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Binance Coin | Binance Coin Token | What Is Binance Coin
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Welcome to our Binance Coin video!
What Is Binance Coin (BNB)?
Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol.
Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.
Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or “burn,” Binance coins held in its treasury.
Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.
At the time of writing, Binance had a market cap of more than $56 billion and ranks behind only Bitcoin, Ethereum, and USD Tether in terms of market cap.
Binance Coin Burning
Although 100 million Binance tokens were initially offered in the ICO, the current total supply is lower. Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or “burn,” Binance coins held in its treasury.
Binance has regularly performed these burning events.
Binance Coin Uses and Support
Binance was created as a utility token for discounted trading fees in 2017. But since then, its uses have expanded to numerous applications on a wide number of platforms. It is used to pay for transaction fees on Binance.com, Binance DEX, and Binance Chain.
It can also be used for payments (at places like Crypto.com, Monetha, and HTC); to book travel accommodations (at sites such as TravelbyBit, Trip.io, and Travala.com); for entertainment purposes (virtual gifts, card packs, lotteries); to pay for online services (BitTorrent, Canva, Storm); and even for financial purposes (take out a loan at ETHLend or make investments at Moeda).
One can also use Binance coins to invest in certain ICOs that are listed through Binance’s Launchpad program. New cryptocurrencies list on the Binance exchange, and the use of Binance provides a seamless marketplace for trading in a variety of established and new virtual tokens.
What Is the BNB Coin?
BNB Coin is a cryptocurrency that is used primarily to pay transaction and trading fees on the Binance exchange.
What Is the BNB Coin Used For?
Beyond the Binance exchange, Binance Coin has several uses, including the ability to:
Make credit card payments
Pay for travel arrangements (on select websites)
Buy virtual gifts
Make loans and transfers
Donate to charity
The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our Binance Coin video. Make sure to leave a like on the video if you gained value from it!
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00:30 What is Binance Coin (BNB)?