BNB is the coin associated with the exchange Binance. It is their native coin or utility token. It is also referred to as the Binance coin. The abbreviation stands for Build and Build.
Binance was founded in 2017 and quickly became the most popular exchange in the world. The reason for this was that they charge very low transaction fees of only 0.1%. Another reason is that they offer a lot of coins. What contributes to their popularity is the Binance coin, also called BNB. You can do all sorts of things with this coin, but it is most commonly used for its discounted transaction fees. In fact, if you own BNB you get a 25% discount on your trading fees.
The Binance coin was launched in 2017 via an Initial Coin Offering. You could get 20,000 BNB for 1 Bitcoin and 2,700 BNB for 1 Ethereum. If you knew everything in advance... At the time of writing, the Binance coin is worth around 300 euros, so do the math. 100 million tokens were sold. Binance raised about $15 million with this, which helped them get their exchange on track.
The Binance coin began as an ERC-20-only token on the Ethereum blockchain. By 2019, Binance had run out of steam and migrated the BNB token from the Ethereum blockchain to their own. It then became a BEP2 token on their BNB Beacon Chain ecosystem. By 2020, DeFi had become hugely popular and Binance felt they couldn't be left behind. They created a variant of the Binance coin, the BEP-20 token. This token could be used on the Binance Smart Chain and performed an important function when trading on a DEX, such as PancakeSwap. Since there are multiple versions of BNB, you have to be careful if you are going to ship this coin. It doesn't hurt to send a small amount first to see if it arrives, then send the rest.
Meanwhile, the Binance coin has become indispensable in the crypto world. It can be bought almost everywhere because Binance is so popular and because you can use it for so many things.
If you hold BNB, you get a discount on your trading costs. You get 25% discount on your trading costs with spot and margin trading and with futures (long vs short) 10%. The trading costs are calculated when you have enough BNB in your account and use it enough to get the discount.
If you have BNB in your account, you can also get even higher reductions, but that is only for the big bags. If you trade more than 1 million a month and you have 25 BNB in your account you get even lower fees. We won't talk about even higher levels.
When Binance first started, you got 50% off your trading fees, but that arrangement was so popular that they quickly made it 25%.
BNB also lets you buy pretty much anything on PancakeSwap. This DEX is built on the Binance Smart Chain. Almost every pair can be found. It is also very usable on the Binance DEX in the same way. Transaction fees on these exchanges are paid in BNB.
BNB can also be used on games and dApps sitting on the BNB chain.
In an IEO (Initial Exchange Offering) on Binance, you can "pre-empt" buying coins by locking BNB and indicating that you want to use it to buy the new coin. The more BNB in your wallet, the more chances you have of acquiring the coin to be launched on Binance Launchpad.
With the Binance Visa Card, you can buy all kinds of stuff from affiliated shops. Every time you make a purchase, you get a discount of up to 8%, which is paid out in BNB.
You can also use BNB to donate on Binance Charity, provide liquidity on Binance Liquid Swap and go on holiday via Travala.com.
The options are expected to expand over time.
Incidentally, BNB is banned in the United States because it is considered an effect of security.
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There will be a maximum of 200 million BNB, although they will never be able to achieve it. After all, Binance burns 20% of their quarterly profits in BNB. At the time of writing, there were 158 million units in circulation, but as time goes on, the final total supply will be 100 million.
Binance has announced to keep burning BNB until only 100 million remain. This all makes BNB more valuable. It will make the BNB coin a deflationary coin, which could theoretically become worth more and more.
BNB can not be mined.
BNB is used on the Binance Smart Chain and only has Ethereum as his competitor.