Binance Coin (BNB) – the Binance exchange token

Binance Coin (BNB) is a cryptocurrency that is associated with the best cryptocurrency exchange in the world – Binance. This is one of the main reasons why you should get known with the prices and ratings of the BNB token.

What is Binance Coin (BNB)?

A Binance Coin (BNB) is a utility token used to collect transaction fees on the Binance exchange. It allows users to take advantage of transactional discounts, invest in new projects and decide on the further development of the platform, it can also be used for payments within emerging ICOs. BNB cannot be copied. To use a crypted user needs the public key of another user. BNBs are also accepted as a means of payment in many other projects.

Binance and BNB history

Binance is one of the largest crypto exchanges in the world, its originator is Changpeng Zhao, and the idea for the crypto exchange was born in 2017 and the same year the project was launched. How did you manage to build one of the best and most popular cryptocurrency exchanges in the world within a few months? The funds for the launch of Binance were raised through the ICO, which took place in July 2017. During the collection the project managed to raise $15 million and the average price per BNB token was $0.11. The BNB’s token is based on the Ethereum ERC20 standard and has a maximum circulation of 200 million, half of which was sold through the ICO, 80% of the tokens were held by developers and the remaining 20% by consultants.

BNB Token – specification

Originally the BNB was released as an ERC20 token running on the Ethereum network. Its maximum supply is 200 million units, which before switching to its own blockchain Binance Chain were regularly “burned” by using the Proof of Burn algorithm consensus. After applying Binance Chain, BNB tokens function as an autonomous means of payment accepted by many other projects, but its primary function is the role of a utility token for the Binance exchange. What else is the BNB for? First of all, it is used to pay commissions for transactions made on Binance, you can also use it to buy tokens on the Launchpad platform, but most importantly, the BNB plays the role of a driving force for the Binance exchange.

What makes the Binance exchange stand out?

The extraordinary success that the Binance project has achieved in three years is quite a surprise. Being listed on the Binance exchange is a dream of probably every project creator. What is behind Binance’s success? Let’s bring a bit closer to its characteristics. Binance is distinguished by limited restrictions on KYC (Know Your Customer) regulations, which are currently used by most stock exchanges. The platforms require their users to provide many private information: document scans for verification and full personal data. This solution has not been used by the Binance exchange because it does not use traditional currencies. The only thing a user has to do is to provide an e-mail address, establish a password and secure his account well. Users also have a real influence on the functioning and development of the exchange, by participating in a vote on the introduction of new cryptocurrency or functions.

Thanks to the Binance Coin utility token, users can also count on a number of discounts when trading on the Binance exchange, which are halved after each year of presence on the exchange. In the first year, the discount is 50%, and after the fourth year it is no longer valid.

Binance Coin (BNB) – odds, quotations, forecasts

The BNB course rises to the top, and by looking at its chart you can see that it has an extremely stable position in the quotations. In the ranking CoinMarketCap.com is in the lead. In 2017, at the start, the price of BNB was about 0.11 USD. In 2020, the value of BNB’s token fluctuated around USD 30, which brings it closer to the current ATH (All Time High), the peak of quotations, which in June 2019 amounted to USD 39.57. The latest BNB forecasts indicate that the value of this cryptocurrency token may reach even 60 USD in the coming years.

BNB is it worth it?

The cryptocurrency BNB occupies a prestigious position in rankings, which is guaranteed by close connection with the Binance exchange. The stability of the cryptocurrency depends on the Binance exchange, which is currently considered to be one of the best cryptocurrency exchanges in the world and nothing promises a decline in its position. An investment in the BNB may therefore prove to be extremely profitable. You can check the current course and quotations of the BNB together with the USDT on CoinCasso.com.