What Is Binance Coin?

Feb 10, 2023
4 min read

This blog post will cover:

  • About Binance Coin (BNB)
  • Where did Binance Coin (BNB) come from?
  • What are the advantages of Binance Coin (BNB)?
  • What are the disadvantages of Binance Coin (BNB)?
  • How to buy Binance Coin (BNB) on SimpleSwap?

About Binance Coin (BNB)

What is Binance Coin (BNB)? Binance Coin is a digital currency issued by the cryptocurrency stock exchange Binance. It is built in the Ethereum blockchain. Binance Coin can be used to pay fees on the Binance exchange. Binance now is the second largest cryptocurrency exchange. And the work of this team is so promising that analytics think that Binance has all the chances to become the number one stock exchange. To motivate users to use Binance Coin developers created a system of discounts. Users receive discounts on transactions they make. The system looks like this:

  • 1st year - 50%
  • 2nd year - 25%
  • 3d year - 12.5%
  • 4th year - 6.75%
  • 5th year - no discount

Where did Binance Coin (BNB) come from?

Binance was founded in 2017. It's developers are Changpeng Zhao and Roger Wang. In August 2017 Yi He joined the team. Yi He was one of the co-founders of OKcoin. She is known for her ability to grow technology products. Initially, the headquarters of Binance was located in Shanghai, but after they were banned by the government they moved the headquarters to Japan. In March 2018 they received a warning from Japan's government. Now they are planning to move their servers to Malta. The total amount of BNB tokens is 200 million. The company held its official ICO between 14 - 17 of July 2017.

What are the advantages of Binance Coin (BNB)?

  • Intuitive user interface
  • Low fees
    It is free to fund an account, and orders are charged 0.1% trading fee.
  • Binance Coin has a practical use within the exchange
  • It is fast
  • It is available worldwide
  • Binance does a BNB buy back
  • Growing user base
    The more users make transactions on Binance, the more marketcap BNB utility coin has
  • It is a multilingual platform
    Now it is available in 13 languages

What are the disadvantages of Binance Coin (BNB)?

  • Binance Coin can't be traded in decimals
  • The success of Binance Coin is strongly connected with the Binance platform notoriety
  • Probably the amount of Binance’s tokens will be limited.

How to buy Binance Coin (BNB) on SimpleSwap?

If you plan to purchase a BNB token, SimpleSwap is the right choice. It will allow you to make an exchange in a fast and convenient manner. Just follow these instructions to get BNB:

  • For example, you want to swap BTC for BNB. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select BNB in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. BNB will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to BNB exchange.

If you still have any questions about the exchange process of BNB cryptocurrency, we suggest watching this tutorial:

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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