Binance Coin (BNB) is the cryptocurrency that was introduced by Binance exchange to trade. This cryptocurrency initially ran on the blockchain technology of Ethereum with ERRC 20 standard. It is the native token of Binance since its inception.
The maximum limit of Binance coin is 200 million BNB tokens. Binance coin was created as a utility token for the discounted trading fees on the exchange. There are numerous applications to this token apart from payments for transaction fees such as entertainment, travel bookings, online services, and other financial services.
The market capitalization of the Binance coin (BNB) is more than $46 billion.
Basics of Binance Coin
Binance was launched in the year 2017 during the initial coin offering. The current market cap of this coin is around $50.97 billion. During its initial coin offering, a 20 million BNB was offered to the angel investors. While 80 million tokens were given to the founding team. The remaining 100 million was at public disposal. Half the funds raised were used for the marketing and branding of Binance. The Ethereum blockchain is used to run the Binance coin network. It is backed by the ERC20 standards. It is also the third most valuable blockchain-based token concerning market cap.
Why buy Binance Coin
The current price of BNB is $339.12 attaining its all-time high value on 21st April at $686. It is the fourth-largest cryptocurrency in the world today. The reason behind the spike in the value of BNB is due to the Binance smart chain (BSC). It is a parallel chain for DeFi services as well as decentralized apps (Dapps). The high ethereum transaction fees have led to the increase in usage of BSC. This has become another reason for the increase in trading activity around the Binance coin.
The demand for Binance coins is increasing due to the high usage of the exchange. Experts believe that BNB has huge potential to soar. The potential of DeFi to replace traditional trading shall also benefit the coin and thus the investors. According to experts, all these factors make binance a great investment opportunity.
3 Random facts about Binance Coin
-Binance Coin is the native currency for the decentralized Binance exchange.
-Binance uses 20% of its profit to buy back BNB tokens. Keeping the circulation amount limited.
-All 100 million BNB were sold within 20 days, raising $15 million (approx)
Binance coin price trends
|Binance Coin (Year closing price)||$9.85||$13.43||$434.21|
|Binance coin (ATH)||$9.85||$31||$686|
|Binance coin (ATL)||$0.039||$8.40||$38|
How to buy Binance Coin on CoinDCX
Get Binance coin (BNB) on the CoinDCX platform by following these three steps:
- Sign up into the CoinDCX account
Enter the email id you generally use for all your transaction purposes. Fill in a strong password to avoid any security issues.
- KYC verification
CoinDCX ensures that the platform is being used by valid consumers. To ensure authenticity all you need to do is submit your valid documents as listed during the process. It hardly takes 15 minutes for the verification to occur. Once the steps are completed you will be redirected to the payment section.
- Buy Binance coin (BNB)
After the documents are verified you just need to transfer a certain amount of fiat currency to buy the BNB coin. It hardly takes a few minutes for the transactions to occur.