(BNB) What is it?
BNB,
which stands for Binance Coin,
is the native currency of the world-famous crypto exchange Binance.
It was created in 2017.
Initially, it was on the Ethereum blockchain,
but it was later migrated to Binance's own blockchain called Binance Chain.
Benefits and Uses of BNB:
1. Discount on Trading Fees:
If you pay fees with BNB on Binance,
you receive a significant discount on trading fees.
2. Transaction Fees (Gas Fees):
The fees for transactions on Binance Smart Chain (BSC)
are paid with BNB.
This chain is cheap and fast.
3. Use in DeFi and dApps:
BNB is used in various crypto applications and finance systems:
as a currency
or as collateral for loans.
4. Purchase of New Coins:
When new coins are launched on Binance,
they can be purchased using BNB.
This happens on the Binance Launchpad.
5. Burning BNB:
Binance burns a certain amount of BNB every three months,
always permanently removing it,
so that the supply of BNB decreases and its price increases.
BNB is the core coin of Binance.
It is used for saving fees, purchasing new coins, and in crypto applications.
If you use Binance, BNB can be very beneficial for you.
