{"id":10723,"date":"2022-03-15T05:25:35","date_gmt":"2022-03-15T05:25:35","guid":{"rendered":"http:\/\/egrowonline.com\/?p=10723"},"modified":"2022-03-15T05:25:35","modified_gmt":"2022-03-15T05:25:35","slug":"the-cryptocurrency-guide-for-the-perplexed-binance-coin-bnb","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=10723","title":{"rendered":"The Cryptocurrency Guide for the Perplexed: Binance Coin (BNB)"},"content":{"rendered":"


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Binance Coin (BNB) is one of the best examples of an initial coin offering (ICO) that blew up into something big. Most of these are scams and almost all of these aren\u2019t worth your time and energy to even do the baseline research, but occasionally a project comes along that\u2019s special. Binance Coin was one of those.<\/p>\n

BNB was originally an ERC-20 coin, which meant it was originally minted on Ethereum, and developed beyond that into the native coin of the Binance<\/a> blockchain. It was launched in 2017 and maintains a strict cap at 200 million BNB tokens. Originally, it offered 10%, or 20 million BNB tokens, to angel investors, 40% or 80 million to the founding team, and the remaining went to participants in the ICO.<\/p>\n

Now it\u2019s the 4th<\/sup> largest cryptocurrency in the world with a market cap of approximately $64.4 billion.<\/p>\n

Tokenomics<\/h3>\n

Almost half the funds raised in the ICO were intended to go to Binance branding and marketing, while one third were used to build the Binance platform and perform upgrades to the ecosystem.<\/p>\n

Binance is a burn-coin and there is no consensus mechanism. That\u2019s right. This coin isn\u2019t mined and all of the existing coins are out there in circulation.<\/p>\n

Originally the ICO spat out 100 million coins, but the total supply is lower. Every quarter Binance throws out one fifth of their profits to repurchase and destroy Binance coins held in storage. Binance does this regularly: the latest burn was April 15, 2021, where Binance burned 1,099,888 BNB or roughly $595,314,380 USD in tokens. It\u2019s Binance\u2019s 15th<\/sup> quarterly burn and largest ever in terms of cash amount. The total supply decreased from 170,532,825 to 169,432,937.<\/p>\n

What can you use it for?<\/h3>\n

Binance\u2019s original purpose was as a utility for token for discounted trading fees when it was created. Like any good promotion, though, they really want you to know that the promotion won\u2019t be there in the next few years.<\/p>\n

Since its inception, its uses have compounded and expanded to numerous applications on a number of platforms, including Binance.com, Binance DEX and Binance Chain. It\u2019s also accepted for payment at Cryptoc.om, Monetha and HTC, as well as to book travel specifics at sites like TravelbyBit, Trip.io, and Travala.com. It also now includes online services like BitTorrent, Canva and Storm, and of course, for financial uses like to take out a loans and investments on the ETHLend and Moeda DeFi platforms respectively.<\/p>\n

Here\u2019s a wider, nonspecific list on what you else can use the BNB coin for:<\/p>\n

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