Binance Coin (BNB) description for beginners, you’ll be able to find all essential information about this cryptocurrency, which will allow you to get to know it from its simpler and more understandable side. Without all the technical details regarding blockchain, chains, transactions, etc. I am aiming for you to get to know BNB in the easiest way, so you learn all the basics involved. If you ale looking for its professional, 2000 page description, and the explanation of how it all works on blockchain with technological details, you won’t find it here 🙂
I want to keep it simple!
Binance Coin (BNB) – Binance Coin is the digital token of the Binance exchange (now one of the biggest and most popular cryptocurrencies exchanges on the world). It is an exchanging token only for cryptographic forms of money. The name “Binance” is a blend of binary and finance.
Currently, BNB is used, above all, as a cryptocurrency for payments within Binance market. You can use it there to pay for lower buy-sell transaction costs between various cryptocurrencies (so called transaction fees) and to earn on rises and falls of the token price. It is worth to note that Binance Coin is Binance market internal token, which was the first token of this kind to become such a success. It initiated the wave of creating internal tokens by other markets. Taking into account its popularity, the market’s renown and its growing value, we can say that for many people it’s the ‘must have’ if it comes to holding cryptocurrency on their portfolio.
In rankings of most popular cryptocurrencies, BNB holds fixed place in at least TOP10, and it’s price has risen within last 2 years of its existence by over 20 000%. From $0,14 in 2017, to $27 (August 2019).
Binance Coin (BNB) is a cryptocurrency with its own blockchain. Because of that we can buy it and sell it not only on Binance Exchange, but also on tens of other cryptocurrency markets.
Worth to know: BNB Burning Mechanism
Binance plans to destroy BNB each quarter based on the trading volume on our exchange, until 50% of the total BNB supply (100 million BNB) is burned. All transactions will be recorded on the blockchain. Eventually, only 100 million BNB will remain in circulation.
Burning coins is a popular activity among cryptocurrency creators. It allows them to reduce the amount of particular cryptocurrency on the market. As they are not able to print any extra coins, the value of the ones that are left in circulation usually increases with time (because you cannot buy any more of them, or create new ones, over the amount that was planned by their creator).
Where to buy Binance Coin (BNB)
You can buy Binance Coin (BNB) in many cryptocurrency exchanges and markets.
Using Credit Card, for example: Binance (invite code: 10931895) , Crypto.com app
Or using cryptocurrencies on plenty of of others Cryptocurrencies Exchange Platforms
Where to sell Binance Coin (BNB)?
For example here: Binance, MXC
Remember that investing in cryptocurrency is a high risk activity: nobody knows whether a price of particular cryptocurrency will go up or down. If you are planning to buy Ripple, or other cryptocurrencies – don’t assume that you will definitely earn.
Unfortunately, it is a new business sector and there are a lot of changes happening every day. There is no profits guarantee and the probability of losing is high. So remember, that you are the only person responsible for you decisions. Never spend your life savings on cryptocurrencies. You shouldn’t buy them using your last funds, or a loan which you won’t be able to pay off. Be careful and don’t spend more than you can afford to lose!
Where to store Binance Coin (BNB)?
Here you have lot of options, choose the best for you and your coins safety.
Hardware wallets (the most secure!): Ledger , Trezor
Desktop Wallets: Atomic Wallet ,
Mobile Wallets: Trust Wallet, Coinomi ,
Web wallets: Coinpayments
Where Binance Coin (BNB) is accepted?
You can find a lot of shops, internet services and much more companies accepting LTC, here: https://cryptwerk.com/pay-with/bnb/
Where you can use Binance Coin?
And much more!
Frequently asked questions:
How high can Binance Coin (BNB) go?
Lots of people ask ”How high can Binance Coin (BNB) go”? Although every investor who buys BNB would like the price to grow as high as possible, there has never been and there will never be a definite answer to this question. All predictions regarding the future price of BNB (same as every other cryptocurrency) are only speculations which do not have to happen in real life.
Is Binance Coin (BNB) a good investment?
It is difficult to unequivocally say whether the investment in Binance Coin (BNB) is good or not. It may turn out that the price of this cryptocurrency will significantly increase in the future, so it may be a good time to buy it now. But unfortunately, it may also drop. The price of each cryptocurrency is influenced by the market, buyers, sellers, number of transactions, acceptance of this particular cryptocurrency, events that relate to it, as well as what governments think about it. All those factors are variables, and what we have today, does not have to stay identical in the future.
That’s why Binance Coin (BNB) may be a good investment, but it does not have to be. The time will tell.
Official website: https://www.binance.com/en/use-bnb
BNB white paper: https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf
Discussion about BNB: https://binance.zendesk.com/hc/en-us/articles/115000497111-Binance-Coin-BNB- , BNB Slack ,
BNB actually price, historical charts, and much more: https://coinpaprika.com/coin/bnb-binance-coin/
Binance Twitter: https://twitter.com/binance
Important: I am not an investment advisor!
I am just the publisher, and I’m not taking responsibility for any cryptocurrency or company, listed out here. When you join or invest in a cryptocurrency, or any other program of your choice, it is only your responsibility. It means that I am not responsible for your loss. The information provided here is based only on my own research, and you don’t have to agree with them!
I do not recommend spending what you cannot afford to lose!