What is Binance Coin?
There is hardly anyone interested in the world of cryptocurrency who hasn’t heard of Binance – the world’s largest crypto exchange as of 2018.
The exchange keeps on servicing its customers providing buying, selling, trading, and storing options. Since improvement is always a must in the crypto world, now we are witnessing the next step in Binance’s development – the creation of a new cryptocurrency called Binance Coin.
Binance Coin (BNB) is a crypto token that took off as the representative currency of the exchange, but, as of today, serves as any other crypto in the market. It can be easily used to buy Bitcoin, Ethereum, Litecoin, or any other altcoins. Of course, since it’s been initially connected closely with Binance, the Binance customers benefit from big discounts using the token. BNB has been created in 2017 – at first, it used the Ethereum Blockchain, but shortly after has successfully transferred to the Binance native one – the Binance Chain.
How does Binance Coin work?
The creators of the Binance Coin launched their crypto using the Initial Coin Offering (ICO) by distributing millions of coins to various groups of participants. Half of the overall circulation has been distributed to the public. Binance has since used the collected amount of money for exchange improvement purposes, as well as stashing a reserve for emergencies and various circumstances.
It’s a well-known fact that one of crypto’s most cherished characteristics is its scarcity which ensures its ever-growing value. The Binance Coin is no different – its infamous burning serves its purpose by Binance buying back a certain amount of coins quarterly thus ensuring that the cryptocurrency shall remain finite and its value – high.
Benefits of Binance Coin
It’s safe to say that customers in possession of BNB face plenty of pros:
How to buy BNB?
What to do after buying BNB?
You can safely store your BNB in your account or your crypto wallet. If you seek to make a major investment in BNB a hardware wallet is the best option for storing.
You can trade BNB for other cryptocurrencies.
You can send it to anyone and anywhere.