BNB (BNB)
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About BNB
Binance Coin (BNB) is the native cryptocurrency of the Binance ecosystem, primarily used for transaction fees on the Binance exchange and within the broader Binance Smart Chain (BSC) network. Originally launched in 2017 on the Ethereum blockchain, BNB later migrated to its own blockchain, enhancing scalability and transaction efficiency. BNB holders benefit from discounts on trading fees, exclusive token launches, and a variety of services within the Binance ecosystem, making it a versatile asset. Beyond Binance, BNB is widely accepted for various use cases, including payments, travel bookings, and more. Its limited supply and burn mechanism contribute to BNB’s value as a deflationary asset. Explore live BNB prices, historical data, and market insights on our Binance Coin Markets page to stay up-to-date on BNB's performance in the cryptocurrency landscape.
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Frequently Asked Questions about BNB
What is Binance Coin (BNB)?
Binance Coin (BNB) is the native cryptocurrency of the Binance platform, used for paying transaction fees, staking, and other applications within the Binance ecosystem. It was created to provide users with discounts on Binance and has evolved to serve a variety of purposes within Binance’s growing ecosystem.
How is BNB used on the Binance platform?
BNB can be used to pay for trading fees on Binance, with users receiving discounts. It is also used within Binance Smart Chain (BSC) applications, making it versatile for trading, staking, and other decentralized finance (DeFi) activities.
How does the BNB burn mechanism work?
BNB has a deflationary model where Binance regularly burns a portion of its supply to reduce the total BNB in circulation, potentially increasing its scarcity and value over time.
What are the benefits of holding BNB?
Holding BNB allows users to access reduced trading fees on Binance, participate in Binance Launchpad events, and use it within the Binance Smart Chain ecosystem for DeFi and other services.
Where can I store my Binance Coin securely?
You can store Binance Coin (BNB) on hardware wallets like Ledger and Trezor, as well as secure mobile wallets such as Exodus, which support BNB for convenient and secure access.
Is Binance Coin a good investment?
Binance Coin has gained popularity due to its use within the Binance ecosystem and its deflationary model. While BNB is a highly valuable asset for Binance users, investment decisions should consider market conditions and personal goals.
Can I use Binance Coin for payments?
Yes, Binance Coin is accepted for payments by several merchants, including travel and service providers. It is also actively used within Binance Smart Chain applications for various DeFi activities.