BNB Used for Every Transaction on Binance Smart Chainĭue to the tremendous volume of trade, the Binance Smart Chain now surpasses Ethereum as the most active platform in the market. Binance users can also make secure borderless payments via Binance Pay and can earn passive income through NFT staking. For instance, BNB holders can use Binance coins as collateral to access credit. Binance Strives to Become Financial Services Hubīinance is also growing its ecosystem in a way that other blockchains are not. In 2020, it reached more than $2 trillion in total trading volume, while BNB became the third-largest cryptocurrency by market cap. Despite competition from Coinbase and others, it is the biggest by market capitalization. Here are a few others: Binance Is the Biggest Crypto Exchangeīinance is the world’s leading crypto exchange. These are just some of the many reasons why you should buy BNB. Today, the token can fit into a wide range of investment strategies and is ideal for those looking to diversify their crypto portfolio. Throughout 2021, Binance Coin gained more than 1,200% in value. These individuals enable investors to delegate their BNB tokens for validators to validate, giving them a stake in the system even if they don’t hold millions in BNA. To prevent the concentration of power in the hands of a few, Binance also permits delegators. Under this mechanism, the Binance Smart Chain relies on 21 validators to run its blockchain.īinance claims that anyone can become a validator as long as they meet hardware requirements and have a minimum of 20,000 BNB staked. The Binance Smart Chain uses a Proof of Staked Authority in which network users state their reputation and identity instead of tokens. The BNB swaps enabled holders to transfer their coins to the newly-launched Binance Chain as BNB became the platform’s native cryptocurrency. In April 2019, the ERC-20 BNB tokens were replaced by BEP-2 BNB at a 1:1 ratio. Since then, it has expanded out of Hong Kong and into international offices located in Malta and the Cayman Islands because of China’s crackdown on cryptocurrency trading.īNB trading was initially hosted by the Ethereum blockchain. BNB holders who have large volumes of the currency may be eligible for discounts on trading fees, a practice that encourages traders to use the coin.īinance was founded in 2017. The coin powers the platform’s trading ecosystem, is used to pay for its services, and can be converted to other crypto assets. What Is a Binance Coin?īNB is a native asset of the Binance Chain and Binance Smart Chain. In this post, we’ll tell you how to buy BNB and name a few crypto exchange platforms that offer the currency as a trading option. Binance’s competitors, such as Coinbase, Bitfinex, Kraken, and Huobi, do not yet offer BNB trading. However, other exchanges aren’t too keen to host the native cryptocurrency of the Binance platform. Binance is the world’s largest cryptocurrency exchange, and the platform has been moving quickly to grow its own currency. The coin is traded under the initials BNB. Binance Coin is a digital currency issued by the crypto exchange, Binance.
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