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 Exchanges / Binance - 2 years ago
ο»ΏHello Guys, I need help, am new to Crypto.. I have Meschain (1,500,000 MES) https://coinmarketcap.com/currencies/meschain/ I failed to Swap on PancakeSwap, Half of my Meschain for BTC or BNB or Etherum.. Reason I want to Swap is to Purchase other...
Cryptocoins Exchanges / Binance - 2 years ago
I have literally looked all over the internet for this and I canβt find anything which is why Iβm asking. I feel like someone would have asked this before. I thought BNB covers all fees and when I transferred 5k from my bank into Binance, the fee wa...
Cryptocoins Exchanges / Binance - 2 years ago
As far as I can see this doesn't break any rules. Help requested, I'm a US citizen, being so, BNB is hard asf to acquire. Only through Binance.us, which is truly terrible, once purchased from them, even with fully verified account, they...
Cryptocoins Exchanges / Binance - 2 years ago
is anyone having issues withdrawing bnb from their account, I keep getting a failure message, rejected. failure note: Network busy submitted by /u/Responsible-Salt3530 [link] [comments]
Cryptocoins Exchanges / Binance - 2 years ago
Had around 10 coins that had small amounts and converted all of em to BNB. Dust is worth around $3. I recall the minimum withdrawal for BNB is a lot more than that? What are my options? submitted by /u/EuivIsMyLife [link] [comme...
Cryptocoins News / The Cointelegraph β - 2 years ago
Bitcoin and most major altcoins have risen from their respective support levels, indicating an improving sentiment. Bitcoin (BTC) and most major altcoins have bounced...
Cryptocoins Exchanges / Binance - 2 years ago
Does anybody know why? It is getting less and less interesting to hodl BNB at this point. Doesn't look like BNB price will rise much more anytime soon anyways. Now the APR on staking keeps dropping day after day. What is going on? submitte...
Cryptocoins Exchanges / Binance - 2 years ago
I have connected the Binance chrome extension to the ledger and the tokens are visible with the ability to buy send receive and swap. I am on the Binance Smart Chain Network, how can I move these onto the BEP2 Binance Chain so that I can stake them?...
Cryptocoins Exchanges / Binance - 2 years ago
I just tried to swap BNB from binance smart chain to binance chain in binance wallet and it won't work. When I entered the address, it correctly confirmed the transaction was a cross-chain swap, but after I submit the transaction, the BNB remains...
Cryptocoins Exchanges / Binance - 2 years ago
Hello, basically how do I buy BNB and CAKE if I live in nyc? Binance is banned in nyc. Any advice helps thank you. submitted by /u/avrsn [link] [comments]
Cryptocoins Exchanges / Binance - 2 years ago
Hi I want to buy BNB in the mobile app however I donβt know which type of bep it is, I need bep-20 if I buy on the mobile app is it bep-20 or bep-2? submitted by /u/robinnlmn [link] [comments]
More / Etherum Reddit - 2 years ago
PRIZE TO WHOEVER CAN HELP RECOVER WRAPPED BNB FUNDS ($4000) So we were exploited after our successful launch and so I'd like to offer $1000 to whoever can suggest accurately a way to recover the leftover funds that are currently sitting here: htt...
Cryptocoins News / The Cointelegraph β - 2 years ago
Bitcoin and most major altcoins have broken above their immediate resistance levels, increasing the possibility of a short-term rally. Bitcoin (BTC) bounced back above...
Cryptocoins Exchanges / Binance - 2 years ago
I tried to swap some eth to bnb via binance bridge to metamask, but did not add the bnb network in metamask until after the transaction happened. Is the bnb then lost or can i do something about it? submitted by /u/Chair-Zealousideal...
Cryptocoins News / CoinJournal - 2 years ago
The change comes on the back of requests from the Binance Smart Chain and the larger BNB token community
Yesterday, Binance announced the implementation of a new protocol that will automatically burn BNB tokens to give a better overview of the Binanc...
Cryptocoins News / The Cointelegraph β - 2 years ago
BNB tokens will now be burned automatically based on a formula that includes blocks generated and BNBβs price. Binance officially announced the implementation of a new...
Cryptocoins Exchanges / Binance - 2 years ago
So the KYC from Binance left me stuck with some BNB in my Trust Wallet. How do I convert to XLM? Is that possible without a Binance account? submitted by /u/P-redditR [link] [comments]
Cryptocoins News / The Cointelegraph β - 2 years ago
Bitcoin and most major altcoins are attempting a recovery to end the year on a strong footing. Bitcoin (BTC) is attempting to break above the psychologically critical...