The BNB (Binance Coin) is the native cryptocurrency of the Binance platform, which is one of the largest cryptocurrency trading platforms in the world.
1. What is BNB?
It is a digital currency launched in 2017 by the Binance platform.
Initially built on the Ethereum network (ERC-20), it later transitioned to its own Binance Chain, and now also operates on the BNB Smart Chain (BSC).
2. Uses of BNB:
On the Binance platform:
Trading fee discounts: When you use BNB to pay for trading fees on Binance, you receive a discount.
Subscription to new projects: via the Binance Launchpad.
Paying transaction fees within BSC.
Outside of Binance:
Paying for goods and services at certain stores and websites.
Using it in blockchain-based games and applications.
The possibility of investing in it like any other cryptocurrency.
3. BNB Smart Chain (BSC):
A blockchain network that supports smart contracts and decentralized applications (dApps).
It is considered a low-cost and faster alternative to the Ethereum network.
BNB is used as the primary currency to pay fees on this network.
4. Coin Burn:
Binance periodically "burns" (destroys) a portion of BNB coins.
The goal of the burn is to reduce the circulating supply of coins, which theoretically increases their value over time.
5. Market Capitalization:
BNB is considered one of the highest cryptocurrencies in terms of market capitalization, often ranking after Bitcoin and Ethereum.
