Binance Coin Price
What is Binance Coin?
Launched in 2017, Binance Coin (BNB) is the cryptocurrency that supports the functions of Binance exchange. BNB allows Binance users to:
Offer fee discounts to Binance users who chose to trade regularly on the platform
Enable users to participate in many newer financial products, including IEOs, Launchpool, voting for coin listings, and others.
Pay gas fees for transactions on the Binance DEX platform.
As time went by and Binance continued to grow in popularity, the number of use cases increased considerably. Like many cryptocurrencies, BNB can be used to pay for goods and services, and the number of available products continues to increase regularly.
How Binance Coin works
Upon its release, Binance Coin was an ERC-20 token that ran on the Ethereum blockchain.
However, in April 2019, the company launched its own blockchain project called the Binance Chain. All ERC-20 BNB tokens were migrated to the new blockchain at a 1:1 ratio and became the native cryptocurrency of the Binance Chain.
The Binance blockchain uses the Byzantine Fault Tolerance (BFT) consensus mechanism instead of other popular consensus methods such as PoW or PoS.
Another interesting aspect of BNB is the periodical “coinburn” that is undertaken by the founding team. Through this process, the team permanently removes a number of BNB from circulation and reduces the maximum supply. This leads to an increase of scarcity over time and therefore, an increase in the token’s value.
Coinburns are scheduled to take place until 100 million BNB are destroyed, reducing the total quantity of coins by 50%. As soon as a user burns Binance Coins, the total supply of coins is updated in real-time. According to the latest news, the burns will be accelerated in the future, hoping to reach the 100 million supply faster than initially estimated.
Finally, it is important to mention that BNB operates in a similar decentralized manner as seen in Bitcoin and other cryptocurrencies. With a steady price growth in bull markets, and strong resilience in bear markets, the cryptocurrency is seen as a sound investment and store of value.
Who invented Binance Coin?
Binance Coin was developed by Chinese-Canadian business executive Changpeng Zhao, commonly referred to as CZ.
CZ had humble beginnings, working in the service industry to support his family while going through college. Shortly after graduation, Zhao developed software to match trade orders on behalf of the Tokyo Stock Exchange. In 2013, he began his career in crypto as the CTO of OkCoin exchange.
These combined experiences gave him sufficient technical background to successfully establish the Binance exchange in 2017. Thanks to the variety of coins it proposed, coupled with the ICO boom during that period, Binance rapidly became the most popular exchange in the world.
In 2018, Forbes estimated CZ’s net worth to be over $1 billion, and Zhao claims that all of his wealth is stored in cryptocurrency and does not plan to exit his positions. Instead, he aims to build a financial system around cryptocurrency that enables Binance users to never “cash out”, using crypto for their day to day purchases.
Binance Coin price today
Investing in cryptocurrencies is a risky venture. To be able to make informed decisions when purchasing BNB, you need access to the most accurate Binance coin price available.
For this reason, we built the most detailed Binance Coin price chart, where you can visualize the performance of the Binance Coin price live.
Additionally, you can consult important benchmarks such as:
The market cap of BNB in USD, considering the Binance Coin price today.
Total volume traded in the last 24 hours.
Highest and lowest Binance Coin price in USD and other currencies.
Circulating BNB supply.
Finally, by using the drop-down menus above the Binance Coin chart, you can:
Select the exchange from which the current Binance Coin price is obtained.
View the price of BNB in dozens of FIAT currencies.
Choose a different timeframe to have a view of the bigger picture of the BNB price action.
