What is BNB and why should it be in your wallet

 The emergence of certain types of AltsCoins on the market raises many questions. In particular, users are interested in the feasibility of the Binance coin or the BNB symbol, which has appeared in the past few years strongly in the market and has great popularity on social media sites and media, which made its price very high and so far the price or price of BNB is on the way to $ 40, and its value may become higher in the coming years because it is the currency of the largest cryptocurrency exchange Binance, and every holder of this currency or BNB token has many advantages on the platform. So what is BNB or Binance Coin?

Today we're going to talk about the premium digital asset or one of the strongest among the cryptocurrency BNB. The coin ranked among the top ten cryptocurrencies by Coinmarketcap (the ranking changes so see the source whenever I read this topic). Although many other cryptocurrency trading platforms, after the Binance platform, have begun issuing their tokens, no one has succeeded in replicating the success of Binance coin. BNB is one of the most interesting and unique cryptocurrencies available today, and many leading crypto experts believe it has a positive future due to the continued success of the Binance platform. But the token could not have been BNB, nor could the Binance exchange itself exist if its founder did not find the strength to overcome the many difficulties the cryptocurrency market faced when the platform first appeared.

Imagine a situation in which you sell your real estate and invest all the money in shares of a promising project, hoping to get a good income, and a week later, the price drops three times. Many will not bear it, and may regret the day when they knew investing or trading, but the Chinese IT specialist Changpeng Zhao, after falling into such a situation, did not give up and did not panic, rather he continued his dream towards achieving it, which we see now in the first asset trading platform. Encrypted digital world.

When the bankrupt Chinese became interested in cryptocurrency in 2014, he immediately realized that cryptocurrency gold would make him a millionaire. Then he sold his house and exchanged his money for BTC, which was in circulation at the time at around $ 600 per currency. At the end of the year, the bitcoin price fell to $ 350, and at the end of January 2015, overall, it had dropped to $ 215. These disasters are a disaster for a poor Chinese investor, but Changpeng Zhao kept his hope for Bitcoin and did not get rid of it and did not complain like anyone would if the price came down to $ 1. Indeed, the Chinese has now become rich and appeared in the largest business magazine 'Forbes' and now has the largest complex of cryptocurrencies equal to billions of dollars Binance and a decentralized BNB cryptocurrency whose value ranges between $ 30 and $ 40, can be traded in any other currency ETH, BTC, XRP USDT, USD, EURO, so that the word Binance began to become the most popular search word on Google and other search engines.

By and large, Binance is a complete crypto empire, in addition to the currency market, spot trading between cryptocurrencies, traditional currencies, and many other services that do not count.

Here you can find a complete explanation of the Binance platform: Step-by-step guide to Binance platform to safely trade cryptocurrencies

Let's take a closer look at the origin of the BNB token, discover what purpose it was created for, and why should it be included in your portfolio? And why do you need it if your trading platform of choice is Binance.

Token digital for exchanging and trading on the cryptocurrency exchange, BNB. It is one of the assets that everyone can use within the cryptocurrency trading platform, Pinas, as it is a currency that does not depend on mining, neither the cloud nor the private digital. And buy on many other platforms. When owning Binance Coin, you can rely on discounts on transactions when conducting any trade, withdrawal, or deposit through the Binance platform, and for the big players in the trading market, these savings and discounts in trading fees make a very big difference.

Without BNB coin, Binance Futures, Binance Futures and other innovative services would not be attractive to large traders who could save additional fees on paying fees by keeping a certain amount of BNB tokens in their balance sheets for trading and exchange. Binance coin holders can earn from storing the asset, completing transactions directly with counterparties on the P2P platform, and simply providing commissions.

Users of cryptocurrencies, traders and those who trade cryptocurrencies, now know a lot about the popular Binance trading platform. Where it is also known that the Binance platform is the first exchange for cryptocurrencies and cryptocurrencies in the world and has its own BNB currency, and it is a platform involved in determining cryptocurrency prices and providing important data on cryptocurrencies, the cryptocurrency market and the crypto industry.

History of the BNB coin

An initial coin offer (ICO), which translates as an "initial coin offer", is a popular form of investment attraction in the cryptocurrency world at the start of a project. During an ICO, regular cryptocurrency holders can transfer their money (often Bitcoin or Ethereum) to a team that launches a startup, which in turn provides them with the company's cryptocurrency in exchange, which will be used later in the executing project. The advantage of an ICO is that it not only allows you to obtain capital to start a project, but also to pre-assemble a base of potential customers for the future product. Additionally, the successful completion of an ICO and the subsequent release of the project is an excellent advertisement and a good way to capture the attention of the cryptocurrency community.

It also happened with Binance, where Binance held its initial BNB coin project in July 2017, and the company raised $ 15 million. The result was the release of its own cryptocurrency trading and exchange platform called Binance Coin, or BNB, which was distributed between the ICO participants and other investors.

Technically, Binance Coin was created as an ERC20 token in the Ethereum blockchain. A total of 200,000,000 BNBs were released. Now almost half of those coins have been burned and eliminated in order to raise the value of the currency, especially after the private Binance blockchain was issued , through which the Binance coin was converted to it.

How and what do we mean by burning the cryptocurrency

Coin burning is the process of permanently removing coins from circulation, which reduces the overall supply. In order to explain how this is accomplished and how burning cryptocurrencies works, we'll use BNB (which was on the ERC-20 protocol) as an example. BNB's previous nodes can be found while on the Ethereum network via the following link: 

https://etherscan.io/address/0xb8c77482e45f1f44de1745f52c74426c631bdd52#code.

When BNB was still part of the Ethereum network, Binance periodically conducted BNB coin burning events by using a smart contract function known as the copy function. BNB coins were being burned every three months, destroying the value of 100,000,000 BNB, which is 50% of the total BNB issued at the initial launch of BNB (20,000,000 BNB).

However, the amount of BNB coins to be burned depends on the number of trades that are made on the exchange within a period of 3 months. So after every quarter, Binance burns BNB coins according to their total volume traded. This is what gives the currency a value in the cryptocurrency market, which made it the tenth currency in the ranking of the largest currencies in terms of market value. Ranking May Talk Over Time Check Coinmarketcap to ensure correct ranking.

BNB coin principle

BNB coin is the original token for the Binance blockchain, which is a simple peer-to-peer system with high throughput and scalability. Binance uses the Byzantine Consensus Mechanism (BFT) to protect its Blockchain, also known as Byzantine Fault Tolerance. The task of Byzantine generals was invented again in the past millennium as a logical dilemma that led to the conclusion that if more than 33% of the nodes of a given system were seized by intruders, this was doomed to failure. Thanks to BFT, this problem can be solved and successfully resisted by intruder attacks.

The network has a small set of functions, but transactions in it take place almost instantly, blocks are generated in less than one second, and it is able to withstand the highest number of transactions. Binance Chain does not support smart contracts, and this option has been sacrificed to increase performance, but it does allow third-party blockchain projects to be published on Binance Launchpad. This means that the Binance ecosystem is, in fact, a competitor to Ethereum, and some projects have already switched to it. For example, the Aeron ecosystem (ARN), the ENJ coded gaming platform Enjin, the RAVEN PROTOCOL neural network training protocol, the GTEX gaming platform, and the CanYa Autonomous Decentralized Network (CAN). Of course, this immediately guarantees them a listing on the Binance exchange.

What is Binance coin in detail

Binance Coin is the cryptocurrency issued by the Binance exchange, and it trades with the symbol BNB. Binance coin is now working on its Binance Chain after it was for nearly two years on the Ethereum blockchain with the ERC 20 standard, which had a strict limit of 200 million BNB coins. Now the number of currencies in circulation in the world is only 100 million coins.

• BNB powers the Binance ecosystem and is the original coin of the Binance chain.
• BNB coin has several use cases, not to mention its use and circulation on many other platforms such as Huobi, KuCoin and other global platforms.
• You can use it to pay for trading fees on the Binance Exchange
• You can use BNB to participate in token sales hosted on Binance Launchpad
• More and more sellers are accepting BNB as the payment method
• BNB is also used on the Binance DEX (Binance Decentralized Edition) platform.

What is the use of BNB?

We already mentioned that BNB has several use cases. For example, you can use BNB to pay travel expenses and buy virtual gifts, crypto-digital assets, and other and alternative cryptocurrencies such as Litecoin, Bitcoin, and many more, BNB stablecoin can be sold as BNBUSD. Let's take a look at how BNB can help you with Trading Fees and Always Get Discount on platforms that accept BNB.

When trading or investing in the Binance Exchange, each trade will incur a standard fee of 0.1% (the trading fee is determined by your monthly trading volume and your BNB holdings). You can either pay the trading fees with the assets you trade or you can pay them with BNB. If you choose to pay in BNB, you will get a special discount on your trading fees.

Therefore, if you trade a lot on Binance, you should consider getting more BNB and using it to pay your fees. Bear in mind that the discount for trading fees follows a set schedule, so be sure to review the current spot trading fee schedule on the platform. It's also worth noting that the Binance Futures Platform follows a slightly different fee schedule.

BNB still has a lot to come. Stay tuned for more news about upcoming features across our site.

Where to buy Binance coin?

The pace of development of the Binance crypto platform is impressive. The project is occupying more and more new areas in the digital market. Therefore, many investors began to take an interest in Binance coin.

It is best to buy this digital asset on the original exchange, but there are many other options through which BNB can be bought, as it is the currency of all other platforms. BNB can be bought via the number of corresponding options, against Tether against the stable BUSD currency and Bitcoin, the effect. You can find the list of cryptocurrencies against BNB via the following link : BNB Market.

Binance recently issued an access to a Binance bank card. The Binance Card does everything a regular payment card does, along with a lot of other benefits. It works like a regular bank card issued by your bank, in this case your account on your Binance platform. You can simply load your card using the Binance Card app using Bitcoin or BNB, and you can pay, buy with it, and withdraw money at an ATM anywhere in the world.

Binance coin can be bought and sold in US dollars from a digital bank account such as FDIC, Genesis Block or via CoinFlip ATM, as well as from your bank account via regular bank transfers.

Prospects for BNB Cryptocurrency

Predicting the future of certain blockchain and cryptocurrency legislators is difficult, but let's try to look at how BNB developed through these three factors:

• The current state of the Binance platform and the digital market in general.
• Indicators of previous years.
• Options to use OTC tokens.

Binance coin is linked to the performance of the exchange. If it continues to boom, then in theory the currency should rise in value. The company has gone through many changes in a short period of time. Binance opens many offices in different countries, expands the list of services, supports more and more national currencies, the dollar, the euro ... The project has a loyal and active community, and in the long term, this should definitely lead to an increase in the demand for the BNB token.

Another element of Binance's offerings is a crypto project launcher where new currencies are released based on IEO (Initial Exchange Offerings). This is the latest method of fundraising and the most legal and regulated ICO. If the number of IEOs continues to pass through Launchpad, then Binance coin could theoretically benefit from it.

The success of the project is related to the demand for cryptocurrencies in general, and especially the price of Bitcoin. In the past two years, the BNB symbol recovered from the difficult year of 2018, rose to its peak in June 2019, then began to slide, and recently rose again and decreased its value again, and now until writing this topic in late December 2020 the price has reached 34 dollars.

In terms of practicality, Binance coin is not just for those who use exchange platforms. As its popularity has grown over the years, other uses have emerged as well. Just like Bitcoin, it can be used for trading or to pay for goods and services. With the Binance code, you can book flights and hotel rooms, and pay for purchases at auctions and independent services.

Trade or hold BNB at the following link: BNB / USD / BTC / ETH