Binance Coin is the native cryptocurrency of the Binance exchange, one of the world’s largest and most popular cryptocurrency exchanges. But what exactly is Binance Coin, and why has it become such an important player in the world of cryptocurrencies? In this informative article, we’ll explore everything you need to know about Binance Coin, including its history, technology, and use cases. So, let’s get started firstly Create Account.
Top Ways To Use Binance Coin (BNB)- Points To Note
Binance Coin (BNB) is a cryptocurrency that can be used on the Binance exchange platform for various purposes. Binance is one of the world’s largest cryptocurrency exchanges, and BNB is its native token. BNB can be used for a variety of purposes which are as follows; read on to know more in detail!
- Trading Fees: You can use Binance Coin to pay trading fees on the Binance exchange. You can pay your trading fees using BNB and get a discount of up to 25%.
- Cryptocurrency purchases: You can use Binance Coin to buy other cryptocurrencies on the Binance exchange. All you have to do is simply trade your BNB for the cryptocurrency you want to purchase.
- Binance Launchpad: Next, you can use Binance Coin at Binance Launchpad, a platform for launching new cryptocurrency projects. You can participate in token sales by using Binance Coin to purchase the tokens being sold.
The burning policy of binance coins
When Binance Coin was initially launched, 130 million tokens were made available during the initial coin offering (ICO). However, the current supply of Binance Coin is significantly less than what was initially offered in the ICO. This is due to the regular “burning” of Binance Coin, which is repurchasing and permanently destroying a portion of the coins held in the company’s treasury. Specifically, Binance repurchases and destroys one-fifth of its quarterly profits through this burn system.
The most recent Binance Coin burn was recorded on April 15, 2021, during which the company destroyed approximately 10,99,888 Binance Coins, with a net value of approximately USD 59,53,14,380. This burn was the largest in terms of U.S. dollars, and as a result, the total supply of Binance Coin decreased from 17,05,32,825 to 16,94,32,937. This burn process is a regular activity done by Binance to decrease the total supply of Binance Coin and make it scarce, potentially increasing its value.
Benefits of binance coins
Binance Coin was first introduced in 2017 as a token to be used for trading fees on the Binance exchange. However, as technology has progressed, Binance Coin has found various other uses, such as booking flights and tickets, obtaining loans, and investing in other cryptocurrencies. Additionally, Binance Coin can be used on various platforms, such as mobile apps, credit cards, and Visa cards, for sending money and purchasing virtual gifts for friends and family. It has become a versatile cryptocurrency, with a wide range of use cases beyond its initial purpose as a trading fee token.
Basics on Binance conversion
If you peek into the professional world of cryptocurrencies, then it would not take you much time to understand that most of the tokens and small bits of the crypto segment are popularly known as dust. These tiny fractions of cryptocurrency are often left unclaimed after a trade and can also be considered as a small amount of cryptocurrency left in your account after a trade. Binance authority provides an option for traders to convert this dust into BNB. This allows traders to use the small amounts of cryptocurrency that would have otherwise gone unclaimed and put it to use on the Binance exchange through Binance Coin.
Conclusion
To conclude, it would not be a big deal for you to understand that binance plays a pivotal role in the crypto arena. The Binance Coin (BNB) marketplace, also known as the secondary market, is a platform where individuals can buy, sell, and trade BNB coins. These transactions primarily take place through various platforms, including Binance’s exchange and mobile/desktop applications, which offer real-time charting tools and technical indicators such as moving averages and exponential moving averages to aid trading decisions. You can also get info on binance from the official and updated website.