Binance Coin (BNB) is one of the coins that has quite an influence on the crypto market because of its convenience. Check out a brief guide to Binance Coin (BNB) in this article.
Binance Coin (BNB) has become one of the leading cryptocurrencies on the market with significant influence in the crypto ecosystem.
In this quick guide, we will discuss what Binance Coin is, its history, the reasons behind its creation, and its projections for 2024.
What is Binance Coin (BNB)?
Binance Coin (BNB) is a cryptocurrency issued by Binance, one of the largest and most reputable crypto exchanges in the world.
Launched in 2017, BNB was originally an ERC-20 token based on the Ethereum network.
However, in 2019, Binance launched its own blockchain , Binance Chain, and turned BNB into a cryptocurrency that operates on top of it.
BNB has various functions in the Binance ecosystem. One of them is as a means of payment for transaction and service fees on the Binance platform.
Additionally, BNB is also used to obtain discounts in trading fees on the Binance exchange as well as for various other purposes such as asset tokenization and DeFi services.
Also Read: Binance's New CEO and His Impact on the Crypto Market
History of Binance Coin
Binance Coin (BNB) was founded by Changpeng Zhao (CZ), a prominent figure in the crypto space.
CZ is the founder and CEO of Binance, the world's largest crypto trading platform.
Prior to founding Binance, CZ had extensive experience in the technology and finance industries, including working at companies such as Blockchain.info and Fusion Systems.
Since its launch, Binance Coin has become one of the most successful and influential cryptocurrencies in the world.
Binance has managed to build a strong ecosystem around BNB, with BNB being used in various services and products offered by the Binance platform.
In fact, BNB has also become one of the most traded cryptocurrencies on the global crypto market.
Why was Binance Coin created?
Binance Coin (BNB) was created with several main goals in mind.
One of them is to provide solutions to problems faced by traders and users of the Binance platform.
By using BNB, users can get discounts in trading fees on Binance, reducing transaction costs significantly.
Binance Coin was also created to facilitate the growth of the Binance ecosystem as a whole.
BNB is used in various services and products offered by Binance, including asset tokenization, DeFi services , and various other innovations.
By using BNB, users can easily access and use the various services and products offered by Binance.
Advantages of Binance Coin (BNB)
Binance Coin (BNB) has several advantages compared to other cryptos on the market. Here are some of them:
1. Low Transaction Fees
One of the main advantages of Binance Coin is its low transaction fees when used on the Binance platform.
Users can leverage BNB to pay trading fees at a significant discount, which can reduce overall transaction costs.
2. Functions in the Vast Binance Ecosystem
Binance Coin serves a variety of functions within the vast Binance ecosystem.
Apart from being used to pay transaction fees, BNB is also used in various services and products offered by Binance, including asset tokenization, DeFi services, and various other innovations.
3. Participation in the DeFi Ecosystem
BNB allows users to participate in the decentralized finance (DeFi) ecosystem.
Binance has introduced a variety of DeFi services that leverage BNB, including staking, lending, and yield farming, allowing BNB holders to earn additional returns on their holdings.
4. Trade Discounts
Binance users can get discounts in trading fees by using BNB.
This discount provides additional incentives for traders to use BNB in their trading activities on the Binance platform, which can reduce transaction costs and increase trading profitability.
Also Read: What is BEP-2 (Binance Chain Tokenization Standard)
5. Asset Tokenization
BNB is used as a tool for tokenizing assets on the Binance platform.
This approach allows traditional assets such as shares, bonds and property to be represented as digital tokens that can be traded on the Binance platform, opening up broader market access for global investors.
6. High Liquidity
Binance Coin (BNB) has high liquidity in the crypto market.
Indicating that BNB is easy to trade and has a large trading volume, allowing users to buy and sell BNB at a fair price and with low transaction costs.
With these various advantages, Binance Coin (BNB) has become one of the leading cryptocurrencies and a popular choice for traders and investors in the crypto market.
The diversity of functions and uses within the Binance ecosystem makes BNB one of the most widely used and traded cryptocurrencies on the market today.
Binance Coin (BNB) Projections in 2024
Binance Coin (BNB) is the native token of Binance, the world's largest crypto exchange platform.
BNB has become one of the most popular and in-demand crypto assets since its launch in 2017.
Considering previous years which showed positive trends, in 2024, BNB has great potential to experience significant growth.
Factors Driving BNB Growth in 2024
- Increased Trading Volume on Binance: Binance is the crypto exchange platform with the largest trading volume in the world. Increased trading volume on Binance will increase demand for BNB, which is used to pay trading fees on the platform.
- Burning BNB: Binance regularly burns BNB, which reduces the amount of BNB in circulation and increases its value.
- New Product and Service Launches: Binance continues to launch new products and services, such as Binance Smart Chain (BSC), which increase the utility of BNB.
- Institutional Adoption: More and more institutions are starting to invest in crypto assets, and BNB is one of the most popular crypto assets among institutional investors.
BNB Price Projection in 2024
According to Google's Gemini AI analysis, it is predicted that the price of BNB may reach $1,000 by 2024.
The prediction is based on several factors, such as the factors mentioned as well as the fact that the price of BNB has increased significantly in recent years.
Even though there is a sense of optimism offered by Google's Gemini AI, the facts on the ground are still important to pay attention to.
For example, if you look at the movement of Binance Coin (BNB) on Bittime Trade on February 12 2024, it is clear that BNB is experiencing a decline over the last 24 hours of -2.18% or IDR 4,958,820.
Image source: Bittime.com
BNB trend movements on Bittime Trade are observed to be very volatile, so you need to pay close attention.
Please remember that crypto investment has very high risks. This article aims to provide information, not advice or invitation.
Conclusion
Binance Coin (BNB) is a cryptocurrency issued by Binance, one of the largest and most reputable crypto exchanges in the world.
Created by Binance founder Changpeng Zhao (CZ), BNB has various functions within the Binance ecosystem, including as a means of payment for transaction fees, trading discounts, and various other services and products.
Thus, Binance Coin (BNB) has a significant influence in the crypto ecosystem and continues to be one of the most successful and influential cryptocurrencies on the market.
As a crypto investor or user, it is important to understand the role and function of BNB in the Binance ecosystem and its potential impact on your crypto investments and activities.
How to Buy Binance Coin (BNB) on Bittime
You can buy and sell Binance Coin in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti.
Binance Coin is available on Bittime with BNB/IDR pairing.
To be able to buy BNB/IDR coins on Bittime, make sure you have registered and completed identity verification.
Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.
For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can purchase Binance Coin (BNB) in the application.
Monitor price chart movements of ETHEREUM (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
BEP-20, the Essential Token of the BNB Chain Ecosystem
What is Phishing? Examples of Cases in the Crypto Industry and How to Avoid Them
What is Fusionist (ACE)? Latest GameFi Projects on Binance Launchpool
What Does Coin Mean in Crypto and Examples?
What is Layer 1 Blockchain? How Crypto Layer 1 Works and List
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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