Table of Contents
What is Binance coin?
Binance coin (BNB) is a cryptocurrency based on the blockchain architecture of Ethereum with standard ERC20. BNB coin is published by Binance, which is the biggest cryptocurrency exchange of China, with the purpose to maintain and develop the Binance system. BNB coin is used to transacting with other cryptocurrencies on Binance exchange, along with BTC, ETH, and USDT.
What is Binance coin?
Binance coin was released in the ICO with the amount of 200 million coins. In which, 50 percent of this amount is public-sold, 40 percent belonged to founders and 10 percent belonged to early investors. Binance Exchange has a plan to buy the half of these coins back. They will destroy 100 million coins and maintain 100 million coins. (This plant has been executed successfully, and now there are only 100 million BNB coins left).
What is the point of Binance coin?
Binance coin is the own coin of Binance Exchange and is used as an intermediate coin for coin exchanging, so its liquidity is really good. You can sell and buy BNB coin anytime. Moreover, when you use Binance coin for other coin exchange on Binance.com, the cost will be really low. In detail:
– The first year: Decrease 50%
– The second year: Decrease 25%
– The third year: Decrease 12.5%
– The fourth year: Decrease 6.75%
– The Fifth year: Original value
At present, it is the first year, so if you use BNB coin for coin exchanging on Binance.com, the cost will be 50% lower. In addition, Binance Exchange also uses BNB coin for payment of withdrawing/deposit cost and other costs.
Where to sell and buy Binance coin?
It is obvious that Binance coin is transacting on Binance.com. Besides, it also can be transacted on EtherDelta Exchange (but, the volume in here is not significant). Binance.com is now rising as an alternative to Bittrex, Poloniex and Bitfinex due to its low cost and fast transacting time.
What coins can be exchanged by using BNB coin on Binance.com?
Almost of coins on Binance.com can be bought and sold by using BNB coin, except BTC, ETH and USDT. Due to 50% cost off, many investors have used BNB coin for their transactions. Following is the coins that can be transacted by using BNB coin:
– IOTA coin (MIOTA)
– NEO coin (NEO)
– Litecoin (LTC)
– Bitcoin Cash (BCC)
– Power Ledger (POWR)
– Lisk (LSK)
– Monaco (MCO)
– Cindicator (CND)
– Quantstamp (QSP)
– ICON (ICX)
– Cybermiles (CMT)
…… and so much more
There are more allowed coins, you can see it on Binance.com
BNB coin exchange rate
BNB coin exchange rate chart on CoinMarketCap.com
At present (when I am writing this article), 1 BNB coin can be exchanged for $23.02, and the total market capitalization is $2,279,440,900.
You can go to coinmarketcap.com to watch the rate in real-time.
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