What is BNB [Binance Coin]? All about Coin of Binance

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BNB Binance Coin

What is BNB?

BNB or Binance Coin is a cryptocurrency issued on the Ethereum blockchain. After that, BNB transferred to Binance Chain on April 23, 04. It was released by Binance - The largest cryptocurrency exchange in the world, with the aim of maintaining and developing the Binance system.

Binance's virtual currency was issued during the ICO with a total supply of 200.000.000 BNB. Of which 50% is sold publicly, 40% is for the founding team and 10% to early investors.

The most current cryptocurrency exchange is expected to burn burns every quarter. The amount of burned coins 100.000.000 BNB is equivalent to 50% of the total supply.

Binance Coin has launched Binance Chain mainnet on April 18, 04. Accordingly, BNB has been changed from ERC2019 standard to the new standard BEP20 and runs on its own rights read chain. This is also the beginning of Binance DEX floor.

What is Burn Coin?

Burn Coin is for the sole purpose of reducing the total supply of that coin. Smart contracts have a burn function that allows you to burn existing coins. This coin will be permanently lost.

Binance Chain is not the type of smart contract. But there is still an order Burn Energy Drink and also to burn coins when executed.

For example, Binance every quarter will burn BNB equivalent to 20% of the profits. Up to now, 9 times of burning coins. 14,525,153 BNB burned accounted for 7.26% of total supply. At the time of burn, approximately $ 170,000,000 has been burned.

People should distinguish between burn coin and buyback. A coin development team plans to repurchase that coin. But the temporary increase in the buyout price is not sustainable. They bought it back, then they can resell it.

Benefits of hosting virtual currency of Binance

When hosting Binance Coin you can participate in many programs of the Binance exchange.

  • Join to buy IEO on Binance Launchpad.
  • Increase transaction fees% from ref up to 40% for Binance. And 30% for Binance Futures. Only applicable when storing 500 BNB or more on the floor.
  • Join Community Vote.
  • 10% discount on transaction fees on Binance Futures.
  • Buy and sell on Binance DEX.

If you are trading on this exchange, storing 500 BNB is very beneficial. Each month participating in the program is also about $ 50 -500 $ depending on your luck.

Profit mainly comes from Binance Launchpad. When you win a lottery ticket purchased IEO can bring from x1.5-x2 when selling coin IEO.

Where can BNB be used and what?

True to the slogan #usebnb of CZ. Now, you can use Binance Coin for many different purposes by diverse ecosystems. From VPN services like PureVPN, file downloading and file sharing services with BitTorrent. Even DENT's phone network service.

In terms of payments, there are prominent names such as: PundiX - POS payment, HTC Exodus - storage and payment via smartphones, ...

About travel, people can book air tickets and booking via TravelByBit, Travala, Tripio.

This information was updated on November 15, 11. In the future, this ecosystem may be even more open.

The ecosystem of BNB

What is special about Binance Coin?

Binance corner As a separate coin of Binance and used as an intermediary coin to trade with other coins, its liquidity is huge. You can buy and sell BNB coins at any time.

In addition, when you use Binance coin to buy and sell other coins on Binance.com, the transaction fee will be greatly reduced, specifically as follows:

  • 1 year: 50% off
  • 2 year: 25% off
  • 3 year: 12,5% off
  • 4 year: 6,75% off
  • 5 year: No discount

Currently, in the first year so you will be reduced 50% transaction fee when using BNB coin to buy and sell other coins on Binance.com.

Moreover, Binance also uses BNB to pay for withdrawal / deposit fees and many other fees.

The future of BNB Coin

BNB must say is the darling of CZ as well as of the floor. In the future, no one will know anything in advance. But it is certain that CZ and his team will create trends so that users must use this coin.

With the IEO trend, BNB has broken the old peak and set a new peak. This coin has become one of the best growth coins of 2019. Let me tell you briefly what IEO holders are!

IEO is a trend initiated by Binance. A market fever when bringing huge profits for investors. But at the time of writing, it is not as hot as it used to be.

How to profit with Binance Coin

Currently, to make a profit you can refer to some of the ways that Blogtienao listed below!

  • Make purchases to make a profit
  • Store to join Binance Launchpad to buy IEO
  • Participate in airdrops from the floor such as Community Vote.
  • Staking BNB (currently no official announcements but will be available in the future)

Is BNB worth the investment?

Binance is a late delivery, but is currently the market leader in the spot market. The Binance Futures derivative platform launched not too long ago but is also ranked 2nd after BitMEX.

Binance has proven itself to have a strong foothold in the cryptocurrency market. With the development of the large exchange, the value of Binance also increased.

The lowest price of this coin is 0.096109 USD and the highest price of 39.57 USD. It is also very profitable for early investors.

If you believe in the development of the exchange, investing in Binance Coin is also not a bad idea.

The risks when investing BNB

When it comes to investment, there must be risks. Not only BNB, investing money also belongs to the form of venture capital. Here are the risks when you buy this virtual currency.

Market volatility

The virtual money market is a very volatile market. There are times a day more than 1200% increase in just 3 days. But most of them are just "grass" coins that few people know about.

As for Binance coin, it is in the top coin, so it is difficult to have a high price. But 10-20% reduction is still available. Because of such strong volatility, this market is still a "delicious piece of cake" for venture capitalists.

FUD, Fake News

The price of BNB is also affected by unreliable news or rumors. For example, last time, The Block newspaper reported that Binance's headquarters in Shanghai was raided. But in fact Binance has no headquarters in Shanghai. At that time, the price of BNB was strongly reduced by unreal news.

Hacked floor

This is the number one virtual exchange in the world so it is not uncommon for hackers to pay attention. The value of BNB seems to be tied to Binance.

On May 07, 05 the floor was hacked and was taken over 2019 BTC. A negative effect on the price of the entire virtual currency market. But Binance has a fund Safua user protection. So user properties are not affected.

Trading in Binance Coin on which exchange?

Of course, Binance Coin will be traded on Binance.com. In addition, it is listed on the EtherDelta exchange but the transaction volume is insignificant.

Binance.com is currently emerging as an alternative to Bittrex, Poloniex or Bitfinex. Because of low transaction fee and very fast transaction processing speed.

Update: 15/12/2019

Currently, BNB has become the 8th ranked coin on Coinmarketcap with a total capitalization of $ 2,243,766,398 at the time of writing.

Therefore, buying and selling this coin has become very simple. Many large and small cryptocurrency exchanges also have BNB trading pairs. Some exchanges can be mentioned as: Gate.io, KuCoin, OceanEX, Bilaxy ...

In addition to trading Binance coins in VND, there are also many support platforms. You can buy it directly on Binance through fiat portals like Simplex.

The fiat support trading platforms such as Vicuta, Coinhako,… are also a way for you to buy Binance Coin in VND.

Where to store BNB?

This is the coin of the largest exchange in the world, so there are many support wallets. From cold wallets to hot wallets.

If you are a long-term investor then you can choose a cold wallet Ledger Nano S for the safest storage.

You can also use wallets like: Trust wallet, XWallet. Convenient for trading on Binance DEX.

If your goal is to participate in the promotion program from Binance, it is best you put it on Binance.com.

What coin can BNB buy and sell on Binance.com?

Most of the coins are on Binance.com floor Can trade with BNB coin, of course except BTC, ETH and USDT. Because when using BNB for trading will be reduced by 50% transaction fee, many investors have used BNB. Here are some coins that you can buy and sell with BNB coins:

  • IOTA coin (MIOTA)
  • NEO coin (NEO)
  • Litcoin (LTC)
  • Bitcoin Cash (BCC)
  • Power Ledger (POWR)
  • Lisk (LSK)
  • Monaco (MCO)
  • Cindicator (CND)
  • Quantstamp (QSP)
  • ICON (ICX)
  • Cybermiles (CMT)

And some other coins you can watch live on Binance.com's BNB market.

Current exchange rate of Binance Coin

Binance Coin rate

In less than 5 recent days, the rate of BNB coin has increased by over 100% from nearly 4 USD to nearly 11 USD, trading volume soared on Binance. At a time Virtual money blog Write this price 1 BNB = 10,29 USD and has a total market capitalization of $ 1.018.636.229 USD equivalent to 63,709 BTC ~ 1,349,323 ETH, and ranked 36 on CoinMarketCap. You can see Binance coin rate to understand the market volatility of this virtual currency from which offer the best investment strategy.

Conclusion

This article is meant to inform people not to recommend investment. Through this article IT Hope everyone can better understand Binance's Coin.

Wishing everyone a successful investment! If you feel the article is useful to everyone then rate 5 stars, like and share to the community. Thanks everyone!

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5 COMMENTS

  1. Each month the floor takes 20% of profits to buy back the bill, but this coin has only been released for a few months, how can I buy 100 million coins so admin

  2. This figure will increase very strongly in 2018, just look at 2017 is clear. with the ship, nothing he could not do, just buy and hold until the end of 2018, never cost 300 USD to sell gradually.

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