What Is Binance Coin? A Beginner’s Guide

What is Binance Coin?

Binance Coin (BNB) is the cryptocurrency issued by Binance exchange. Binance exchange is a cryptocurrency exchange and cashier with a technical platform that can hold dozens of cryptocurrencies in the same wallet.

Binance Coin was initially issued on Ethereum but has since become the native coin of the Binance chain. BNB has a strict maximum of 200 million tokens.

BNB is traded on an exchange with the BNB symbol and on currency exchange with the CNB symbol. Binance Coin has a strict maximum of 200 million tokens.

It has seen a huge sell-off in recent months and is at a 50% loss since January 2018. BNB was launched with the intent to help cryptocurrency newcomers get started with no fees and low minimums.

  • Binance Coin Symbol: BNB
  • Rank# 3

Who is the Founder of Binance Coin?

Changpeny Zhao is the founder of Binance, the largest cryptocurrency exchange in the world. Binance Coin is the cryptocurrency issued by the Binance exchange.

Who Is Behind Binance Coin?

Binance exchange has been quick to capitalize on the hype behind blockchain and cryptocurrency, opening an office in Singapore just two months after the global market bubble burst.

In addition to introducing the BNB token, Binance founder Changpeng Zhao was just named the CEO of Huobi Global, which has the largest trading volume in the world.

“We are honored to welcome an industry giant like Mr. Zhao to our team,” said Dan Morehead, founder, and CEO of Pantera Capital and advisor to the Binance Coin team.

“We are confident that Changpeng will be a tremendous asset to our rapidly growing team and that BNB will offer many opportunities to investors as the team launches its highly anticipated initial coin offering in August.

What are the advantages of the Binance Coin (BNB)?

BNB provides users with high liquidity and instant transaction settlement. On Binance, BNB can be exchanged for Bitcoin, Ether, and Ripple.

However, we do not recommend trading BNB (BNB) on smaller exchanges like Poloniex. Since Poloniex allows users to withdraw BTC but not the other two cryptocurrencies (ETH and Ripple) listed on Binance, BNB trading on Poloniex is a long-term investment.

Since Binance Coin (BNB) can also be traded on the Ethereum blockchain, it is a versatile asset that can be traded on exchanges such as Bittrex, Binance, and Kucoin. Since it is not hard for a user to access Binance Coin (BNB) from another exchange, one has to be wary of the exchange-to-exchange risk. 

What are the benefits of Binance Coin?

The benefit of Binance Coin is its intended utility as a medium of exchange in combination with Binance’s innovative project. In fact, the Binance team encourages users to use BNB to make payments within Binance so that BNB’s utility as a medium of exchange is maximized.

The team also released a BNB Store in March which features unique products. According to the Binance team, there will be more exclusive items and services available for BNB users.

How do you invest in BNB? The easiest way to trade BNB is via the BNB-BTC exchange. However, there are other ways to trade BNB via Binance. Those interested in trading BNB can visit the Binance exchange using the following link: https://binance.com.

How to buy Binance Coin (BNB)?

You can purchase BNB through a number of methods, such as via an exchange or using bitcoin to make the transfer.

In addition to this, you can also obtain BNB coins from other exchanges in which it is traded for fiat money. Here’s a link to how to buy BNB in Binance: https://www.binance.com/help/buy-bnb.html.

Conclusion

The overall outlook on crypto is still positive as they are known for forming reliable and resilient faucets, which explains the market demand.

The BNB also offers higher market cap potential compared to other coins like BCH. We believe the coin to go higher, as it has the potential to become a centralized exchange as it is currently in the advanced stages of implementation.

However, keep in mind, there may be a lot of volatility in the short term as it is entering a volatile period and has to pass through the important technical levels of retracement.

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