If you have been living under a rock over the past few weeks (I know feels like months)
So BNB has risen exponentially..
My mathematical abilities are mediocre / terrible. I have a poor memory and cannot remember equations without practicing 80% more than average people. In any case I do understand that when the USD price for coins/tokens go up; so do their equivalent transaction fee's compared to crypto/fiat. Now of course this is depending upon many different factors. Coins have costs built in and some coins lack fee's such as HIVE.
All I can tell you is that if I want to BUY more BNB in USD fiat it's going to cost more. All I can tell you is that if I want to buy more BNB I need MOAR LEO (atm).
Why is BNB needed to pay gas fees?
Sending transactions or performing other functions on Binance Chain will incur a small gas fee. These fees are paid to the validators who operate nodes, find blocks and process transactions on the Binance Chain.
These gas fees are required for two reasons.
Gas fees deter spam attacks.
Without any fees, someone could flood Binance Chain with hundreds of millions of transactions to paralyse it. Even an extremely small fee can make this untenable for attackers. Binance Chain gas fees are currently fixed at 0.000375 BNB per transaction. At current prices, this is equivalent to about a sixth of a single cent (USD).
It helps cover validator costs.
Although it's cheaper than mining Bitcoin, validating transactions is still expensive. It requires a fast Internet connection, good hardware and steady energy consumption. Even if the fees cannot cover the cost for validators, it still helps offset their expenses. Because you need gas fees to prevent spam attacks anyway, there's no reason not to distribute this money to the validators.
https://www.finder.com.au/binance-coin
Updated Oct 10, 2019
Well we can see the fee's are a little higher these day's.
USD approximately $0.47957
https://leofinance.io/@bearbear613/the-hoards-will-be-coming
Sure with 500% gains some people may say 'big deal'.. but y'know CUBS grow into things.. like Bears.. and LIONS ;). SO yes gas costs and USD costs may go up but it always depends on what you are pegging it to. Fiat is very unattractive at the moment. It makes sense it's value is not trusted. This is not to to say USD will never go up. It's hard to believe but it can act as a flight to safety. These day's black swans are being pulled out of someone's ass which seems every day now. Of course the UDSD will be more valued compared to other Fiat currencies.
In any case right now we are in the position that when governments are spending more than their tax revenue.. their fiat is shit. Again black swans can still strengthen something broken. Be warned this could happen ONE day. For the time being governments will spend more than their tax revenue.
Bailout now, tax stagflate and lie.. and save some for later!
https://www.zerohedge.com/markets/march-deficit-blowout-us-spends-35x-more-it-brings-ytd-deficit-biggest-ever
Stick with DEFI.. BNB going up is also a good thing. It attracts more attention and coin hodlers. There's pretty cool places you can also part BNB to get some sweet DEFI interest/ tokens..
hrmm wonder what can benefit from that?
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I swapped into some BNB this morning. I converted some to BUSD and some to CUB so I could throw it in the pool. I am hoping to get to the point where I am generating at least 1 CUB per day. I think it will be a long road to get there. Oh, I also put some in the Den too. BNB is just crazy. I remember when it was $15! Ugh!
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I remember when Hive was 0.12 cents.. so it's all relative!
Yeah, good point!
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I didn't know that before. BNB is exploding at the right time, just when we are ready with our cute little CUBs.
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