As the dedicated utility token of the Binance exchange, the most straightforward way to acquire BNB coins would be to purchase them through Binance. The original exchange supports the largest variety of trading pairs with BNB, and it also has the best trading rates for the coin. Since the launch of Play2Earn games, interest in the BNB to PHP price has increased substantially. Previously, the quarterly burn event was based on revenue generated from the Binance centralized exchange.
Binance Coin is a utility token that powers the entire Binance ecosystem ranging from the Binance Exchange, DEX to the Smart Chain. It was initially introduced to incentivize participation in the July 2017 Binance ICO, allowing BNB holders to claim discounts when paying transaction fees using the asset. Its uses have, however, grown beyond this as the Binance ecosystem has grown as well. We’ve mentioned before that Binance created BNB to incentivize participation in its ICO by allowing token holders to claim discounts following the platform’s launch.
News Feed
Binance has high liquidity in many different assets, not just Bitcoin and other top coins. Bitcoin is by far the most-traded asset on Binance but altcoins also feature decent volume. The altcoin advantage is a virtuous cycle for Binance, and new coins often choose to list with Binance over competing exchanges. This includes many coins from Asia that may not be available from Western-based exchanges. The wide array of assets available is another key reason for Binance’s rapid rise.
In the case of Binance, the company headed by Changpeng Zhao launched Binance Coin with a ticker BNB on the Ethereum blockchain. BNB was originally issued as an ERC-20 token, running on the Ethereum network, with a total supply of 200 million coins. 100 million BNB was offered in the ICO, but the current total supply is lower due to periodic burning events and a real-time burning mechanism.
The first phase happened between the 1st and 7th and saw the sale of BNB tokens at 2,700 tokens to 1 ETH coin. In the second and third phases, that rate was reduced to 2,500 and 2,300, respectively. This was a deliberate plan to create artificial urgency for investors to buy the tokens sooner rather than later.
- Since its launch in July of 2017, Binance has grown at a rapid rate.
- If Binance sees continued success on its current level, it will certainly implement more features and programs.
- When trading cryptocurrencies on the Binance Exchange, each trade will incur a standard fee of 0.1% (trading fees are determined by your monthly trading volume and BNB holdings).
- The issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB (around 0.11 USD back then).
Nevertheless, if you had bought when it was first launched you would still be in pretty good shape. Binance is also the name of a cryptocoin (BNB) traded and used on the Binance exchange. Since the ICO, the value of BNB has risen with the growth of the exchange. BNB is now among the top 30 cryptocurrencies in the world by market cap. As Binance grew larger, BNB coin appreciated, just like the company’s shares do in the stock market.
How Many BNB Are There in Circulation?
Binance will automatically calculate the number of tokens you will receive based on the current exchange rates and the amount of fiat you have specified. One unique feature that BNB has that most other major cryptocurrencies do not is its finite number of coins, all created at the time of the token sale. Margin trading is a riskier way to trade and many traders blow up accounts in the hope of getting rich quick. In other words, traders can borrow Bitcoin in the market, sell them, and then buy dollars in the hope of buying BTC back at a lower price, therefore, making a profit.
Business
Several exchanges other than Binance list BNB though the liquidity is low and there is little point in buying it anywhere else. Most users hold it to cut their trading costs and any coin supported on Binance is available as a trading pair with BNB. It currently trades around $4.60 which highlights the depreciation of the overall altcoin market.
Since launching the BNB, the exchange has also benefited from increased investor interest in the coin. BNB went through a significant price increase at the beginning of 2021, which has put it on the map of enterprise investors. You want to click on the last one labeled ‘Buy.’ This will open up a new dialog screen to choose the asset you want to buy. In our case, we are when will or not it’s potential to invest in a hashgraph-primarily based cryptocurrency buying BNB, so go ahead and select BNB from the dropdown list. All tokens that were held or stored on the platform were automatically swapped. In August 2017, shortly after launch, Binance announced that Yi He would join the team.
Since then, its uses have expanded to numerous applications on a wide range of platforms. It is used to pay transaction fees on Binance.com, Binance DEX, and Binance Chain. Binance exchange is currently the leading cryptocurrency trading platform in terms of daily trading volume, and BNB is used to pay for trading fees, among other things, on the platform. Binance is currently the world’s second largest cryptocurrency exchange, with around $6 billion in assets traded in an average seven day period. Since its launch in July of 2017, Binance has grown at a rapid rate.
Global Prices
While you can still choose to pay your fees in the cryptocurrency you’re exchanging, Binance offers a rebate as an incentive to pay fees in BNB. In your first year of membership on Binance, fees are discounted 50% when paid in BNB. With every subsequent year of membership, the fee discount decreases. By your fifth year using Binance, there is no longer a fee discount for paying in BNB. Binance also charges withdrawal fees for moving assets out of your account into private wallets.
Following the success of the trading platform, Binance opted to launch a new blockchain similar to Bitcoin or Ethereum dubbed the Binance Chain. Now that Binance had a blockchain of its own, it was only natural that it would issue new BNB tokens on the Binance Chain to replace those that were available on the Ethereum blockchain. Few other coins have seen such return on investment (ROI) multiples over their lifetime.