Binance Coin BNB

Coin
Last Update:
6 minutes ago
Price
$614.63 0.92% 24H
353,638,934.54545 IRR
Market Volume
562,582,564,682 IRR
398,651.52563611 BNB
Market Cap
$90,711,022,454
32,078,949,331,986,110,000 IRR
Circulating Supply
147,585,994 BNB
Min & Max Price
351,250,000 IRR
356,687,433 IRR
Global Volume
$2,095,311,968
3,409,053 BNB

Description

Binance Coin, is a cryptocurrency that was created by the popular cryptocurrency exchange Binance. Launched in 2017, BNB has quickly become one of the most popular cryptocurrencies in the world, with a market capitalization of over $100 billion as of March 2023. In this text, we will delve into the history, features, and applications of Binance Coin.

History of Binance Coin

Binance Coin was created by Binance, a cryptocurrency exchange founded by Changpeng Zhao in 2017. The exchange quickly gained popularity due to its user-friendly interface, low trading fees, and extensive selection of cryptocurrencies.

In order to incentivize users to use the Binance platform, Binance created BNB, a native cryptocurrency that could be used to pay for trading fees and other services on the exchange. The initial sale of BNB raised $15 million, and the cryptocurrency quickly became popular among traders and investors.

Features of Binance Coin

Binance Coin has several features that make it unique among cryptocurrencies. Here are some of its most notable features:

  • Utility token - Binance Coin is primarily a utility token, meaning that it is used to pay for services on the Binance exchange. This includes trading fees, withdrawal fees, and listing fees.

  • Discounted trading fees - Users who hold BNB can receive a discount on trading fees, which can be as much as 25% if they pay with BNB.

  • Token burns - Binance periodically "burns" a portion of the BNB supply, which means that they permanently remove it from circulation. This helps to increase the value of the remaining BNB tokens.

  • Decentralized finance (DeFi) - Binance has expanded beyond just being an exchange, and has created several DeFi products that use BNB. These include Binance Smart Chain, a blockchain platform that supports decentralized applications (dApps) and smart contracts.

Applications of Binance Coin

Binance Coin's primary application is as a utility token for the Binance exchange. However, the cryptocurrency has also been used in several other ways, including:

  1. Investment - Many investors buy Binance Coin as a long-term investment, betting on the continued success of Binance and its ecosystem.

  2. Trading - Binance Coin is a popular trading pair on many cryptocurrency exchanges, meaning that it can be traded for other cryptocurrencies like Bitcoin and Ethereum.

  3. Staking - Users can stake their Binance Coin and earn rewards in other cryptocurrencies. This is a form of passive income that can be very lucrative for long-term holders.
  4. DeFi - Binance Smart Chain has enabled the creation of several DeFi platforms and dApps that use Binance Coin as a native token.

BNB Mining

Unlike Bitcoin, Ethereum, and other cryptocurrencies that use a Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus algorithm to validate transactions and create new coins, Binance Coin uses a different method called centralized distribution. This means that Binance, the company behind the Binance exchange, controls the creation and distribution of BNB tokens.

When Binance first created BNB in 2017, they sold a total of 100 million tokens through an initial coin offering (ICO). Binance offered discounts to users who bought BNB during the ICO, and the funds raised were used to support the development of the exchange and its ecosystem.

Since then, Binance has periodically burned a portion of the BNB supply in order to increase the value of the remaining tokens. These "burns" involve permanently removing BNB tokens from circulation, which reduces the overall supply and can increase the value of the remaining tokens.

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Token Info

Binance Coin Price: $614.63
Price Change: 0.92% 24H 5.11% 7D

Calculator

Binance Coin Local Markets in Iran

Source Price %24h %7d Volume (24h) Confidence Liquidity Last Update
Excoino 354,454,263 IRR 0% 0% 121,832,905,455 IRR
Medium
6/10 3 minutes ago
Exbito 0 IRR 0% 0% 0 IRR
High
6/10 1 week ago
Ramzinex 356,687,433 IRR 0.66% 0% 9,707,431,989 IRR
High
7/10 3 minutes ago
Exir 351,250,000 IRR 0% 0% 10,186,589,655 IRR
Medium
5/10 3 minutes ago
Ariomex 352,636,109 IRR -0.79% 0% 30,065,425,490 IRR
Medium
5/10 3 minutes ago
Huluex 356,276,600 IRR -0.9% 0% 23,311,108,791 IRR
Medium
5/10 3 minutes ago
Tabdeal 355,008,550 IRR 0.4% 0% 4,374,052,890 IRR
High
6/10 3 minutes ago
Wallex 355,733,140 IRR 1.06% 3.97% 46,168,067,728 IRR
High
7/10 3 minutes ago
Nobitex 351,590,010 IRR 0.15% 0% 31,656,350,497 IRR
High
6/10 3 minutes ago
Hitobit 351,840,360 IRR -0.18% 0% 19,908,135,263 IRR
Low
5/10 3 minutes ago
Bitmax 352,069,425 IRR -0.94% 0% 227,830,186,904 IRR
Medium
6/10 3 minutes ago
CoinNik 0 IRR 0% 0% 0 IRR
Low
4/10 11 months ago
Citex 17,000,000 IRR 0% 0% 0 IRR
Medium
4/10 11 months ago
BitPin 352,482,390 IRR 0% 0% 37,542,310,020 IRR
High
7/10 3 minutes ago
Ok Exchange 76,194,000 IRR 4.4% 0% 6,343,085,880 IRR
Medium
5/10 1 year ago