Use Binance Coin: Ways to buy, sell, send & spend BNB
Binance Coin Price
Current BNB price & historical price chart
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.
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.