Overview of BEST
BEST, short for Bitpanda Ecosystem Token, is a kind of cryptocurrency that was founded in 2018. The main founders of BEST are Paul Klanschek, Eric Demuth, and Christian Trummer. Currently, BEST is supported by several exchanges including Bitpanda, Binance, OKEx, and Huobi Global. As for the storage, BEST can be stored in any wallet that supports ERC20 tokens such as MetaMask, MyEtherWallet, Ledger, and Trezor.
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Pros and Cons
Pros:
- Broad Exchange Compatibility: BEST can be freely transacted on several exchanges, including Bitpanda, Binance, OKEx, and Huobi Global. This wide acceptance increases its liquidity and accessibility to potential buyers.
- Backing by a Well-Known Platform: Best is endorsed and created by Bitpanda, a reputable cryptocurrency platform. This endowment by a well-established company lends credibility to the token and may inspire trust among potential investors.
- Integrated within Bitpanda's Services: BEST isn't just an isolated token; it's integrated within Bitpandas various services. This not only enhances its utility but also ties its fortune to the continued success of Bitpanda's ecosystem.
- Convenient Storage: As BEST is ERC20 compatible, it can be stored in any wallet that supports ERC20 tokens. This makes it convenient for investors as they can use well-known wallets, such as MetaMask, MyEtherWallet, Ledger, and Trezor.
Cons:
- Geographic Restrictions: Despite having broad exchange compatibility, BEST is not available everywhere. Some regions may have restrictions on trading BEST, limiting its universal applicability.
- Dependence on Bitpanda's Success: Since BEST is so closely entwined with Bitpanda's ecosystem, its future is correlatively dependent on the success of Bitpanda. Should Bitpanda encounter difficulties, BEST's value could suffer.
- Unproven and New: BEST was established in 2018, making it comparatively new to the market. As with any new entity, there's an inherent risk due to the absence of a long-term track record or proven stability.
- Price Volatility: Like many cryptocurrencies, BESTs price is subject to volatility. While this could mean potential high returns, it also increases the risk factor in owning and investing in it.
What Makes BEST Unique？
The Bitpanda Ecosystem Token (BEST) exhibits a number of innovative and distinguishing features when compared to other cryptocurrencies.
For starters, BEST ties its value closely to the Bitpanda platform, offering a clear utility for holders within the Bitpanda ecosystem. Users holding this token are entitled to a range of benefits such as fee discounts on Bitpanda platform, priority services like early access to new features and products, and lower deposit fees. This sets BEST apart, as not all tokens confer such specific advantages within their native platforms.
Another distinctive feature is the periodic 'burn' mechanism that Bitpanda has incorporated to regulate BEST supply. Bitpanda commits to using 25% of its profits from trading fees every quarter to buy back and burn BEST tokens. This could potentially increase the scarcity of the token over time which might impact its value. However, it is worth noting that the practice of token burning is not exclusive to BEST and has been adopted by other cryptocurrencies as well.
Finally, it's worth to mention that BEST is an ERC20-compatible token. Although many cryptocurrencies today are based on the ERC20 standard, the specific benefits this offers, such as wide wallet compatibility and integration with decentralized finance (DeFi) platforms for trading and staking, helps set BEST apart from non-ERC20 tokens.
At the same time, it's important to underline that, like every crypto asset, BEST comes with its own risks and challenges, including its dependence on the success of the Bitpanda platform, certain geographic trading restrictions, and the typical price volatility inherent in cryptocurrencies.
How Does BEST Work？
BEST is the native token of the Bitpanda cryptocurrency exchange and it works as a utility token that provides holders with a number of benefits, including reduced trading fees, staking rewards, access to exclusive features, and voting rights. BEST tokens are also used to power the Bitpanda Launchpad and can be used to purchase goods and services from a growing number of merchants. In addition, BEST tokens are traded on a number of cryptocurrency exchanges, which means that holders can buy, sell, and trade them for other cryptocurrencies or fiat currencies.
Circulation of BEST
BEST is a utility token issued by Bitpanda with a total supply of 1 billion and a circulating supply of 567 million. It is not mined and has no mining cap. BEST holders receive benefits such as reduced trading fees, staking rewards, and access to exclusive features. The price of BEST has fluctuated significantly over time, but it has generally trended upwards in recent years. Current market stats include a daily high of €0.7664, daily low of €0.7473, 52W high of €2.6476, 52W low of €0.6641, 1M volatility of 12.37%, and market cap of €312.98M.
One of the critical working principles of BEST is the token burn mechanis. Bitpanda has committed to use 25% of its profits from trading fees every quarter to buy back BEST tokens from the open market and then 'burn' them, which means permanently removing these tokens from circulation. This principle is designed to control the supply of BEST and could theoretically increase the scarcity of the token over time, potentially affecting its market value. However, it's important to note that such outcomes are subject to numerous market factors and investor behavior.
Exchanges to Buy BEST
A range of online cryptocurrency exchanges and platforms currently support the purchasing, selling, and trading of the Bitpanda Ecosystem Token (BEST). Here are ten of them, along with some of the currency pairs and token pairs these exchanges support:
1. Bitpanda: As the native platform of the BEST Token, Bitpanda supports the trading of BEST against popular cryptocurrency pairs such as BEST/EUR, BEST/BTC and BEST/ETH.
2. Binance: Binance is a leading cryptocurrency exchange that lists BEST and supports a variety of currency pairs. The prevalent pairs are BEST/BTC, BEST/ETH, BEST/BNB and BEST/USDT.
3. OKEx: On OKEx users can trade the BEST token with BTC, ETH, and USDT pairs.
4. Huobi Global: Huobi Global is another major exchange that supports the BEST token trading against popular pairs such as BEST/BTC, BEST/ETH and BEST/USDT.
5. Kraken: Kraken lists BEST with major pairs like BEST/EUR, BEST/USD, BEST/BTC and BEST/ETH.
6. Coinbase Pro: BEST, paired with GBP, EUR, USD and BTC, is also available on Coinbase Pro.
7. Bitfinex: On Bitfinex, BEST can be traded with pairs such as BEST/BTC, BEST/ETH, and BEST/USD.
8. Bittrex: Bittrex provides trading pairs for BEST including BEST/BTC, BEST/ETH, BEST/USD and BEST/USDT.
9. Gate.io: BEST is available with BTC, ETH and USDT pairs on this exchange.
10. HitBTC: HitBTC also lists BEST, offering trading pairs with BTC, ETH, and USDT.
Please note, while we've provided the most common trading pairs, each exchange may support additional pairs or change their offerings regularly. For the latest information, its recommended to check these exchanges directly.
How to Store BEST？
BEST (Bitpanda Ecosystem Token) operates on the Ethereum network, making it compatible with all wallets that support Ethereum's ERC20 tokens. Once you acquire BEST via an exchange, it's vital to store them in a secured wallet to safeguard against potential exchange hacks, fraud, or any other unforeseen risks. Below are some types of wallets you may use to store your BEST tokens:
1. Web Wallets: These wallets can be accessed directly from your web browser. An example of a web wallet is MetaMask, which is both safe and convenient for BEST storage because of its ERC20 compatibility.
2. Mobile Wallets: These are wallets accessed via a smartphone. An example is Trust Wallet, which supports ERC20 tokens like BEST and is known for its ease of use on mobile devices.
3. Desktop Wallets: These are software applications downloaded and installed on a personal computer. One option for storing BEST is MyEtherWallet (MEW), downloaded as a Chrome extension, which also supports ERC20 tokens.
4. Hardware Wallets: These are physical devices that store cryptocurrency securely offline. They are often the safest, albeit often costly, option for storing cryptos, especially for larger amounts. Renowned hardware wallets like Ledger and Trezor support the storage of ERC20 tokens like BEST.
5. Paper Wallets: A paper wallet is a printout of a user‘s private and public keys. Although not as commonly used today because it’s not as convenient as other options, its a completely offline method and therefore safe from online threats. For ERC20 tokens like BEST, MyEtherWallet is one service that allows the creation of paper wallets.
Should You Buy BEST？
The purchase and investment in BEST (Bitpanda Ecosystem Token) may be suitable for several types of individuals and entities:
1. Users of the Bitpanda Platform: BEST offers tangible benefits for people who frequently trade on Bitpanda, such as reduction in trading fees and early access to new features and services. If you're one of them, you might find value in holding BEST.
2. Crypto Enthusiasts and Investors: If you're passionate about the cryptocurrency ecosystem, and you routinely invest in digital currencies, you may want to consider BEST due to its unique features, such as the token burn mechanism and ERC20 compatibility.
3. Long-Term Investors: If you're a long-term investor who believes in the potential growth of the Bitpanda ecosystem, BEST might be attractive as its value is linked to the success of Bitpanda's ecosystem.
4. Risk-Tolerant Investors: Given the volatility inherent in the crypto market, investors willing to tolerate significant price swings may consider buying BEST.
However, it's essential to note that investing in BEST, like all cryptocurrencies, carries risks. Each potential investor should consider the following advice:
- Do your own research: Understand how BEST operates, its ties to the Bitpanda ecosystem, supply mechanisms, and partnerships.
- Understand the risks: Cryptocurrency prices can be highly volatile, and investing could lead to the loss of your invested capital.
- Consider your financial situation: Only invest money that you'd be willing to lose.
- Secure your investment: If you decide to purchase BEST, ensure that you have a secure wallet in place. Always store your tokens in a reputable wallet where you control the private keys.
- Stay updated: Ensure to follow news about Bitpanda and the BEST token to stay informed about new partnerships, changes in use case, and any other updates that could affect your investment.
Conclusion
BEST, or Bitpanda Ecosystem Token, is a cryptocurrency token tied to the Bitpanda platform, with its use linked to certain benefits within that ecosystem. Founded in 2018 by Paul Klanschek, Eric Demuth, and Christian Trummer, it is supported on multiple exchanges and can be stored in any wallet that supports ERC20 tokens.
As for the development prospects and future value appreciation of BEST, it largely depends on the growth and success of Bitpanda's own ecosystem, as the token confers benefits mainly within that environment. The periodic token burn mechanism as a form of supply control could potentially impact the value of the token positively over time, though this is not guaranteed and is subject to various external market forces and investor behavior.
At the same time, like all cryptocurrencies, BEST is subject to price volatility and other common risks associated with digital assets. As a result, while it could potentially offer financial gains for some investors, it's not a guaranteed way to make money and should not be seen as such.
Similar to any other investment, prospective buyers should thoroughly research and consider their financial situation and risk tolerance before purchasing BEST.
FAQs
Q: What benefits does holding BEST confer？
A: Holding BEST offers various benefits on the Bitpanda platform, such as trading fee discounts and priority access to new features and services.
Q: What is the unique mechanism concerning BEST's supply？
A: Bitpanda uses 25% of their profits from trading fees each quarter to buy back and burn BEST tokens, thus potentially helping manage the token's supply over time.
Q: Where can I find up-to-date information about BEST's circulating supply？
A: The latest information on the circulating supply of BEST is usually available on cryptocurrency market data platforms like CoinMarketCap or CoinGecko.
Q: What risk factors should be considered when investing in BEST？
A: Risk factors to consider when investing in BEST include its dependence on the success of Bitpanda's ecosystem, potential geographic trading restrictions, and the volatility commonly associated with cryptocurrency prices.
Q: Who is potentially well-suited to invest in BEST？
A: BEST may suit regular users of the Bitpanda platform, cryptocurrency enthusiasts, long-term investors who believe in the potential growth of the Bitpanda ecosystem, and investors who are able to tolerate significant price volatility.
Q: How do I secure my investment in BEST？
A: Securing your investment in BEST typically involves storing your tokens in a reliable and secure wallet, where you hold the private keys.
Q: Can investing in BEST guarantee a profit？
A: Investing in BEST does not guarantee a profit, as it involves exposure to risks such as price volatility, which is common in the cryptocurrency market.
Risk Warning
Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.
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