The Binance Coin (BNB) Explained
- The Binance Coin derives from the exchange’s reputation
- It Offers high-speed transactions
- Users get discounts through the usage of BNB coins
- BNB offers low transaction fees
The Binance Exchange is one of the most popular cryptocurrency exchanges on the planet that offers trading in plenty of virtual coins. Some of the most popular are (BTC), (ETH), (LTC), and the Binance Coin (BNB).
Binance as an exchange offers the users the ability to trade cryptocurrencies. It provides a crypto wallet for all of its traders where they can store their electronic funds; it also has its own cryptocurrency token known as the Binance Coin and has a support program with the potential of helping new investors get in the world of investing quicker and more efficiently.
The name itself is based on the combination of two words, more specifically, binary and finance. The servers themselves were launched all the way back in 2017 and offered high standards of safety and security with the multi-tier and multi-clustered architecture. The founder of this service is Changpeng Zhao, a developer who also created high-frequency trading software. The platform itself was originally only available and based in China. However, over time, it moved out of China because China increased its cryptocurrency regulations.
Binance as a platform is typically known as a cryptocurrency to a cryptocurrency exchange that has gained a high popularity level for one unique reason. This is because it has the lowest transaction fees out of any exchange out there and a high liquidity level. If you as a user decide to pay through the native BNB cryptocurrency token usage, you will even receive additional discounts, which makes having BNB worthwhile as a result.
Binance as a platform has exchange-specific services and even other tools and services to support the blockchain ecosystem. It has a blockchain technology incubator, which you might have found titled “Binance Labs.” This incubator has a focus set on pre-ICO stage projects.
It has the potential to help dedicated and capable teams by providing them with the required funding for the development of their project and giving them advisory resources and a launchpad for listing and fundraising the project.
The Binance Coin Explained
The Binance coin or BNB is a cryptocurrency that can be used to trade and pay for the fees on the Binance cryptocurrency exchange. It was created in July of 2017 and worked on the Ethereum blockchain as an ERC-20 token, and over time it evolved and became the native cryptocurrency on the Binance blockchain. The Binance blockchain is known as the Binance Chain.
Now, the main use of the coin is to trade cryptocurrencies and pay for the Binance Exchange fees. One can use the B2B token to pay the fees, and Binance even offers a rebate for up to five years of user membership.
When it comes to the Initial Coin Offering or ICO of this coin, it was completed on July the 21st of 2017 with 100 million BNB tokens. All of the tokens were created before the ICO and were sold in approximately 20 days, which raised $15 million for the Binance project.
The Uses of the Binance Coin
The Binance Coin has several use cases aside from the Binance Exchange. Starting with trading, the Binance Coin has the ability to be traded for other cryptocurrencies on various online exchanges. One can also use it for paying transactions on the Binance Exchange, and users can even receive a discount for doing so.
Moving along, you can also use BMB as a form of payment for crypto credit cards, and merchants can even offer NBN as a way to pay customers. Keep in mind that there are also many platforms out there that allow investors to invest in stocks, ETFs, and even other assets through the usage of the Binance Coin. The coin has also found many uses as being collateral for loans on platforms.
The Technology behind the…