People are becoming more familiar with the digital currency and Blockchain industry as time passes by. The initial insecurity and fear towards the industry are also gradually decreasing, and people are investing more in crypto, especially the youth between18 and 30. These youngsters are quite fascinated by the various cryptocurrencies, and their uses and functions.
Several crypto exchanges exist in the market and deal with various cryptocurrencies. Currently, Binance is the biggest crypto exchange in the market and its cryptocurrency is called the Binance Coin.
What is a Binance Coin?
Binance Coin was issued in July 2017, by the Binance exchange which is the largest crypto exchange in the world. BNB is how the Binance coin is symbolized and initially,it used to run on the Ethereum network. However, now it is based on the Binance chain where it is a native cryptocurrency and the Binance chainis the Binance exchange’s blockchain.
This cryptocurrency was created as a utility token for trading fees (discounted). Though, now it is being used for various applications like payment for travel bookings, entertainment, financial services, charity services, and other online services.
It has a maximum of 200 million tokens, of which 10% are offered to angel investors, 40% to the founding team, and 50 % to others who participate through the ICO process where half of the total coin, that is 100 million coins were issued. Half of the total funds collected from the ICO process are used for Binance marketing and branding, and one-third of the remaining amount is used to upgrade the Binance ecosystem.
Use of Binance Coin:
Following are the uses of Binance Coin:
- You can pay for transactions on Binance DEX, Binance Chain, and Binance.com using Binance Coin.
- You can use it to make payments on Monetha, HTC, and Crypto.com for entertainment purposes like virtual gifts, lotteries, and card packs.
- You can also pay it for travel bookings from Trip.io, Travala.com, and Travelbybit.
- You can use it to pay for online services like Canva, BitTorrent, and Storm. Also, you can use it for financial reasons. For example, taking a loan from ETHLend or investing at Moeda.
- You can use it to invest in ICOs listed under Binance’s Launchpad program.
To know more about Binance and other cryptocurrencies you can visit BWCEvent.com.
The BNB market is aplace like a crypto exchange where BNBs can be bought and sold. Most of the BNB transactions are from this market. Apart from this, you can always purchase and sell BNB on the official Binance site and other trusted crypto platforms. You can hold it in digital wallets in crypto exchanges.
Binance Coin, just like any other cryptocurrency, is volatile and its value keeps fluctuating.From the past price fluctuations, BNB is a safer crypto investment option as compared to other cryptocurrencies.
Binance has also decided to reopen in the UK and Malaysia and establish more offices around the world.It also faced some issues in the US, but resolved them soon after and even launched a crypto platform for US citizens, called Binance.
BNB burning means destroying BNB coin. Initially, in the ICO, 100 million BNBs were issued. However, the current supply is lower because every quarter, Binance repurchases Binance coins using one-fifth of its profits and burns (permanently destroys) them off. This will continue until Binance succeeds in burning at least half the Binance coins initially issued.
Binance performs these burning events regularly. The 15th quarterly BNB Burn done on April 15, 2021, was the largest in terms of U.S. dollars, where BNB tokens worth USD 595,314,380 were burned. This ensures the rarity of Binance coins, making them scarce and more valuable.
Binance has come a long way since its launch and ranks only behind Bitcoin, Ethereum, Tether, and USD Coin with a market cap of 37 billion USD. Moreover, Binance Coin has gained support from various partnerships, including one with Uplive which is Asia’s high-end live-video streaming platform. Uplive offers virtual gifts in exchange for BNB tokens to its users. Apart from this, many mobile apps, pioneering payments and cryptocurrency platforms, and the VISA debit card of Monaco support Binance Coin. These have helped Binance spread its usage and influence. However, using the coin and investing in it is a complex process. So, expert help must be taken to avail complete information about the concept of Binance Coin in general.