What is Binance Coin (BNB).

                    Binance Coin (BNB).

BNB launched July 2017, which started as an Ethereum token and later moved to Binance Smart Chain (BSC), launched September 2020. BSC later merged with the older Binance Chain and was rebranded into BNB chain.

A cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency Exchange.

What is Binance Coin (BNB)?

Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.

Users of Binance Coin receive a discount in transaction fees on the Binance Exchange as an incentive. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.

Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain.

Uses of Binance Coin

Just like other evolving cryptocurrencies, the Binance Coin offers several uses that go beyond the Binance exchange, such as

• Trading: Binance Coin can be traded for other cryptocurrencies on various exchanges, depending on the restrictions set by the exchange.
• Transaction fees on the Binance Exchange: BNB can be used to pay for transactions on the Binance Exchange, and users also receive a discount for doing so.
• Credit card payments: BNB can be the form of payment for crypto credit card bills on Crypto.com.
• Payment processing: Merchants can offer BNB as a means of payment for customers, offering more flexibility in payment methods.
• Booking travel arrangements: BNB can be used to book hotels and flights on select websites.
• Entertainment: From paying for virtual gifts to buying lottery tickets, BNB serves several purposes in the entertainment space.
• Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets using Binance Coin.
• Loans and transfers: BNB can be used as collateral for loans on certain platforms. Also, there are apps that allow users to split bills and pay friends and family through Binance Coin.

Binance Coin: Initial Coin Offering

Binance Coin was launched with an initial coin offering (ICO) in July 2017. As part of the ICO, BNB tokens were distributed among various participants, including angel investors and the Binance founding team.

Here’s a brief breakdown of how BNB tokens were initially distributed:

• Founding team: 40% (80 million BNB)
• Angel investors: 10% (20 million BNB)
• Public sale: 50% (100 million BNB)

All of the 100 million BNB tokens available for public sale were sold during the ICO at 15 cents per token. Therefore, Binance raised a total of US$15 million in bitcoin and ethereum.

From the $15 million that was raised, 35% was allocated to upgrading the Binance platform and exchange system; 50% was allocated for Binance branding, marketing, and education of new innovators; and the remaining 15% was used as a reserve in case of any emergencies or unprecedented circumstances.

BNB Burning

As mentioned in the Binance whitepaper, every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins, destroying them completely. Binance has consistently performed quarterly burns, the latest being the 13^th quarterly burn on October 17, 2020.

Binance will continue to perform quarterly burns until it buys back and destroys 100 million Binance coins – 50% of the total supply. The practice ensures that the supply of Binance Coin remains finite, making it scarce and more valuable.

Binance Coin Uses and Support

Binance was created as a utility token for discounted trading fees in 2017. But since then, its uses have expanded to numerous applications on a wide number of platforms. It is used to pay for transaction fees on Binance.com, Binance DEX, and Binance Chain.

It can also be used for payments (at places like Crypto.com, Monetha, and HTC); to book travel accommodations (at sites such as TravelbyBit, Trip.io, and Travala.com); for entertainment purposes (virtual gifts, card packs, lotteries); to pay for online services (BitTorrent, Canva, Storm); and even for financial purposes (take out a loan at ETHLend or make investments at Moeda).

One can also use Binance coins to invest in certain ICOs that are listed through Binance’s Launchpad program. New cryptocurrencies list on the Binance exchange, and the use of Binance provides a seamless marketplace for trading in a variety of established and new virtual tokens.

The crypto token has garnered support from other partnerships which has helped its usage spread. It includes a partnership with Asia's premier high-end live video streaming platform, Uplive, which sells virtual gifts for BNB tokens to Uplive’s 20 million-strong user base.

Binance coin is also supported by the platform, the mobile app, and the VISA debit card of Monaco, the pioneering payments and cryptocurrency platform.

Binance Coin Burning

Although 100 million Binance tokens were initially offered in the ICO, the current total supply is lower. Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," Binance coins held in its treasury.

Binance has regularly performed these burning events. The latest BNB burn came on April 15, 2021, when Binance burned a total of 1,099,888 BNB, equivalent to $595,314,380 USD worth of tokens. It is Binance's 15th quarterly BNB burn and its largest ever in terms of U.S. dollars. The total supply of BNB has decreased from 170,532,825 to 169,432,937.

Date	Close/Last	Volume	Open	High	Low
02/14/2023	294.3	N/A	290.61	296.21	294.11
02/13/2023	291.5	N/A	312.4	294.31	289.9
02/12/2023	312.2	N/A	306.5	313.99	306.91
02/11/2023	306.39	N/A	307.41	310.69	306.29
02/10/2023	307.2	N/A	305.69	308.59	305.2
02/09/2023	305.91	N/A	319	307.9	305.3
02/08/2023	319.3	N/A	331.8	329.2	317.42
02/07/2023	331.81	N/A	326.91	335.67	331.31
02/06/2023	327	N/A	325.1	327.5	323.42
02/05/2023	337.2	N/A	328.2	337.59	328.7
02/04/2023	330	N/A	328.9	334.4	328.7
02/03/2023	329.1	N/A	322.5	334	328.9
02/02/2023	322.6	N/A	329.3	327.2	318.6
02/01/2023	328.9	N/A	311.19	329.7	316.4
01/31/2023	311.3	N/A	313.4	314.6	311.2
01/30/2023	313.2	N/A	315.4	314	305.4
01/29/2023	313.91	N/A	307	316.39	304.9
01/28/2023	307.3	N/A	308.3	310.91	304.9