1. What is Binance Coin (BNB)?
Binance Coin (BNB) comes from the Binance exchange and is derived from the native token of Binance Chian and Binance Smart Chain.
Binance Coin held its Initial Coin Offering (ICO) from June 26 to July 3, 2017 and was officially listed for trading on the Binance Exchange 11 days later. The issuance price was 1 Ethereum (ETH) equal to 2,700 Binance Coin (BNB), 1 Bitcoin (BTC) equals 20,000 Binance Coin.
Although Binance Coin is issued through ICO, investors in Binance Coin do not necessarily invest in the Binance exchange at the same time. Binance Coin is not only a cryptocurrency, but also plays an important role in the development of the entire Binance ecosystem. Role.
2. What is the purpose of creating Binance Coin (BNB)?
The main purpose of Binance Coin is to be a utility token with a wide range of uses in the Binance ecosystem. In addition to being used to pay handling fees, listing fees and other fees on the Binance exchange, it can also be used in special stores Use Binance Coin to pay for goods and services.
3. What are the main uses and advantages of Binance Coin (BNB)?
1. Binance Coin can be used to pay transaction fees on Binance Exchange, Binance DEX (decentralized exchange) transaction fees, Binance Chain and Binance Smart Chain, because Binance Coin For payments, users have discounts on transaction fees.
2. Pay to purchase goods and services online and in physical stores (for example, using Binance Card or Binance Pay), or book hotels and flights, purchase goods, etc. on Travala.com.
3. Community utility tokens used in the Binance Smart Chain ecosystem (such as games and DApps), or participate in token auctions held by Binance Launchpad.
4. Donate to Binance Charity using Binance Coin.
5. Provide liquidity for Binance Liquid Swap.
4. Binance Coin (BNB) has a destruction mechanism to maintain the stability of money supply
Binance Coin uses an automatic burning system that can reduce the total supply to 100 million. Binance Coin’s automatic burning mechanism is based on the price of Binance Coin and the number of blocks produced on the Binance Coin Smart Chain (BSC) during the quarter. to adjust the number of Binance Coins to be burned, which provides transparency and predictability to the Binance Coin community.
In eligible cases, Binance Coin losses can also be reimbursed through the Binance Coin Pioneer Burn Program, which will count users’ lost tokens in the official burn count and compensate users with Binance Coin.
Binance Coin also has an instant destruction mechanism based on gas fees. Each block will destroy a fixed proportion of gas fees, but this ratio will be determined by BSC validators.
5. How to invest in Binance Coin (BNB)?
Most Binance Coin transactions are conducted on the secondary market. Investors can buy and sell Binance Coin on the Binance Exchange or other cryptocurrency exchanges, or hold them directly through Contracts for Difference (CFD). Using Binance Coin, you can also easily invest in Binance Coin and earn the price difference.
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