The Binance ecosystem, if we can call it that, is a very large application and blockchain environment. Binance Coin is the native coin of Binance Chain and Binance Smart Chain. We use it in many situations. We use it to pay commissions on the Binance exchange and Binance DEX and the BC and BSC blockchains, we can use it to pay for purchases with the Binance Visa Card. It is also used as a token in DApps applications and games.
BNB itself was released in an ICO in 2017 as an ERC-20 token running on the Ethereum network. The price of this token was 1 BTC for 20,000 units or 1 ETH for 2,700 units. Two years later, ERC-20 tokens were converted to BEP-2, the standard token on the Binance Chain. In September 2020, Binance Smart Chain was launched, which you can read more about here.
Binance Coin is available on many exchanges, including the obvious Binance exchange. Here we can pay commissions on transactions using the BNB cryptocurrency. If we decide to pay using Binance Coin, we get a discount on transaction commissions. Without using BNB you pay 0.1% commission and with Binance Coin only 0.075%.
What is your opinion about Binance Coin? Is its position on the market justified? What do you think about its price? Let me know in the comments.
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