What is BNB coin? Basic information about BNB coin

What is BNB coin? Most crypto investors use binance exchange to trade, it is binance’s pet product, so few people do not know about this coin. So what is the purpose of BNB’s birth?

What is BNB coin

1 – What is BNB coin?

Binance coin was formerly an ERC-20 token developed and operated on the blockchain platform of Ethereum 2017. On April 18, 2019 BNB was officially launched on a private blockchain platform called called Binance Chain. At this point, BNB is no longer a token but officially becomes a coin.

This cryptocurrency is a pet coin issued by the world’s largest binance exchange with a total supply of 200,000,000 BNB. However, after each quarter, Binance decides to burn coins until it reaches 100,000,000 BNB with the aim of reducing inflation and increasing the value of BNB coins.

2 – What is the purpose of the birth of BNB coin?

Binance coin is not only used for buying/selling transactions for profit between investors, but it is also used for many different purposes as follows:

Pay transaction fees: It is preferred to use to reduce transaction costs.

Buy IEO tokens: Binance coin is used to buy tokens of blockchain projects raising capital through the Binance launchpad platform.

Travel and travel expenses: Binance has invested in travel company TravelbyBit, you can use BNB to pay for air travel or hotel reservations.

Hire a freelancer: if you hire a freelancer on CanWork you can pay in Binance coin.

Other: in addition, Binance coin is also used to pay bills with credit cards, buy virtual gifts on UpLive platform, create smart contracts.

3 – Where to buy Binance coin?

If you are intending to buy BNB coin to invest or trade for profit, you should register an account on the main Binance exchange to buy directly. How to register and buy / sell coins on this exchange, please see the article below.

See Also >> Instructions for account registration, identity verification, how to buy/sell coins on Binance.

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