What is Binance Coin (BNB)?

What is Binance Coin (BNB)?
Binance Coin (BNB) is a cryptocurrency issued by the Binance cryptocurrency exchange. Binance Coin (BNB) was issued as an ERC-20-based cryptocurrency, but later Binance established its own chain and switched to a BEP2-based infrastructure. Existing ERC20 tokens are burned to become BEP2 tokens.

Binance, which is one of the largest stock exchanges in the world with its volume, has shown a serious increase in the volume and value of the Binance Coin (BNB) cryptocurrency in proportion to the stock market volume.

What is Binance Coin (BNB) Price?
Binance Coin (BNB) was first released through an ICO (Initial Coin Offering) held on June 26 - July 3, 2017. A total of 100,000,000 BNB was released in the first release. When it was first offered, 1 BNB was worth around US$0.11 and is now worth much more in real money. If you want to follow the price instantly, you can check our BNB Price page.

It reached its highest value since its release in 2019 with $38.87. The current market volume is US$ 2,154,530,527. It is the 9th highest cryptocurrency by market capitalization.

How Does Binance Coin (BNB) Work?
There are a total of 155,536,713 BNB in the market. Binance exchange buys Binance Coin (BNB) with 20% of its annual profit and burns the BNB coins it buys. This transaction will continue with 100,000,000 BNB remaining in the market. With this transaction, the aim is to prevent inflation in the Binance Coin (BNB) market. With the latest whitepaper update, Binance changed the BNB receivables item with 20% of its profits to receivables with a portion of its profits.

With Binance Coin (BNB), it is possible to buy/sell cryptocurrencies on the Binance exchange.

With Binance Coin (BNB), the commission received on buying/selling transactions on the Binance exchange can be paid. For payments made with Binance Coin (BNB), Binance offers a 50% discount in the first year, 25% in the second year, 12.5% in the third year and 6.75% in the fourth year. Levels are given according to the amount of BNB the user holds and the total volume they have made.

How Is Binance Coin (BNB) Mined?
Binance Coin (BNB) is a non-mining cryptocurrency. The entire amount of Binance Coin (BNB) was produced by the Binance exchange on the first day, half of which were sold to the public.

Source: Bitlo.com