Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. It was created in 2017 and has several use cases:
1. Payment for transaction fees on the Binance exchange
2. Payment for services on the Binance platform, such as listing fees and data services
3. Participation in token sales and initial exchange offerings (IEOs) on the Binance Launchpad
4. Payment for goods and services from merchants who accept BNB
BNB has a few benefits, including:
- Fast transaction processing times
- Low fees
- High liquidity
- Wide acceptance on the Binance platform
Binance also has a burn program, where a portion of the BNB tokens are regularly destroyed, reducing the supply and potentially increasing the value of the remaining tokens.
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