Binance Coin (BNB) – Beginner’s Guide, Information & Review

What is Binance Coin?

Binance Coin is an ERC20-token created by the popular cryptocurrency exchange Binance.

The ticker is BNB, and it is a utility token, which can be used to pay fees on Binance.

If you use BNB to pay for your fees on Binance, you will receive a variable discount:

  • 50% in the first year
  • 25% in the second year
  • 12.5% in the third year
  • 6.75% in the fourth year

After you have used it for four years, you are not eligible for discounts anymore.
Every year Binance will use 20% of its profits to buy back BNB and destroy them until 50% of the total supply is destroyed, and only 100 million are left.

Binance announced that they would build a decentralized exchange where BNB will be used as a key asset, for example, pay for gas, transaction fees etc..This means BNB will get its own blockchain and evolve from an ERC20 token on the Ethereum blockchain to a native asset.


Who founded Binance Coin?

BNB was founded by Binance, which is one of the most prominent cryptocurrency exchanges with an exceptional reputation. The ICO was held from 14 July 2017 to 27 July 2017 and 50% of the total supply were sold.

To find out insider news, before-the-public, I advise you to bookmark www.blockchainwhispers.com

Can Binance Coin be mined?

No, BNB is premined.


What differs Binance Coin from other Cryptocurrencies?

Binance coin was the first digital asset that was issued from an exchange, and it has a clear use-case and is actively used. One of the most used utility tokens.


How much is Binance Coin worth today?

What is the total and the circulating supply?

The total supply of BNB is 194 972 068 BNB and the circulating supply at the time of writing is 114 041 290 BNB.


You can buy BNB on several cryptocurrency exchanges, most notably Binance and through Bancor Network.

Can BNB be sold for cash

Can BNB be sold for cash?

BNB cannot be sold for cash at the moment. You can exchange BNB for BTC or ETH and sell them for cash.


Future Development

When Binance finished, its decentralized exchange BNB will have its own underlying blockchain and will be the native asset of the Binance ecosystem. And the supply gets frequently reduced through buy-backs from Binance.


Verdict and Rating

7/10
This asset has a bright future. Binance, which stands for Binary Finance, has achieved a lot in 2017. It is one of the most trusted and most used digital asset exchanges. And it is growing rapidly, enabling fiat-gateways soon and building a decentralized ecosystem.

This outlook, combined with Binances repurchasing plan for BNB, leads to the conclusion that there is much more to come for BNB. With Binances success grows BNBs price.

Blockchain Whispers recommended BNB to me shortly after the ICO. It is one of the most accurate crypto sites on the web. If you aren’t aware of it yet, you visit at https://blockchainwhispers.com/about-2/
7 / 10.0
Page Score:

Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Author

Contributor : Adolph Obasogie

Gb Adolph Obasogie is a Chartered Accountant, and he worked for several years as an Independent Consultant for World Bank projects in emerging markets. As an Emerging Markets Analyst, he has analyzed several portfolios for clients in the Middle East, North America, Europe, and Africa. He has a deep understanding and insight on the workings of Cryptocurrencies and their real-world applications. You can connect with him on Linkedin.

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