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What is Binance Coin?

  • June 22, 2020

So what is Binance Coin? Binance Coin is a cryptocurrency from Binance, one of the largest digital currency platforms in the world. It was established in 2017 along with other platforms and began its life as an ERC20 token. Ever since then, it has developed as a native token of the Binance platform. As of today, there is a maximum of 200 million BNB tokens.

The primary usage of the coin is within the Binance ecosystem. Because Binance is the second-largest cryptocurrency exchange platform in the world, this means that BNB is heavily used for various purposes. For example, it’s possible to invest in certain ICOs listed on the platform using the Binance Coin. Part of the appeal of the coin is that it enables you to receive significant discounts on the fees for using the Binance Platform. If you use BNB, then you’ll receive a 50% reduction in fees for the first year, 25% in the second year, 12.5% in the third year, and 6.75% in the fourth year.

The rebate factor, while good for promotional purposes, runs the risk of depreciating the coin. To combat this, Binance plan to reduce the number of coins available, from 200 million to 100 million. 

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So what does the future of BNB look like? Due to the heavy usage of the Binance platform, and the number of people who have invested in the coin for fee purposes, it’s expected that the coins will be widely circulated, even after the promotional period has passed. People who bought the coins early on have already witnessed an amazing return. 

Want to know more about binance? Open up an online bank account, deposit your crypto, and start using your BlockCard as soon as your application is complete.