Accept Binance Payments

Binance

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What is Binance?

In the second half of 2018 Binance is one of the largest cryptocurrency exchanges in the world, often with higher daily trading volume than any other exchange. Binance released an ERC20 token called 'Binance Coin' in July 2017, which offers benefits such as lower fees on their exchange and higher rewards for affiliates. ExagonPay will ofer you away to accept binance payments as simple as you can accept bitcoin payments.

Benefits of owning Binance Coin?

This is where Binance Coin becomes very interesting, and potentially very valuable. Many cryptocurrencies are based around projects that either haven't been developed yet, or have a fairly small following. Binance Coin is not one of thes, it has several use cases right now.

Binance itself is a very large exchange that has integrated the coin into its exchange. There are two significant ways you can benefit by owning Binance Coin on their exchange:

  • You can get a discount on trading fees by holding Binance coin. In the first year you get 50% off fees, in the second year you get 25% off, 3rd year 12.5% off and 4th year 6.75% off. From the 5th year onwards the discount stops.
  • Binance has a referral program where if you refer a new user you get a share of any fees they pay to Binance. Anyone holding more than 500 BNB on their Binance account is rewarded with a 40% referral commission rather than the default 20% commission.

Some more factors are that over time Binance has plans to release a decentralised exchange based around Binance Coin, and they also have a 'buyback' every quarter where they spend 20% of their profits to buy back BNB coins and burn them (destroy them). Over time the supply of BNB will be decreased from 200 million down to 100 million. It's not clear exactly when the next buyback/coin burn will be, but the last one was in April 2018 and they do this quarterly, so the next is likely in July 2018.

Another use case for Binance Coin is that Binance users can sell small balances of coins (often called 'dust') in exchange for BNB.

All of these factors combined have led many people to consider Binance Coin a good investment in the crypto space, but you need to research each of these areas and decide for yourself. If something very bad happens related to Binance, then the price of BNB could potentially drop significantly. Also some of the above benefits won't last forever; buybacks for example will stop at some point, and affiliate rewards for referring new users will also likely stop at some point.

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