Binance Coin

Use Binance Coin: Ways to buy, sell, send & spend BNB

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What is Binance Coin

Binance Coin (sym. BNB) is the native currency of the Binance cryptocurrency exchange. The coin can be used for multiple purposes including exchange fees, listing fees, withdrawal fees and any other fees on the exchange.

History of Binance Coin

Binance is headed by Changpeng Zhao (founder of BijieTech and OKChain), Yi He and Da Hongfei. The company has a close working relationship with NEO cryptocurrency organisation.
Binance Coin went live in an ICO (Initial Coin Offering) in 2017.
Total 200 million Binance Coins will be created out of which only 100 million coins will remain in circulation after the buy back and destruction of coins.

How Binance Coin Works

Binance coin can be purchased against popular cryptocurrencies like Bitcoin, Ethereum and a few more.
Once Binance coin is purchased, it can be used on the Binance cryptocurrency exchange for multiple purposes like exchange fees, listing fees and withdrawal fees.
Once the Binance Coin is in the Binance account of the user, during every transaction, the user gets the option to use Binance Coin to pay the fees. He needs to tick it and he is done.

Why Binance

Binance is one of the largest cryptocurrency exchange in China and owning Binance coin can facilitate the transactions on the Binance exchange.

  • Enjoy Huge Discount: When users choose to pay the various fees in Binance exchange via Binance Coins, they receive a high discount. The yearly discount will be 50%, 25%, 12.5% and 6.75%, starting from the first year.
  • Future of DEX Binance: Binance plans to go fully decentralised and Binance Coins will be the ‘gas’ of the network. This will make the Binance Coins extremely valuable.
  • Ethereum Assurance: Binance Coins will run natively on the Ethereum blockchain which will give the coins the solidity, security and advanced features of Ethereum, including Smart Contracts.
  • Repurchasing Plans: Binance will use 20% of their quarterly profit to buy back issued Binance Coins. They will buy back and destroy a total of 100 million Binance Coins. With such a regular demand, Binance Coin’s price will soar.
  • Easy Convertibility: Users can easily exchange their Binance Coins for more popular cryptocurrencies like Bitcoin, Ethereum or Dash and others.

Talk About Binance Coin

2 Comments

  1. 7carisfast 7carisfast on January 12, 2018 at 6:43 pm

    As I understand, any coin represents the value of the company, similar to stocks in the stock markets. Shares X Price = Market Cap. Coins x price = Market Cap. Therefore in addition to using these coins for tradings costs, these coins value the worth of Bitfinance, which can be compared to the E-Trades or Fidelity’s of the world. Is this correct?

    • Cyrus McNally Cyrus McNally on January 13, 2018 at 7:20 am

      Hi there,

      Most coins aren’t backed by any sort of company and are “decentralized,” meaning control of the coin is dictated by a group of users rather than a board of executives. While a coin’s market capitalization (market cap) can be calculated using a similar formula as a stock’s market cap (market cap = # coins x coin price), it is not an absolute indicator a coin’s value. Much like with stocks, the price of coins can be manipulated to make something seem more or less valuable than it actually is.

      What’s interesting about Binance Coin is that it is backed by a company and indeed acts more like a “share” than say, bitcoin, for example. And since Binance Coin can be used to perform trades on binance.com and has other functions related to Binance, its arguable that the market cap of Binance Coin is somewhat tied to the company’s overall success. However, since Binance Coin is a cryptocurrency, it isn’t regulated by the same rules that govern the trading and issue of stocks, so it is important to be aware of this distinction.

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