BNB is a cryptocurrency (token) that was created by Binance back in 2017. It was first issued and launched during an Initial Coin Offering (ICO) crowdfunding event, which took place between the 26th of June to the 3rd of July.
The token sale offered 100,000,000 units of BNB (50% of the total supply). The issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB (around 0.11 USD back then).
BNB was initially issued as an ERC-20 token (on the Ethereum platform), but it has since been transferred to the main BNB Chain. The initial total supply of BNB was defined as 200,000,000 coins, but due to the regular coin burn events, the supply is gradually decreasing. To learn more about BNB coin burns, please refer to this video at Binance Academy.
BNB has multiple use cases, but within the Binance Exchange ecosystem, it is used as a utility token that allows users to receive discounts when paying for their trading fees. You can check the discount schedule in this article. Moreover, the fee structure also changes according to the trading volume (30 days) and tier level of the account (more details on this page).
Besides being used by traders to get discounts on their trading fees, BNBs can also be used to pay for travel expenses (such as hotels and flights booking), to buy virtual gifts, to shop using a credit card, and much more.
In addition, you can also make impactful donations to charity through the Binance Charity Foundation (BCF) project. BNB can also be used as gas on the BNB Chain and the Binance Decentralized Exchange (DEX). If you are not sure how to buy BNB directly, go to the Binance exchange.
I'm an enthusiast with in-depth knowledge of the cryptocurrency space, particularly regarding Binance Coin (BNB). My expertise stems from following the evolution of BNB since its inception in 2017, coupled with an understanding of blockchain technology and the broader cryptocurrency market.
Now, let's delve into the concepts mentioned in the article about BNB:
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BNB (Binance Coin):
- BNB is a cryptocurrency created by Binance in 2017.
- It originated through an Initial Coin Offering (ICO) held from June 26 to July 3, 2017.
- The initial sale offered 100,000,000 units of BNB, representing 50% of the total supply.
- The initial issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB.
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Token Standard and Migration:
- Initially, BNB was issued as an ERC-20 token on the Ethereum platform.
- It has since migrated to the main BNB Chain, showcasing adaptability and evolution within the cryptocurrency space.
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Coin Burn Events:
- Regular coin burn events are conducted, gradually decreasing the total supply of BNB.
- For more details on BNB coin burns, the article suggests referring to a video at Binance Academy.
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Use Cases of BNB:
- Within the Binance Exchange ecosystem, BNB serves as a utility token.
- Users can receive discounts on trading fees by utilizing BNB.
- The discount schedule and fee structure are dynamic, changing based on trading volume and account tier level.
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Diverse Applications:
- BNB extends beyond trading, being usable for various purposes:
- Paying for travel expenses (hotels and flights).
- Purchasing virtual gifts.
- Shopping using a credit card.
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Charitable Contributions:
- BNB can be used for impactful donations through the Binance Charity Foundation (BCF) project.
-
Technical Functionality:
- BNB serves as gas on the BNB Chain and the Binance Decentralized Exchange (DEX).
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Acquiring BNB:
- The article suggests going to the Binance exchange for those interested in buying BNB directly.
In summary, BNB has evolved from its ICO days, finding utility as a versatile cryptocurrency within the Binance ecosystem and beyond, with applications ranging from trading fee discounts to charitable contributions. The regular coin burn events and migration to the main BNB Chain showcase its commitment to innovation and sustainability in the dynamic cryptocurrency landscape.
FAQs
PORTAL is the token powering Portal's Web3 gaming ecosystem. It's a utility and governance token that enables: Cross-chain gaming transactions. Staking rewards on Portal Launchpad offering unique access to the most-sought after launches.
What is BNB in Binance Academy? ›
BNB is the cryptocurrency coin that powers the BNB Chain ecosystem. As one of the world's most popular utility tokens, not only can you trade BNB like any other cryptocurrency, you can also use BNB in a wide range of applications and use cases.
What kind of behavior should I avoid when engaging in futures trading? ›
Strict discipline, good stop-loss, reasonable profit and loss, including winning or losing at my own risk. Learn the basics of futures trading and read related articles on the Binance website. Strong gambling, trading addictions, continuous losses, and blaming others.
What is Binance Learn and Earn? ›
Binance is excited to announce that we will soon launch the next round of "Binance Learn & Earn", where users can gain knowledge on blockchain and earn crypto rewards by completing courses and quizzes.
What is secret key Binance? ›
In the context of cryptocurrency, a private key is a number that allows users to sign transactions and to generate receiving addresses. Cryptocurrencies rely heavily on public-key cryptography to protect users' funds.
How do I get out of Binance? ›
How to withdraw fiat from Binance?
- Log in to your Binance account. ...
- Click [Withdrawal].
- Select the [Fiat] tab.
- Select the currency you want to withdraw and the payment method. ...
- Enter the required information and follow the instructions.
- Then enter your verification code to confirm the withdrawal.
Is BNB University Worth It? BNB University is worth it if you are set on starting a short term or vacation rental business. You just have to deal with the higher price tag compared to other Airbnb courses available online.
How do you make money with BNB? ›
Binance Earn is a great way to earn passive income on your cryptocurrency holdings. One of the ways you can do this is by subscribing to the BNB Vault. The BNB Vault is a pool of BNB tokens that is used to generate rewards for subscribers. The more BNB you subscribe to the vault, the more rewards you will earn.
Why is BNB so good? ›
As an altcoin, BNB offers users a range of benefits within the Binance platform, such as reduced trading fees, access to exclusive token sales, and the ability to transact on the Binance ecosystem blockchains.
What's the hardest mistake to avoid while trading? ›
Biggest trading mistakes and how to avoid them
- Over-reliance on software. ...
- Failing to cut losses. ...
- Overexposing a position. ...
- Overdiversifying a portfolio too quickly. ...
- Not understanding leverage. ...
- Not understanding the risk-reward ratio. ...
- Overconfidence after a profit. ...
- Letting emotions impair decision making.
“Cornering the market” is perhaps the most popular form of futures manipulation. In this method, the manipulator must first purchase a large stake in futures contracts for delivery on a given date, while also purchasing large amounts of the underlying asset.
Can you lose more money than you invest in futures? ›
On-screen text: Disclosure: Futures trading involves substantial risk and is not suitable for all investors, and you can experience a significant loss of funds, or you may lose more than the funds you invested.
How to earn free money in Binance? ›
With no initial investment required, sign up for a Binance Futures account to unlock the door to the tournament's free money opportunities. Engage and Earn: Explore activities like the Early Bird Challenge, Team Competition, Copy Trading, and Battle of the Bots to accumulate rewards without spending a dime.
Is Binance Academy free? ›
About me. Founded in 2018, Binance Academy is a hub for free crypto and blockchain education.
How can I get paid in Binance? ›
Follow the steps below to receive payments from another Binance Pay user.
- Step 1 — Access Binance Pay. ...
- Step 2 — Share Payment details. ...
- Step 1 — Navigate to the 'Funding Wallet' Page. ...
- Step 2 — Fill in the recipient's details. ...
- Step 3 — Fill in the currency and amount to send. ...
- Step 4 — Confirm the transaction.
The metaverse is a concept of a persistent, online, 3D virtual environment that many believe will be a key element of future digital experiences. It has been called “the internet of experience” and “the 3D internet”.
What is the portal in Binance? ›
The Portal platform makes discovering and playing Web3 games seamless and easy. Via a single account layer, mainstream gamers can finally access the biggest network of web3 games with a frictionless experience. Gamers will be able to play games on all chains without needing to bridge/swap/buy additional tokens to play.
What is a Binance gift card answer? ›
Binance Gift Card is a prepaid crypto voucher that can be used for a variety of use cases, including crypto deposit and withdrawal on Binance, crypto transfer, and loyalty rewards. Binance Gift Card supports 270+ cryptocurrencies. Earn with every transaction.
What are the benefits of using Binance P2P answer? ›
Binance's P2P platform offers the best of both worlds: the freedom and customizability of peer-to-peer transactions and the robust security, usability, and liquidity of a leading exchange platform. For safe and seamless P2P crypto transactions, start trading with Binance P2P today.
