Please note that I am not a financial advisor. The following article is for the sole purpose of providing information on the topic discussed.

Binance has quickly become one of the most important platforms in the crypto world observing spectacular and unstoppable growth since its founding in 2017, characterized by including a great variety of cryptocurrencies and tokens, and very low transaction fees.

Due to this growth and other factors, it was normal for Binance to decide to launch its own cryptocurrency, Binance Coin (BNB). But what is the purpose of Binance Coin?

Binance Coin’s purpose is to provide users and operators of the platform with affordability and simplicity in their day-to-day operations with lower and more competitive fees than if the user conducted the same operations with Ether on the Ethereum blockchain.

Today, we’ll go in-depth about Binance Coin, a cryptocurrency that has quickly managed to place itself among the most important in the world, and we’ll also see if it’s worth investing in it insha’Allah (God willing).

What is Binance Coin?

It’s an ERC-20 type token originally built within the Ethereum blockchain and launched simultaneously with the Binance crypto exchange.

In July 2017, Binance issued a total of 200 million BNB tokens in an ICO to raise funds to continue the development of the exchange. After a while, the coins were transferred to the platform’s own blockchain, known as Binance Chain (BC). It is noteworthy that this cryptocurrency has a mechanism that reduces the amount of BNB in ​​circulation, being programmed to burn 100 million BNB – 50% of the initial issue – which will mean a gradual adjustment in the price of the cryptocurrency for it to become more stable over time.

On the other hand, since all the BNB tokens were issued at its launch, the cryptocurrency cannot be mined, but the reverse process occurs, that is, the gradual burning of BNB until only 100 million units remain on the market.

Similar to what happens with Ether in Ethereum, Binance Coin works as the fuel needed to power the Binance ecosystem. It is something that was contemplated since the creation of the exchange, and its intention from the beginning was to obtain funding at the same time as offering benefits to the holders of the cryptocurrency that operate on the platform.

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a second-generation blockchain technology that works in parallel to Binance Chain. Compared to other blockchains, Binance Smart Chain has a more general purpose, and this is achieved through the use of smart contracts.

Thanks to these automated pieces of code, any conceivable logic can be encoded, including traditional financial services. The development of smart contracts in BSC is possible thanks to EVM (Ethereum Virtual Machine). Thanks to EVM sharing, BSC has the ability to execute smart contracts written on other EVM-compliant blockchains.

Developers can make use of the Binance API to connect to Binance servers and code smart contracts in a good variety of programming languages, including GO, Java, JavaScript, C++, C#, Python, and Swift.

Binance Chain or Binance Smart Chain?

The original intention at the time of founding Binance was to implement a platform on which smart contracts could be executed to offer greater functionality. However, the decision was made to do it in two steps. So, in April 2019, Binance created Binance Chain to make trading on its platform almost instantaneous. However, this had a counterweight; ultra-speed transactions didn’t allow the execution of smart contracts, since they require a greater level of computational power.

It’s convenient to remember that Ethereum has faced a lot of congestion for this reason, particularly when NFTs entered the scene. An example of this we saw in December 2017, when people rushed to collect and trade NFTs from the game CryptoKitties; at that time, the entire Ethereum network collapsed.

It was to avoid these kinds of congestion problems that Binance separated the functions of its platform into two different blockchains and thus implemented Binance Smart Chain in September 2020 as BC’s sidechain.

By executing smart contracts to assist the Binance Chain, BSC is fully compliant, allowing the migration of crypto assets from one chain to another. While BSC supports the BEP-20 token standard, BC supports BEP-2 tokens. As with Ethereum ERC-20 tokens, BEP-20 allows easy implementation of tokens in DeFi protocols.

On the other hand, the mobility of funds between the two Binance chains is easy using the Binance Chain Wallet, which allows access to funds in BC, BSC, and Ethereum, exchange NFT, or participate in yield farming to obtain passive income.

What can you do with BNB Coin?

Originally, this cryptocurrency was created to pay for transactions on the Binance exchange, however, the value and utility of BNB has been increasing in line with the growth of Binance and the expansion of its ecosystem. Currently, Binance Coin can be used within Binance, on third-party exchanges, to make day-to-day payments, for new blockchain development projects, and within the Binance Smart Chain (BSC). Here are the most common uses:

Transaction fees

When trading within the Binance Chain, users can get a discount on the fees per trade.

Trading

In addition to the fact that users can exchange BNB for other cryptocurrencies, there is also a discount on trading fees within Binance when using BNB. Currently, this discount is 25%.

Raise user levels

Users who have large amounts of BNB and who have been trading for at least 30 continuous days on the platform, can become VIP users. This level offers interesting discounts on trading fees, among other benefits.

Non-commercial conversions

Users who own other cryptocurrencies in their Binance account that they cannot trade have the option to convert to BNB.

IEO Lottery

Binance’s Initial Exchange Offerings (IEO) program allows users to request lottery tickets based on the amount of BNB tokens they hold. The winning ticket is rewarded with a specified number of BNB tokens.

Governance

BNB-owning users also have rights to the Binance Chain governance mechanism. This will depend on the amount of BNB that is held in staking.

Day-to-day payments

Many physical stores accept payment for goods and services through the BNB cryptocurrency.

Binance Smart Chain (BSC)

BNB can be used on the blockchain parallel to the Binance Chain, known as the Binance Smart Chain. It is possible to exchange assets and information between BC and BSC.

Is Binance Coin worth buying?

In less than four years, Binance Coin has experienced exponential growth, going from being a common asset to positioning itself as the third largest cryptocurrency by market capitalization. This has had a lot to do with the support of Binance, today considered the exchange with the largest number of operations in the world, with a base of 15 million users.

To give you an idea, suffice it to say that in January 2021 BNB was trading at $43, and in July of the same year, at $332. That means a growth of 672% in just a few months.

Now, if you take into account the maximum value that it reached at the beginning of May 2021, when all cryptocurrencies increased their value notably, BNB traded at $675, 1,469% more than in January.

As of today, and according to CoinMarketCap, the cryptocurrency ranks third among all cryptos, with a market capitalization of more than $96B and with a circulating supply of 166 million tokens.

One of the reasons for this growth has to do with Binance’s policy of helping to accelerate its use by offering discounts on commissions when trading this token. When you buy or sell Bitcoin with Tether or USDC, for example, you must pay the corresponding fees. However, if you use BNB, the exchange offers discounts that can go as high as 25% – previously 50%.

However, the hottest objection on the lips of BNB detractors is the fact that it’s under the control of a centralized exchange that could decide to change course in the currency in the future and therefore, change the rules of the game. The most extreme detractors say that on any given day Changpeng Zhao – Binance founder – could wake up in a bad mood and decide to generate more tokens, which would negatively affect the price of the asset – lowing its price.

I already mentioned above that to prevent the currency from depreciating, Binance burns a number of BNB tokens every so often. In this way, a part of the profits it makes every three months is used by Binance to buy back BNB and burn it. The idea behind this is the same behind Bitcoin, produce scarcity: as there are fewer coins in circulation, the price should either hold or rise.

Binance and regulators

I also mentioned earlier that one of the main advantages of Binance Coin is that it’s backed by a huge exchange such as Binance. However, this could soon work against it. The reason for this is that the main cryptocurrency exchange is under the scrutiny of regulatory bodies around the world and almost every week, there is news that speaks of new conditions that the company must endure.

One of the latest news related to this is that the UK financial watchdog banned its operation in its territory, so the exchange had to suspend the purchase of cryptocurrencies with the Pound Sterling (GBP). Also, authorities in some countries don’t welcome the fact that Binance’s corporate structure remains opaque. This and others are some of the reasons why the exchange was forced to implement identity verification or KYC – among other things – for all its users in August of this year.

Although the Binance ecosystem is growing along with its BNB tokens, it’s important to be cautious due to this and other scenarios related to the exchange

Is Binance Coin halal?

Is Binance Coin halal? According to scholars who generally view cryptocurrencies as halal, yes. Scholars have also noted that Binance Coin (BNB) is halal. Scholars note that BNB is a utility coin that serves a function on a blockchain that is also seen as halal. Scholars would normally classify BNB as an asset and not a currency.

Conclusion

Binance Coin can be a good opportunity for those investors that are really active on the Binance platform. Likewise, it can be used as a good investment asset if it’s operated at the right times and with a solid strategy. In this way, Binance Coin can be a solid option as long as it isn’t overly affected by regulatory factors.

In addition, being tied to a centralized exchange like Binance, BNB also lacks privacy for the user – but only if this is a weighted factor for the user. In any case, remember that before investing, you should always do a thorough analysis of the risks and benefits.

And in the end, Allah knows best.

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Videogames have been with us for around 50 years and in all this time, we have seen how this form of entertainment has evolved in a remarkable way; from something as basic as Pong or Tetris to the open worlds of Zelda.

However, we know that the evolution of videogames goes hand in hand with technology, so it was inevitable that a technology like blockchain would sooner or later become part of modern gaming.

Today, thanks to the new “Play-to-Earn” genre, players can earn money while playing and even use such games as a form of investment.

Industry analysts show strong signs that the videogame industry will continue growing and with this growth, will come new opportunities to make money. For that reason, today I present, 9 Blockchain Games to Earn Money. A list of what I consider to be the Play-to-Earn games with the greatest potential of the moment. Insha’Allah, you find one that fits your needs.

1. Axie Infinity

Buy adorable monsters, raise them, put them to fight each other, and earn money with it. That’s what Axie Infinity, the most popular blockchain/NFT game of the moment is all about.

Axie Infinity has a similar mechanic to that of the popular Pokémon, only that instead of gaining experience when fighting – either against the AI or against other players – your monsters (Axies) earn SLP tokens, which you can later exchange for real money.

In Axie Infinity, both the Axies and the game plots are represented by NFTs and that’s the key to this matter. The game runs on Ethereum and uses Ronin, an independent wallet to speed up transactions.

What you need to play Axie Infinity

To start, you’ll need to create a Ronin wallet and also have an Ethereum wallet, transfer ETH to Ronin, create an account on the Axie Infinity website, and download the game on your device.

After this, you’ll need to buy three Axies to form a fighting team. At the time of publishing this blog post, acquiring a “decent” monster for combat costs about $500, so the initial investment can be around $1,500 – although you can also opt for a scholarship to play for free.

Is it easy to earn money?

Although the initial cost can be very high for many players, Axie Infinity is a game with wide possibilities that rewards players the more time and effort they put into it. It also has other options to earn money, such as token staking, Axies breeding, and buying/selling virtual plots.

2. Alien Worlds

Alien Worlds is a game in which players can explore and mine on different planets, use weapons, artifacts, and minions in space battles. In Alien Worlds you can win Trilium (TLM), a cryptocurrency token that you get through real crypto mining represented in the game, in addition to NFTs for free.

TLM is a token that joins the Wax and Ethereum blockchains and allows the economies of both chains to function as one. Subsequently, you can trade and sell both TLMs and NFTs on various exchanges and earn money from them.

What you need to play Alien Worlds

Getting started in Alien Worlds is as simple as creating a wallet in Wax Cloud Wallet and an account on the game’s official website associating your Wax wallet.

It’s also possible to start in Alien Worlds without investing any money. In this case, you start with a standard character and a shovel, then travel to different planets to find Trilium. During mining, there is a chance to find some NFT for free.

Is it easy to earn money?

In Alien Worlds, it’s possible to earn a good amount of money, but this will depend a lot on several factors, including the quality and quantity of your tools, as well as the planet you are mining on. In many cases, at the time of publishing this blog post, there is the possibility of finding NFTs with a value between $30 and $40, and even more valuable ones.

3. CryptoBlades

CryptoBlades is a web browser RPG released on the Binance Smart Chain (BSC) that also uses NFT technology. The game revolves around obtaining powerful swords and fighting in an epic fantasy world. CryptoBlades also rewards players with cryptocurrency tokens called SKILL, when they participate in battles against other players and in some in-game challenges.

In addition to that, you can also upgrade your characters and weapons as you progress through the game, which also serves to increase your earnings.

What you need to play CryptoBlades

To get started in CryptoBlades, you only need a web browser and a compatible wallet configured for BSC. Once you have connected your wallet to the game’s DApp, you should have at least 0.5 SKILL on hand, something quite inexpensive compared to other similar games.

Is it easy to earn money?

In CryptoBlades you have the possibility to forge new and more powerful weapons to increase your chances of winning more SKILL. In addition to earning money from battles, you can also claim daily SKILL bonuses, trade in-game, and put your tokens on staking.

4. MegaCryptoPolis 3D

MegaCryptoPolis 3D (MCP3D) is a game that focuses on building cities. As a user, you can run the game through any browser, including your mobile phone, while in-game assets are stored on the Ethereum and TRON blockchains, where the game runs.

As a player, you can create your own buildings or just rent them, produce new construction materials, new generations of citizens, create services, place ads, tour the city, and more. All this while earning money in the form of $MEGA tokens.

What you need to play MegaCryptoPolis 3D

Being based on the Ethereum and TRON blockchains, you’ll need a digital wallet compatible with these networks, acquire some ETH or TRX, depending on the network you choose, and start buying blocks of virtual land on the city map before proceeding to create buildings. Each lot of land is represented as an ERC-721 token that you can transfer and trade as a cryptocurrency on external markets.

Is it easy to earn money?

Each building in MCP3D is represented by an NFT. Take into account that you can do everything in the game related to construction and real estate, so the options to earn money are many. On the other hand, you don’t even need a building or land to play; you can buy game assets on the market and sell them at a higher price when they go up in price, either whole or even in parts to earn more money.

5. The Sandbox

The Sandbox is an Ethereum-based open virtual world that allows players to build, play, own, and monetize their virtual gaming experiences and ideas.

In The Sandbox, you’ll find 3D modeling software tools that will allow you to create your own voxel assets and then move on to animate your creations, which can be anything, including people, tools, monsters, buildings, etc.

Finally, you can export your creations in The Sandbox, to The Sandbox Marketplace, where you can sell them in the form of NFTs.

What you need to play The Sandbox

Once you have created and configured your Ethereum wallet, you need to buy LAND. These LANDs are chunks of virtual land on which you can shape your NFT creations. Once you do this, you get SAND, The Sandbox’s native utility token that is used throughout the ecosystem to perform transactions.

Is it easy to earn money?

The key to making money is in the quantity and quality of your creations: the more of these two factors you have, the more SAND you will get.

Then you can use this SAND as a means of exchange in The Marketplace or other external markets, or invest part of your SAND tokens to earn additional rewards thanks to staking. With SAND’s current price around $1, this may be a very good option.

6. Crazy Defense Heroes

Crazy Defense Heroes (CDH) is a game developed and published by Animoca Brands. It’s the largest and most expanded version of the Crazy Kings game, which was released on iOS in 2017 and Android in 2018.

CDH belongs to the popular “defend the tower” genre, but it has a somewhat more complete gameplay enriched with elements such as resource gathering, new heroes, buildings, and spells.

This app offers you more than 500 levels of frantic gameplay, in addition to the possibility of playing against real opponents in strategic online PvP games. On top of that, being based on Ethereum, you can earn TOWER tokens as you progress in your adventure.

What you need to play Crazy Defense Heroes

For starters, Crazy Defense Heroes is a free-to-play game, so you don’t need to make any initial investment to start playing. What you’ll need is to link your game account to your Ethereum wallet to claim your rewards or buy tokens to make purchases or exchanges within the game.

Is it easy to earn money?

The more time you spend playing CDH, the more TOWER tokens you will earn. Take into account that it’s possible to acquire better weapons, equipment, and cards to advance within the game and for this, users need TOWER tokens. In this way, you can put your surplus TOWER tokens up for sale on exchanges such as Sushiswap or Uniswap.

7. Ethermon

Ethermon is a game built on the Ethereum network in which you can unleash your passion for collecting monsters, in this case, Ether Mons. You must capture them, put them to fight, and exchange them for other monsters to earn $EMON, the game currency.

Thanks to Ethermon’s smart contracts and their programming, you’ll have the guarantee that your monsters are yours and nobody else’s property and since each monster has a unique and unrepeatable personality and characteristics, you can sell and trade them like any collector’s item.

What you need to play Ethermon

As always, an Ethereum wallet, buy Ether on any reputable exchange, and play to win $EMON.

Like “MonSeeker,” you must interact with smart contracts to achieve three objectives:

• Capture Ethermons – There is a limited number.
• Train your monsters – You can even raise hatchlings from them and then sell or rent them to other players.
• Fight other MonSeekers – You know, more $EMON.

Is it easy to earn money?

As you can see, Ethermon’s mechanics are very similar to those of Axie Infinity. You’ll use $EMON to send your Ethermons on adventures for a chance to find new and exclusive monsters, or buy Ethermon eggs from the shop and see what they hatch.

From time to time, new collections of Ethermons appear available in official stores and since the platform has a limited distribution, the more rare and powerful your monsters are, the more valuable they will be.

8. Lost Relics

Lost Relics is an RPG action game similar to the famous Diablo, in which you must explore dungeons full of enemies to meet certain objectives. However, the game also has some roguelike touches, so the difficulty is somewhat higher.

The best thing about this game is that you can find items in the form of NFTs based on the Enjin blockchain, which gives them value in the cryptocurrency market.

You can have several roles within the game including miner, fisherman, alchemist, blacksmith, and depending on which one you choose, you can obtain specific benefits.

What you need to play Lost Relics

You will need to have an Enjin wallet in order to transfer the NFT items you find in the game to sell them on the Enjin marketplace. The game is Free-to-Play, but note that you will need to have a – more or less – powerful computer to play, with a graphics card of at least 8GB RAM.

Is it easy to earn money?

The game requires some time and dedication to gain experience and level points. As you progress, the chances of getting more and better NFT items to sell on the market also increase.

Meanwhile, you can accumulate “gold coins.” This is another type of incentive that you can get by completing an adventure – and sporadically in barrels or boxes – and that are used to carry out in-game transactions – something similar to Runescape gold.

9. Upland

Upland is a Play-to-Earn game based on the EOS blockchain, in which users can build, buy, sell, and trade virtual properties assigned to the real world to earn UPX coins. The project uses blockchain to link each property within Upland to an NFT.

Thanks to its recent partnership with Tilia Pay, Upland users can now sell their NFT virtual assets through the Second Life payment network, which supports PayPal to withdraw their earnings in USD. This should give you an idea of the capabilities of the platform.

What you need to play Upland

You can start the game by registering on the official website and connecting your compatible EOS wallet. The game is also available for iOS and Android.

In addition to this, you’ll need UPX to be able to carry out in-game transactions. The good part is that when you first sign up, the game gives you a welcome bonus of several thousand UPX. But it’s certain that sooner or later, you’ll need to buy more UPX in the game.

Is it easy to earn money?

Each property you build or acquire will generate passive income in the form of UPX. The problem is that they generate a very low monthly income. Another perhaps more profitable option is collections, which are nothing more than a certain number of properties in some specific place on the map. These collections can give you additional benefits in the form of bonuses.

Is playing video games halal?

Is playing video games halal? Yes, scholars say that it is permissible to play video games so long as the focus and/or content of the video game is not on haram things such as murder, stealing, gambling, nudity, etc. Also, the video game must not promote hate towards or the destruction of Islam and if you are earning money from playing video games, then the money should not come from prize money that is sourced from the collection of contestant fees.

And even though playing video games is halal, scholars still do not encourage it as playing video games may lead some to neglect the rights of Allah, others, or even themselves by forgetting prayer times, not giving proper time to one’s spouse, or other necessary obligations.

For a more in-depth perspective on the permissibility of playing video games, please see the article, Axie Infinity Overview and is Axie Infinity Halal?

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