BNB (Binance Coin) stands out as a unique cryptocurrency, born from the innovative minds at Binance, a powerhouse in the realm of cryptocurrency exchanges. Its inception took place in July 2017, and since then, BNB has played a pivotal role in the dynamic Binance ecosystem. By virtue of its multi-faceted nature, BNB extends a plethora of advantages and utilities to users within the Binance platform, elevating their trading experience to new heights.
Useful Information About BNB Coin
What is the all-time low for BNB (Binance Coin) Cryptocurrency ?
$0.03981770
( 19th October 2017 )
What is the all-time high price for BNB (Binance Coin) Cryptocurrency?
$686.31
( 10th May 2021 )
What is the maximum supply of BNB (Binance Coin) Cryptocurrency?
200,000,000
What is BNB (Binance Coin) Cryptocurrency Price Prediction in 2030?
BNB was created by Changpeng Zhao (CZ), the founder and CEO of Binance. The primary purpose behind its creation was to facilitate seamless transactions within the Binance exchange and incentivize users to participate in the Binance ecosystem. As a native cryptocurrency of the Binance Chain, BNB operates on its own blockchain network.
One notable aspect of BNB is its maximum supply, which is set at 200 million tokens. However, Binance has implemented a token burn mechanism, which involves periodically destroying a portion of the circulating supply. This helps to reduce the total supply of BNB over time, potentially increasing its value.
Being a BNB holder comes with a myriad of perks and advantages, firmly rooted within the expansive Binance ecosystem. One of the key utilities of BNB is its ability to serve as a means of payment for trading fees on the Binance exchange. Embracing this functionality allows users to bask in the glory of discounted rates, paving the way for a financially savvy and cost-effective trading journey.
Apart from its prowess in handling trading fees, BNB exhibits its multifaceted nature in other realms as well. As a token with exceptional utility, BNB opens doors for users to engage in exciting token sales through the Binance Launchpad. This unique opportunity allows investors to venture into cutting-edge cryptocurrency projects and be at the forefront of innovation. Furthermore, BNB dons the hat of a versatile payment method within the extensive Binance ecosystem. Its adaptability knows no bounds as it facilitates seamless transactions for various services and products. From booking travel experiences to indulging in virtual gifts, BNB renders the entire experience not just convenient but also thoroughly rewarding.
For individuals in Sri Lanka looking to acquire BNB, Binance offers a convenient solution through its peer-to-peer (P2P) trading service. By using Binance P2P, users in Sri Lanka can connect with sellers who accept their preferred payment methods and purchase BNB directly with their local currency. This makes acquiring BNB hassle-free and accessible for Sri Lankan traders and investors.
Once you have obtained BNB, you can leverage its utility within the Binance ecosystem. BNB can be easily converted or exchanged for other cryptocurrencies available on the Binance platform. Users also have the option to first acquire a stablecoin like BUSD,USDT, USDC and then convert it to BNB, providing flexibility in the acquisition process.
In conclusion, BNB is a useful cryptocurrency created by Binance, serving as a native token within the Binance ecosystem. It offers users numerous benefits and utilities, including discounted trading fees, participation in token sales, and payment for various services. Sri Lankan users can easily acquire BNB through Binance's P2P trading service, and once acquired, they can leverage its versatility by converting it to other cryptocurrencies or exploring BNB trading pairs. BNB has become an essential asset for users within the Binance community, providing a seamless and rewarding experience within the cryptocurrency ecosystem.
BNB (Binance Coin) FAQ
What does BNB stand for in crypto?
Binance Coin
What was bnb’s initial sale price during its distribution?
$0.15 only!
How to buy bnb cryptocurrency in binance?
You may use Binance P2P Exchange or you can convert existing usdt/busd/bitcoin to bnb coin easily.
How to convert bnb to usdt in binance?
You can use Quick Conversion button in Binance. See the below screenshots of the mobile app.
Step 1
Click on the yellow button at the bottom center
Step 2
Next click on "Convert" and then choose accordingly & convert
How to earn money online with BNB Cryptocurrency in Sri Lanka?
You can trade BNB Cryptocurrency pairs on Binance or Gate.io. Also, you can buy BNB at lower prices and sell at higher prices in future, when prices go up.
(Risk Warning: Your Capital Might Be At Risk)
When was BNB Coin issued?
July 2017
What was the price of BNB coin in 2017?
USD($) 1.94
What was BNB's initial sale price during its distribution Binance quiz answer?
1 BTC for 20,000 BNB / 1 ETH for 2,700 BNB
What will BNB be worth in 2030?
$2500 ~ $4500
Can BNB Coin reach $10 000?
It may reach that price barrier in future ( not anytime soon though! ) unless any major unexpected incident occurs.
Is BNB supply Limited?
Yes,200 million BNB tokens is the maximum limit
Is using BNB Coin to pay for trading fees will grant users a discount ? Is it true or false?
Yes, using BNB (Binance Coin) to pay for trading fees on the Binance exchange provides users with a discount. By utilizing BNB to settle their trading fees, users can avail of a cost-saving advantage. The discount is a significant benefit for BNB holders, as it helps them reduce their overall trading expenses, making it an attractive option for active traders on the platform. This discount mechanism is one of the ways Binance encourages the use and adoption of its native cryptocurrency, BNB, within its ecosystem.
What is the name of the busd-pegged token Binance offers on bnb chain and other chains?
The name of the BUSD-pegged token that Binance offers on the Binance Smart Chain (BSC) is "Binance-Peg BUSD Token" or simply "BUSD." On other chains, such as Ethereum, it is commonly referred to as "Binance USD (BUSD)" or "Binance-Pegged BUSD Token."
BUSD is a stablecoin pegged to the value of the United States Dollar (USD) and is backed by reserves held in a 1:1 ratio. It is designed to provide users with a stable and reliable digital asset for trading and other activities within the Binance ecosystem and beyond.
Is BNB (Binance Coin) cryptocurrency trading one of the lucrative earn money online jobs in Sri Lanka?
Indeed, BNB cryptocurrency trading presents a lucrative opportunity for earning money online in Sri Lanka. With the right analysis, strategy, and risk management, traders can take advantage of the price fluctuations in the BNB market to make profitable trades. However, it's important to remember that trading always carries risks, and one should approach it with caution and proper knowledge. With dedication and skill, BNB cryptocurrency trading can become a rewarding online job for Sri Lankans seeking to explore the world of digital finance.
What is the difference between the Binance BNB coin and BUSD?
BNB (Binance Coin) and BUSD (Binance USD) are both cryptocurrencies offered by Binance, but they serve different purposes within the Binance ecosystem. Here are the main differences between BNB and BUSD:
a) Utility and Purpose:
BNB: Binance Coin is the native cryptocurrency of the Binance exchange. It was initially created to pay for trading fees on the Binance platform at a discounted rate. Over time, BNB's use cases have expanded, and it is now used for various purposes within the Binance ecosystem, such as participating in token sales on Binance Launchpad and paying for various services and products.
BUSD: Binance USD is a stablecoin pegged to the value of the US Dollar (USD). It is designed to provide users with a stable and reliable digital asset for trading and other activities. BUSD can be used for trading and transactions within the Binance platform and can also be withdrawn and used on other platforms that support BUSD.
b) Volatility:
BNB: As a cryptocurrency, BNB's value is subject to market fluctuations and can experience significant price volatility.
BUSD: BUSD is a stablecoin, which means its value is pegged to the US Dollar and aims to remain relatively stable. It is designed to minimize price volatility, making it a more predictable and reliable asset for users.
c) Supply:
BNB: BNB has a limited supply, with a maximum cap of 200 million tokens. Binance uses a deflationary mechanism to gradually reduce the total supply of BNB over time, leading to potential appreciation in value.
BUSD: BUSD is an issued stablecoin, and its supply can be increased or decreased based on market demand. It is an asset-backed stablecoin, meaning it is fully collateralized with fiat reserves in a 1:1 ratio.
d) Use in Trading Pairs:
BNB: BNB is commonly used as a base currency in trading pairs on various cryptocurrency exchanges, including Binance. Traders can use BNB to buy other cryptocurrencies listed on the exchange.
BUSD: BUSD is used as a quote currency in trading pairs, and users can trade various cryptocurrencies against BUSD on supported exchanges.
In summary, BNB is the native cryptocurrency of the Binance exchange and serves multiple purposes within the Binance ecosystem, while BUSD is a stablecoin pegged to the US Dollar, designed to provide stability and serve as a reliable trading asset within the Binance platform and beyond.
General Risk Warning :The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.
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