Binance Coin (BNB)
- Category: Polygon Ecosystem
- Coin Launched: July, 2017
- Resources: White Paper
- Official Website: Binance Coin
- Reddit: Binance Coin
About Binance Coin
Binance Coin (BNB) is an exchange-based token created and issued by the cryptocurrency exchange Binance. Initially created on the Ethereum block chain as an ERC-20 token in July 2017, BNB was migrated over to Binance Chain in February 2019 and became the native coin of the Binance Chain.
BINANCE COIN History / Information / Buying / Staking
BINANCE COIN HISTORY
Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance's own blockchain, the Binance Chain.
HOW BINANCE COIN WORKS
The coin is used as a utility token for the Binance exchange and allows users to pay for transactions and trading fees at a lower rate than they would be with other tokens. Binance uses the process of token "burns," meaning they use the profit from token sales to repurchase more BNB and then burn (destroy) them.
BENEFITS OF USING BINANCE COIN
Some of the benefits of using Binance Coin are:
MAKE CREDIT CARD PAYMENTS
BUY VIRTUAL GIFTS
PAY FOR TRAVEL ON SELECTED WEBSITES
CAN YOU STAKE BINANCE COIN
Users can earn rewards for supported chains by simply holding coins in their Binance Accounts. Vechain, Algorand, Tezos, and Atom are some popular coins to stake on Binance.
COINS SIMILAR TO BINANCE COIN
Binance's top competitors include Coinbase, Kraken, Bibox, Bithumb, Bittrex and Huobi.