What is Binance Coin (BNB)?
Binance Coin (BNB) is the token coin of 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.
Binance Coin (BNB): History
Changpeng Zhao (founder of BijieTech and OKChain), Yi He and Da Hongfei is the head of Binance. The company has a close working relationship with NEO cryptocurrency organization.
Binance Coin went live in an ICO (Initial Coin Offering) in 2017 mid-July.
Total 200 million Binance Coins will be created out of which only 100 million coins will remain in circulation after the buyback and destruction of coins. The first quarter profit of Binance was about 7.5MM USD.
Recently, the CEO of Binance, Changpeng Zhao made some announcement concerning the buyback and burning of 986,000 BNB, which is over USD 1.5MM at current market value. This amount is equal to the 20 percent first-quarter profit of Binance.
How does Binance Coin (BNB) work?
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. You trade coin A for B, and the fee would be 1$, or You buy 1$ worth of BNB, then purchase coin A for B and use BNB for paying your fee. This indicates that you only use half of your bought BNB amount.
How to buy Binance Coin (BNB)?
First, the user needs to have Bitcoin or Ethernet. Then have to go to binance.com, deposit Ethereum or Bitcoin to your wallet, then there will be an exchange button at the top left. Choose if you would like to exchange BNB/BTC or BNB/ETH, then buy all the binance you want.