Binance Coin (BNB)
Last updated 21/07/2021
Official Website: https://www.binance.com/en
What is Binance Coin (BNB)?
BNB was launched via an ICO in 2017, mere days before the Binance cryptocurrency exchange went live. Originally, it was issued as an ERC-20 token which ran on the Ethereum network, with a total supply capped at 200 million coins, and 100 million BNBs offered in the ICO. However, the ERC-20 BNB coins were consequently exchanged with BEP2 BNB on a 1:1 ratio in April 2019 after the launch of the Binance Chain mainnet, and are now no longer hosted on Ethereum.
The uses of BNB’s are but not limited to a payment method, a utility token to pay for fees on the Binance exchange and for participation in token sales on Binance launchpad. BNB additionally powers the Binance DEX (decentralized exchange).
You cannot mine BNB in the way you would with a proof-of-work cryptocurrency. This is because the Binance Blockchain utilizes the Byzantine Fault Tolerance (BFT) consensus mechanism. As an alternative, there are validators that receive BNB from securing the network by validating blocks.
Team
Binance continue to lead the maintenance and development of Binance coin. They also oversee the ‘burning’ procedure. Prior to BNB’s migration to the Binance Chain, Binance conducted coin burns on the Ethereum network by using a smart contract burn function. The quantity of coins that Binance burns is centred around the number of trades on the exchange over three months. Since the Binance Chain launch, BNB coin burns do not take place on the Ethereum network anymore and now use a specific command on Binance Chain, as opposed to a smart contract.
Binance was originally founded by Changpeng Zhao in 2017. He started Binance with a $15 million ICO and subsequently grew Binance into the largest cryptocurrency exchange in terms of the trading volume.
Where to Store Binance Coin (BNB)
Trust Wallet is a wallet that can hold a wide variety of cryptocurrencies such as BNB making it highly desirable for users who wish to have a varied portfolio.
Leading hardware wallet providers such as Ledger are integrated with Binance Coin and BNB wallets will come as standard on their devices.
Exodus can also store BNB and various other cryptocurrencies. Exodus is free and easy to use and can be downloaded to either a desktop or mobile device. Exodus will then be tied to whichever device it has been downloaded to which will also be the device you will use to access and manage your crypto assets.
Always conduct your due diligence and research into any wallet provider you consider.
Where to Buy and Sell Binance Coin (BNB)
You can Buy & Sell Binance Coin (BNB) here at BC Bitcoin. You can Buy BNB by heading over to the Buy Coins page of our website. BNB is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying BNB has never been easier, simply place your order and provide your wallet address. Once your payment arrives, BNB will be sent directly to your wallet.
If you choose to Sell Binance Coin (BNB), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.
Binance Coin (BNB) Resources
Website: https://www.binance.com/en
Block Explorer: https://explorer.binance.org/
Twitter: https://twitter.com/binance
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.