Total Market Cap
Last historical data: 2021-01-22T08:14:09.000Z
Decimal places: 0
Genesis date: 2017-07-08
Liquidity score: 69.428
Publi interest score: 3.191
Community score: 62.902
Developer score: 77.23
Coingecko score: 63.752
Market cap rank: 11
Coingecko rank: 10
Alexa rank: 888
Bing matches: 0
Binance Coin is the cryptocurrency of the Binance platform.
It is a trading platform exclusively for cryptocurrencies.
The name "Binance" is a combination of binary and finance. Thus, the startup name shows that only cryptocurrencies can be traded against each other.
It is not possible to trade crypto currencies against Fiat.
The platform achieved an enormous success within a very short time and is focused on worldwide market with Malta headquarters.
The cryptocurrency currently has a daily trading volume of 1.5 billion - 2 billion US dollars and is still increasing. In total, there will only be 200 million BNBs.
The coin can be used to pay fees on Binance.
These include trading fees, transaction fees, listing fees and others.
Binance gives you a huge discount when fees are paid in BNB.
The schedule of BNB fees discount is as follow: In the first year, 50% discount on all fees, second year 25% discount, third year 12.5% discount, fourth year 6.75 % discount, and from the fifth year onwards there is no discount.
This structure is used to incentivize users to buy BNB and do trades within Binance. Binance announced in a buyback plan that it would buy back up to 100 million BNB in Q1 2018.
The coins are then burned.
This means that they are devaluated to increase the value of the remaining coins.
This benefits investors.
Binance Coin is used for trading on the Binance exchange.
When using Binance Coin you will receive a discount on the fees you need to pay.
Binance aims to create a Decentralized Exchange (DEX) where Binance coin will function as the underlying token.
Binance Coin is built on the Ethereum blockchain.