Crypto Classic - 5. BNB and Binance

Education
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I’d like to post a series of articles under the name of “Crypto Classic”. It’s more like educating myself. But it could be helpful for some community members too.

Binance Coin (BNB) is a cryptocurrency created by the Binance exchange in 2017. It was initially launched as an ERC-20 token on the Ethereum blockchain but later migrated to Binance Chain. Binance is one of the largest and most popular cryptocurrency exchanges in the world, with a wide range of trading pairs and features. BNB serves as the native currency of the Binance ecosystem, and it has a variety of use cases.

The primary purpose of BNB is to provide discounts on trading fees on the Binance exchange. Users who hold BNB in their account can use it to pay for trading fees and receive a discount. The discount amount varies depending on the duration for which the user has held BNB and decreases over time. Binance also offers additional benefits to BNB holders, such as access to certain features and services on the platform.

BNB is also used for participating in token sales on the Binance Launchpad platform. Binance Launchpad is a platform for hosting initial coin offerings (ICOs) and initial exchange offerings (IEOs) for new blockchain projects. Users can use BNB to buy into these token sales and receive discounts on the purchase price.

Additionally, BNB is used for paying fees on Binance DEX, the decentralized exchange built on the Binance Chain blockchain. Binance DEX allows users to trade cryptocurrencies in a decentralized and trustless manner. BNB is the native asset of Binance Chain and is used to pay for transaction fees, proposal fees, and voting fees on the network.

Finally, BNB is also used for purchasing goods and services through various Binance partners. For example, the Binance Visa Card allows users to spend their BNB at merchants that accept Visa payments.

Overall, Binance Coin is a utility token with multiple use cases within the Binance ecosystem. Its value and popularity have grown along with Binance’s success, and it is now one of the most valuable cryptocurrencies in the market.

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Nice write up! BNB is definitely the king of CEX coins

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for now ; )

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Well agree on that, but everything is “for now” cause we cannot predict the future precisely :grin:

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I really admire Binance but I feel they need a worthy healthy competition

it never ends well with one brand monopolizing the market

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You’ve got my point, lobstersea. :slight_smile: I wasn’t sure if a topic about crypto exchange is useful or not. But the Binance is so big that it’s hard to ignore.

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Right… things always change. And crypto world changes particularly fast. :slight_smile:

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Good point, lizaig. :slight_smile: Binance is way bigger than the sum of #2 to #10 exchanges. It’s monopoly at the moment.

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yes offf course

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Thanks bro, helpfull info

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Good, binance is very nice :money_mouth_face: :sweat_smile:

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Thanks bro, I love Binance

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This helped

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Nice writeup ,found this helpful

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yes…lets see if another exchange can come be a healthy competition?

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let’s build the competition

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