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Binance(BNB) Coin Overview 2019

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Binance BNB Coin Official Logo

 

BNB

Binance is a popular cryptocurrency exchange which was started in China and currently one of the largest crypto exchange, with around $6 billion in assets. They recently moved their headquarters to Malta in the EU. Since its launch in 2017, Binance has grown rapidly.

Binance BNB Coin - what is BNB coin

Binance launched an ICO, which is ERC-20 token, to serve their business interest in trading. The Binance coin is known as an altcoin and uses the Ethereum network and blockchain. Since it is protected by being built on Ethereum, you do not have to worry about your coins being stolen.

Users can use BNB to pay their fees on Binance platform. BNB is among the top 30 cryptocurrencies in the world. Binance offers a rebate as an incentive and discount to users with BNB. The rebate is a nice perk for lowering trading fees. The discount is automatically calculated and deducted if you have BNB token in your exchange wallet.

Binance BNB Coin - BNB use image

Several exchanges list BNB and most users hold it to lower their trading costs. Any coin supported on Binance is available as a trading pair with BNB. The price of BNB token has been in an upward and has managed to recover in the evaluation, but has now come to the first significant resistance point to the upside. BNB can be stored in any Ethereum address.

The total supply is limited to 200 million BNB and no more coins will be created. According to the White Paper, Binance pledged that every quarter they use 20% of their profits to buy back BNB and conduct a coin burn. They aim to burn a total of 100 million BNB tokens.

Binance BNB Coin - BNB burning mechanism

The value of BNB is expected to grow as an asset with their platform and more extensions of Binance ecosystem are created. If Binance sees continued success on its current level, it will certainly implement more features. The more Binance grows, the more use cases will be created for BNB tokens.

 


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