How to Buy BNB
What is BNB
BNB is the native token of BNB Chain (former Binance Smart Chain and Binance Chain). First minted in July 2017 on Ethereum, BNB is a utility token that allows holders to pay discounted fees for trading on Binance’s exchange. BNB does not, however, provide users with a share of Binance’s profits, represent an investment in Binance, or provide any compensation.
All transactions on BNB Smart Chain and BNB Beacon Chain are payable in either BEP-20 or BEP-2 BNB. The coin has a limited supply of 200 million, and Binance conducts BNB auto-burn as a deflationary measure. The burning events will occur until the total supply is reduced to 100 million.
Apart from trading fee discounts and enabling transactions, BNB can be used for travel expenses and is spendable on products and services using the Binance Visa card. Holders can also donate BNB to charity via the Binance Charity Foundation (BCF) project.