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Binance Coin is a cryptocurrency created by one of the largest exchanges in the world - Binance. BNB tokens have come a long way - from humble beginnings on the ERC 20 token, to their own blockchain that has built a standard for new cryptocurrency projects - and not just on the Binance exchange. Find out what a utility token is, why the Binance Coin cryptocurrency is special and what its current exchange rate is.
How much does Binance Coin (BNB) cost?
You will find many interesting projects on the Binance cryptocurrency exchange, but Binance Coin is unique. Although it started with the Ethereum network, with time and development it became an independent project, creating its own standard - based on the Binance Chain, which sets the standard for many new projects today.
This is not without significance in the context of the price of this cryptocurrency. In May 2021, the price of Binance Coin reached a record $690 per token, placing the project in 3rd place in terms of market capitalisation.
BNB's current market capitalisation is .
What is the real-time price of Binance Coin?
How much dollars for BNB? Binance Coin (BNB USD) cryptocurrency exchange rate in 24h period
The current price of Binance Coin is , which means that in the last 24 hours BNB has changed its price by .
How much PLN for BNB? Binance Coin (BNB) exchange rate in 24h period
On the Polish Binance Coin (BNB PLN) markets, the current price is , which means that the price of BNB paired with PLN has changed by in the last 24 hours.
What is the cryptocurrency Binance Coin (BNB)?
Binance Coin is a cryptocurrency created and issued by the Binance exchange. The token is currently the native currency of its blockchain, Binance Chain, which was renamed BNB Chain in Q1 2022.
Once a quarter, Binance buys BNB out of the market for 20% of its profit, then permanently burns the concentrated cryptocurrencies, reducing the maximum number of coins in circulation, which was initially 200,000,000 BNB. The goal of the burn is to reduce the supply to 100 million tokens, or half.
Currently in circulation is BNB.
BNB burning on Binance exchange
Binance Coin burning, i.e. buying a cryptocurrency from the market and removing it from circulation, has a gigantic impact on the growth of the price of this cryptocurrency. No wonder - we are talking about the burning of such sums as $729 million (18 BNB burnings).
The burnout calendar is familiar to investors - and they know how to use it in their investment strategy. By observing BNB's chart on the dates prior to the BURN (burnout), we can see that its price rises before the burnout (as investors expect growth and invest in the event) and then falls dramatically.
How does Binance Coin work?
The operation of the token was simple in 2017 - at the time, it was only intended to reduce commissions on the Binance exchange, but as the exchange and the token itself have grown, BNB's uses have expanded to a wide variety of applications. Today, BNB is used to pay transaction fees on the BSC and BC networks, and can be used to book travel, pay for entertainment, online and financial-related services - not just decentralised ones.
The most common use of BNB is to invest in ICOs, but not just those on Binance Launchpad - BNB is used on many decentralised exchanges, as well as in ICOs of independent projects. Payments are equally common, as well as paying for transactions on the BSC network.
Binance's blockchain processes up to 6.5 MLN transactions per day! It is worth noting that the number of active accounts on BNB Chain (formerly BSC) is growing and is currently at 1.273 MLN wallets per day!
What is Binance Smart Chain?
Binance Smart Chain (now BNB Chain) is a blockchain that was created with the intention of executing smart contracts and running applications. Interestingly, despite being separate from the Ethereum network, BSC supports the Ethereum Virtual Machine (EVM), making it possible to run Ethereum-based applications.
This Binance chain was created to enable developers to create decentralised applications in a simpler, faster and more efficient way. BSC also helps users - to manage their digital assets and to complete instant and low-cost transactions.
Who created Binance Coin?
The creator of the token is the entire Binance team, but it is worth mentioning the founder of the exchange itself - namely Changpeng Zhao.
Zhao was born in 1977 in China, but moved to Canada with his family at the age of 12. CZ studied at McGill University in Montreal, where he obtained a degree in computer science. Shortly after graduation, he worked for the Tokyo Stock Exchange, where he gained his first experience with financial markets.
CZ served many brokers, but in 2013 he took up cryptocurrencies - he worked at Blockchain.info and OKCoin, among others. However, in 2017 he left his employer and opened his own cryptocurrency exchange - Binance. In just a year, Zhao built one of the largest cryptocurrency exchanges (based on volume) in the world.
Where to keep the BNB?
A very important aspect of investing in cryptocurrencies, is the safety of your funds - that is, where you keep your cryptocurrencies. The safest digital currency on the market - Bitcoin (BTC), is only as safe as the user makes sure it is. The same is true for BNB - take care of its security!
Hardware wallet for Binance Coin
Every source on the web will tell you the same thing - hardware wallets are the safest way to store cryptocurrencies. We think so too - hardware wallets are specialized devices that keep your cryptocurrencies safe at all times!
The most popular devices on the market come from two manufacturers - Trezor or Ledger. In both cases, the market leaves no doubt, theft from this type of wallets practically does not happen! The most common way for users of hardware wallets to lose their funds is to lose the device itself.
But a heads up - modern wallets will allow you to recover your funds using
seed phrase, a string of multiple random words.
Online wallet for Binance Coin
The official wallet for BNB is the Binance Chain Wallet. The wallet is integrated directly into the Binance DEX and can be integrated into the Ledger hardware wallet!
A very commonly used wallet - due to its simplicity and accessibility on mobile devices, is Trust Wallet, which is a wallet officially approved by Binance.
Remember, however, that using online wallets can be risky. You may lose access to them as a result of a pishing attack or other hacking activities. Always keep your funds safe!
Cryptocurrency exchange as wallet for Binance Coin
People who have just joined the cryptocurrency market are not always aware of the dangers that await in this market. Loss of access to funds and theft are huge risks for people who do not properly secure their accounts and wallets that hold their digital currencies.
A very common way to store BNB, is to store it on a cryptocurrency exchange - this allows you to react quickly to signals and the current exchange rate. However, cryptocurrency exchanges are not the safest place to store your funds - there are many dangers of crypto loss lurking on the platforms, so if you already decide to store your funds on an exchange - secure them as best you can!
Secure your account with two-step verification and new IP verification, and set up email withdrawal confirmations - this will minimise the risk of an unwanted withdrawal by a third party!
Is it safe to invest in Binance Coin (BNB)?
BNB is a great utility token, you will use it for transactions to many decentralised exchanges and applications - and even for transactions to centralised exchanges. You can use it to make purchases, buy gift cards and even pay for travel!
Token firing is a very important part of the whole BNB idea, it translates into a long-term price increase, but it is also a huge risk. The Financial Authorities of many countries are not in favor of such a strategy of Binance. It is also worth mentioning that the price of BNB is directly dependent on the Binance exchange - the cryptocurrency will not be able to sustain itself in the market. Keep these risks in mind when investing in Binance Coin.
How to buy Binance Coin?
BNB is already an established project whose market capitalisation has been growing since the ICO in 2017. You probably won't be surprised if you read that the main place to buy BNB is the Binance exchange. However, it's not the only one! BNB is also offered by FTX, KuCoin, Gate.io and Huobi.
Soon you'll be buying BNB in a pair to gold - on the cryptocurrency exchange and at the Egera exchange!
How much BNB? Binance Coin Calculator
The currency calculator on Eger is a representation of how much BNB you will buy for a certain amount of money. The data in the calculator is refreshed live and is powered by the best chart data on the market, so you can be sure that the fiat - BNB pair are up to date.
The text is not investment advice and Bitclude (Egera) is not responsible for its misinterpretation and use as an aid to investment, nor does it constitute an aid to trading.