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Binance Coin (BNB)

Binance Coin
Photo by Executium on Unsplash

What is Binance?

Binance is the Cayman Islands domiciled crypto exchange platform. That was founded in 2017 to provide a trading platform for different currencies. Changpeng Zhao (CZ) can found the Binance trading platform.  It starts with a very small volume. But, now it has become the largest cryptocurrency exchange platform in the world. Because of the terms of the trading volume.

What is Binance Coin (BNB)?

Binance can launch a new Binance Coin (BNB) cryptocurrency in July 2017. That is issued by Binance with the BNB symbol. That’s why Binance provides many features to its currency. That charges you less fee on the transaction of Binance Coin (BNB). It aims to create decentralized exchanges (DEX). Where Binance coin will have functioned as underlying tokens. Binance Coin (BNB) crypto is built on the Ethereum blockchain. The idea of creating a Binance Coin (BNB) is to provide a new paradigm in global finance. 

When the Binance trading platform becomes the most popular trading site. It can launch an ecosystem of functionalities for its users. This system includes the Binance chain, Academy, Trusted Wallet, and research projects.  Binance Coin (BNB) has 200 million BNB tokens. That can make them one of the top crypto networks. The ecosystem of Binance can do 1.4 million transactions per second. So, it can become the largest cryptocurrency exchange in April 2021. Not only Binance Coin (BNB) can be exchanged with the help of the Binance trading platform. Binance can also allow you to exchange Bitcoin, Ethereum, Litecoin, and many more.

Price of Binance Coin (BNB)

Today, Binance Coin’s (BNB) live price is USD 297.28. The 24-hour trading volume of Binance Coin (BNB) is USD 2,765,515,602. The price of Binance Coin (BNB) is down 9.61% in the last 24 hours. The current market cap covered by Litecoin (LTC) is 14. The live price of Binance Coin’s (BNB) market cap is USD 45,612,319,688.

Key Points of Binance Coin (BNB)

  • Binance Coin (BNB) is issued by the Binance trading platform with a BNB symbol.
  • At the start of the Binance Coin (BNB) cryptocurrency. It is based on the Ethereum network. But now Binance Coin (BNB) uses Binance blockchain for trading. 
  • Binance can charge only one-fifth amount of the profit on purchase, destroy, or burn Binance Coin (BNB).
  • Binance Coin (BNB) is created as the utility token. To provide a large amount of discount for Binance users. When the number of applications that use Binance Coin (BNB) increased. It can launch many new features in Binance Coin (BNB).
  • At the time of writing, Binance has 88,276,993,118 dollars market cap. 

The goal of Binance Coin (BNB)

Binance Coin (BNB) is created as the utility token. That can allow their users to pay for trading fees at the discount rate on Binance Exchanges. Binance Coin (BNB) discount transaction is offered by the Binance trading site.  Binance Coin (BNB) can grow the Binance global ecosystem.  The Binance Coin (BNB) has increasingly developed its functions and use cases. After some time, it becomes the most used utility token in the blockchain space. You can use Binance Coin (BNB) to pay for travel, flight, and hotel booking,

Uses of Binance Coin (BNB)

As you can see the different uses of cryptocurrencies in the world. Similarly, Binance Coin (BNB) has many uses. You can use it for different purposes at different locations. For your help, I explained some major uses of Binance Coin (BNB).

  1. Trading
  2. Transaction Fees on the Binance Exchange
  3. Credit Card Payments
  4. Payment Processing
  5. Booking Travel Arrangements
  6. Entertainment
  7. Investment
  8. Loans and Transfer

1. Trading

You can use Binance Coin (BNB) for other cryptocurrency trading. However, these exchanges depend on restrictions set by the exchange platform.

2. Transaction Fees on the Binance Exchange

You can use Binance Coin (BNB) for the transaction on the Binance exchange platform. If you pay a fee in the form of a Binance Coin (BNB). Binance can give you a discount on the transaction fee.

3. Credit Card Payments

the merchant you can use Crypto.com, and you can use Binance Coin (BNB) as payment for credit card bills.

4. Payment Processing

You can also use Binance Coin (BNB) for the payment of products. However, there are only limited merchants that can accept payment in Binance Coin (BNB).

5. Booking Travel Arrangements

Binance Coin (BNB) allows you to use it to book hotels and flights on different websites.

6. Entertainment

Binance Coin (BNB) is used for entertainment purposes. You can buy virtual gifts to buy lottery tickets. It can serve you several entertainment spaces.

7. Investment

As you can know many merchants accept Binance Coin (BNB) as payment. There are also some investors. Who can allow you to invest in the stock, ETFs, and other assets with Binance Coin (BNB)? 

8. Loans and Transfer

Binance Coin (BNB) allows you to collateral for loans on certain platforms.

Who are the Founders of Binance Coin (BNB)?

Changpeng Zhao is the CEO and founder of the Binance trading platform. Zhao joined ‘Bloomberg’ as the head of trade book futures development in 2001. He has worked with Bloomberg for 4 years. After that, he joined the fusion systems as a partner. In 2013, Zhao was actively involved in blockchain technology and cryptocurrency. He became the head of the development at blockchain. Then, he founded BijieTech in 2015. After that, he launched the Binance trading company. And becomes the CEO of Binance.

He Yi is a famous TV anchor and presenter in China. He started work with Zhao as the chief marketing officer and became a co-founder of Binance. In 2014, she was the co-founder of OKCoin. Now, OKCoin is the largest fiat-to-crypto exchange in Chain. In 2017, she created the largest crypto exchange globally which is called Binance.

How Many Binance Coin (BNB) Coins are there in Circulation?

Today, the total number of maximum Binance Coin (BNB) is 170,532,785 BNB. As of 2021, the 153,432,897 Binance Coin (BNB) circulates in the market.

Conclusion

I hope you will understand what is Binance Coin (BNB) cryptocurrency. I give you the latest price criteria. That can help you to know about Binance Coin’s (BNB) value in the market. I believe my article about Binance Coin (BNB) is helpful for you and easy to understand. If you have any questions about this Binance Coin (BNB) topic, please ask them in the comment section.

For more information about crypto trading check the Bitcoin Prime review.

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