We’ll provide a quick rundown on them in this section.
BINANCE PRICE SOFTWARE
The choice between hardware and software wallets is mostly a balancing act between convenience and security to the user. Holding and Storing Binance Coin (BNB)īinance Coin (BNB) is supported by various hardware and software wallet providers. Since Binance began burning BNB in Oct 2017, 10 rounds of token burns have taken place, with about 16.7 million BNB worth approximately $208 million burned up till January 2020. In the updated whitepaper, it is stated that BNB burns will now be based on its exchanges’ trading volume. In 2019, Binance updated its whitepaper to v1.2. In its v1.1 whitepaper (archived copy), Binance stated that 20% of Binance’s profits will be used to purchase BNB and subsequently destroyed in every quarter. Binance Coin (BNB) Burnīinance Coin (BNB) is designed with token burn in mind to induce scarcity and drive up the value of the token. There may be more ways to use BNB that have not been covered here, but generally BNB can be used like any other cryptocurrencies to pay for goods and services as long as the merchant accepts it. Spent as Cryptocurrency - In addition to being used on Binance’s platforms, BNB can also be spent for payments in various ways, such as paying for travels, credit card fees, gifts and more. BNB is needed to trade on the Binance DEX. IEO Lottery - Binance’s Initial Exchange Offerings (IEO) are conducted using lottery allocations determined using the amount of BNB held by users.īinance Chain Native Token - Much like how Ether (ETH) is used to pay for fees on the Ethereum Blockchain, BNB is used to pay for fees on the Binance Chain. Reduced Trading Fees - When trading fees on Binance are paid using BNB, users are entitled to a 25% discount in fees.īinance Account Tier - Users with account balances in BNB and 30 days accumulated trading volume above certain thresholds are given VIP tiers with additional fee discounts and perks.ĭust Conversion - Users can convert non-tradeable amounts of various cryptocurrencies called dust in their Binance account into BNB. In addition to the initial use cases, BNB has added other cases both on and outside of the Binance platforms. In its whitepaper, Binance states that BNB was designed to be used to pay discounted fees on the Binance platform and also function as the native token powering the Binance Chain.
What can you use BNB for?īNB was initially created as part of the Binance exchange through its ICO. The Binance exchange is separated into the Spot market, Futures market, as well as the decentralized exchange, Binance DEX. Binance started with an Initial Coin Offering (ICO) and has since grown into one of the largest global cryptocurrency exchanges, both in terms of volume traded and market share by web traffic. What is Binance?īinance is the cryptocurrency exchange founded by Changpeng Zhao and He Yi in July 2017. BNB can be traded in over 300 trading pairs across 120 exchanges tracked. Several rounds of token burn events have appreciated BNB price and pushed it up as one of the top-10 cryptocurrencies by market capitalization. Initially created on the Ethereum blockchain as an ERC-20 token in July 2017, BNB was migrated over to Binance Chain in February 2019 and became the native coin of the Binance Chain.īinance Coin has seen massive growth in interest throughout the years. Binance Coin (BNB) is an exchange-based token created and issued by the cryptocurrency exchange Binance.
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