What is Binance Coin? How it works?

By PrisonedBus9641 | Cryptonews9641 | 18 Mar 2020


The Binance Coin (BNB) is the cryptocurrency of the Binance exchange platform, the largest cryptocurrency exchange in the world. In fact, the BNB Coin is a cryptocurrency that can be used as a means of exchange from one cryptocurrency to another. 

ChangPeng Zhao founded a company called Beijie Technology in 2017, which is currently based in Hong Kong, and is the holding company that manages Binance. The team worked hard to increase the growth of the platform to make it one of the largest exchanges.

BNB coins can be used to pay transaction fees for cryptocurrency exchange. For example, if you want to convert BCH to Dash, you need to pay a transaction fee. Binance tokens were used by users as a means of paying transaction fees, invited by a 50% discount. Most of the users used the tokens to obtain a greater number of the main currencies, thus obtaining good earnings. 

 

Main aspects

  • Centralized vs Decentralized: Bitcoin is traded everywhere, and is susceptible to a variety of influences. BNB is in a singular location, making it less prone to external circumstances, but increasingly prone to circumstances internally on Binance.
  • Low costs: the BNB facilitates the purchase of the other cryptocurrencies because it's quite cheap. You can freely exchange BNB currency on the Binance platform.
  • Supply and demand: determine the growth of the value of a currency of a digital exchange. Bitcoin has increased its value thanks to an offer limited to 21 million units. Similarly, there are 99 million BNB coins on the market and more request generates more value.
  • Development: as the Binance platform grows in value, the BNB currency grows.The Binance's infrastructure as valid as Bitcoin protocol.

 

 

 

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PrisonedBus9641
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