Binance Coin (BNB)
Binance Coin (BNB)
Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. As of June 2021, Binance Exchange is the largest cryptocurrency exchange in the world, supporting more than 1.4 million transactions per second. Binance Coin (BNB) is an ERC20 token issued on the Ethereum blockchain by the popular cryptocurrency exchange Binance.
BNB price 426.3 $
- Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
- BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.
- Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or “burn,” Binance coins held in its treasury.
- Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.
- At the time of writing, Binance had a market cap of more than $56 billion and ranks behind only Bitcoin, Ethereum, and USD Tether in terms of market cap.
How to buy Binance Coin
As the BNB token is created exclusively as a digital tool that provides a discount for users of the Binance exchange, it is logical that it can be bought only there. At this point, cryptocurrency BNB is traded in pairs with 40 cryptocurrencies of the Binance exchange.
Given the increase in the number of traders on the exchange Binance, we can assume that the cost of BNB will continue to grow. And to promote the growth of the cost of tokens, there will be a special policy of the company, which will buy tokens and burn them. The developers plan to leave only 100 000 tokens, and the rest will be burned within a few years. All these factors will contribute to the fact that the cost of the BNB token by the middle of 2018 will be several times higher than the current one.
What Does Convert to BNB Mean?
In the world of cryptocurrency, dust refers to any amount of coins or tokens that are so small they’re often ignored. They’re basically the tiny fractions left from trades. Binance allows traders to convert their dust into BNB.