Why Binance Coin is one of the Top Crypto Currencies out there? (14 July 2020)
This article discusses whether Binance Coin can be considered a better alternative to Bitcoin and Ripple
Centralized vs Decentralized - and what Ripple failed to achieve
What made Bitcoin unique is mainly being decentralized, there is no governing body over Bitcoin and thus it's supposedly anonymous, with specific set of rules without any other "surprises" which can be brought up by a governing body.
Recently however, governments around the world have started tightening their regulation over Bitcoin, most websites dealing with Bitcoin are now required to KYC their customers, and Bitcoin is not as anonymous as it used to be (it's a fact there are many mixer websites now dealing with large amounts because of these regulations).
Binance Coin is in a way centralized, because it is controlled by Binance, of the largest Crypto exchange platforms in the world. However, it is perceived by many as something that is "provided" by Binance and not something that is controlled by it - because as a holder of this token you have the freedom to do whatever you wish to do with it without too many regulations, rules or restrictions.
Ripple on the other hand is another example for a Crypto currency that is centralized, however Ripple is trying to align itself with the financial industry, e.g. replace the old SWIFT system for bank transfers - whilst this is a positive step for many financial institutions - for the average investor this creates fear, risk aversion or feeling there could be better alternatives out there - Binance Coin and Ripple are both centralized, and the BNB currency was created and came after Ripple as well, so in essence Ripple should have been more dominant in the Crypto market - however reality has proven the opposite is true. It seems as if Binance's future is much more promising than Ripple, perhaps because BNB aims for the future, whilst the XRP resembles the old banking style that most Crypto users prefer to avoid.
Binance Coin has gone up by 32% in the first half of 2020
On the 1st of January 2020 the value of one Binance Coin was only $13.73.
As of today, 14th of July 2020 the value of one Binance Coin is $18.10.
That is a massive increase of 32%. (Bitcoin in comparison has gone up by 27%, less than its BNB competitor).
In addition, Binance Coin is one of the top 10 Crypto Currencies according to CoinMarketCap. Combine into it the ease of use of the Binance platform, its promising future, and the fact it's a centralized Crypto currency that investors actually like - as shown by its value and position among its competitors - the BNB is becoming a no brainer and perhaps even a real alternative to the mighty Bitcoin itself.
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