Binance Coin (BNB)? Is the Binance coin worth buying?

Is Binance trustworthy?

Binance Coin (BNB) is a currency that can be used for trading and payments on the Binance Cryptocurrency Exchange. The Binance exchange is the largest cryptocurrency exchange in the world as of January 2018, supporting more than 1.4 million transactions per second.

As an incentive, those who use Binance coins receive a discount on transaction fees on the Binance exchange. BNB can be an exchange or market for other cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more.

Binance Coin was founded in July 2017 and first ran on the Ethereum blockchain using an ERC-20 token before becoming the local currency of the Binance chain, the Binance chain.

Use Binance Coins

Like other popular cryptocurrencies, Binance Coin offers many features outside of the Binance exchange.

Trading: Binance coins can be traded with other cryptocurrencies at different locations due to exchange rate restrictions.

Binance Exchange Transaction Fees: BNB can be used to pay for Binance Exchange transactions and users will get a discount.

Payment by credit card: Crypto on BNB Crypto.com can be used to pay by credit card.

Payment Option: Merchants can offer BNB as a payment method to customers, providing more flexibility when it comes to payment methods.

Travel Bookings: Hotels and flights can be booked on selected BnB websites.

Celebration: From paying virtual gifts to buying lottery tickets, BnB does a lot when it comes to entertainment.

Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets with Binance Coin.

Loans and transfers: BnB can be used as collateral for loans on other platforms. Some apps allow users to share accounts and pay friends and family with Binance currency.

Binance Coin was launched in July 2017 with an Initial Coin Offering (ICO). As part of the ICO, BNB tokens are shared among various participants, including angel investors and the founding team of Binance.

Here's a quick overview of the original BNB token distribution:

Employee turnover: 40% (80 million billion).

Angel investors: 10% (20 million billion).

Local sales: 50% (100 million BNB).

During the ICO, all 100 million BNB tokens offered for public sale were sold for 15 cents. Binance has raised a total of $15 million in Bitcoin and Ethereum.

35% of the $15 million raised was used to develop the Binance platform and exchange system; 50% for Binance branding, marketing, and training of new innovators; the remaining 15% was used as a reserve in case of an emergency or one-off event.

BNB is on fire

According to a study by Binance, Binance spends 20% of its quarterly revenue on buying and burning Binance coins and loses them completely. Binance has been burning for three months, on October 17, 2020, at the latest.

Binance continues to burn quarters until it recovers and loses 100 million Binance Coins - 50% of its total supply. This process keeps Binance funding low and makes it rare and valuable.