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Binance Coin (BNB)
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:
- You can use BNB for trading in various exchanges, as well as for buying different types of cryptocurrency;
- Binance’s customers use big discounts;
- Where stated, customers can use BNB for buying and paying for various goods and services in tourism, entertainment, etc.;
- Customers can use BNB for investment purposes on several investing platforms;
What to do after buying BNB?
- Store/Hold 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.
- Trade BNB
You can trade BNB for other cryptocurrencies.
- Send BNB
You can send it to anyone and anywhere.
Risk Warning: Cryptocurrency trading involves a high level of risk,
and may not be suitable for all investors. You should carefully
consider your objectives, financial situation, needs and level of
experience before entering into any margined transactions with Bullz
Trade, otherwise seek independent advice if necessary. Crypto, CFDs
are highly leveraged products which mean both gains and losses are
magnified. You should only trade in these products if you fully
understand the risks involved and can afford losses without
adversely affecting your lifestyle (including the risk of losing the
entirety of your initial investment). You must assess and consider
them carefully before making any decision about using our products
or services.
The information on this website is general in nature and doesn't
take into account your personal objectives, financial circumstances,
or needs. It is not targeted at the general public of any specific
country and is not intended for distribution to residents in any
jurisdiction where that distribution would be unlawful or contravene
regulatory requirements.