What is BNB?
What is BNB, and why should it be in your wallet?
BNB is the digital currency of the famous Binance exchange, which we will explain in full in this article.
The emergence of certain types of AltsCoins in the market raises many questions. In particular, users are interested in the Binance digital currency, or BNB symbol, which has been on the market for the past few years and is very favored on social media and social media sites, which significantly raises its price. And so far, the cost or expense of BNB is about to reach $ 40, and it may be worth more in the coming years because the currency is the largest Binance cryptocurrency and every holder of this currency or BNB cryptocurrency has many benefits.
So what is BNB or Binance Coin?
Today we will talk about Binance digital currency, one of the strongest BNB cryptocurrencies. This currency is among the top ten cryptocurrencies by Coinmarketcap (rankings change, so see the origin every time I read this). Although many cryptocurrency trading platforms have started issuing tokens since the Binance platform, no one has been able to replicate the success of Coin Binance.
The BNB is one of the most exciting and unique cryptocurrencies currently available. And many leading cryptographers believe that it’s a positive future given the continued success of the Binance platform.
But this cryptocurrency could not be the BNB, nor could the Binance exchange itself exist if the founders did not have the power to overcome many of the problems of the cryptocurrency market when their system emerged.
Imagine for a second you were transposed into the karmic-driven world of Earl. Many will not tolerate it and may one day regret it.
But Chinese IT expert Changpeng Zhao did not give up and panicked after falling into such a situation but continued his dream of performing it, which we now see in the first asset trading platform. The encrypted digital world.
When a bankrupt Chinese man became interested in cryptocurrency in 2014, he immediately realized that cryptocurrency gold made him a millionaire.
He then sold his house and exchanged his money for BTC, which was about $ 600 in circulation at the time. At the end of the year, the price of Bitcoin dropped to $ 350, and at the end of January 2015, it dropped to $ 215 overall.
These disasters are a disaster for a poor Chinese investor. But Changpeng Zhao kept his hopes on Bitcoin and did not get rid of it and did not complain.
The Chinese are now getting rich and appearing in Forbes, the largest trading magazine, and now have the most extensive collection of cryptocurrencies worth billions of dollars.
Binance is a decentralized BNB cryptocurrency worth between $ 30 and $ 40 and can be traded with any other currency ETH, BTC, XRP, USDT, USD, EURO.
So the word Binance was starting to become the most popular search term on Google and other search engines.
In general, Binance is a complete crypto empire and the currency market and spot trading between cryptocurrencies and traditional currencies and many other services that do not count.
Let’s take a closer look at the origins of BNB ciphers and find that:
- What is it for?
- Why should it be included in your business?
- Why do you need Binance if your trading platform?
Digital Currency for Exchange and Trading in Encrypted Currency Exchange, BNB. This is one of the assets that everyone can use in the cryptocurrency trading platform Pinas because it is a currency that does not depend on mining, cloud, or private digital. And purchases on many other venues. Do. When you have a Binance Coin, you can rely on a discount when making any transaction, withdrawal, or deposit through the Binance platform. And for prominent players in the trading market, these savings and discounts make a massive difference in transaction costs. Slowly
Coin BNB, Binance Futures, Binance Futures, and other innovative services will not be attractive to large traders who can save extra costs by paying a certain amount of BNB tokens on their balance sheet for trading and exchange. Was.
Binance virtual currency holders can earn money by storing assets. Trading directly with the other party in the P2P platform and simply providing a commission.
Cryptocurrency users and traders who trade cryptocurrencies now know a great deal about the popular Binance trading platform. It is also known that the Binance platform is the first exchange of cryptocurrencies and cryptocurrencies in the world and has its own BNB currency. And it is the platform that determines the price of cryptocurrencies and provides essential data about cryptocurrencies in the currency market. Encryption and cryptography are involved.
History of BNB Coin
Coin Initial Offer (ICO), which translates as “Coin Initial Offer,” is a popular form of investing in the world of cryptocurrencies at the beginning of a project.
During the ICO, holders of regular cryptocurrencies can transfer their money (often Bitcoin or Ethereum) to a team setting up a startup, which provides the company with cryptocurrencies that Cryptocurrencies will use later in the executive project.
The advantage of the ICO is that it allows you to raise capital to start a project. But you can also increase future product potential customers. In accumulation, the successful completion of the ICO and the subsequent release of the project is excellent publicity and a good way to get the cryptocurrency community.
As was the case for Binance, where Binance launched its initial Coin BNB project in July 2017, the company raised $ 15 million. The result was the release of its cryptocurrency platform. Binance Coin, or BNB, was distributed among ICO participants and other investors.
Technically, Binance Coin was created as the ERC20 token in the Ethereum blockchain. A total of 200,000,000 BNB was released. Almost half of these coins have now been burned and destroyed to increase the value of money. Especially after the release of the Binance private blockchain, through which the Binance Coin was transferred.
How and what does it mean to burn cryptocurrency?
Coin burning is the process of permanently removing coins from circulation, which decreases overall supply. To illustrate how this is achieved and how cryptocurrencies work, we will use the BNB (which was based on the ERC-20 protocol) as an example. Previous BNB nodes can be found via the following link on the Ethereum network: https://etherscan.io/address/0xb8c77482e45f1f44de1745f52c74426c631bdd52# Code.
While BNB was still part of the Ethereum network, Binance periodically performed BNB Coin burning events using an intelligent contract function. That is known as a copy function. BNB coins were burned every three months, eradicating the value of 100,000,000 BNB, which is 50% of the total BNB issued at the initial launch of the BNB (20,000,000 BNB).
However, the amount of BNB Coins to burn depends on the number of trades traded over three months. So after every three months, Binance Coins burns BNBs based on their total trading volume. This provides the value of the currency in the cryptocurrency market, which makes it the tenth-largest money in the market in terms of market value. Rankings You may check the Coinmarketcap to ensure that it is ranked correctly.
Original BNB digital currency
The BNB currency code is the main currency Blockchain Binance, a simple peer-to-peer system with high throughput and scalability. Binance uses the Byzantine Consensus Mechanism (BFT) to defend its blockchain. They are also known as Byzantine fault tolerance.
The task of the Byzantine generals was re-invented in the last millennium as a logical dilemma, concluding that if the invaders seized more than 33% of the nodes of a given system, it would be doomed to failure. Thanks to BFT, BNB can solve this problem successfully with aggressor attacks.
The network has a small set of functions, but trades are made almost instantly, blocks are generated in less than a second. And it can handle the most significant number of transactions. Binance Chain does not support smart contracts, and this option has been offered to expand performance but allows third-party blockchain projects to be published on Binance Launchpad.
This means that the Binance ecosystem is actually a competitor to Ethereum, and some projects have already turned to it. For example, the Aeron Ecosystem (ARN), the Enjin gaming platform with the ENJ code, the RAVEN PROTOCOL neural network training protocol. The GTEX gaming platform and the CanYa Autonomous Decentralized Network (CAN). Of course, this immediately guarantees their listing in Binance Exchange.
What are the details of Coin Binance?
Binance Coin is an encrypted currency published by Binance Exchange and traded under BNB. Coin Binance is now working on its Binance Chain after nearly two years in the ERC_20 standard Ethereum blockchain with a limit of BNB 200 million. There are currently only 100 million digital currencies in circulation in the world.
- BNB provides the Binance ecosystem, and Coin is the core of the Binance chain.
- Coin BNB has several uses and circulation in other operating systems such as Huobi, KuCoin, and other global operating procedures.
- You can use it to pay trading transactions on Binance Exchange
- You can use BNB to participate in token sales hosted on Binance Launchpad
- More sellers will accept BNB as the payment method
- BNB is also used in the Binance DEX (Binance Decentralized Edition).
What is the use of BNB?
We mentioned earlier that BNB has several uses. For example, you can use BNB to pay for travel and buy virtual gifts, digitally encrypted assets. And other alternative cryptocurrencies such as Litecoin, Bitcoin, and many more.
BNB Quinn can be sold as BNB / USD.
Let’s look at how BNB can help you with transaction costs and always get discounts on operating systems that accept BNB.
When trading or investing in a stock exchange, each transaction incurs a standard cost of 0.1% (transaction costs are determined by the volume of monthly transactions and your BNB assets). You can either pay the transaction costs with the assets you trade or pay them with the BNB. If you choose to pay at BNB, you will receive a special discount on your transaction costs.
So, if you have a lot of business with Binance, you should buy more BNB and use it to pay for yourself.
Keep in mind that transaction fee discounts follow a specific schedule. So be sure to review the current trading fee schedule on the operating system. This point should also note that Platform Binance Futures follows a slightly different cost plan.
Where to buy Binance digital currency?
The development speed of the Binance encryption platform is impressive. This project is occupying more and more new areas in the digital market. Therefore, many investors became interested in Binance coins.
It is better to buy this digital asset from a reputable exchange, but there are many options. You can buy this Coin because it is the currency of other operating systems. Traders can purchase the BNB through several related options versus Tether against the stable BUSD currency and Bitcoin effect. You can find the list of cryptocurrencies against BNB via the opposite link: BNB Market.
Binance has recently issued access to Binance Bank Card. A Binance card does everything that a regular payment card does, with many other benefits. This card is like a traditional bank card issued by your bank. In this case, your account is in your Binance operating system.
You can quickly recharge your card using the Binance Card app using Bitcoin or BNB. And you can use it to pay with it, but with it. And withdraw money through ATMs anywhere in the world.
Coin Binance can be traded through a digital bank account. Such as the FDIC or Genesis Block, or the CoinFlip ATM. As well as from your bank account with regular bank transfers in US dollars.
