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Binance Coin

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09:53

Description

What does Binance Coin do?

Binance is a centralized cryptocurrency exchange. Binance is known for supporting a wide variety of cryptocurrencies and offering extremely low fees for trading. Binance has shown considerable ability to scale even during rapid growth. A promotional video put out by Binance explains that the exchange can handle 1.4 million orders per second and 20 million simultaneous users.

Binance’s code is not open-source, meaning that end users cannot view or audit the code.

What is BNB used for?

BNB, also known as Binance Coin, is an ERC20 compliant token. The tokens are used in the Binance ecosystem to store value and to pay for services rendered by the exchange. They can be used for exchange like any other cryptocurrency, but cannot be mined.

Binance revealed their plans to launch a blockchain project that will be the foundation of their decentralized exchange. BNB coins will be moved to the new chain and used for transfer and trade of different cryptos.

By using BNB to pay for trading fees (rather than other cryptocurrencies like BTC or ETH), users are given a 50% discount.

How can BNB value appreciate?

Binance has a repurchasing plan under which they will buy back BNB tokens and destroy them with 20% of their profits each quarter until a total of 100,000,000 BNB are “burned.” This practice is intended to increase the value of the tokens over time. BNB is therefore designed as a deflationary currency, alongside its function as a mode of exchange on Binance.

BNB can appreciate as the Binance exchange becomes more popular, and because Binance consistently has high liquidity for many markets, it is an attractive option for traders and purchasers of cryptocurrency.

What is the difference between Binance Coin and its competitors?

Binance Coin does not have any strong direct competitors in its niche market. The closest competitor is an emerging platform called KuCoin, which is an international exchange based in Hong Kong. Some advantages of KuCoin is that it plans to share 90% of its trading fees with its users, it will reward users who refer new members, and it will be the first to list certain new cryptocurrencies, like Red Pulse (RPX.) However, Binance has far more awareness than KuCoin.

  • Mainnet Launch: April 2017
  • Open Source: No
  • Consensus Type: N/A
  • Technology: Ethereum
  • Total Coin Supply: 194,972,068
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Description

What does Binance Coin do?

Binance is a centralized cryptocurrency exchange. Binance is known for supporting a wide variety of cryptocurrencies and offering extremely low fees for trading. Binance has shown considerable ability to scale even during rapid growth. A promotional video put out by Binance explains that the exchange can handle 1.4 million orders per second and 20 million simultaneous users.

Binance’s code is not open-source, meaning that end users cannot view or audit the code.

What is BNB used for?

BNB, also known as Binance Coin, is an ERC20 compliant token. The tokens are used in the Binance ecosystem to store value and to pay for services rendered by the exchange. They can be used for exchange like any other cryptocurrency, but cannot be mined.

Binance revealed their plans to launch a blockchain project that will be the foundation of their decentralized exchange. BNB coins will be moved to the new chain and used for transfer and trade of different cryptos.

By using BNB to pay for trading fees (rather than other cryptocurrencies like BTC or ETH), users are given a 50% discount.

How can BNB value appreciate?

Binance has a repurchasing plan under which they will buy back BNB tokens and destroy them with 20% of their profits each quarter until a total of 100,000,000 BNB are “burned.” This practice is intended to increase the value of the tokens over time. BNB is therefore designed as a deflationary currency, alongside its function as a mode of exchange on Binance.

BNB can appreciate as the Binance exchange becomes more popular, and because Binance consistently has high liquidity for many markets, it is an attractive option for traders and purchasers of cryptocurrency.

What is the difference between Binance Coin and its competitors?

Binance Coin does not have any strong direct competitors in its niche market. The closest competitor is an emerging platform called KuCoin, which is an international exchange based in Hong Kong. Some advantages of KuCoin is that it plans to share 90% of its trading fees with its users, it will reward users who refer new members, and it will be the first to list certain new cryptocurrencies, like Red Pulse (RPX.) However, Binance has far more awareness than KuCoin.

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