There are also several different applications for BNB that aren’t directly related to the cryptocurrency itself. Binance platform allows traders to convert dust into BNB and spend it on products. It is used for dust, the small fractions of cryptocurrency left over from previous trades. It also supports the VISA debit card of Monaco. The company has partnered with Uplive, which has 20 million users. For example, Binance uses BNB as gift tokens. In addition, BNB is used as payment for certain transactions on the BNB Chain. It is traded on various exchanges for various cryptocurrencies, depending on the restrictions imposed by the exchange. The Many Uses of Binance CoinĪpart from its use as an exchange currency, Binance Coin has many uses beyond the Binance Exchange. Today, Binance coin is one of the most popular cryptocurrencies in the market, ranked among the top five largest crypto tokens by market cap. As of August 2022, the currency has reached nearly $50 billion in market cap. This allowed Binance to raise around $15 million in Bitcoin and Ethereum to further develop its network and launch the BNB token. The Binance exchange platform went live a few days after the initial coin offering. The company used the funds to improve its exchange platform, purchase marketing materials, and establish a reserve. The Binance ICO sold 100 million BNB tokens. In July 2017, Binance raised over $20 million in the first week of its ICO, where it sold its own coins for two-and-a-half cents each. The company had also been aggressively raising capital through an ICO. This move helped the platform to create an impressive arsenal, which has helped the company flourish since then. This focused the platform on transaction speed and the ability to handle a high volume of traffic.Įventually, the exchange began to focus on the BNB as the primary currency instead of other cryptocurrencies. In October 2017, BNB Chain began to support a chain of decentralized apps. The first significant step in establishing Binance as a legitimate currency was the development of a blockchain called BNB Chain. Regardless of which method you choose, you’ll pay a 0.5% fee to use Binance. You can even deposit your crypto tokens using the same method. You can buy BNB using a credit card, debit card, or cryptocurrency exchange. There are a number of ways to invest in BNB, including many popular exchanges. Binance coin sits at the heart of this ecosystem. It can be used for various purposes in the Binance ecosystem, and you can also purchase it as an investment option.īinance has an extensive ecosystem, including crypto savings accounts and a debit card. The Binance coin (BNB) is a type of cryptocurrency that represents a stake in the Binance ecosystem. By using this system, Binance has complete control over the ecosystem. These users, referred to as “validators,” are pre-approved by Binance. Binance relies on validators - people who are trusted by other users. This system is different from Proof-of-Work, which is the original consensus mechanism of Bitcoin. To be sure, use a third-party verification service to ensure your account is safe.Īnother method is called Proof-of-Authority (PoA). Both methods offer protection against fraud but be warned that they’re not foolproof. The latter requires you to scan a barcode to generate an unlock code. It sends you a verification code via SMS or a third-party program such as Google Authenticator or Yubikey. Today, it lists more than 600 different cryptocurrencies and is home to over 76 million registered users.īinance has two-factor authentication. Founded in 2017, Binance is one of the largest cryptocurrency exchanges in the world and facilitates over a million transactions a second.
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