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Binance vs Ethereum: BNB as a community token powering BSC
Binance vs Ethereum: BNB as a community token powering BSC
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Binance vs Ethereum: BNB as a community token powering BSC

By Amelia Tomasicchio - 19 Mar 2021

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Binance Coin (BNB), or the cryptocurrency of the well-known exchange – has now a value of about 265 dollars, after a huge rise started on February 11st, when BNB was about 130 USD.

Even if it is now far from its all time high hit on February 19th when it arrived to a price of 342 USD, according to Coinmarketcap data, BNB use cases have expanded thanks to hundreds of different DeFi dApps and the Binance Smart Chain.

Binance Coin (BNB) vs Ethereum

That’s why the Binance narrative is also changing, with the aim of becoming the new Ethereum. In fact, it is on the Vitalik Buterin’s blockchain that we have the greatest part of DeFi applications but Binance wants to remove its primacy.

The Binance Smart Chain has also recently surpassed the Ethereum network for transaction volume and unique active wallets.

The Binance smart chain, in fact, is counting now 158 DeFi dapps, according to DappRadar.

“The longer term vision for BNB is for it to become the native token on multiple application specific blockchains. BNB was never intended to replace Bitcoin or Ethereum. To become a true mass-adopted application, BNB must be able to facilitate billions of transactions per day. In its current form(s), we still have a long way to go. We are working on it”, explains a recent press release of Binance.

BNB powers the Binance Ecosystem and it also has multiple use cases, beyond the BSC-related ones. For example, it fuels transactions on the chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more.

Recently, Binance also launched its Visa Card  and Binance Pay as a competitor to Paypal.

“The utility and worth of BNB have exploded and almost as much as the exchange itself and have been evolving. The development of BNB isn’t limited to just Binance; it’s embraced by the wider community. This year, we launched 28 fiat channels. Users are now able to purchase BNB via 46 local currencies in total, using different payment methods including debit card, credit card, and bank transfer”, reads the press release.

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is about to publish her first book about Blockchain Marketing.

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