Binance Coin is the cryptocurrency for the Binance cryptocurrency exchange platform. The coin was developed by the founder of Binance, Changpen Zhao, as a decentralised digital asset to power the ecosystem of the exchange. Binance is now the largest cryptocurrency exchange, and its native coin has a market capitalization of $4.26 billion.
This article will look at everything you should know about Binance Coin and its future in the cryptocurrency market. Once you have read the article, you should understand what BNB is and how you can start using it.
What is Binance Coin and how does it work
Binance Coin is the official cryptocurrency of the Binance exchange. It is a ERC20 token built on the Ethereum blockchain and was initially launched as an ICO in July 2017. The total supply of BNB is capped at 200 million and as of January 2021, there are 116,552,156 BNB in circulation.
Binance Coin is used to pay for fees on the Binance exchange, including trading fees, listing fees, and withdrawal fees. BNB can also be used to purchase goods and services on the Binance platform.
The features of Binance and its benefits
Binance Launchpad is a token launch platform that helps blockchain projects raise funds and increase exposure. Projects that have launched on Binance Launchpad include BakeryToken, Fetch.AI, and Celer Network.
Binance Savings is a feature that allows users to earn interest on their cryptocurrencies. Currently, Binance offers up to 7% interest on BTC, ETH, XRP, BCH, LTC, and EOS.
Binance DEX is a decentralised exchange that allows users to trade cryptocurrencies without having to hand over their private keys to a centralised exchange.
how to buy binance coin
If you want to buy Binance Coin, you will first need to set up a Binance account. Once you have done this, you can deposit funds into your account and use them to purchase BNB. You can also buy BNB with other cryptocurrencies such as BTC, ETH, and XRP.
If you want to store Binance Coin, you will need to use a cryptocurrency wallet. Binance offers its own wallet, called Trust Wallet, which can be used to store BNB. Trust Wallet is a secure, open-source mobile wallet that supports a variety of different cryptocurrencies. Trust Wallet also has a desktop version that can be used on Mac and Windows.
Is Binance Coin worth the investment
Binance Coin has shown significant growth since it was first launched in 2017. The price of BNB has increased from $0.1 to over $30 and its market capitalisation has grown to over $4 billion.
The continued success of the Binance exchange is likely to see the price of BNB continue to rise. Binance is the largest cryptocurrency exchange and its native coin has a number of uses, which makes it a good investment.
What is the future of Binance Coin
The future of Binance Coin looks very bright. The Binance exchange is the largest cryptocurrency exchange in the world and continues to grow at an exponential rate. As the use of Binance increases, so will the demand for BNB.
Binance is also consistently adding new features and expanding its ecosystem. With the launch of Binance DEX and Binance Savings, the platform is becoming more than just an exchange. It is becoming a one-stop shop for all your cryptocurrency needs.