What Is BNB Crypto: What Should You Know About It

What is BNB crypto? The Binance Coin (BNB) is a native currency of the Binance Chain. Recently, the cryptocurrency hasn’t only moved forward but has made some headlines as well. What should you know about the Binance Coin? And what is BNB in crypto by the way?

Today, Binance is the largest crypto exchange in the world. Headquartered in Shanghai, the company has a daily trading volume of nearly $3.5 billion in 473 different trading pairs. The trading exchange was launched in July 2017 and has grown rapidly since then. Still, what is BNB crypto? Well, they started an ICO and issued a total of 200 million Binance coins. With the ICO, the company wanted to raise funds and attract investors.

What Is BNB Cryptocurrency: How to Get Binance Coin?

What is BNB cryptocurrency? Let’s try to find out! At the very beginning, BNB was an ERC-20 token and ran accordingly on the Ethereum blockchain. Since April 2019, Binance has launched its own blockchain called Binance Chain. As a result, the BNB Coin also had to move. So the coin switched to its own BEP-2 standard. Owners of the ERC-20 variant had to exchange their tokens for the new version. 

Once we’ve found out what is BNB cryptocurrency, let’s find out where & how you can get Binance coins.

You can purchase BNB directly from Binance. For every cryptocurrency that Binance works with, a currency pair with BNB is available. If Binance Coin is considered as an investment, then you need to transfer tokens to your storage. Since they are ERC-20 standard, they can be stored in the MyEtherWallet wallet. If you need additional protection, then you can resort to Trezor hardware money storage.

What Is Driving BNB Crypto Up: Why Do People Use It?

What is driving BNB crypto up? Well, BNB can be used for various purposes. Let’s consider them in detail.

  • Paying fees. On Binance, users can pay transaction fees both with BNB and with the cryptocurrency being traded. The company would like to offer traders incentives to use the native coin as a means of payment, with the aim of promoting customer loyalty. If users pay the transaction fees with BNB it will be 50% cheaper compared with the first year. In the second year, there is a place for a 25% discount. The discount is halved every year up to the 5th trading year. Then there will be no more benefits.
  • Initial Exchange Offerings (IEO). Investors can also use BNB to participate in IEOs offered by the trading exchange. For this purpose, Binance has created its own decentralized exchange.
  • BNB as an investment. Trading the coin can also be exciting for traders. Since its creation and the move to its own blockchain, BNB has grown in value significantly. 

What Does BNB Stand for in Crypto: Key Prospects of BNB

What does BNB stand for in crypto? We’re ready to give you the answer! Binance expects its cryptocurrency to motivate user loyalty. Of course, the price reduction is a great marketing ploy. However, even after the discount is reduced, users will still have tokens that can be used. 

In addition, since Binance is the largest trading platform, it should be expected that the coins will become popular and their value will increase significantly. Moreover, BNB is unique in comparison with other crypto coins, as it has practical benefits. What is BNB crypto? What other interesting information do you know about the Binance Coin? Just share your knowledge in the comments!

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