BNB
Binance Coin is the cryptocurrency of the Binance platform. It is a trading platform exclusively for cryptocurrencies. The name "Binance" is a combination of binary and finance.
Thus, the startup name shows that only cryptocurrencies can be traded against each other. It is not possible to trade crypto currencies against Fiat. The platform achieved an enormous success within a very short time and is focused on worldwide market with Malta headquarters. The cryptocurrency currently has a daily trading volume of 1.5 billion - 2 billion US dollars and is still increasing.
In total, there will only be 200 million BNBs. Binance uses the ERC20 token standard from Ethereum and has distributed it as follow: 50% sold on ICO, 40% to the team and 10% to Angel investors. The coin can be used to pay fees on Binance. These include trading fees, transaction fees, listing fees and others. Binance gives you a huge discount when fees are paid in BNB.
The schedule of BNB fees discount is as follow: In the first year, 50% discount on all fees, second year 25% discount, third year 12.5% discount, fourth year 6.75 % discount, and from the fifth year onwards there is no discount. This structure is used to incentivize users to buy BNB and do trades within Binance.
Binance announced in a buyback plan that it would buy back up to 100 million BNB in Q1 2018. The coins are then burned. This means that they are devaluated to increase the value of the remaining coins. This benefits investors. In the future, the cryptocurrency will remain an asset on the trading platform and will be used as gas.
Other tokens that are issued by exchanges include Bibox Token, OKB, Huobi Token, and more.
Cryptocoins News / The Cointelegraph - 11 months ago
Bitcoin’s price is showing some strength. Here’s what it would take for BNB, LTC, OKB and QNT to follow. The bears lost an opportunity when they failed to sustain Bitc...
Bitcoin News / Google News Bitcoin - 11 months ago
Forget The Fed—China Is Gearing Up To ‘Rip In Trillions Of Dollars’ As The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Polygon And Solana Swing& & Forbes
Cryptocoins News / The Cointelegraph - 1 year ago
Bitcoin has reclaimed the $26,000 level, but will large cap altcoins follow BTC's rebound? Bitcoin is witnessing a tough battle between buyers and sellers near the $25...
Cryptocoins News / The Cointelegraph - 1 year ago
BNB’s price has rebounded more than 10% from its six-month low of $220 as short traders were squeezed alongside rising open interest. The price of BNB was up over 3% o...
Cryptocoins News / The Cointelegraph - 1 year ago
The entire crypto market awaits the result of today’s Federal Reserve presser, and traders are hopeful that positive news will trigger a price breakout to the upside....
by COINS NEWS - 1 year ago
I just read an article from the Wall Street Journal about what SAFU means. It’s the Secure Asset Fund for Users. It’s essentially a rainy day fund for Binance to cover funds lost to the exchange getting hacked or some other exchange issue. That was e...
Cryptocoins News / The Cointelegraph - 1 year ago
While several theories emerged, the Binance CEO asserted that no BTC or BNB trading activity is happening behind the scenes. Binance CEO Changpeng “CZ” Zhao has refute...
Bitcoin News / Bitcoin.com - 1 year ago
BNB snapped a four-day losing streak on Tuesday, as traders moved to buy the recent dip in price. The native token of Binance fell to a six-month low to start the week, following recent sentiment surrounding the exchange. XRP also rebounded today, hi...
Bitcoin News / Google News Bitcoin - 1 year ago
Crypto Price Today: Bitcoin rises to $26,100; BNB, XRP surge up to 4% ahead of US inflation data& & Economic Times
Cryptocoins News / The Cointelegraph - 1 year ago
Market observers will closely watch the United States CPI data and the Fed’s policy decision to provide direction to the stock and crypto markets. After the tough sell...
Bitcoin News / Bitcoin.com - 1 year ago
Crypto market observers are currently focusing on the Venus Protocol this week as the protocol grapples with a possible liquidation of binance coin (BNB). The hacker who exploited the BNB blockchain managed to secure $150 million in stablecoins throu...