When we talk about the best cryptocurrency for investing, Binance must be on that list. It sits on the 4th spot when you sort cryptocurrency by market cap.
If you ask,
Which cryptocurrency is best to invest in India? Or
How to invest in cryptocurrency in India?
Remember that Binance will always be the best answer for both these questions.
Changpeng Zhao found Binance in 2017. The Binance app is one of the best ways any newbie can learn to trade cryptocurrencies like a PRO. They offer video tutorials for your help. So, if you are new to cryptocurrency, you know what to do.
What is a Binance coin?
BNB coin is the native currency of the Binance smart chain. There is a maximum capped supply of BNB coins at 200 million. According to the Binance official website, they keep burning the BNB coin every quarter. They plan to burn 100 million coins (50% of the supply). This way, only 100 million BNB coins will exist, which will push the price up for it.
Binance cryptocurrency live price today as of 2nd April 2022:
BNB Binance to INR – 34184 INR
BNB Binance to USD – 446.7 USD
Why should I buy a Binance coin?
Here are a few reasons you must consider investing in the BNB cryptocurrency.
1. It is more than a trading coin. You can get discounts on trading, take part in token sales on the platform, buy NFTs, etc.
2. There is heavy volume trading on this coin. Hence, you are protected from heavy price drop movements like meme coins.
3. This coin has grown by over 1600% since 2021. So, you know this is serious and has a lot of scopes to grow.
4. Over 28 million users trust Binance. You can, too!
What is the use case of the Binance coin?
Here are a few use cases of this coin for regular investors.
1. Paying trading & transaction fees across the Binance exchange and smart chain.
2. Holding large amounts of the BNB coin entitles you to discounts on trading fees.
3. Staking the BNB coin to earn rewards.
4. Paying fees for minting and trading assets (NFTs)
5. Lending on different platforms to earn interest
6. Some vendors allow you to pay for hotels, flights, and credit card payments using the BNB coin.
How can I buy a Binance coin in India?
There are many cryptocurrency apps in the market where you can purchase the BNB coin. However, I believe the best cryptocurrency apps in India are these 2 platforms that I have been using – Binance and WazirX.
I have read good Binance reviews from customers in India and abroad. Both Binance India and Wazir X are easy-to-use platforms, and I have never faced problems while depositing or withdrawing money.
Here are the basic steps you must follow on each cryptocurrency app.
1. Sign up
2. Add a Bank account
3. KYC verification
4. Deposit INR/USD in your wallet.
5. Start trading
Binance BNB price prediction:
In 2021, the Binance coin grew from 3000 INR to 52000 INR, a 1633% increase. If you invested INR 30000 and bought 10 BNB coins, their value mid-year would become INR 520,000.
In 2022, the cryptocurrency market is going through a bear phase. BNB coin has fallen to INR 34200 today. Hence, price predictions have taken a severe hit. However, if you believe in the future of the BNB coin, I see them ending the year between INR 39000 – INR 48,500 (15 – 45% growth.)
FAQs:
1. Is cryptocurrency legal in India?
Yes, cryptocurrency is legal in India. From 1st April 2022, if you buy any digital currency, you will incur a 30% + 1% TDS cryptocurrency tax in India.
2. Can BNB cryptocurrency be converted to cash in India?
Yes. You can buy Binance BNB on multiple currency exchange platforms in India. These platforms support buying the BNB coin in INR.
3. Which is the best research tool for cryptocurrency online trading?
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The growth rate of BNB looks really phenomenal. Though as you have mentioned, the cryptocurrencies in India are right now in the tight grip of the bears. But it seems to be a good futuristic invetment option.
Indeed it is. In the long run however, this will be a brilliant investment option!
Wowww this is so insightful and detailed for people like me too who are new in the crypto world
Cryptocurrency is completely new to me. It was so interesting reading your article. While I don’t think I will deal in this in the near future, it is always fun knowing about such cool stuff.
The growth of Binance coins looks great. Your articles on cryptocurrencies are quite to the point and now I am interested in looking into them. I am sure they are great investment options for the future.
Quite an interesting read. Havent really gotten my head into all this Crypto and all, but i guess its high time i do. With a growth from a mere 3000 to almost 5lac something, Binance is something to keep an eye on for sure.
I wanted to invest a little amount in crypto as I wanted to check the market. Now I am planning to invest in Binance , the growth is phenomenal.