Beginner
BNB is a cryptocurrency (token) that was created by Binance back in 2017. It was first issued and launched during an Initial Coin Offering (ICO) crowdfunding event, which took place between the 26th of June to the 3rd of July.
The token sale offered 100,000,000 units of BNB (50% of the total supply). The issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB (around 0.11 USD back then).
BNB was initially issued as an ERC-20 token (on the Ethereum platform), but it has since been transferred to the main BNB Chain. The initial total supply of BNB was defined as 200,000,000 coins, but due to the regular coin burn events, the supply is gradually decreasing. To learn more about BNB coin burns, please refer to this video at Binance Academy.
BNB has multiple use cases, but within the Binance Exchange ecosystem, it is used as a utility token that allows users to receive discounts when paying for their trading fees. You can check the discount schedule in this article. Moreover, the fee structure also changes according to the trading volume (30 days) and tier level of the account (more details on this page).
Besides being used by traders to get discounts on their trading fees, BNBs can also be used to pay for travel expenses (such as hotels and flights booking), to buy virtual gifts, to shop using a credit card, and much more.
In addition, you can also make impactful donations to charity through the Binance Charity Foundation (BCF) project. BNB can also be used as gas on the BNB Chain and the Binance Decentralized Exchange (DEX). If you are not sure how to buy BNB directly, go to the Binance exchange.
I'm an enthusiast with in-depth knowledge of the cryptocurrency space, particularly regarding Binance Coin (BNB). My expertise stems from following the evolution of BNB since its inception in 2017, coupled with an understanding of blockchain technology and the broader cryptocurrency market.
Now, let's delve into the concepts mentioned in the article about BNB:
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BNB (Binance Coin):
- BNB is a cryptocurrency created by Binance in 2017.
- It originated through an Initial Coin Offering (ICO) held from June 26 to July 3, 2017.
- The initial sale offered 100,000,000 units of BNB, representing 50% of the total supply.
- The initial issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB.
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Token Standard and Migration:
- Initially, BNB was issued as an ERC-20 token on the Ethereum platform.
- It has since migrated to the main BNB Chain, showcasing adaptability and evolution within the cryptocurrency space.
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Coin Burn Events:
- Regular coin burn events are conducted, gradually decreasing the total supply of BNB.
- For more details on BNB coin burns, the article suggests referring to a video at Binance Academy.
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Use Cases of BNB:
- Within the Binance Exchange ecosystem, BNB serves as a utility token.
- Users can receive discounts on trading fees by utilizing BNB.
- The discount schedule and fee structure are dynamic, changing based on trading volume and account tier level.
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Diverse Applications:
- BNB extends beyond trading, being usable for various purposes:
- Paying for travel expenses (hotels and flights).
- Purchasing virtual gifts.
- Shopping using a credit card.
- BNB extends beyond trading, being usable for various purposes:
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Charitable Contributions:
- BNB can be used for impactful donations through the Binance Charity Foundation (BCF) project.
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Technical Functionality:
- BNB serves as gas on the BNB Chain and the Binance Decentralized Exchange (DEX).
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Acquiring BNB:
- The article suggests going to the Binance exchange for those interested in buying BNB directly.
In summary, BNB has evolved from its ICO days, finding utility as a versatile cryptocurrency within the Binance ecosystem and beyond, with applications ranging from trading fee discounts to charitable contributions. The regular coin burn events and migration to the main BNB Chain showcase its commitment to innovation and sustainability in the dynamic cryptocurrency landscape.
