What Is Bnb
Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.
Users of Binance Coin receive a discount in transaction fees on the Binance Exchange as an incentive. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.
Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain.
Uses of Binance Coin
Just like other evolving cryptocurrencies, the Binance Coin offers several uses that go beyond the Binance exchange, such as
- Trading: Binance Coin can be traded for other cryptocurrencies on various exchanges, depending on the restrictions set by the exchange.
- Transaction fees on the Binance Exchange: BNB can be used to pay for transactions on the Binance Exchange, and users also receive a discount for doing so.
- Credit card payments: BNB can be the form of payment for crypto credit card bills on Crypto.com.
- Payment processing: Merchants can offer BNB as a means of payment for customers, offering more flexibility in payment methods.
- Booking travel arrangements: BNB can be used to book hotels and flights on select websites.
- Entertainment: From paying for virtual gifts to buying lottery tickets, BNB serves several purposes in the entertainment space.
- Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets using Binance Coin.
- Loans and transfers: BNB can be used as collateral for loans on certain platforms. Also, there are apps that allow users to split bills and pay friends and family through Binance Coin
