I remember buying my first BNB tokens after a recommendation from DataDash on YouTube back during the autumn of 2016. The price was $1 at that moment! Unfortunately, I didn't buy a lot (since I didn't have much), but I bought a few, and I decided to keep onto those.
Currently, the BNB token is trading at $250 and it has increased in value rapidly in the last weeks. It currently has the 4th largest market cap in the crypto world, only preceded by Bitcoin, Ethereum, and Ripple. And do you know what? It might feel unreal, but it for sure is a realistic position!
BNB token can be compared with Ethereum
In a way, BNB can very much be compared to Ethereum. You can stake it on Binance and receive an interest (very low, but it is something). You can use it in the Binance Vault and receive interest, not only on your BNB but also receive other tokens. It can be used for IEO (Initial Exchange Offerings), and now it can also be used for transferring and exchanging tokens on Decentralized exchanges.
It didn't feel real...
I know, I am really fed up with the fees when using the Ethereum blockchain. When the price is $10-$20 do to trade on Uniswap, you feel as if they have robbed you before you do the trade. IDEX, a popular DEX, also had to change their strategy, as trading on their platform was made almost impossible due to the Ethereum gas fees.
So, what did they do? They opened the same exchange, just using Binance Smart Chain instead. And now they even have an airdrop to anyone who uses the new DEX on Binance Smart Chain before March 1st. So, I gave it a try. There are not crazy many trading pairs yet, but if you want to trade, you better have some BNB tokens ready! But, that isn't all.
Hungry as I am for knowledge, experience, and free tokens, I decided to try the new IDEX version running on Binance Smart Chain, and it felt so good. I transferred tokens to the DEX, I deposited them, I traded, I withdrew and sent back to Binance. And do you know what. I think I paid less than $1 in total. The same experience would probably have cost me $100 (or more) if I did it on the Ethereum blockchain.
And that is why I feel as if the BNB pump really is a realistic one!
It is actually becoming more and more like Ethereum, only way cheaper. Of course, it lacks many trading pairs and support for most of the typical ERC-20 tokens, but I believe it is getting there.
In other words, I have sold quite some of my BNB tokens, but I am still holding onto some of them. After all, this might continue upwards :)
PS: I am not telling you to buy BNB right now... This is way too parabolic, and not steady growth. So, I would never enter the market and buy BNB with fresh FIAT now. Of course, you can, but don't blame me if something goes wrong
Yeah, seems so unreal but yet real. The transaction on Eth is too much, BSC came in and there will lots of people who will jump ship. Already Pancakeswap is recording the highest transactions because of BSC transaction fees. It is crazy to pay over $100 for a single transaction fee. I'm glad BSC came in to help us. I see the price going upwards but the sad part is that I don't have BNB.
Thanks about sharing the airdrop, I didn't know, will go check it out.
Great content @unbiasedwriter
Thanks for dropping by, and it for sure is more attractive using BSC instead of ETH with the current fees :)
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It is important to understand the euphoria will end soon.
Guess it will... but sure feels good while it's happening :) Hard to catch the top with sell orders, but would be nice to get close to it, at least!
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STOPCheck out the last post from @hivebuzz:
Hello @unbiasedwriter
Yes, that's great that pumping, although I particularly have very little BNB, I only have a few dollars in that tokken because I use it to pay the FEE on Binance, but, I was very surprised by that high price.
Yesterday was that I found out about Binance Smart Chain, it's great, it's cheap, I'm using it. I like it. Particularly never go into trading Ethereum precisely because of the cost, too high. Maybe for someone who manages more or less large figures, it's worth it, but for me, in this case, no.
Great that you were able to buy BNB so cheap.
Man, I have used some Uniswap, but when one trade costs you $15 in fee, while it costs you $0,3 on PancakeSwap (the BSC version of Uniswap)... well, you feel like Binance has done something great :)
Yeaah that's right. The difference in cost is somewhat impressive. The fee is much cheaper at Binance Smart Chain.
15$ es to much... its very expensive.