Binance Coin Price
What is BNB (BNB) ?
Binance coin/Token (BNB) is a cryptocurrency (token) developed by Binance in 2017. It was originally issued and released via an Initial Coin Offering (ICO) crowdfunding event teat took place from June 26th to July 3rd 2017. BNB Binance is a native coin of the Binance cryptocurrency exchange, currently operating on the Binance Smart Chain (BSC) network. More on Binance coin price will be mentioned later in this article. Its major goal is to fuel exchange operations while also offering traders and cryptocurrency fans with convenience and affordability.
The coin was created in July 2017 through an Initial Coin Offering (ICO) that offered 20 million BNB tokens to angel investors, 80 million to project contributors, and the remaining 100 million to ICO participants. The proceeds from the sale of BNB coins were used to support exchange development, branding, and marketing. A portion of the money was also spent on upgrading the Binance cryptocurrency exchange.
The token auction provided 100,000,000 BNB units (50 percent of the total supply). The initial coin offering price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB (around 0.11 USD back then). More information about the current Binance coin price will be mentioned later in this article.
BNB was first launched as an ERC-20 token (on the Ethereum Network), but was moved to Binance Smart Chain as its native coin. The initial total quantity of BNB was established as 200,000,000 coins, but the supply is steadily reducing owing to regular coin burn occurrences. Binance Academy provides videos and articles to understand more about BNB coin burning.
Binance Coin Price
BNB coin price has fluctuated severely recently due to market struggling and settling to its next phase. For those who would like to invest in BNB, price monitoring and BNB price trends can be followed here.
BNB token address: 0xB8c77482e45F1F44dE1745F52C74426C631bDD52
What is the Technology Behind Binance Coin and How Does It Work?
BNB was initially based on the Ethereum blockchain and employs ERC20 tokens, which may be used to store and keep value. Later it was converted to being the native currency of Binance's own blockchain, the Binance Smart Chain. Tokens, on the other hand, cannot be mined since they have been pre-mined and distributed through an ICO. Tokens in circulation are used to trade at a discount on the Binance Exchange. The discount rate began at 50% in the first year, but it is expected to be lowered in half every year after that.
By the fifth year, there will be no devaluation affecting the token's value. Binance has started purchasing back tokens and destroying them to restrict supply in response to value depreciation. The cryptocurrency exchange intends to demonetize half of the tokens already in circulation.
Expenses and Fees
There is no charge connected with the network because it was designed solely for internal exchange usage and the coins have already been pre-mined. When you buy Binance Coin tokens or conduct any other trade on the Binance exchange, you must pay 0.1 percent of the trading value. If you pay for your transactions using BNB coin, you will receive a 50% discount. For example, if you want to buy $100 worth of BNB on Binance Exchange using any other cryptocurrency or traditional currency, it will cost you $0.10. If you pay using BNB tokens, however, you will just have to pay half, i.e. $0.05 or 5 cents.
You may also use the money to pay for many services, particularly those related to travel and hospitality. Their service fees or commission fees are set by the suppliers or service providers. BNB price for your expense as of now (21 July 2021) is $279.
What Organizations Are Working on Binance Coin Development?
Binance is located in China and was established by Changpeng Zhao (CZ), who formerly worked as the CTO of OKCoin. After the debut, Yi He, who was one of the co-founders of OKCoin, joined the Binance team. Binance has expanded tremendously since then, and it is now the world's second-largest exchange by trading volume. Because BNB is a derivative coin that has been pre-mined and is presently being burnt in significant amounts to limit supply, there are no active teams working on the token's development.
Mining Binance Coin
Binance Coin has been pre-mined, with 200 million BNB tokens released for usage. After distributing the complete quantity of tokens, the business performed its Initial Coin Offering (ICO) in July of 2017. There are no more coins to mine because all of the tokens have already been distributed.
Participants in the ICO will get 50% or 100 million BNB coins.
The founding team receives 40%, or 80 million BNB coins.
For angel investors, 10% or 20 million BNB coins are available.
Binance has been burning tokens to limit supply in order to retain value as the transaction fee discount decreases year after year. In six steps, almost 10 million BNB tokens have been destroyed thus far.
Why Should You Buy BNB?
What Are the Advantages of the Binance Coin?
Binance Coin has performed well over the year and has a solid BNB tokenomic structure to expand its utility.
Transactions that are completed quickly If you trade on the exchange with BNB, you will have access to the platform's own matching engine, which can handle up to 1.4 million orders per second. You'll always be able to locate the perfect transaction, and using BNB makes it much easier and more trustworthy.
Dependable and safe Binance already has millions of bitcoin users and dealers who trust the exchange's security and safety measures. To keep your funds safe, the exchange employs a multi-cluster and multi-tier system structure, as well as the Secure Assets Fund for Users (SAFU).
Multiple Cryptocurrency Trading You may use BNB to trade more than 150 cryptocurrencies on the exchange, depending on a quick, safe, and cost-effective transaction matching mechanism. Aside from that, BNB has its own trading pairs to satisfy your unique trading needs. You don't need to search any farther.
Trading Rebate You can also enjoy a 50% reduction on the trading cost with BNB. With traditional payment methods, if you buy $10,000 worth of coins, you will be charged $10. However, if you utilize BNB, the trading cost will be cut in half, requiring you to pay only $5.
Binance Coin should be spent. Aside from a smooth experience inside the Binance ecosystem and trading fee savings, BNB may be used in a variety of additional ways. It is accepted by a wide range of service providers, particularly in the travel and hospitality industries. Using BNB, you may buy a meal or find a new home.
Participate in Initial Coin Offerings (ICOs) and Initial Exchange Offerings (IEOs). Binance Launchpad also conducts fresh token sales, where you can use your BNB tokens to buy a share in a new and emerging currency. Later, these additional digital currencies will be introduced to the Binance exchange, where you will be able to trade them as well, offering a comprehensive and seamless experience. However, Whitepapers and project roadmaps should be studied before participation.
BNB Use Case
BNB has a variety of applications, but inside the Binance Exchange ecosystem, it is utilized as a utility token that allows users to get savings on trading costs. The discount schedule is available in this article. Furthermore, the price structure varies depending on the account's trading volume (30 days) and tier level.
BNBs may be used to pay for travel expenditures (such as hotel and flight booking), buy virtual presents, shop with a credit card, and much more, in addition to being utilized by traders to obtain discounts on their trading fees.
Furthermore, you may make significant charitable contributions through the Binance Charity Foundation (BCF) project. BNB will be utilized as gas on the Binance Chain and the Binance Decentralized Exchange in the near future (DEX). If you are unsure how to purchase BNB directly, visit the Binance exchange.
Start trading and earning your BNB today, join our platform.
- Charles Cascarilla (CEO of Paxos)
- Changpeng Zhao (CEO of Binance)
Historical Data for Binance Coin Price
|Nov 30, 2022||$300.000||$301.840||$291.700||$291.700||$944,822,626||$49,274,297,384|
|Nov 29, 2022||$296.310||$304.090||$295.030||$298.850||$136,503,299||$48,390,045,094|
|Nov 28, 2022||$293.190||$304.660||$291.290||$296.420||$1,291,367,056||$47,949,642,740|
|Nov 27, 2022||$311.080||$314.290||$291.270||$292.680||$794,833,046||$50,254,569,003|
|Nov 26, 2022||$313.370||$315.980||$310.430||$311.340||$1,394,413,989||$50,825,864,029|
|Nov 25, 2022||$301.550||$316.280||$300.240||$313.240||$598,170,272||$49,109,400,047|
|Nov 24, 2022||$300.080||$302.160||$295.550||$300.560||$1,002,366,660||$49,040,106,669|