What is Binance Coin (BNB)? Introduction to the platform where you can trade and buy BNB

Basic information about Binance Coin (BNB)

php editor Baicao introduces: Binance Coin (BNB) is a token issued by Binance Exchange. It has a variety of uses, such as payment fees, transaction discounts, etc. Purchasing BNB can be done on Binance exchange and other mainstream cryptocurrency trading platforms, such as Huobi, OKEx, etc. Binance Coin has good liquidity and a wide range of usage scenarios, and is one of the most watched assets in the cryptocurrency market. By purchasing BNB, users can enjoy more trading discounts and improve their trading experience.

Abbreviation: BNB

Development team: Binance

Issuance volume: 200,000,000BNB

Official website: https://www.binance.com/

Binance Coin came into use in July 2017 when Binance opened for business.

Binance is one of the largest digital currency trading platforms in the world. Its unique cryptocurrency, Binance Coin, is highly favored and ranked 16th in market capitalization rankings in September 2018.

What is Binance Coin (BNB)?

Binance Coin (BNB) is a virtual currency. As the name suggests, it is a virtual currency designed and developed for the convenience of Binance users.

The characteristics of this virtual currency are as follows.

・Transaction fees are discounted when trading on Binance

・Can be used to vote for newly listed currencies on the trading platform

・Every quarter the platform will recover BNB worth 20% of the profit amount

Binance coins have many advantages for users who use the Binance trading platform. Among them, discounts on transaction fees are very popular among users who trade frequently.

So let’s take a closer look at the features of Binance Coin.

Main Features of Binance Coin (BNB)

Fees Discounts on Binance Exchange

When trading on the Binance trading platform, you can enjoy a discount on transaction fees by using Binance Coin.

Every virtual currency exchange requires a handling fee at the time of transaction, and Binance The handling fee on the trading platform is already very cheap, with the handling fee being 0.1% of the transaction amount.

Although the handling fee is already very cheap, if you use Binance Coin (BNB) to trade, you can pay half the transaction fee There is a fee (0.05%) for trading. If you are someone who frequently uses the Binance trading platform, then you can imagine that this is a very profitable method.

But at the same time, Binance platform is reducing the fee discount rate of Binance Coin (BNB) every year.

Starting in the 5th year, there will no longer be discounts for owning Binance Coin, and transactions will cost 0.1% transaction fees like other users.

Of course, the 0.1% transaction fee is cheap enough. However, please remember that the discount enjoyed by owning Binance Coin has an expiration date. In other words, after July 2022, BNB The fee discount will disappear.

Can be used to vote for newly listed virtual currencies on Binance

If you own Binance Coin (BNB), you can participate in "voting" to decide whether A newly listed cryptocurrency on the Binance exchange.

For virtual currencies, listing on a famous trading platform is of great significance. The liquidity of currency can be improved, and the possibility of a substantial increase in currency value is high. Especially if it is the world's largest trading platform like Binance, the significance and advantages of listing will be even greater.

Binance uses the user's "voting" model when deciding which virtual currencies are listed. Users who own Binance Coin can participate in this voting.

It is a great thing to be able to vote for a virtual currency that you have chosen or bought, and influence its listing process. Because if it is successfully listed on Binance and continues to appreciate, the user's assets will also rise.

BNB equivalent to 20% of the profit will be recycled in the current quarter

The Binance platform will repurchase Binance Coin equivalent to 20% of the profit every quarter. The repurchased Binance Coins will be destroyed and cannot be used again.

Why do we do this? The reason why Binance does this is to increase the value of Binance Coin through buybacks and ensure that it does not depreciate.

Binance Coin has announced the total issuance amount at the beginning and will not issue any more in the future. In other words, every quarter, the total number of Binance Coins in circulation decreases.

If the number of Binance Coins decreases, scarcity increases and the value of the currency increases. In fact, the price of gold coins has increased after every buyback to date.

News and future prospects for Binance Coin (BNB)

Binance begins developing its own blockchain

In March 2018, Binance officially announced that Binance is developing its own blockchain Develop your own blockchain "Binance Chain". It is planned to launch DEX (Distributed Exchange) service using Binance Chain.

At the same time, Binance Coin will be used for transactions on Binance Chain. If the use of Binance Coin is added to the new blockchain, it will further increase the value of Binance Coin.

Future Prospects of BNB

The future potential of Binance Coin is very high.

I recommend that everyone go all out to buy Binance Coin if conditions permit.

Because Binance is still the largest virtual currency exchange platform in the world, the number of users using Binance Coin is very large. As long as the number of Binance Coin users does not decrease, the value of Binance Coin will not decrease significantly.

In addition, since Binance regularly repurchases Binance Coin, the currency itself will become increasingly rare and the price will be difficult to fall.

In fact, even though the entire virtual currency market fell sharply in June 2018, only Binance Coin remained stable without a significant price drop.

So it can be seen that Binance Coin is a very promising virtual currency that can be used and invested with confidence.

Trading platform where you can buy and sell Binance Coin (BNB)

・The world’s largest trading platform
・Ultra-low transaction fee
(0.05%)・A wide range of listed currencies (172 types as of the time of publication)

You can buy BNB on the world’s largest virtual currency trading platform Binance.

Binance not only has low handling fees, but also has large daily transaction volume. Highly recommended.

Other trading platforms usually require a handling fee of 0.15%~0.25%, while Binance only has a 0.1% fee. And if you use BNB issued by Binance to pay the handling fee, it can reach an astonishing 0.05 %. It is 1/5 ~1/3 of other platforms.

If you start investing in virtual currencies, Binance can be said to be the indispensable first choice.

Summary

End here The editor has briefly introduced the characteristics and prospects of Binance Coin (BNB).

For those who frequently use the Binance trading platform, there are many benefits to holding and using Binance Coin, such as enjoying Discounts on transaction fees and participation in voting to decide which virtual currencies can be newly listed.

If you are also a person who frequently trades on Binance, then Binance Coin is one of the currencies you will not want to miss.

Of course, in addition to the above, even if you do not trade frequently It is also a good choice for people who use Binance for trading and investment purposes to hold Binance Coin. Although it is already one of the highly circulated and popular currencies, there are still future prospects such as plans to install exclusive blockchains in the future. Worth looking forward to.

As an exclusive currency issued by the world’s largest virtual currency trading platform, Binance Coin (BNB) will still require continued attention in the future.

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