Looking beyond the Bitcoin: Binance Coin [BNB] || Course by @yohan2on

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What is Binance coin [BNB]

Ever since Binance launched the Binance coin (BNB) in July 2017, it has held a lot of functionality and the price has been on the rise continually. It is the main coin for Binance exchange and was used initially to pay for transaction fees amongst its numerous used cases and currently it has more use cases. Binance was founded by Changpeng Zhao as a centralized exchange but it has since grown to become an ecosystem with several platforms including decentralized exchanges, wallets, academy, and so on.

Use Cases and Benefits of Binance Coin

Several altcoins have different purposes, and most times, the price of an altcoin is determined by its use cases and utility. Binance coin has a lot of use cases thanks to the Binance ecosystem.

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Quick and fast transaction

When transferring funds, using BNB is very fast and easy making it possible to perform a transaction at the quickest of time.

Staking and Investing

Part of the Binance ecosystem is the Binance Launchpad and Binance Staking that allows users to Stake BNB and earn other tokens as dividend for their investments and staking.

Native coin for Token Listing on Binance Exchange

Part of the inevitable use case of BNB is in listing of coins on Binance exchange as well as a requirement for creating a token on Binance Smart Chain.

Trading discount

While trading on Binance exchange, paying for trade with BNB allows up to 50% discount which is 1/2 of the entire trading fee expected to be paid.

Payment Processing

With BNB, users can pay for goods and services at merchants and businesses that accepts BNB worldwide. It can be used for bookings such as hoteland so on.

Wallets that can be used to store BNB

BNB can be stored in Hardware wallets such as Trezor, and Ledger, as well as software wallets like Math wallet, safepal, and Trust wallet. It can also be stored in extension wallets such as the Binance Chain Wallet.

BNB Tokenomics

At launch, BNB was launched on the Ethereum blockchain as an ERC-20 token. 200 million BNB were created, 100 million were sold in coin offering and the remaining 100 million was kept for team members, and logistics. BNB was later swapped to the BEP-2, the Binance blockchain, at a ratio of 1:1. BNB has a total circulating supply of 154,532,785 BNB and it is currently sold at $546.02 giving a market capitalization of $84,354,789,248. Currently, BNB can be sent on three chains, Binance chain (BEP-2), Binance Smart Chain (BEP-20) and on Ethereum blockchain (ERC-20).

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