There are thousands of cryptocurrencies on the stock market. However, only a few of them really stand out. Today BNB is one of the most influential cryptocurrencies on the market. It is actually a coin created by Binance to serve as the “engine” of the Binance Smart Chain (BSC) network.
Although not one of the coins with the highest value or market capitalization, BNB is a very solid project. Find out more about BNB, its purpose and its main features below.
What is BNB?
Launched in 2017, BNB is an ERC-20 token that runs on the Ethereum network. Binance sold around 200 million BNB coins at launch. The platform then decided it needed to launch its own network, and the Binance Smart Chain blockchain was born.
Therefore, unlike other cryptocurrencies, BNB cannot be mined. In fact, this is because there is a fixed number of BNB tokens and all these tokens are issued on the market.
Additionally, Binance has implemented a quarterly “burn” procedure to balance cryptocurrency prices on the market. In this sense, the company expects a total of 100 million BNB, half of the issued tokens, to be burned.
As a result, the number of BNB coins in circulation will be reduced to 100 million. This allows the price to remain stable over the long term. Similar to Bitcoin and Ethereum, BNB is one of the strongest projects in the cryptocurrency ecosystem.
What can you do with BNB?
One of the main criteria that has driven the success of crypto projects is the usefulness they provide. When it comes to BNB, this cryptocurrency is useful on both Binance Chain and Binance Smart Chain.
In reality, this cryptocurrency has several uses. First, transaction fees are discounted when you buy using BNB within Binance Chain.
Also, BNB can be exchanged for other cryptocurrencies such as ETH, BTC, USDT, BUSD. It is also possible to use BNB to pay for goods and services. These can be both physical and digital.
Moreover, BNB is the main token of Binance Smart Chain. Therefore, all charges (gas) within this network are paid in this currency. Similarly, BNB will also be used to pay fees on Binance DEX. You can also use your BNB tokens to participate in various lotteries organized and offered by the platform on a regular basis.
Should I invest in BNB?
Many people are wondering if BNB is worth investing in. However, it is very important to know that BNB, like any other currency, is a utility token. This means that there is a significant amount of money in circulation in this currency.
BNB is currently the 4th largest coin by market cap at $35 billion. This makes it one of the most popular currencies. Therefore, it is very interesting to invest part of the assets in his BNB. The easiest way to do this is BNB/USDT You can pair it on any major cryptocurrency exchange, but always remember to store your tokens in a cold wallet for extra security.
Where can I safely buy BNB?
If you are interested in BNB and want to invest, you can do so through the KuCoin platform. In fact, buying cryptocurrencies is very easy thanks to the user-friendly interface offered by this platform. It also offers a number of features that make this site one of the best platforms for buying cryptocurrencies.
You can buy and store very large amounts of cryptocurrency. kucoin exchange It also guarantees the security of your funds.
In addition, the platform also offers the opportunity to buy cryptocurrencies with fiat currency. Additionally, you can easily buy cryptocurrencies in your local currency through peer-to-peer marketplaces available on the platform.
Also note that the highly intuitive nature of the platform gives both beginners and experts a better grip.
BNB is a very interesting and promising currency. Moreover, its price is very affordable in today’s market. So you can invest without spending money. You should also know that BNB is backed by Binance, one of the most important companies operating in the cryptocurrency sector in the world. It is therefore a very solid project that you can bet on if you want to expand your portfolio.