What is Binance Coin?
One of the most significant benefits of cryptocurrencies and their accompanying technologies is fostering new coins, ecosystem platforms, and even coin-related business ventures.
Take the Ethereum cryptocurrency, for example. Users can use the Ethereum coin ERC 20 to develop their signature cryptocurrency coin, ecosystem platform, fundraise, and even launch initial coin offerings.
It was through this method that the Binance coin BNB and its accompanying ecosystem Binance Chain and online cryptocurrency exchange were launched.
The Binance coin, also called a token, is BNB, and it is used to power the functions of the Binance ecosystem and exchange. The original version of BNB began as an ERC 20 coin on the Ethereum platform.
BNB was initially launched via an initial coin offering fundraiser back in 2017. That ICO was established about 11 days before the launch of the Binance cryptocurrency exchange network.
The ERC 20/BNB coins were initially launched on Ethereum with a 200 million token issuance maximum. About 100 million ERC 20/BNB tokens were issued for ICOs.
When Binance officially launched its platform, its ERC 20 tokens were swapped onto the platform and no longer appeared on Ethereum.
There are two coins on the Binance platform, the BNB, and BEP2.
The BNB powers the ecosystem, while the BEP2 token is a protocol coin that maximizes the transference of other cryptocurrencies on the platform. After all, the Binance Chain cryptocurrency exchange transacts over 150 different cryptocurrencies and counting.
Binance BNB Deflationary Burns
Binance Chain burns a pre-determined number of BNB tokens every financial quarter via a smart contract-enabled burn protocol.
The exact number of BNB token burns is determined by the number of cryptocurrency trades executed from the previous quarter and current cryptocurrency market conditions.
The strategic deflationary burns of capped token issuances are conducted to stave off potential hyperinflation, mitigate value, or increase purchasing power.
Technically, you can only validate BNB tokens, an analogous mining process, but it isn’t the same.
You can mine cryptocurrencies on a Proof of Work consensus mechanism blockchains like Ethereum or Bitcoin.
The Binance Chain platform runs on a Byzantine Fault Tolerance consensus mechanism, which employs validators instead of miners.
Buying Binance Coin BNB
Anyone can buy the Binance Coin BNB token on the Binance Chain cryptocurrency exchange or any exchange that offers it.
What are Binance Coin Frequenty Asked Questions?
Where does Binance Coin (BNB) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Binance Coin currently ranks in position 10 out of the thousands of cryptocurrencies. It is also important to consider Binance Coin‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Binance Coin has a market cap of $ 6,238,433,018, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 585,897,503,368, Litecoin at $ 8,485,352,131, Ethereum at $ 147,349,411,031, Tether at $ 25,422,039,508, and XRP at $ 11,770,855,166.
What is the price of Binance Coin (BNB) today (updated in realtime)?
The current price of Binance Coin is $ 42.30 in USD. (The price in Euros is 34,83 €; and the price in Bitcoin is Ƀ 0.00133800 BTC.)
What is Binance Coin‘s (BNB) market supply?
The total available supply of Binance Coin is 147,883,948 BNB. The total supply of Binance Coin is 179,883,948 BNB.
What is the 24 hour volume for Binance Coin (BNB)?
The 24 hour volume for Binance Coin is $ 562,005,291.
How has Binance Coin (BNB) performed recently?
Binance Coin‘s price has increased in the last 24 hours by 2.93%. This compares with a seven day change of -0.52%. The trading volume over the last 24 hours was $ 562,005,291. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Binance Coin (BNB) official website?
Links to Binance Coin‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Binance Coin (BNB) performed well historically?
Here is a chart showing how Binance Coin has performed historically.
Where Can I Buy Binance Coin (BNB)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Binance Coin News
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