To buy cryptocurrency, you first need an account with a cryptocurrency exchange-a platform that facilitates crypto trades. If you decide to invest in Binance Coin, follow these steps to get started: 1. Exchanges that pair Binance Coin and Tether include: Some investors look for trading pairs, where a cryptocurrency token like Binance Coin is paired with a stablecoin like Tether. Even popular exchanges like Kraken and Gemini don’t offer BNB trading.Ĭryptocurrency exchanges that allow users to buy and sell BNB with either fiat currency or other cryptocurrencies include:īinance.US users also receive a 25% discount on trading costs when using BNB to pay fees. Where Can I Buy Binance Coin?ĭespite Binance’s popularity, Binance Coin is not available on all exchanges. It can also be used to trade for other cryptocurrencies, such as Bitcoin, Dogecoin or Litecoin. This strategy is designed to make the supply of BNB more exclusive and valuable.īinance Coin holders can use the tokens to receive discounts on Binance crypto exchange transaction fees. Every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins, removing them from circulation and permanently destroying them.īinance will continue this process every quarter until it destroys 100 million Binance Coins-approximately 50% of the supply. BNB was launched in 2017-initially on the Ethereum blockchain-with an initial coin offering, or ICO, of 100 million tokens at 15 cents per token.Ī unique feature of Binance Coin is coin burning. According to Binance, the cryptocurrency exchange is the largest in the world based on trading volume.īinance Coin is the cryptocurrency coin that powers the Binance ecosystem. Binance also states that about 9 in 10 of its employees receive a portion of their salaries in the BNB token.On 's Website What Is Binance Coin (BNB)?īinance has launched a decentralized crypto exchange, a peer-to-peer crypto trading platform and two parallel blockchains: Binance Smart Chain (BSC) and Binance Chain. The token is also being used as a payment method on platforms made by blockchain startups such as crypto point-of-sale solutions provider Pundi X, blockchain payments company, and CoinPayments, which acts as a crypto point of sale for millions of online vendors around the globe. Australian startup TravelbyBit, for example, has equipped more than 150 establishments, including Brisbane Airport, with the ability to pay for goods and services using cryptocurrencies including BNB. It can also be used on Uplive, Asia’s premier high-end live video platform.īNB has become more usable for goods and services in a growing number of brick and mortar establishments around the world. In 2017 Monaco, which offers a Visa-branded credit card that converts cryptocurrencies into fiat payments, announced its plans to support BNB. There have been several other real-world use cases for BNB since its launch. In its whitepaper, Binance has outlined plans to offer annually decreasing discounts on fees for BNB users until its fifth year of operation. For the first year, Binance offered a 50% discount on its exchange trading fees using the coin. The BNB token itself has multiple uses, essentially being the underlying gas that powers the Binance ecosystem. Every buy-back transaction conducted by Binance is announced via the blockchain for transparency. Binance has stated that it will use 20% of its profits from every quarter to buy back and burn BNB until the supply of the coin is 50% of the original amount (100 million BNB). The benefit is that it increases the value of the remaining coins left in circulation. Burning coins means taking them out of circulation and permanently destroying them. The token was established with a total supply of 200 million, and a key influence on BNB’s value is Binance’s strategy to buy back a percentage of the coins and ‘burn’ them. Holders of the BNB coin are referred to as Binancians.Īccording to Binance’s whitepaper, half the funds raised during the ICO were earmarked for branding and marketing, one-third were used to build the Binance platform and perform necessary upgrades to the Binance ecosystem, and 15% were kept in reserve for emergencies. During the ICO process, the company offered 10% of the total number of coins (BNB 20 million) to angel investors, 40% (BNB 80 million) to the founding team, and the remaining 50% (BNB 100 million) to other participants. In July 2017, Binance held an Initial Coin Offering (ICO) for BNB which helped it to raise $15 million. It is classified as a utility token and can be used on the Binance exchange. The coin runs natively on the Ethereum blockchain and follows the ERC20 technical token standard. Binance Coin (BNB) is a cryptocurrency issued by the popular trading platform Binance.
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