Skip to content

What is This Cryptocurrency? BNB Coin

Binance Chain: Blockchain for Exchanging the World | Binance Blog
Image by Binance

There are multiple cryptocurrency coins that were created in order to help reduce fees for trading on an exchange. Initially, Binance Coin was created for the ability for traders to day trade and not have to pay a fee for each trade. Some cryptocurrencies now do not charge fees when trading, but previously there were exchanges that did. Binance Coin was initially created for this, but has changed over the course of time. Binance Coin now has multiple uses that can help the cryptocurrency community.

The first use of the Binance Coin is to help cover transaction fees. Instead of having to pay the full value of a fee for day trading it offers a reduced fee. Binance Coin also helps with paying for items as other cryptocurrencies do. Binance Coin has a store of value and has been increasing over the years. There are multiple uses including paying for a Crypto.com credit card.

Binance Coin also has the ability to stake. Staking allows users to hold their coins in an exchange or wallet to help the blockchain protocol and in return users receive coins for their staked coins. While there are many cryptocurrencies that allow you to stake, Binance Coin is one of the coins that allow for a higher percentage of coins that are given after staking.

Binance Coin is currently worth around $17 and has increased from previous years. The coin began to get more valuable as Binance was becoming a bigger exchange. Binance started out as a small exchange in Asia that eventually has branched out and has many cryptocurrency exchanges in multiple regions. The Binance Coin allowed day traders to decrease the cost of the fees.

Advertisements
Advertisements
%d bloggers like this: