Current price Binance Coin:
Binance Coin (BNB) – what is that?
Binance Coin (BNB) is a utility token belonging to one of the most popular cryptocurrency stock exchange – Binance. It was issued in the ERC-20 standard on the Ethereum blockchain.
ICO for Binance Coin lasted for 11 days. It began on 26th June and finished on 3rd July 2017. The investors had two choices – receive 2 700 BNB tokens for 1 Ether (ETH) or 20 000 BNB for 1 Bitcoin (BTC).
The total Binance Coin supply is 200 million coins. 100 million coins were intended for ICO. The amount is constantly decreasing, because of so-called burning process. Why a given number of tokens is temporarily destroyed will be explained in a dedicated chapter.
Important: although originally BNB was issued in the ERC-20 standard in the Ethereum net, it was moved to a native blockchain of Binance. Tokens were exchanged 1:1 from BEP2 to BNB. The mainnet launch was announced in April 2019.
BNB – what is its purpose?
Because BNB is the native cryptocurrency of the Binance stock exchange, its use is focuses around this network. Binance Coin users, the times they use it, may enjoy a variety of discounts. For example: each transaction on the platform is charged with a standard fee. It’s a 0,1% and it’s calculated based on the monthly turnover and the amount of BNB in possession. In this case a user has two options: pay the fees using the assets of their choice or pay them with the use of Binance Coin. If the second option is used, a discount is granted.
Of course, it’s worth to get yourself familiar with the fees schedule, to make sure the second option is more profitable. You also need to know that the fees on the Binance Futures platforms are a bit different.
Of course, Binance Coin can be also useful outside of the cryptocurrency stock exchange. It can be used as virtual money for example. You can use BNB to pay for your reservations at Travala.com – a popular travel platform, for example. There are much more places like that, which accept Binance Coin!
BNB burning – what is that?
The principles are, that the Binance cryptocurrency stock exchange will each quarter burn (destroy) BNB tokens, basing on the turnover on the platform. The process will continue until 50% of the total Binance Coin supply is destroyed – 10 million BNB. As a result, the same amount will remain in circulation. In the first chapter we mentioned a total of 200 million BNB was issued.
Until today BNB tokens were burnt 6 times. The details are presented below.
986 000 BNB
1 821 586 BNB
2 220 314 BNB
2 528 767 BNB
1 643 986 BNB
1 623 818 BNB
Who’s behind Binance Coin?
As we already mentioned, BNB is a token, that belongs to the Binance stock exchange. It’s a well renowned cryptocurrency platform. It was launched in 2017. Since then it gathered a substantial number of users. When it comes to liquidity, it’s placed 3rd, right after HitBTC and Bitfinex (according to CoinMarketCap).
However, behind each stock exchange there is a man (excluding those decentralized ones). The position of the general director in this case, is held by Changpeng Zhao. The cryptocurrency community often calls him ‘CZ’. This man worked very hard for his success. He started as a McDonald’s employee, until he became one of the wealthiest in the cryptocurrency world – according to Forbes. In 2018 he was ranked 3 in this rating.
You can say he inherited his talent with his blood. His father was a professor in the Middle Kingdom, until proclaimed a bourgeois intellect and banished from China. Changpeng Zhao was therefore forced to help in supporting his family, working various jobs in the service industry.
CZ began his adventure with the stock exchange right after college. He graduated at information technology at the McGill University in Canada. Shortly after that, he started developing computer programs tailored to the requirement of the Tokyo stock exchange. In his career, he used to work as a programmer in Bloomers Tradebook. In 2005 he decided to move to Shanghai, where he started Fushion Systems – a transactional system of high frequency for the brokers.
Since 2013 he was involved in various cryptocurrency projects, including Blockchain.info. He also took position on technology director in OKCoin. He was laid off in 2017, but claims he resigned himself. That is when he focused on building his own cryptocurrency platform Binance. During ICO he raised 15 million US dollars for its development. In less than 8 months Binance became one of the biggest platforms, in regards to turnover.
BNB exchange rate and forecast
The current Binance Coin price is 25,58 USD (as of 14.02.2020). Its market capitalization is 3 979 374 593 USD, which allows it to be ranked 9th in the CoinMarketCap rating. It’s ATH, meaning the highest price, BNB reached on 22nd February 2019. The exchange rate at the time was 39,57 USD.
Binance Coin – which stock exchange is it listed on
It quite obvious, that the main stock exchange you can purchase BNB tokens at is Binance. However, because of its popularity it is listed by many other cryptocurrency platforms as well. Below you will find the most popular ones.
BNB stock exchange
Crypto-crypto stock exchange
Crypto-fiat stock exchange
The highest turnover of BNB is present at Binance of course. This stock exchange is also much more trustworthy than the ones presented above.
Cryptocurrency wallets – which once to choose for BNB?
To manage you Binance Coin you will need a specialized cryptocurrency wallet. Here are some examples!
Cold BNB wallets
Hot BNB wallets
By: Karolina Kropopek
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