What is BNB digital currency?
BNB is a Binance native cryptocurrency created on the Ethereum blockchain using the ERC20 standard. Binance has issued a maximum of 200 million BNB. In July 2017, the coin was launched, via an initial coin offering (ICO) which placed 20 million BNB to angel investors, 80 million to project contributors, and the remaining 100 million to several individuals who participated in the 'ICO. The funds raised from the sale of BNB were used to develop the Binance platform. Additionally, a percentage of the investment was spent on adding necessary upgrades to the Binance cryptocurrency trading platform.
What was the reason that led to the invention of BNB?
The digital currency BNB was created to create a sustainable ecosystem on the Binance platform. The currency can be used for a variety of purposes, including paying listing fees, exchange fees, trading fees, or any other fees the user may incur on the platform. In the first year, Binance offered a 50% trade discount, which would halve each year, with the discount ending in the fifth year. The coin can also be used for IEO investments listed in the Launchpad section of Binance.
What is the BNB digital currency project?
Binance Coin, or BNB, is a native digital currency of the Binance cryptocurrency trading platform that was created on the Ethereum blockchain using the ERC20 standard. Binance has issued a maximum of 200 million BNB. The coin was launched in July 2017, through an initial coin offering (ICO) that placed 20 million BNB to angel investors, 80 million to project contributors, and the remaining 100 million to several individuals who participated in the ICO. The funds raised from the sale of BNB were used for the development, branding and marketing of the Binance platform. A percentage of the investment was also spent on adding necessary upgrades to the Binance cryptocurrency trading platform.
Why was BNB invented?
BNB was created to enable the Binance cryptocurrency platform to improve its operations to create a sustainable ecosystem. The currency can be used for a variety of purposes, including paying listing fees, exchange fees, trading fees, or any other fees the user may incur on the platform. In the first year, Binance offered a 50% trader discount, which will halve each coming year, with the discount ending in the fifth year. The coin can also be used for IEO investments listed in the Launchpad section of Binance. These new coins will then be listed on the Binance cryptocurrency trading platform, providing them with a comprehensive marketplace to trade.
How does Binance do business?
BNB is built on the Ethereum blockchain based on the ERC20 standard and can store and retain value. The digital currency BNB cannot be mined because it was previously mined and distributed via an ICO. The main essence of BNB is to support cryptocurrency exchanges and enable the Binance ecosystem to grow further. The BNB digital currency can be used for trade discounts and in many stores, hotels and markets that accept BNB payments. Binance stands out from most other platforms with significant financial and strategic support, which can preserve the value of BNB for years to come. This means that the landscape of dominant altcoins could change in the coming years.
BNB was created primarily for internal exchange use and cryptocurrencies are already mined.
What are the benefits of using Binance Coin?
1. Fast Transactions:
If you are a BNB user trading on Binance, you will have access to the platform's matching engine which can support up to 1.4 million orders per second. You can always find the exchange you want, and using BNB makes it faster and more reliable.
2. Security:
Many cryptocurrency users and traders rely on the platform and trust Binance's security and protection features. Binance uses a multi-block, multi-tier system framework and the Secure Asset Fund for Users (SAFU) to protect funds.
3. Discount on trading operations:
BNB offers a 50% discount on trading fees, as we mentioned earlier.
4. Participation in ICO/IEO:
Binance Launchpad is also hosting new token sales where private BNB can be used to purchase a stake in a new coin that will be traded on the platform. Wallets supporting Binance Coin: If you want to store your BNB cryptocurrencies securely, you can use hardware or software wallets. The official wallet for storing BNB coins is Trust Wallet.
You can store BNB on: Metal Vault, Enjin Wallet, Trezor Wallet, Ledger Wallet, Jaxx, CoolWallet S, BRD, Gifto, Request Wallet, Ethos Universal Wallet, WinQ, Atomic Wallet, Clay, Coinomi, Blox.io Wallet...
Finally, it is worth noting that the future of Binance is very bright. It has super fast exchange speed. The technology behind Binance powers over 30 exchanges in Asia. The executives and people who run this company are very knowledgeable and have experience in finance. The future prospects of this cryptocurrency therefore look very good for investment.
