⏳ 🟡 JOIN TG 👉 t.me/TheWeirdosNFT 🏷 TOKENMETRICS 🏷 ✅ Total Supply 1,000,000 🔥 70% BURN 👇TAXES👇 ✅ Buy%Sell Tax 12% 📍 7% BUSD Reward 📊 3% Redistribution 📈 2% Marketing ✅ Initial Market Cap $200K

Icy_Pea_1996

🚨LAUNCHING SOON!🚨 ♨️TheWeirdos | $TWD♨️ ⏳LAUNCH DATE ; MAY 9 16:30 UTC ⏳ 🟡 JOIN TG 👉 t.me/TheWeirdosNFT 🏷 TOKENMETRICS 🏷 ✅ Total Supply 1,000,000 🔥 70% BURN 👇TAXES👇 ✅ Buy%Sell Tax 12% 📍 7% BUSD Reward 📊 3% Redistribution 📈 2% Marketing ✅ Initial Market Cap $200K

The_GoldenDragonYT

FOLIO OF HATE Honestly this is the folio of glee. I enjoy watching my enemies BURN (maniacal laughter)

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz45uk/rcc_cointest_top_10_binance_coin_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

Ill_Put8235

🪐SOLARSPACE FINANCE ($SSF) | LEAVE YOUR MARK ON GALAXIES 📆Launching on Binance Smart Chain 04/06/2022 at 20:00 PM UTC https://imgpy.com/im/2rLRX60gXO.jpg 🌌 JOIN US 🌌 🌞SolarSpace Finance is an immutable, transparent, secured, and asset-backed cryptocurrency that exists as a BEP-20 token. The entire gaming ecosystem is built to add value and provide an unforgettable experience to game players. 🌞TOKEN INFORMATION Token Ticker: $SSF Token Name: SolarSpace Finance Total Supply: 1,000,000,000 • BURN %70 • DEX Listing %25 • Staking %3 • Marketing 2% 🌌 JOIN US 🌌 ⚙️ BUY & SELL TAX 8% 6% ETH Reward 2% HOLD Bonus 🎰 AUTOMATIC REINVEST 10% of the withdrawal fees come directly back to you as a re-investment in a plan of choice. 💰HOLD BONUS Hold-bonus increases by 0.5% per day, and Max is 5%. if users withdraw, Hold-bonus will reset to 0 ============================================== ●Website ●Telegram ●Twitter

Slavko85

What the fools that don't understand crypto don't get is that crypto is NOT a stock and things can be done to increase the price. They don't need to do buy backs -- they can just BURN IT. Up goes the price.

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz46b4/rcc_cointest_top_10_binance_coin_conarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/ttir1a/monthly_skeptics_discussion_april_2022/).

Promicide

Let this be a lesson to the rest of them. *No more bullshit, we aren’t as stupid as you seem to think.* BURN.

active_ate

BURN!

grndslm

BURN!!

AutoModerator

Post is by: Fishinatoaster and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/u7z5kt/hot_take_eth_wont_become_deflationary_or_ultra/ **INTRODUCTION** I've seen a lot of talk on here and Twitter that "ETH is months away from becoming deflationary" with many of them linking [this website](https://ultrasound.money/). I can see where this line of thinking comes from. EIP-1559 was introduced to burn the supply of ETH through gas fees. At current rate of issuance, it has not made ETH deflationary for more than a few days at a time based on this [net issuance chart]( https://watchtheburn.com/insights), but the ETH PoS merge significantly reduces the issuance rate, so it will be consistently deflationary, right? **THE BURN RATE** Well I don't think it's that simple. For starters, to keep ETH deflationary ETH has to have the same amount of transactions or higher to maintain the burn rate. Currently what is driving just under half of those transactions are NFTs. You can be the judge if that demand will stay consistent in the long term (I'm not so sure). But for the sake of argument, let's say the burn burn rate holds and ETH does in fact become deflationary, big problems start to crop up. **THE PROBLEM WITH DEFLATION** In a deflationary environment prices for goods and services tend to drop. Something that was being sold for 0.1 ETH a week ago is now being sold for 0.08 ETH today because the ETH supply is getting smaller and the value of ETH is going up. This encourages users of ETH to wait to make a purchase or transaction because ETH will be worth more next week. It also punishes people who make purchases in the moment instead of waiting to make them later, as the asset or service that they bought loses value compared to ETH as it continues to deflate. **CONCLUSION** If the burn rate of ETH is linked to how much people use it, and a deflationary currency actively punishes people for using it in the moment, what will happen to the burn rate? I think it's going to plummet and then wildly spike around. All I can say is that it's not as clean cut as people make it out to be, and certainly won't be deflationary, at least not for long. Nor would you want it to be! There is billions of dollars of liquidity depending on ETH and exposing that infrastructure to this environment might be trouble. Let me know what you think! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*

Frosty_Steel9682

“I” didn’t pick it - 5 Dogecoin and Shibainu whales did when they came together and created an insane ecosystem - and this post isn’t about ShibaDoge, its about $BURN and you neither have to like shibadoge or be invested in shibadoge to see the innovation in Burn.

anonymouscitizen2

It’s all a perception gimmick. When BNB was created “token burns” were all the rage in the market. Projects who did it went up 20%+ in a day. Binance decided to capitalize on this by minting more tokens than they would’ve and “burning” them every month based on volume to create kind of a perpetual hype. Then they push out articles with headlines like “Hundred Million Dollar BNB BURN!” to trick retail idiots into thinking they will be buying up circulating supply. They used to do this every month when BNB came out, as far as I can tell they’ve laid off the gimmick as of late but clearly it is still coming up every now and then. TL;DR Binance token burns are a gimmick intended to get retail trading interest into their coin.

coinfeeds-bot

tldr; ShibaDoge Labs is working on an experiment in hyper-deflationary Tokenomics and decentralized autonomous organizations. The $BURN token is an ERC sub-token that lives within the Shiba doge ecosystem under the experimental Shiba Doge Labs division. The Burn Treasury is a DAO controlled wallet that deploys funds across the ERC token ecosystem on a cyclical basis. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz45uk/rcc_cointest_top_10_binance_coin_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

jklindsay97

$BURN is going to revolutionize DeFi… getting SafeMoon vibes hardcore!

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz45uk/rcc_cointest_top_10_binance_coin_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz45uk/rcc_cointest_top_10_binance_coin_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

UnexperiencedIT

This is a meme coin that you can not hate literally. Community is great, banano is actually doing something usefull instead of *"WE GONNA BURN OUR MEME COIN SO U ARE GOING TO BE RICH".*

Steveth2014

Logic? Is that some kind of witches spell? Is he a witch? Oh my God he must be a witch! BURN THE WITCH!!

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz46b4/rcc_cointest_top_10_binance_coin_conarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/ttir1a/monthly_skeptics_discussion_april_2022/).

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz45uk/rcc_cointest_top_10_binance_coin_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz45uk/rcc_cointest_top_10_binance_coin_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz46b4/rcc_cointest_top_10_binance_coin_conarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/ttir1a/monthly_skeptics_discussion_april_2022/).

CointestAdmin

#Binance Coin Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og29w6/comment/he4x6yb/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 27.12.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Pros > > **It has the backing of the biggest cryptocurrency exchange in the world – Binance** > > Binance Coin is maintained by Binance, a cryptocurrency giant. Binance is currently the biggest cryptocurrency exchange by far. Its transaction volume is [roughly 6 times higher](https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/) on average than that of Coinbase. Binance makes sure that BNB finds more and more utility within their ecosystem. > > Backing of such a massive company should give investors a lot of confidence even though Binance is lately under an intensified regulatory scrutiny. But the company declares that it is doing its best to comply with all the regulations. They're working on a stricter KYC and they’re also expanding the legal and compliance teams by hiring many experts in the field. > > ​ > > **It gives you discounts on Binance** > > One of the reasons why Binance is so popular is the fact that their [transaction fees are among the lowest](https://www.binance.com/en/support/faq/115000583311). Users pay just 0.1% for most popular types of trades, whereas on e.g. Coinbase (Pro) it’s 5 times more – [0.5%](https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees). One of the benefits of BNB is making those fees even lower – by as much as 25%. **Using BNB to pay for transaction fees can save you up to 1/4 of your money** on transactions. It’s a big incentive to hold some BNB. > > ​ > > **It is deflationary** > > In 2021, Binance implemented two important changes to BNB burning mechanism. > > First of all, [Bruno Upgrade v1.1.5](https://www.binance.org/en/blog/binance-smart-chain-bruno-upgrade-v1-1-5/) took place on 30 November. It introduced real-time burning mechanism. It is similar to [ETH London Upgrade](https://medium.com/@eric.conner/fixing-the-ethereum-fee-market-eip-1559-9109f1c1814b) \- some of the gas fee collected by validators is burned. As of 27 December 2021, more than 20 000 BNB were burned. > > Furthermore, on 23 December 2021, Binance announced and implemented **BNB** **Auto-Burn** protocol. It replaces quarterly burns which were based on the profits Binance made (they committed 20% of their profit to buy back BNB and then burned it. There were [17 quarterly burns](https://www.binance.com/en/blog/ecosystem/17th-bnb-burn-%7C-quarterly-highlights-and-insights-from-cz-421499824684902908)). Now, the process is automated, which makes it more transparent and predictable. The core idea has not been changed, however, the process will stop when the number of BNB coins in circulation is lower than 100 million. > > ​ > > **Many trading pairs, staking, farming and other uses** > > As an official coin of Binance, BNB also offers a **multitude of trading pairs**. All transactions made with BNB are lightning **fast and secure** since it’s based on one of the most secure blockchains – Ethereum. > > There are also many options of **staking** BNB on Binance for a very good APY or participating in **Launchpools** (farming new tokens) and **Launchpads** (Initial Exchange Offerings (IEO) - buying new tokens). > > BNB is **accepted by some service providers**, e.g. HTC, trip.io, travala.com, BitTorrent or PureVPN. > > Last but not least, BNB can be used to convert “leftovers”. Very often when you sell a coin, a very small amount of it is left in your wallet. On Binance, you can **convert small amounts of coins** (called “dust”) into BNB. > > ​ > > **Two blockchains working simultaneously** > > BNB operates on two chains, the above mentioned **Binance Chain** and **Binance Smart Chain** (BSC) which was launched in September 2020. While Binance Chain is responsible for transactions made on Binance DEX, BSC was designed specifically for smart contracts, DeFi and dApps. It quickly became **one of the biggest blockchains**. It is compatible with Ethereum allowing other projects to transfer easily from ETH to BSC and escape high gas fees on ETH. > > This dual blockchain approach combined with the **Proof of Staked Authority** consensus algorithm (a mix of share proof and authority proof) makes it much more scalable than Ethereum and enables faster and cheaper transactions. While Ethereum runs around 9 000 nodes/validators (before the software bug back in the end of August 2021), BSC needs only 21 validators. > > It is also worth pointing out that Binance allocated $100 million for projects that launch on BSC. > > ​ > > **Decentralization at all cost?** > > The main argument against BNB is that it is centralized. And it’s impossible to deny the fact that BNB indeed is centralized compared to Ethereum and most other projects. But every stick has two ends. This is what Changpeng Zhao, Binance CEO, has to say about (de)centralization: > > *Many people think of decentralization as absolute; you are either decentralized or not. I think that in reality, there is a gradient scale from centralization to decentralized. Often, a better question is: how decentralized should we (exchanges, societies) be, now and in the future? If decentralization simply increases freedom but decreases security and ease-of-use, there is a point where it becomes a net negative, and may not be worth it.* > > If decentralization is also about freedom of choice, then maybe being able to choose a centralized blockchain(s) should be accepted. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Additional sources:)** > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz45uk/rcc_cointest_top_10_binance_coin_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds.

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz46b4/rcc_cointest_top_10_binance_coin_conarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/ttir1a/monthly_skeptics_discussion_april_2022/).

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [24.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2b3t/comment/he59nit/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 07.10.2021 > > # Intro > > Binance Coin (BNB) was launched in July 2017 and it was initially an ERC-20 token on Ethereum. In April 2019, it moved to its own blockchain called Binance Chain. Today, it operates on two blockchains, the other one being Binance Smart Chain. The coin is issued, developed and maintained by the biggest cryptocurrency exchange – Binance. > > # Cons > > **BNB is centralized** > > The biggest downside of BNB is that it goes against the core principle of cryptocurrency – it’s not decentralized. BNB network is secured by **only 21 nodes/validators** when for example ETH has around 9 000 nodes/validators. > > But that’s not all. In order to become a validator, one must own 10 000 BNB coins. Since April 2021, the price of BNB fluctuates mostly between $300-$400. That means a validator-to-be has to invest more than $3 million. Validators also need cutting-edge hardware and very good internet connection but this shouldn’t pose a problem for someone who has more than $3 million dollars. > > Also worth pointing out is the fact that **more than 80% of BNB is either owned or custodied by Binance** and top 100 wallets hold more than 70% of BNB (compare to around 40% for ETH or 16% for BTC). > > ​ > > **The future of BNB depends on Binance** > > BNB is not only centralized but it also depends heavily on the success of Binance. If Binance was to become less popular, BNB will most probably be also affected. Lately, Binance is having regulatory problems in several countries, most notably in the US, the UK, Japan and Thailand. > > Binance is also under constant threat of being a victim of hackers. In May 2018, it was hacked and 7 000 Bitcoins were stolen. Any Binance security breach is sure to affect the price and future of BNB. > > ​ > > **Regulatory scrutiny and ongoing investigations against Binance** > > Regulators in many countries decided to warn against trading on Binance, banned it from certain activities (e.g. derivatives) or even banned it completely. Some of the banks have blocked their customers from making payments to and from Binance. > > In May 2021, the Justice Department and Internal Revenue Service informed that Binance Holdings is **under investigation for money-laundering and tax evasion**. > > It is also probed by the Commodity Futures Trading Commission (CFTC) over concerns that its employees exploited access to data on millions of transactions (market manipulation and insider trading). > > ​ > > **Binance Smart Chain – blockchain of copycats and scammers?** > > BSC is a copy of Ethereum and as such it’s also full of projects that copy ETH projects. BSC’s Pancakeswap copied ETH's Uniswap, Alpaca Finance copied Yearn Finance, yieldwatch copied Zapper and so on. And then there are copies of those copies. **BSC doesn’t offer too many original and innovative projects.** > > BSC is also very popular among “developers” (read: scammers) whose only intention is to get rich quick. It’s hard to keep up with how many BSC projects got “hacked” (read: rug pulled) and the chain is only one year old. > > This slowly makes more and more people skeptical about BSC. > > ​ > > **Rules can change at any time** > > Binance can change their policy at any time. Take for example the discount users get when paying for transactions with BNB. According to the whitepaper, the discount was to be halved every year but in 2019 Binance decided it wants to keep the discount at 25% and resigned from further halvings. This is of course positive for users but **nothing stops Binance from making less positive changes** in the future. > > (I also found information that Binance has changed the rule regarding quarterly burns in their whitepaper v2 but I couldn’t verify it as whitepaper v2 is nowhere to be found.) > > ​ > > **Ethereum 2.0 and other competitors** > > Successful upgrade of the Ethereum network might make BSC less attractive. When Ethereum has competitive transaction fees, the main advantage of BSC will be gone. If most developers work on Ethereum now, despite ridiculously high fees, **BNB may suffer a serious hit** when those fees are finally lowered. > > And there are more rivals on the horizon. Recently, Cardano successfully launched their smart contracts. Solana is becoming popular. There is also Polkadot, Avalanche, Algorand… The competition is growing and a centralized project like BNB might not survive in a decentralized world of cryptocurrencies. > > \_\_\_\_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > [^(https://www.binance.com/en/support/faq/115000583311)](https://www.binance.com/en/support/faq/115000583311) > > [^(https://www.binance.com/en/bnb#COIN-BURN)](https://www.binance.com/en/bnb#COIN-BURN) > > [^(https://www.binance.com/en/bnb#BNB-RIGHT)](https://www.binance.com/en/bnb#BNB-RIGHT) > > [^(https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04)](https://www.binance.com/en/support/announcement/2af5831727164545b8a2c665fae8bc04) > > [^(https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html)](https://finance.yahoo.com/news/binance-coin-bnb-why-interesting-110049570.html) > > [^(https://www.investopedia.com/terms/b/binance-coin-bnb.asp)](https://www.investopedia.com/terms/b/binance-coin-bnb.asp) > > [^(https://trading-education.com/pros-and-cons-of-investing-in-binance-coin)](https://trading-education.com/pros-and-cons-of-investing-in-binance-coin) > > [^(https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\\source=Reddit&utm\_medium=Social&utm\_campaign=CryptoCurrency-BSC-article)](https://guarda.com/academy/blockchain/what-is-binance-smart-chain/?utm\source=Reddit&utm_medium=Social&utm_campaign=CryptoCurrency-BSC-article) > > [^(https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market)](https://www.finextra.com/blogposting/20815/binance-and-regulatory-scrutiny-changing-times-for-the-crypto-market) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz46b4/rcc_cointest_top_10_binance_coin_conarguments/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Binance#Cryptocurrencies) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/ttir1a/monthly_skeptics_discussion_april_2022/).

combaldo

You obviously didn’t do you homework man. If TFG has to refill the yield reserves it will BURN LUNA in order to get enough UST. LUNA supply will go DOWN not up. UST can only be minted by burning LUNA not selling it.

Dringkiln

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Onelinersandblues

NFA but do as I fucking tell you or you will BURN.