Good day, cryptocurrency traders. In this video, I will talk about Burning BNB coins, Voting, and games in BINANCE. You will learn what it is, why and with what benefit you can use these events in the Binance exchange. Let’s get started!
BNB Coin Burning
The burning or destruction of coins is the process of reducing the number of cryptocurrencies by the owner. Moreover, the owner can be both a crypto exchange, in our case BINANCE, or a private trader. Once every 3 months, the Binance burns its BNBs through a smart-contract that has a coin destruction feature.
Binance will continue to burn tokens until 50% of the issued volume (200 million BNB) is depleted. The number of BNB coins burned depends on the number of transactions that have occurred on the exchange for the past 3 months. Therefore, once every 3 months, Binance burns its coins in accordance with the total trading volume.
What benefits can be get from burning BNB? There are two options. First, you simply invest in the BNB and wait for it to grow in value over the course of 1 year or more. Since BNB will be periodically burned, this raises the value of the coin. The second – at the time of the announcement of the news of BNB burning, as an option to open a deal to buy and after the growth of the token, usually the growth is from 3 to 5 percent, sell and earn on speculation.
Voting BINANCE is another type of competition for Binance between all users of the crypto exchange. The point is that each person votes for a new project, which is planned to be listed on Binance. For example, the last vote happened on 06/03/2020 year between two tokens – ThunderCore (TT) and Measurable Data Token (MDT).
Each user has the opportunity to vote for only 1 coin. That is, you go to the description of the project, take a look at it and if it seems interesting, you give your vote in Binance for it. Thus, in which cryptocurrency gets more votes, it will win. A prerequisite is to hold a certain amount of BNB.
A minimum of 50 BNB is required for 1 vote, 100 BNB is 2 votes, 500 BNB is 10 votes. The more votes you have, the more prize coins you can win if you correctly guess the winner. I that time won and earned 2,014,84 MDT. This is prize money, which at the time of growth on the first day and I managed to sell for 306 USDT – my profit.
If you did not guess the winner, you will get a consolation prize, depending on the number of BNB that you had. For 250 BNB, this is 0.28 BNB, and for 500 BNB, this is 0.56 BNB. Therefore, participating in this event is profitable. It is required to follow the BINANCE news, buy BNB for voting, then vote and if you win your coins, sell it at the start of trading with a profit or hold it in the hope of greater growth.
Various other games and events are often held at BINANCE to attract new users and trade in cryptocurrency. For example, one of these games is, as I show now on this page, “Cartesi Creepts Game”. Having played this game, each user takes part in the drawing of $ 50,000 in CTSI coins.
Such games are usually held in honor of the upcoming or recent launch of a particular cryptocurrency on Binance. Games can be like a normal competition among traders for trading volumes. I considered similar competitions in the article and video “Competitions in Binance”. In this case, it was a special browser game.
In Creepts game, traders need to compete to defend a fortress. This game is based on the Layer 2 blockchain solution. You need to score as many points as possible to win a prize. Prizes are awarded for first places. So the first 1000 users get $ 10 in CTSI. And those who won rating awards received $ 5,000 for the first place, and $ 3,000 for the second in the CTSI, and so on.
In this video, I talked about BNB Coin Burning, Voting, and BINANCE games. Now you know that it will be profitable to play in this, and most importantly without risk. Therefore, there is a reason for participation and buying of BNB during coin burning, voting, and Binance games. Sometimes it brings a good profit. That’s all and please waiting for upcoming my new video releases.