What Is Binance Coin?
Binance Coin is the cryptocurrency that was created to be used solely in the Binance platform.
Binance itself is a popular exchange that was based primarily in China.
Binance is an interesting platform because it allows solely for the exchange of crypto to crypto, it
doesn’t have a mechanism for fiat to be traded against crypto.
The exchange has gained notoriety because of its modus operandi as well as the fact that it was
based in a country where many have gravitated heavily toward the asset class of
Binance also caters to a global population and has at once added more than 100,000 customers
within one hour.
The Binance Coin
There is a current total supply of 199,013,968 BNB that is present in the marketplace. Binance
is an ERC 20 token of the Ethereum platform.
There will be segment by segment distribution of their cryptocurrency. Half of their total supply
of coins will will be allocated toward buyers in their Initial Coin Offering. Forty percent will be
allocated toward their team and about ten percent portion will go to their their initial Angel
What will the coin be used for?
Users of the Binance exchange system can utilize the Binance cryptocurrency to pay fees on
the exchange. The fees that will be covered are not only those that pertain to individual traders
but also to those who are seeking to list on the exchange (which would incur a fee) and then
fees related to other matters as well.
The reason why an individual would want to utilize BNB to pay their trading fees is because the
exchange provides a discount which decreases over time. Initially, BNB fees, will be charged at
a fifty percent discount, then, in the second year, the exchange will provide a twenty five percent
discount, in the third year a twelve and a half percent discount and lastly, in the fourth year, it
will provide almost a seven percent discount.
Those traders who seek to continuously trade on a regular basis would see great value in the
reduction of fees as increased fees can quickly eat up one’s profits.
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