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By now you must be knowing what it Binance or BNB. In case you have no idea about binance then you can easily find a brief explanation of the binance on this channel. In today’s video we are going to know about binance coin and how does it work. Without any further delay let’s get to the topic.
Hi guys you are watching Kranthi Shaik where we talk about related news, update and technical tips and tricks. Before getting to binance let’s take see what actually Binance means. Binance comes from the words “Binary” and “Finance.”
Therefore, it has 2 meanings:
Binance is one of the world’s leading cryptocurrency exchanges.
The BNB Coin can be used as an intermediary when exchanging money, from one
crypto-coin to another.
In the year 2017, a Chinese company called Beijie Technology was founded by ChangPeng Zhao. Beijie is the holding company which runs Binance exchange. The headquarter is in Hong Kong currently. To boost the growth of the platform into one of the most successful exchanges in the world, Zhao together with the Binance team has worked very hard.
The Binance (BNB) Initial Coin Offering (ICO):
Zhao, and his team developed a token and raised funds through an Initial Coin Offering (ICO), to fund the creation of the exchange platform. After raising some $15million the ICO lasted for about a month. For paying startup expenses like hiring new developers, marketing, and bolstering the security of the exchange servers this raised fund was enough.
While exchanging the digital coins the fee incurred can be paid using the BNB token. For
instance, if you want to convert your Litecoins to Bitcoin, you would need to pay some
transaction fee (by receiving a slightly less amount of BTC than expected).
The Binance Token which was introduced was innovative. For paying the transaction fees while buying the token the users were rewarded with a 50% discount. To get some real returns most users would take advantage of the tokens to buy more Bitcoin or other major altcoins.
The excellent management indeed managed to bring in millions of users to the exchange
platform. Even when the coin exchange space was competitive Binance has risen to be among the top 3 on the market. Most of the days, by the volume traded, it is the largest exchange
How to Buy the Binance (BNB) Coin?
If you want to buy binance tokens/coins there are majorly two scenarios that we should
In case you already own a different cryptocurrency how to buy BNB tokens?
Second case is, if you don’t own any crypto coins then what is the process that
must be followed.
Let’s see the process when you already own a different cryptocurrency:
The process is simple all you have to do is just exchange your coins for an equivalent value of BNB.
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This video is no financial advice, I am not responsible for any investment you make after watching this video. This video is made for knowledge purpose and is only my opinion about the market.
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