Binance coin was issued during the ICO in July 2017. The main aim of coin creation was attracting funds to develop the Binance exchange. Firstly, Binance coin (BNB) was an ERC-20 Ethereum token. April 18, 2019, Binance launched its blockchain, and coins were swapped on it.
Binance stands for ‘binary’ and ‘finance’. Binance coin (BNB) is used as an inner currency of Binance exchange and its ecosystem. Binance cryptocurrency exchange has a high level of security and significant processing speed. Creating its digital money allowed the trading platform to occupy one of the leading positions in the digital sphere due to fast transactions and reliable asset storage.
Binance Coin (BNB) is subject to volatility and can participate in exchange for other assets. Let’s find out what exactly is Binance Coin with Changelly!
Binance Coin (BNB) Value
According to the Binance Coin whitepaper, the exchange uses 20% of its quarterly profit to burn the BNB tokens. It is planned to withdraw 50% of the coins from circulation and leave them at the level of 100 million.
Binance Coin owners have access to certain discounts on transactions within the trading platform, which include conversion and withdrawal fees, listing and other fees. The discount depends on the period of the acquisition of Binance Coin – up to 50% in the first year and twice the decrease in this indicator every next (up to 5 years).
The relevance of the coin is supported by exchange instruments purchased for this digital money. What for the BNB coin was launched?
- Acting as a trading asset;
- Reduce of commission;
- Suitable for paying for goods on sites that accept Binance Coin.
Ups and downs of Binance exchange platform always reflect on the BNB coin price. The distinction of this currency is in its ROI. It is more than 9000%. The ICO duration time was only 15 minutes, and now you can see the success of the concept.
The coin ranks 8th among all cryptocurrencies by market capitalization. The highest price point was not so long ago on Jun 22, 2019. The coin was worth $39.57. All-time low price is $0.096109, which happened to BNB on Aug 01, 2017. Today Binance Coin (BNB) is worth $27.77.
🗒️ You can check out the price-list formation and more details about the coin on BitcoinWiki.org.
Binance Coin (BNB) Blockchain Review
Binance Coin was based on the ERC20 standard and used Ethereum blockchain until Binance own blockchain was created. Binance Chain was launched in April 2019. It is a software system for Binance exchange, Binance Launchpad, and more to come.
Binance Chain allows users to:
- Receive and send BNB tokens, and any other coins available on the exchange;
- Issue new BEP2-tokens on the platform and promote it;
The main feature of Binance Chain is a high performance. The developers try to make transactions within the network as fast as it is possible. Binance Chain uses Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism.
The team posts all the announcements about blockchain on their special page. You can check it out to get further information about Binance Chain.
Binance team does not have a proper roadmap, but they share all the news and upcoming developments in their blog. The CEO of Binance, Changpeng Zhao always announce all the Binance novelties in his Twitter.
Binance Coin Latest News
Analytical service CoinMarketCap has made adjustments to the mechanism for calculating the emission of BNB, the native token of the leading cryptocurrency Binance exchange. This happened a few days after Binance reported changes to its BNB token burning program.
Recently, the exchange burned 808,888 BNBs for a total of $23.838 million. Binance its team as a whole does not use those coins that were originally allocated to development needs.
As a result, the market capitalization of BNB fell by more than $1.5 billion (from $4.59 billion to $3.08 billion), and the token in the CoinMarketCap ranking dropped from sixth to eighth place.
Binance (BNB) Wallets
There is not a significant range of wallets to store BNB token, but let’s explore some of them:
- Ledger Nano S is a hardware cold wallet which allows users to store, transfer, receive, and send a lot of coins including BNB.
- Enjin Wallet is a mobile wallet available for iOS and Android. Enjin wallet is known for its great architecture. It supports BTC, LTC, ETH, and more.
- Atomic Wallet is a desktop wallet for Mac, Windows, and Linux.
- Trust Wallet was acquired by Binance exchange, so while using this wallet, you don’t need to worry about security.
Where to trade Binance Coin (BNB)?
It’s easy to exchange BNB coin due to a significant number of platforms accepting this cryptocurrency. Moreover, you can buy any coin presented on Binance Exchange for BNB.
Binance Coin Summary
Binance coin is a great example of an exchange platform inner cryptocurrency, which is among the top ten cryptocurrencies and overtakes successful altcoins.
Evaluating the prospects of the BNB coin, you need to understand that this is the local currency of the exchange of the same name, and you can get the maximum benefit from its use only when you have chosen Binance as your main crypto trading platform. Only in this case is it possible to use the full potential.
Disclaimer: This article about Binance Coin (BNB) should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.