WHAT IS BNB?
Binance coin (BNB) is an exclusive cryptocurrency issued by the world's largest cryptocurrency exchange "Binance". It is a decentralized blockchain digital asset based on Ethereum. Binance Coin was launched in July 2017 when Binance opened for business. 200,000,000 BNB is in circulation, 100 million is publicly issued, and it is guaranteed that there will be no additional issuance. Binance Coin, its unique currency, is also popular and ranks high by market cap, It ranks firmly in the global TOP20 and is supported by blockchain enthusiasts in more than 180 countries and regions around the world.
Binance Coin, as the fuel of the Binance ecosystem and decentralized exchange, has been applied in many scenarios. For example, using BNB to deduct the transaction fee of binance, you can get a discount of up to 50%, and you can use BNB to pay in some APP applications. you can use BNB to buy virtual gifts on some live streaming platforms.
SCENARIOS BNB CAN APPLIED
Discount deduction for transaction fees on Binance platform: For users who participate in transactions on Binance platform, no matter what kind of tokens they trade, when they need to pay transaction fees, if they hold a sufficient amount of BNB, the system will check the required payment procedures. The fee is discounted (50% in the first year, 25% in the second year, 12.5% in the third year, 6.75% in the fourth year, and no discount in the fifth year), and convert the equivalent BNB amount according to the market value at that time, and use BNB to complete Payment of fees.
Repurchase mechanism: 20% of the net profit of Binance platform for the quarter is used to repurchase BNB every quarter, and the repurchased BNB is directly destroyed. The repurchase record will be announced as soon as possible, and users can query through the blockchain browser , to ensure openness and transparency, until the total amount of BNB is destroyed to 100 million.
Decentralized trading "fuel": In the future, BNB will also be the fuel for the Binance decentralized on-chain trading platform. BNB is required when using the Binance DEX.
Listing fee: Binance listing has a voting system and an audit system. Among these, the team needs to purchase Binance Coin in the market as the listing fee. At present, there are still a large number of coins queuing up for listing.
HOW TO BUY BNB?
To buy Binance Coin, you need to buy it through a digital currency exchange, or you can go to the Binance official website to buy it. Specifically, the general purchase process has the following steps:
1. Find the Binance official website address, or find a reliable exchange website.
2. Register to create an account and bind a bank account.
3. Enter the transaction interface, select BNB transaction, enter the price and quantity, submit to complete the purchase, or sell.