Binance Coin (BNB) – a HOT exchange coin in late 2017 and early 2018 so far, this BNB cryptocurrency is interested and watched by many investors as its value rapidly increases. next time since the ICO ends. So what is Binance Coin? What’s special about it? Is there a background to invest in BNB coin and other useful information such as Create a storage wallet, where to buy and sell will be shared below by I Love Bitcoin.
What is Binance Coin (BNB)?
Binance Coin (symbol: BNB) is an ERC-20 standard token developed on the platform Blockchain belong to Ethereum. BNB Coin is issued by Binance – the world’s leading Bitcoin and cryptocurrency exchange, this is also the own coin of the Binance exchange, created for the purpose of maintaining and developing the system.
Released by Binance Exchange BNB tokens in the ICO (Initial Coin Offering) with a maximum total supply of 200 million BNB. In which, 50% is open for public sale to the community, 40% is for the founding team and 10% is for “Angel” investors (who are early investors and buy in bulk).
What’s special about Binance Coin?
Binance is the exchange that pioneered the development of “Exchange Coin”, and as a result we can see that they are very successful when the value of BNB grows strongly and steadily. BNB virtual currency is used by Binance as an intermediary coin to trade with markets Bitcoin (BTC), Ethereum (ETH) and USDT (Tether), this means that the liquidity of BNB is extremely large, you can buy and sell BNB in large quantities at any time.
Binance Exchange also plan to use 20% profit every Quarter to buy back BNB then “burn”, they will buy back a total of 100 million BNB and burn, this is to increase the value of BNB, this is supply and demand you will surely understand right. Currently, the buyback of BNB has been completed and the market circulation of BNB coin is only 100 million.
The most special thing and also the factor that brought Binance to the present time is that Binance uses transaction fee reduction mechanism for users when using BNB coin. As follows:
| Five: | 1st year | 2nd year | 3rd year | 4th year | 5th year |
| Reduction rate: | 50% | 25% | 12.5% | 6.75% | No reduction |
It is now in the 2nd year, so when you use BNB digital currency to trade, it will be reduced 25% transaction fee on Binance, the default Binance transaction fee is 0.1% (lower than most other major exchanges) and when you use BNB it will only be 0.75% never mind. In addition, Binance also uses BNB tokens to pay for deposit/withdrawal and other fees on their system.
Should you invest in Binance Coin?
In this section, I always say my personal opinion and you should not consider this as investment advice, the decision is still up to you. For me, it’s “Yes“, if you are looking for a coin to invest in almost 2000 coins on the market today, then BNB Coin is a good choice. Why do I say so? invest in BNB coin? Here are some reasons you can consider:
1. BNB coin value is very stable
If you notice the chart price of Binance Coin You will see its price very stable and growing steadily, the peak price of BNB is around $24 and during strong market drops, BNB only drops at most 3 times then recovers quite quickly, even BNB price is stable than BTC, the peak price of BTC was at $20,000 and the strongest down was about 5,000, that is a decrease of 4 times, and most other coins have decreased from a few dozen times, in which Ethereum – the cryptocurrency The second largest cryptocurrency after Bitcoin has also dropped nearly 10 times from its peak price.
2. Huge growth potential
BNB coin considered as the “heart” of the Binance exchange, if Binance develops, then obviously BNB will also increase in value, exchanges similar to Binance are currently booming, but no exchange has surpassed Binance, Binance is always ranked in the top 3 exchanges with the largest trading volume in the world. The CEO of Binance is Changpeng Zhao In less than a year, he became the world’s fastest billionaire, which proves that Binance is going up exponentially.
Binance are also expanding worldwide, they have started to set up headquarters in a number of countries such as Malta, Uganda, ..and Asian countries including Vietnam.
Current exchange rate of virtual currency Binance Coin
At the time of writing this article (September 13, 2018), price of 1 BNB coin = $9.36 USD, the total market capitalization is $894,111,195 USD and the last 24 hours trading volume is $21,770,144 USD, the current price of BNB has dropped about 2.5 times from the peak price of 24 USD. You can see Binance Coin Rates We update in real time to understand the price movement of this coin.
See also: Real-time 1,500+ virtual currency exchange rate table 24/7
Where is the safest place to create a wallet to store BNB Coin?
Update: Currently BNB coin has moved to its own chain (Binance Chain), so you will no longer be able to store BNB on ERC20 wallets, but must use BNB’s own wallet that supports BEP2 tokens (Binance Chain’s token standard). ). The official wallet that you can use to store BNB is Trust Wallet, see Trust wallet instructions below:
Binance Coin As an ERC-20 token, you will have 2 options to store this coin:
- Create a wallet and store BNB on wallets that support ERC20 Tokens like MyEtherWallet, ImToken, Metamask, Ledger,.. In which I recommend you to use ImToken wallet on the phone is the safest.
- Store BNB on your wallet exchanges, if you regularly trade BNB with other coins, you can always store it on an exchange wallet, specifically like Binance.
Where to buy and sell Binance Coin? Which exchange is reputable?
Of course Binance exchange then, besides Binane, there are still some other exchanges that also list BNB such as HitBTC, EtherDelta, LBank, .. but the transaction volume is very small. If you want to buy and sell Binance coins, use Binance exchange. There are 2 options for you to buy BNB, then store it on the floor or after buying it, withdraw it to your own wallet as I mentioned above. See instructions for using Binance from A – Z below:
Learn more about Binance Coin
Epilogue
Ok. So I have shared with you all the information about Cryptocurrency Binance Coin then, these knowledge is for the beginners learn about BNB coin. Hope it will bring many useful things to you and help you make a right investment decision. If you feel the article “What is Binance Coin? Where to create a wallet and Buy and sell BNB Token? Should I Invest in Binance Coin?” then Like, Share and 5 star rating to support ToiYeuBitcoin.com Please.
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