Hello awesome people, how is everyone doing today, we are in a new week and I hope the week is going well for everyone. Super excited that we are in season 2 of the ongoing crypto academy. This is the first lecture of season 2 and I’m very excited to be a part of it. The crypto academy has been amazing for me, I have learnt a lot, my knowledge of crypto has improved greatly and as always, it has also helped me improve my writing as well. We are in the first part of season 2 and this week’s topic is all about "Looking beyond the Bitcoin"… In this post, I will be sharing my knowledge on a particular altcoin that has gained a lot of popularity and rise over the past months and that altcoin is the Binance coin (BNB).
Binance Coin (BNB)
When it comes to the cryptocurrency space, Binance needs no introduction. They are undoubtedly one of the biggest exchanges in the crypto space at the moment, recording massive new highs in total trading volumes. Over the few years, Binance has grown to become an ecosystem and not just a crypto exchange or CEX. The Binance ecosystem comprises of Binance Chain, Binance Smart Chain, Binance exchange, Binance DEX, and a variety of other crypto services.
The Binance Coin also known as BNB is basically a coin that was Created by Binance. It was created back in 2017. The Binance Coin or BNB is the native token of the Binance ecosystem that is made up of a dual blockchain structure made that consist of the Binance Chain and the Binance Smart Chain which run in parallel to each other. Both the Binance Chain and the Binance Smart Chain offers different features and functionalities, with the Binance smart chain offering smart contract functionalities and capabilities, giving its users a wider range of capabilities. The Binance Coin (BNB) is used across the Binance ecosystem.
The Binance Coin (BNB) Uses
The Binance Coin (BNB) is a token that operates on Binance and powers the Binance Ecosystem. Since BNB operates on the Binance Chain and Binance Smart Chain which are part of the large and active Binance ecosystem, the Binance Coin (BNB) has multiple uses. One of the use cases of the BNB is that it is used to fuel transactions on the binance chain, it is used for paying for fees on the Binance exchange, it is used for making in-store payments, and other benefits and features. A lot of projects on pancake swap are paired with BNB which adds to the use cases of the BNB token as it can be used to purchase tokens on the Binance smart chain. BNB also powers the Binance DEX.
Benefits of the Binance Coin (BNB)
The Binance Coin has proven itself as not only one of the top cryptocurrencies, currently sitting 3rd on coinmarketcap, it also offers a lot of benefits…
- It is powered by the Binance chain which means it is secured and less transaction fees.
- BNB is a high marketcap coin which means that there is less risk involved when it comes to investment
- BNB inherits the benefits of the Binance blockchain and what it has to offer
- BNB is used for paying for fees on the Binance exchange and reduced fees when trading on the Binance exchange.
- BNB is used for making in-store payments
- Binance Coin (BNB) Coins have proven to be of great benefits for cryptocurrency investor and traders.
- BNB has shown that it still has a lot of room for growth and price increase.
- BNB is used to participate in token sales on the Binance launchpad
Binance Coin (BNB) Burn
The BNB burn mechanism that it put in place means that BNB is a deflationary coin. This is because binance uses 20% of its total profit from the exchange to buy back and burn BNB every quarter until 50% of the total supply is reduced.
BNB Current Chart
Binance Coin (BNB) Supply Statistics
Based on the current statistics on the coinmarketcap website, BNB has a current martketcap of $88,104,499,405, Fully diluted marketcap of $96,677,693,102, Circulating Supply of 154,532,785 BNB, Total Supply of 170,532,785 BNB and a Max supply of 170,532,785 BNB.
Binance Coin (BNB) is a very popular cryptocurrency by Binance which is one of the biggest cryptocurrency exchanges. Since BNB operates on the Binance ecosystem, it is majorly on the binance exchange with a lot of volume. BNB can be traded on Binance, Kucoin, FTX, Poloniex and Gate.io.