Bitcoin is the pioneer of decentralized digital currency. It is a form of electronic cash that works without a central bank or single administrator. It was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoin has become a popular form of payment for goods and services, and it has also been used as an investment asset. The currency has seen tremendous growth in value over the years, with its market capitalization reaching over $1 trillion in recent times.
As of August 2021, Bitcoin ranks as the number one cryptocurrency by market capitalization. However, the question remains, which cryptocurrency is number three? This article will explore the answer to this question.
The cryptocurrency market is vast, and there are thousands of digital currencies available for trading. Many of these cryptocurrencies have unique features, making them attractive to traders and investors.
According to CoinMarketCap, which ranks cryptocurrencies by their market capitalization, the third-largest cryptocurrency is Binance Coin (BNB). Binance Coin is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges by trading volume.
Binance Coin was launched in 2017 through an initial coin offering (ICO) and is based on the Ethereum blockchain. It was created to provide a discount to users who trade on the Binance exchange. Binance Coin has since grown in popularity and has become one of the most traded cryptocurrencies in the world.
One of the significant advantages of Binance Coin is its use case. It is used to pay for trading fees on the Binance exchange, which makes it a valuable asset for traders. The more Binance Coin a trader holds, the more discounts they can receive on trading fees.
Binance Coin has also been used for other purposes, such as paying for goods and services on websites that accept the cryptocurrency. The Binance exchange has also launched other financial products, such as futures trading, which require traders to hold Binance Coin.
Another advantage of Binance Coin is its popularity. The cryptocurrency has a large and active community of traders and investors. This community has helped to increase the value of Binance Coin over time, making it a valuable asset for those who hold it.
In conclusion, Binance Coin is the third-largest cryptocurrency by market capitalization. It is the native cryptocurrency of the Binance exchange and is used to pay for trading fees on the platform. Binance Coin has grown in popularity and has become one of the most traded cryptocurrencies in the world. Its unique use case and popularity make it a valuable asset for traders and investors alike.