What is Binance (BNB) Coin? How to Buy BNB
BNB (Binance Coin) is the cryptocurrency of the Binance exchange. It can be used to pay for trading fees on the exchange, as well as other potential uses such as transaction fees on the Binance Chain, a blockchain developed by Binance. The value of BNB is directly tied to the success and usage of the Binance exchange and its associated services.
Realtime Price of BNB
History of BNB Coin
BNB (Binance Coin) was created by the cryptocurrency exchange Binance in 2017. The exchange conducted an initial coin offering (ICO) to raise funds for the development of the platform, and Binance Coin was distributed to participants in the ICO.
Initially, BNB was an ERC-20 token built on the Ethereum blockchain, but in 2019, Binance launched its own blockchain, the Binance Chain, and migrated BNB to the new blockchain. The coin can now be used to pay for trading fees on the Binance exchange, with a discount offered to users who pay with BNB.
The value of BNB has fluctuated with the overall cryptocurrency market, but has generally trended upward since its launch. In January 2018, the value of one BNB was around $1.50, and it reached an all-time high of around $39 in 2021.
Binance also started to use BNB coin for their other services such as their decentralized exchange and other projects which gives more utility to the coin and more use cases.
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Use Case of BNB
BNB (Binance Coin) has several use cases on the Binance ecosystem:
- Trading Fees: Binance exchange users can use BNB to pay for trading fees at a discounted rate. The discount percentage decreases over time, but as of 2021, users can still receive a 25% discount on trading fees when paying with BNB.
- Binance Chain: Binance Coin can also be used to pay for transaction fees on the Binance Chain, a blockchain developed by Binance.
- Other Binance Platforms: Binance has also started to use BNB coin as the native coin for their other platforms such as Binance DEX, Binance Launchpad, Binance Lending and more.
- Partnerships: Binance has also started to form partnerships with other platforms and services that accept BNB as a form of payment.
- Staking: Users can also stake their BNB tokens to earn a return on their investment, and also to help secure the network.
- Other use cases: Binance also exploring other use cases for the BNB coin in the future, such as using it as a form of collateral for loans or as a means of payment in various industries.
Overall, Binance Coin is a utility token that is designed to provide value to users of the Binance ecosystem, and its value is closely tied to the adoption and usage of Binance’s platforms and services.
How can we Buy BNB?
There are several ways to buy Binance Coin (BNB):
- Binance Exchange: The most straightforward way to buy BNB is to use the Binance exchange. You can purchase BNB with other cryptocurrencies or with fiat currencies (such as USD or EUR) if your country is supported.
- Other Cryptocurrency Exchanges: Binance Coin is also listed on other cryptocurrency exchanges, such as Huobi Global, OKEx, and more. You can buy BNB on these exchanges with other cryptocurrencies.
- Over-the-counter (OTC) platforms: You can also buy Binance Coin on over-the-counter (OTC) platforms. These platforms allow you to trade with individuals rather than through an exchange.
- P2P platforms: You can also buy Binance Coin on peer-to-peer (P2P) platforms. These platforms connect buyers and sellers directly, allowing you to buy BNB with cash, bank transfer, or other methods.
- Crypto ATMs: Some crypto ATMs also allow you to buy Binance Coin with cash or a bank card.
It’s important to note that before buying Binance Coin, you should research the different platforms and compare their fees, reputation, and security measures. Also, always make sure to use a secure and reputable wallet to store your Binance Coin after purchasing it.
Best Exchanges to Buy BNB
Some of the best exchanges to buy Binance Coin (BNB) include:
- Binance: The most obvious choice for buying BNB is the Binance exchange, as it is the home of Binance Coin. Binance is one of the largest and most well-known cryptocurrency exchanges in the world, and it offers a wide variety of trading pairs, including BNB/BTC, BNB/ETH, BNB/USDT, and more.
- Huobi Global: Huobi Global is a Singapore-based exchange that offers a wide variety of trading pairs and is known for its high liquidity and competitive trading fees. It also offers BNB/BTC, BNB/ETH, BNB/USDT trading pairs
- OKEx: OKEx is a Malta-based exchange that offers a wide variety of trading pairs and is known for its high liquidity and competitive trading fees. It also offers BNB/BTC, BNB/ETH, BNB/USDT trading pairs
- Bittrex: Bittrex is a U.S-based exchange that offers a wide variety of trading pairs and is known for its high liquidity and competitive trading fees. It also offers BNB/BTC, BNB/ETH, BNB/USDT trading pairs
- Bitfinex: Bitfinex is a Hong Kong-based exchange that offers a wide variety of trading pairs and is known for its high liquidity and competitive trading fees. It also offers BNB/BTC, BNB/ETH, BNB/USDT trading pairs
These are just a few examples of exchanges where you can buy Binance Coin, but there are many other options available. Always make sure to research the different exchanges and compare their fees, reputation, and security measures before making a decision.
Read Also : What is Ethereum? How can we buy it
Price History of BNB
Binance Coin (BNB) has experienced significant price fluctuations since its initial coin offering (ICO) in 2017. The price of BNB has been affected by a number of factors, including overall market conditions, adoption of the Binance platform, and announcements from the Binance team.
- In 2017, during the initial coin offering, BNB was sold at $0.1 and after the ICO, BNB started trading on the market.
- By January 2018, the price of BNB had reached an all-time high of around $24, but this was followed by a significant bear market that saw the price of BNB drop to around $4 by December 2018.
- In 2019, the price of BNB began to recover, reaching a new all-time high of around $39 in June 2019.
- The price of BNB remained relatively stable throughout most of 2020 and 2021, fluctuating between $10-$40.
- In 2022, Binance coin had a massive run reaching the all-time high of $80 in the middle of the year and reaching a $100 by the end of the year.
It is important to note that the cryptocurrency market is highly volatile and past performance is not an indicator of future performance. The price of Binance Coin could continue to fluctuate significantly in the future, and investors should be prepared for the potential for both gains and losses.
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