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BNB

Investing.com
Currency in
USD
Disclaimer
600.90
-0.88(-0.15%)
Real-time Data
Day's Range
599.29605.09
52 wk Range
202.99641.80
Bid/Ask
-
Vol (24H)
1.34B
Market Cap
89.08B
Day's Range
599.29-605.09
52 wk Range
202.99-641.8
Max Supply
-
Circulating Supply
BNB147.59M
Rank
4
Technical
Strong Sell
Sell
Neutral
Buy
Strong Buy
Strong Sell
Daily
Weekly
Monthly
More
Type:Currency
Group:Minor
Base:BNB
Second:US Dollar
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FAQ

How to buy Binance Coin

Binance Coin can be purchased from more than 50 top crypto exchanges and brokers globally. However, many users prefer using the Binance crypto exchange to buy the asset. To buy Binance Coin on the Binance crypto exchange platform, you will need to sign up and submit the necessary documents to meet the required Know Your Customer (KYC) process. Once this is done, you can buy Binance Coin either through the ‘Spot’ trading option or through the Peer-to-Peer (P2P) platform.

What is Binance Coin?

Binance Coin is a digital asset created by the Binance Bitcoin exchange to serve as a discount token for traders using the Binance platform. Binance Coin initially launched on the Ethereum network as an ERC-20 token but has since been transferred to the Binance Smart Chain (BSC) and now operates as a BEP-20 token. Binance Coin is famously known by the BNB ticker symbol, and the utility token has gained blockchain prominence for two major reasons. First, it serves as the de facto currency for all projects building on the BSC ecosystem. Another is the “burn” mechanism, which sees one-fifth of the total BNB in circulation permanently destroyed.

How does Binance Coin work?

Binance Coin was principally created as a discount token for traders, but the use cases of the asset have expanded. Binance Coin is now the digital liquid token used for all Binance Smart Chain (BSC) ecosystem transactions. It is also used to book travel tickets, pay for loans, purchase new coins listed on the Binance Launchpad, and several other things.

How to mine Binance Coin

Binance Coin cannot be mined because all the BNB coins have been pre-mined at its launch in 2017. Although the coin does not operate on a Proof-of-Work (PoW) consensus protocol like Bitcoin, the only exception to mining the Binance Coin is through a mining software called unMineable. This process allows you to mine coins that are not PoW, and you can later switch them to your preferred asset.

Why was Binance Coin invented?

Binance Coin was a brave effort by the Binance crypto exchange team to increase its brand awareness and marketing efforts. The digital asset allows Binance to reward traders by cutting down on their trading fees. So far, Binance Coin has achieved its goals as more traders use it to further cut down on the 0.10% fees they have to pay for using the Binance crypto exchange.

What technology does Binance Coin use?

Binance Coin was initially built using the Ethereum blockchain before it migrated to the Binance platform. It now runs in tandem with the Binance Chain, which sports the Binance decentralized exchange (DEX) platform and Binance Smart Chain (BSC). BSC comes with smart contract capabilities useful in developing blockchain-based applications used in decentralized finance (DeFi) and non-fungible tokens (NFTs).
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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