In 2022, one dominant crypto holds all recognition for having the most-effective blockchain system on the planet. Ethereum holds the best blockchain system globally that every viral NFT is Ethereum based. To add to that, even Binance started as an ETH-exclusive cryptocurrency.
Why is this important? Well, ETH is the second-best Stablecoin on the planet. Hence, in case they fall off the map, there will be a newer backline where they will fall into. Hence, there is Binance and NFTs.
Here in Binanceaid, we’ll guide you on how these cryptos interconnect with each other and how you should approach Binance trading vigilantly.
Ethereum and NFTs
Let’s say that you want to sell your artistic rights online, and every file format is universally accepted as a Non-Fungible Token. Non-Fungible Tokens became a commodity as it started in 2015. From Cryptopunks to Axie Infinity, most of the blockchain that NFTs use is Ethereum.
Ethereum is the second-best crypto in the market because the majority of its blockchain is interconnected to several NFTs and Altcoins. What is special for NFTs is that one NFT is irreplaceable, and you have only one of it in existence.
Once they had established ETH, Ethereum sold 30 basic NFTS, including Axie Infinity and the billion-dollar entity CryptoPunks. In 2016, ETH was fresh off the boat, and it had many offerings because of one specific reason.
The Dark Side of Ethereum
Now that Ethereum is as established as ever, we should not forget the reason why Ethereum established ETH. There has been a hack of over 3.6 Ethereum coins, which collapsed in 2016. Their fallback plan was ETH, a business model that held numerous active blockchains across the planet.
It intends to establish that ETH is a stable market with many cryptos indebted to it by using its own blockchain technology.
The whole entity of Ethereum bases itself on a single blockchain where other multi-billion-dollar cryptos like NFTs are connected as well. With that said, if one of these days ETH collapses, the people inside the circle definitely have a fallback plan to other Altcoins and multiple NFT distributors that they co-own, which actively trade millions of dollars.
This crashing of Ethereum is not news. ETC Coin, or Ethereum nowadays called Ethereum Classic, crashed in 2016, which led the developers to create Ethereum 2.0 as proof of work (POW). This model has skyrocketed into number two, and its blockchain holds multiple assets that can attest to its worth.
However, ETC has become an Altcoin that is useful for short-time spikes. Moreover, its history as a multi-million-dollar company on its namesake drove the company to venture into different departments like ETH and the establishment of NFTs.
Because of Ethereum Classic’s volatility, ETH is now just an Altcoin that investors can use for small trades. There is no value anymore for obsolete blockchain technology where multiple hacking incidents have happened already. In 2019 another breach occurred again in ETC Classic, which is also proof of its reputation.
Long story short, it never uses ETC. Instead, use ETH-lenient crypto, so you don’t regret it after being scammed.
The Rise of Binance Coin
Binance became a Stablecoin when it launched its own application. Just look into a Binance chart to create your first crypto investment, and you’re good to go. In addition, Binance can trade you other cryptocurrencies in different payment methods like Fiat or other Cryptos and NFTs.
However, the Hong Kong-based crypto company started using Ethereum as its blockchain. As the company progressed, they have developed its own blockchain technology. Now that Binance can trade any crypto in the market, they have launched their own Altcoin called Binance Coin.
Binance has its own entity, and it separates itself from its former root as ETC crashed in 2016. The old model was repackaged into a stable network where investors could trade freely without any worry of scam deals whatsoever.
Marketers and investors caught on to it quickly. And, Binance coin skyrocketed its value and became one of the best stable coins in the market alongside Ethereum, Bitcoin, and XRP.
There are many things to write home about when it comes to the rise of these different cryptos. However, the path towards its rise in value was rough, and it was a trial-and-error method for the developers.
They had to try different profit methods like different NFTs since 2016 and Ethereum 2.0. They had to risk dealing with aspirant Crypto companies like Binance to break even and become a prominent Crypto in the market. Regardless, ETH is here to stay, and Ethereum will last longer than ETH. If they fail, they will try again to look for a way to be on top again.
Now that you’ve learned about Binance, its history, and its relationship with Ethereum, are you ready to be part of crypto history?