Binance Coin [BNB] is a cryptocurrency issued by the well-known Binance exchange, BNB is its ticker symbol. Although initially it was an Ethereum ERC20 token, at the end of April 2019 it was changed to its own BEP2 blockchain. In this review we will take a look at what Binance Coin can offer you and how you can invest in it.
Before speaking more in detail about BNB, we will give a brief review of the history of Binance, the exchange of cryptocurrencies to which this token belongs.
Binance, is a cryptocurrency exchange founded by Changpeng Zhao who holds the position of CEO, while Roger Wang is the CTO and co-founder of the platform.
Its first location was in Shanghai, China, however, it moved to Taiwan in March 2018 due to problems with Chinese government regulations and shortly after the exchange moved to Malta.
The name Binance comes from a mixture of two words, binary and finance. The exchange was launched in 2017 and currently has a performance of 1.5 million transactions per second.
It has a trade volume of around 2.2 billion dollars per day. Binance has two trading modes based on the user experience that they are; A beginner option and an advanced one.
In addition, it has more than 480 marketable pairs and a fairly low transaction rate of approximately 0.1%.
The exchange suffered a hack in early May 2019 where they lost more than 7,000 BTC, but Binance has a SAFU fund to cover these incidents.
Binance Coin [BNB]
The BNB token has undergone a large increase in value since its release to the market and has great benefits for users who acquire it.
Uses of BNB Coin
The best-known use of the BNB token is that it allows paying the fees charged in the Binance exchange. These rates are negotiation rates, exchange rates, listing fees and also for negotiation. The benefit of this for the user is the following:
If for example you want to make a purchase of 1 ETH and the exchange fee for this transaction is 0.01 ETH, in our wallet after the purchase we will have 0.99 ETH.
However if we have BNB and activate the option that the commissions are “absorbed” by this token, when making the transaction we will have the Ethereum that we wanted and we will avoid the “loss” of cents, in addition the commissions with BNB have a discount of 25% per transaction.
Another use that is given to Binance [BNB] is to participate in the IEOs (Initial Exchange Offerings) launched by Binance.
Characteristics of Binance Coin [BNB]
- It’s a BEP2 token
- The use of BNB in Binance has more and more applications so its value increases
- Thanks to BNB, the user enjoys discounts on their transactions
- It is negotiable all over the world
- BNB is burned every quarter, which can affect its value
- Binance uses BNB to make donations in its Lunch for Children program
Where to buy BNB?
Although BNB is a Binance token, due to the interest it has aroused, other exchanges have included it in its trading pairs, such as:
- Among others
How to buy Binance’s currency [BNB]?
If you are interested in acquiring this token, the first thing to do is select the exchange in which you want to do it. To know which platforms BNB is available to, you can use pages such as coinmarketcap, where the exchanges have been added to be cryptocurrency and what trading pairs are available.
Once you have selected the exchange and the pair you want to use, you must transfer the funds to the exchange’s wallet.
Once the transaction has been completed and verified, your funds will be in the exchange and you can make the exchange.
The best way to negotiate in any cryptocurrency is to compare the rates in all available exchanges. This will allow you to trade with the best possible rates.