$BNB #IntroToCopytrading #FDUSDT #FDUSTD #Binance #BNBđ„
What is BNB?
Beginner
Published: Nov 28, 2018Updated: Feb 16, 2024
4m
Brief Summary
BNB powers the Binance Ecosystem. It is the native coin of Binance Chain and Binance Smart Chain. BNB has many uses:
Commission payments on Binance exchange
Commission payments on Binance DEX (Decentralized Exchange)
transaction fee payments on Binance Chain
Transaction fee payments on Binance Smart Chain
Payments for goods and services for both online and in-store purchases (e.g. using Binance Card or Binance Pay)
Book hotels, flights and more on Travala.com
Community utility token (e.g. games and Dapps) in the Binance Smart Chain ecosystem
Participating in token sales on Binance Launchpad
Donate to Binance Charity
Providing liquidity on Binance Liquid Swap
What is Binance Coin (BNB)?
BNB was launched through an Initial Coin Offering (ICO) that took place between June 26 and July 3, 2017, 11 days before the Binance Exchange opened for trading. At launch, its price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. Although BNB was launched through an ICO, it does not entitle users to a share of Binanceâs profits and does not represent an investment in Binance.
BNB was initially launched as an ERC-20 token running on the Ethereum network with a total supply of 200 million coins. 100 million BNB were offered for sale in the ICO, but the current total supply is lower due to Binance destroying the BNB held in its treasury and regular burn events. If you want to learn more about coin burns and why BNB are permanently destroyed, read our What is a Coin Burn? article.
Although initially Ethereum-based, ERC-20 BNBs were later swapped 1:1 with BEP-20 BNBs. BEP-2 BNB is the native coin of Binance Chain and its mainnet launch was announced on April 18, 2019.
Binance launched Binance Smart Chain (BSC), a blockchain network that runs parallel to Binance Chain, in September 2020. This means that you can now find BNB in ââthree different forms:
Binance Chain's BNB BEP-2.
Binance Smart Chain'de BNB BEP-20.
BNB ERC-20 on the Ethereum network.
Click here to learn current BNB prices.
What is BNB used for?
As we mentioned before, BNB has many uses both inside and outside of the Binance ecosystem. Therefore, you can decide how you want to use your BNB. For example, you can use your BNB to cover travel expenses, buy virtual gifts, and much more. We estimate that millions of BNB are used by users to cover travel expenses, pay for products, lend money, earn rewards, create smart contracts, and more.
Many people also use BNB to pay for trading fees. On the trading platform alone, nearly two million users have used over 40 million BNB in ââtotal to pay for commissions across over 127 billion transactions. Letâs take a look at how BNB can help you pay for commissions.
When trading cryptocurrencies on the Binance Exchange, a standard 0.1% commission is charged on each trade (commissions are determined by your monthly trading volume and BNB balance). You can pay the commissions using the assets you trade or with BNB. If you choose to pay with BNB, you will receive a special discount.
Therefore, if you trade a lot on Binance, you may want to consider buying BNB and paying your commissions with BNB. It is also worth noting that commission discounts are determined according to a specific table. Therefore, be sure to review the current spot trading Commission Table. You should also note that the Binance Futures platform has a slightly different Commission Table.
Apart from offering discounts on fees, BNB also powers Binance DEX (on Binance Chain) and hundreds of applications running on Binance Smart Chain (BSC). This means that you can use BNB outside of the Binance trading platform. There are over 180 digital assets minted on BSC, and millions of users have used BNB in ââBSC-related services.
You can check current BNB prices now.
Where can I buy BNB?
Most BNB purchases take place on the secondary market. This means you can buy and sell BNB on Binance.com and other crypto platforms. Learn how to buy BNB today!
