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Binance Coin (BNB) is an Ethereum-based ERC20 token created by the renowned cryptocurrency exchange Binance. You can pay a commission for transactions on the exchange using this coin. You will also earn additional savings if you want to do so. You will be able to obtain a 50% discount in the first year, 25% in the second, 12.5 percent in the third, and 6.75 percent in the fourth. With a total quantity of 200 million tokens, the token was created. Binance intends to spend 20% of earnings each quarter to buyback and burn BNB until 50% of the total BNB supply (100 million) has been destroyed, according to the Whitepaper.

The BNB token entitles you to discounts on the Binance platform, which is a cryptocurrency exchange that will eventually become a decentralised exchange of blockchain assets. Users may also utilise BNB to get access to additional features on the new decentralised exchange.

The BNB coin, which is effectively the underlying gas that drives the Binance Ecosystem, has numerous uses. The most common use cases right now involve using BNB to:

Pay for trading fees on the exchange to get a 50% discount on trades (during the first year).

Monaco’s infrastructure, which includes the Monaco Visa Card and mobile app, now supports Binance’s BNB coin.

BNB may be used to purchase virtual presents on the Uplive platform.

Binance plans to create a decentralised exchange in the future, with BNB serving as one of the primary basic assets as well as a means of exchanging gas.

How to buy Binance Coin

Because the BNB token was established solely as a digital instrument to give a discount to Binance exchange customers, it seems sense that it can only be purchased there. BNB is currently trading in pairings with 40 other cryptocurrencies on the Binance market.

Price prediction

We should expect the price of BNB to continue to rise as the number of traders on the Binance exchange increases. To encourage the price of tokens to rise, the firm will implement an unique policy in which it will acquire tokens and burn them. Only 100 000 tokens will be left, and the remainder will be destroyed within a few years, according to the creators. All of these reasons will contribute to the cost of the BNB token being many times greater by the middle of 2018 than it is now.

BNB Burning

Binance utilises 20% of its earnings each quarter to purchase back and burn Binance Coins, fully eliminating them, as stated in the whitepaper. Binance has routinely executed quarterly burns, the most recent being on October 17, 2020, which was the 13th quarterly burn.

Binance will continue to burn currencies every quarter until it has purchased and destroyed 100 million Binance tokens, or half of the total supply. The technique guarantees that Binance Coin’s supply remains limited, making it rare and expensive.

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