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Everything you need to know about Binance Coin (BNB)

  • Ashesh Anand
  • Nov 23, 2021
Everything you need to know about Binance Coin (BNB) title banner

Binance coin is a cryptocurrency that is issued by the Binance exchange and has the symbol BNB. This coin is limited to 200 million BNB tokens and runs on the Ethereum blockchain using the standard ERC 20 protocol.

 

 

Binance Coin - An Overview

 

Binance currency was originally based on the Ethereum blockchain and followed the ERC 20 standard, but it has subsequently become the Binance chain's native token. It was launched in July 2017 as part of an initial coin offering (ICO) with a cap of 200 million BNB tokens. 

 

Through the ICO process, it provided 10%, or 20 million BNB tokens, to angel investors, 40%, or 80 million, to the founding team, and the remaining 50%, or 100 million, to the various participants.

 

( Also Read: Top NFT Wallets in 2022 )

 

Almost half of the funds raised during the ICO were intended for Binance branding and marketing, with the remaining one-third going toward building the Binance platform and making essential updates to the Binance ecosystem.

 

BNB is the native currency of Binance's own blockchain, the Binance chain, and was originally based on the Ethereum network.

 

( Must Read: What is a Blockchain and How does it work? )

 

 

Binance Coin Burning

 

Although the initial ICO provided 100 million Binance tokens, the actual total supply is smaller. Binance spends one-fifth of its revenues every quarter to repurchase and permanently destroy Binance tokens held in its treasury, a process known as "burning."

 

These burning activities have been held by Binance on a regular basis. The most recent BNB burn took place on October 18, 2021, when Binance burned a total of 1,335,888 BNB (roughly $639,462,868 equivalent) in its 17th quarterly BNB token burn. 

 

In Binance's 15th quarterly BNB burn, the company became largest in terms of dollars. 


This is the image of the Binance Growth graph according to which investors can trade in Binance.

Binance Growth Graph (source)


Uses and Support for Binance Coin

 

Binance was founded in 2017 as a utility token with lower trading fees. However, since then, it has been used in a variety of applications on a variety of platforms. It's used to pay for Binance.com, Binance DEX, and Binance Chain transaction fees.

 

It can also be used for payments (at sites like Crypto.com, Monetha, and HTC); to book travel accommodations (at sites like TravelbyBit, Trip.io, and Travala.com); for entertainment (virtual gifts, card packs, and lotteries); to pay for online services (BitTorrent, Canva, and Storm).

 

It can even be used for financial purposes (at sites like Crypto.com, Monetha, and HTC) (take out a loan at ETHLend or make investments at Moeda).

 

( Suggested Blog: Bitcoin and its revolution in crypto market )

 

Binance coins can also be used to invest in some ICOs listed on Binance's Launchpad programme. Binance is a smooth marketplace for trading in a range of established and new virtual tokens. New cryptocurrencies list on the Binance exchange, and using Binance provides a seamless marketplace for trading in a variety of established and new virtual tokens. 

 

Other collaborations have backed the crypto coin, which has helped it gain traction. It includes a relationship with Uplive, Asia's leading high-end live video streaming platform, which distributes virtual gifts to Uplive's 20 million users in exchange for BNB tokens.

 

The platform, the mobile app, and the VISA debit card of Monaco, the pioneering payments and cryptocurrency platform, all support Binance coin.
 

( Also Read: Impact of Blockchain and Cryptocurrency on Gambling Industry )
 

 

Applications of Binance Coin

 

The Binance Coin, like other developing cryptocurrencies, has a variety of applications outside of the Binance exchange, including:

 

  1. Trading

 

Binance Coins can be traded for other cryptocurrencies on a variety of exchanges, according to the exchange's limits.

 

 

  1. Binance Exchange transaction fees

 

BNB can be used to pay for Binance Exchange transactions, and users receive a discount for doing so.

 

 

  1. Payments by credit card

 

On Crypto.com, BNB can be used to pay for crypto credit card bills.

 

 

  1. Payment processing

 

Merchants can accept BNB as a form of payment, giving customers more options in terms of payment methods.

 

 

  1. Booking travel arrangements

 

On certain websites, BNB can be used to book hotels and flights.

 

 

  1. Entertainment

 

BNB is used for a variety of purposes in the entertainment industry, from paying for virtual gifts to purchasing lottery tickets.

 

 

  1. Investment

 

Binance Coin may be used to invest in stocks, ETFs, and other assets on a variety of platforms.

 

(Related blog - ETF Dividends)

 

 

  1. Loans and transfers

 

On some sites, BNB can be used as collateral for loans. There are also apps that allow users to use Binance Coin to split expenses and pay friends and relatives.
 

Watch this: Binance Smart Chain: Binance Coin BNB



 

Summing Up - Before you invest, consider the following factors

 

1. Binance coins can be used to invest in specific ICOs that are listed on Binance's launchpad programme.

 

2. The Binance exchange will list new cryptocurrencies, and the use of Binance coins will provide a smooth marketplace for trading a range of virtual tokens.

 

3. Binance will eventually become the decentralised Binance exchange's core currency.

 

4. The VISA debit card of Monaco, the pioneering payments and cryptocurrency platform, and the platform, the mobile app all support Binance coin.

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