BEST

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.

Pros and Cons

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.

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.

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.

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:

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.

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.

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.

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.