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Binance Coin (BNB) — All you need to know

Can you invest in BNB? What's the recent trend of BNB? Here is everything you need to know about Binance Coin right from its use-case to maximum circulating supply.

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Binance Coin is the cryptocurrency handed out by Binance exchange and trades with the symbol BNB. It is designed to serve as a common token for all transactions on the exchange and provides users and holders of the coin with some unique benefits.

Binance Coin is one of those coins that has skyrocketed in value recently and has a market cap of USD 106,620,667,124 as of December 1, 2021, so it’s no small investment opportunity at this point!

The largest cryptocurrency exchange by trade volume — Binance — launched their very own token — BNB — back in 2017 during their Initial Coin Offering (ICO). So what is BNB and what can it be used for?

This article will take a look at the BNB token and why it’s such a popular choice amongst cryptocurrency traders.

What Is Binance Coin [BNB]?

Binance coin (BNB) is the native cryptocurrency issued by Binance, one of the most popular cryptocurrency exchanges available today. The coin was established by the exchange back in 2017 after their Initial Coin Offering (ICO) where they sold 200 million tokens to the public for around USD 15 million in exchange for bitcoin and ether. Since then, Binance has grown to become the largest cryptocurrency exchange by trade volume and is receiving over a million users a day.

The main use of the BNB token is for paying trading fees within the platform. For example, if you wanted to trade a coin on Binance such as Stellar (XLM) and you were from the United States (US), then you would have to pay a trading fee of 0.1%. To do so, you would need to convert your USDT or BTC balance into BNB first, then pay the fees with those and finally exchange your newly purchased XLM back into USDT or BTC once you were done trading.

What Is the BNB Coin Used For?

Beyond the Binance exchange, Binance Coin has numerous uses, encompassing the ability to:

  • Make credit card payments
  • Buy virtual presents and gifts
  • Pay for travel arrangements (on a few select websites)
  • Process payments
  • Make loans and transfers
  • Make investments
  • Donate to charitable purposes
  • Make investments

Bag your BNB’s now? Maybe!

This is a very inefficient and time-consuming process that the Binance team wanted to improve upon with their token and they’ve done just that. Now, you can use your BNB balance to facilitate crypto-to-crypto trading fees within the platform, just like you would do with your fiat currency such as USDT or BTC. As such, this means that if you’re looking to pay fees for your Binance trading then you’ll want to hold onto those BNB tokens to do so.

Not only does the BNB token serve as a fee payment tool for the exchange but it also plays a major role in how the rest of its features work as well.

Binance coin price prediction!

The price of Binance Coin has surged by 7.84% in the past seven days. The price intensified by 2.84 percent. The current price is approximately ₹47,498.994459 per BNB. Binance Coin is 8.23 percent below the all-time high of ₹51,756.36. The existing circulating supply is 168,137.035 BNB.

Trading details of Binance Coin as per the date of writing this piece, December 1, 2021!

Market Cap: $106,620,667,124
24 Hour Trading Vol: $2,665,632,168
Fully Diluted Valuation: $106,620,667,124
Circulating Supply: 168,137,035
Total Supply: 168,137,035
Max Supply: 168,137,035

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