Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, which is one of the largest and most popular cryptocurrency exchanges in the world. Binance Coin was originally an ERC-20 token built on the Ethereum blockchain, but in 2019 Binance launched its own blockchain, Binance Chain, and migrated BNB to that blockchain. The total supply of Binance Coin is capped at around 180 million coins.
Benefits of Binance Coin:
- Binance Coin can be used to pay for transaction fees on the Binance exchange, and doing so provides a discount on those fees.
- Binance Coin can also be traded on Binance and other cryptocurrency exchanges.
- Binance Coin holders can participate in token buybacks and burn events, where Binance uses its profits to buy back and “burn” (remove from circulation) BNB, which can increase the value of remaining BNB.
How does it work?
Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, which is one of the largest and most popular cryptocurrency exchanges in the world. Binance Coin was originally an ERC-20 token built on the Ethereum blockchain, but in 2019 Binance launched its own blockchain, Binance Chain, and migrated BNB to that blockchain. The total supply of Binance Coin is capped at around 180 million coins.
BNB can be used for several purposes on the Binance platform:
- Transactions Fees: When you use BNB to pay for transaction fees on the Binance exchange, you receive a discount on those fees. The discount starts at 25% and decreases over time.
- Trading Pairs: Binance Coin can also be traded for other cryptocurrencies on the Binance exchange, and it is also available on other popular cryptocurrency exchanges.
- Launchpad: Binance Coin holders can participate in token sales on the Binance Launchpad, which is a platform that helps projects raise funds through initial coin offerings (ICOs).
- Staking: Binance Coin can also be staked on the Binance exchange. This means that you can deposit BNB into your Binance account and then “stake” it to receive a return on your investment. By staking Binance Coin, you can earn additional BNB through the platform’s staking program.
- Token buybacks and burn events: Binance uses its profits to buy back and “burn” (remove from circulation) BNB, which can increase the value of remaining BNB.
By understanding how Binance Coin works and its various use cases, you can make the most of your BNB holdings and potentially increase your returns on the Binance platform.
How to stake Binance Coin?
Binance Coin can be staked on the Binance exchange. This means that you can deposit BNB into your Binance account and then “stake” it to receive a return on your investment. By staking Binance Coin, you can earn additional BNB through the platform’s staking program
On which platforms Binance Coin available?
Binance Coin is available on Binance and other popular cryptocurrency exchanges like Huobi Global, OKEx, Bitfinex, and more. It can also be stored in a wallet that supports Binance Coin, such as Ledger, Trezor, and Trust Wallet.