Since the token is mostly used within the Binance ecosystem, you need a verified account on the exchange to use the currency. It is challenging to maintain anonymity when you are using Binance Coin. Later on, these new digital currencies are added to the Binance exchange where you can trade them as well providing a complete and seamless experience. Participate in ICOs/IEOsīinance Launchpad also hosts new token sales where you can use your BNB tokens to purchase a stake in a new and upcoming currency. Buy your meal or get your new house using BNB. It is accepted by multiple service providers, especially in the traveling and hospitality industry. This discount can be gained on either blockchains, both Binance Chain, and Binance Smart Chain when trading on the Binance crypto exchange Spend Binance CoinĪpart from a seamless experience within the Binance ecosystem and trade fee discounts, you can also use BNB in many other different ways. However, if you use BNB, the trading fee will be reduced in half, i.e. If you're purchasing $10,000 worth of coins, you will be charged $10 with conventional payment modes. Trading DiscountīNB also allows you to get a 50% discount on the trading fee. Apart from that, BNB also gets its own trading pairs to meet your specific trading requirements. Using BNB, you can trade more than 150 cryptocurrencies on the exchange relying on a fast, secure and affordable trade matching system. The exchange uses a multi-cluster and multi-tier system framework and Secure Assets Fund for Users (SAFU) to keep your funds safe. Secure & Trustworthyīinance already has millions of cryptocurrency users and traders who rely on the platform and trust the exchange's security and protection features.
You can always find the right trade, and using BNB makes it even quicker and reliable. If you are using BNB to trade on the exchange, you will have access to the platform's proprietary matching engine which can support up to 1.4 million orders every second. What Are the Benefits of Binance Coin? Quick Transactions Their service charges or commission fee are determined by the respective vendors or service provider. You can also use the currency on different services, especially travel and hospitality ones. This doesn't just apply to trading fiat currency but crypto also. However, if you are paying with BNB tokens, you will only have to pay half, i.e. For instance, if you are going to purchase $100 worth of BNB through Binance Exchange using any other coin or conventional money, it'll cost you $0.10. If you pay for your trades with BNB, you will get a 50% discount. However, when you purchase Binance Coin tokens or make any other trade on the Binance exchange, you've to pay 0.1% of the trading amount. Since it is primarily created for internal exchange use and the coins have already been pre-mined, there's no fee associated with the network. If you're looking for high liquidity for trading or any other purpose, you may want to get another digital currency. It won’t be a smart idea to bet against a token that’s supported by an exchange that carries out billions of dollars in crypto transactions every month.Īt this moment, BNB is a viable currency replacement in fact, it's not even close to Bitcoin or Ripple in terms of market acceptance. This means that the landscape of the dominant alternative currencies can change in the coming years. That’s why it can’t be considered real money, at least not yet.īinance Exchange has a lot of financial and strategic backing, which can keep the token afloat for years to come. It can be used for paying for travel and hospitality services, but so far its acceptance as a viable currency is low. However, the promotion will no longer be there in the next few years. Currently, the token can also be used for trade discounts. The main objective of BNB is to fuel the operations of cryptocurrency exchange and empower the Binance ecosystem. The cryptocurrency exchange plans to eliminate half of the tokens in circulation.īNB also now has an incarnation on the Binance Smart Chain (BSC), Binance's own smart contracts blockchain. To counter the value deprecation, Binance has been buying back tokens and destroying them to reduce the supply. The discount rate started at 50% in the first year, but it's scheduled to be cut in half every year.īy the fifth year, there will be no discount which will affect the value of the token. Tokens in circulation are used for discounted trading on Binance Exchange.
However, you can't mine tokens as they have been pre-mined and distributed through ICO.
BNB is built on Ethereum blockchain and uses ERC20 tokens which can store and hold value.
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