Binance Coin (BNB) Review, Price, Market Cap and more | Coinopsy

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Binance Coin (BNB) - Exchange Coin

Binance has established itself as one of the biggest and most popular exchanges in the world. For day traders, the low fees are very inviting and do make a significant differenc..
Binance Coin's current price is $17.873 USD. In the past 24 hours, Binance Coin's price has decreased by -4.5 percents..
Name (Ticker)
Binance Coin (BNB)
Price (USD)
$17.8732748367
Rank
20
Active Supply
155.5 million
Total Supply
187.5 million
Max Supply
187.5 million
Volume(24H)
199.4 million
Market cap
2.8 billion
Fun Name
Exchange Coin
Website Links
Social Links
Block Explorer

Binance Coin (BNB) Chart

Pros of Binance Coin (BNB)

  • Binance is one of the most popular exchanges
  • Large amount of trust
  • Buy back

Cons of Binance Coin (BNB)

  • No backing (asset, profits, commodity)

Binance Coin (BNB) Review

Binance Exchange

The Binance exchange issued its own token called the Binance Coin, with BNB as the ticker symbol. BNB runs natively on the Ethereum blockchain and follows the ERC20 token standard. The token has a total supply of 200 million. Binance engaged themselves to use 20% of their profits each quarter to buyback and burn BNB, until 50% of the total BNB supply (100 million) has been burned.

BNB Token

The BNB token has multiple forms of utility, essentially being the underlying gas that powers the Binance ecosystem. In other words, BNB functions in a similar way to Ether in that it will be needed to utilize their services. Hence, the BNB can be used to pay for trading fees on the exchange, which also gives you a 50% discount on trades (during the first year).

What is BNB?

BNB is the main currency for the biggest altcoin exchange Binance, which does nearly $800 million dollars in daily volume. The token serves multiple purposes which we'll cover in our technical module.

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Binance Coin (BNB) Exchange

Binance has established itself as one of the biggest and most popular exchanges in the world. For day traders, the low fees are very inviting and do make a significant difference. Using the BNB token makes the transaction fee proposal even more attractive for high velocity traders.

  • The Monaco project has included support for Binance’s BNB token on its platform which includes the Monaco Visa Card and the mobile app.
  • The Uplive platform supports BNB to buy virtual gifts.

Like the stock market where a company decides to buy back a certain amount of its own shares, cryptocurrencies can also burn some of their own tokens to lower circulation in the market. As a result, it promotes exclusivity, thereby raising the value of the coin in question. Binance declared in their whitepaper that they were going to conduct a $30 million BNB token burn event which was completed in due course.

Binance Coin (BNB) Team

The CEO of the project is the well known Changpeng Zhao.

CZ is the founder and CEO of BijieTech, a company that provides cloud-based exchange systems to exchange operators. Since founding in Sept 2015, BijieTech now powers 30+ exchanges in Asia. In the first 12 months since founding, BijieTech closed 36.1 million RMB ($5.3MM USD) in revenue, and will double that in its second year. BijieTech has never accepted any outside investments, being cash flow positive from day one.  CZ was the co-founder and CTO of OKCoin. During his stay there, OKCoin launched their international site, and their futures trading platform. Co-ordinating with Stefan Thomas, CZ also lead the first proof-of-reserves in any China crypto exchange. Most other major exchanges in China followed soon after. In addition to managing the tech team there, he also lead the international marketing team. 

Aside from that, the team consists of multiple experienced industry professionals and pretty much everything checks out about them.

Binance Coin (BNB) Token Usage and Burning

BNB can be used within the Binance platform to cover for exchange fees, withdrawal fees, and listing fees. As mentioned before, users will receive a significant discount every year for using it to cover their trading fees. Additionally, every quarter BNB tokens will be burnt according to the trading volume, until a cap of 50% cap of destroyed tokens is reached, with the goal to destroy 100MM BNB and leave the max supply at 100MM.

Binance Coin (BNB) Technical Overview

BNB hаѕ а circulating supply оf 155,536,713. Thе platform charges а trading fee оf 0.1% оn еасh trade, but іf users pay fees іn BNB, thеу саn claim аn additional discount оn thе trading fees. Binance’s discount rate оn BNB trading bу year іѕ оnе оf thе bеѕt decisions thеу mаdе early on. In thеіr fіrѕt year thе discount rate wаѕ 50%, іn thе 2nd — 25%, іn thе 3rd year-12.5% аnd finally іn thе 4th year іt gоеѕ dоwn tо 6.75%.A strict limit of 200MM BNB will be created, never to be increased. BNB initially ran on the Ethereum blockchain with ERC 20standard, until BNB moved tо thеіr main net bеfоrе thе DEX launch іn early 2019. Binance features а robust matching engine thаt саn handle 1,400,000 orders/second аnd BNB іѕ аt thе center оf hоw іtѕ exchange works.

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Binance Coin (BNB) Hardware Wallets

Ledger

The Ledger Nano S is currently the only hardware wallet to support the mainnet version of BNB. The wallet, obviously isn't free and may seem quite pricey for some individuals, but you can't put a price on the security it provides. The wallet can be used for many other cryptocurrencies in addition to BNB. As for using the Nano Ledger S, the first step towards setting up your device is unboxing you device and checking if you have received all the accessories with the device. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be all set to use your Ledger Nano S device. This video does a pretty good job at explaining how the setup works.

Binance Coin (BNB) Desktop Wallets

Trust Wallet

Trust Wallet is one of the most trustworthy wallets amongst the users, especially since the largest exchange in the world, Binance had acquired it last year in June. Trust wallet is even very updated and advanced with the latest technologies, which makes it effective for all kinds of users. Trust has fulfilled its aim by adding the latest BNB mainnet version, which it is compatible with. Users can store their BNB mainnet coins in Trust wallet, without having to worry about the security.

Atomic Wallet

Atomic Wallet is a decentralized wallet which is available for Mac, Windows and Linux operating systems, hence you don’t have to shift your operating systems. Atomic wallet is one of the first ones to upgrade its technology with the BNB mainnet update. What’s great about atomic wallet is also its in-built exchange, which allows you to quickly swap tokens while also having access to features like credit card purchases.

Binance Coin (BNB) Online/Web Wallets

Binance

For online storage, it is best you store your BNB tokens nowhere other than Binance. That way you will get the numerous advantages that come with being a BNB holder, including trading fee discounts, using BNB to cover for trading fees and much more. However, if you’re planning to hold on BNB for speculative purposes, we suggest you use some of the desktop or hardware wallets we’ll mention next.

Binance Coin (BNB) Buying BNB

Binance

No doubt the best place to do this is Binance itself. The site has newly open credit card purchases making it a breeze to obtain the BNB token by just entering your credit card details. For its credit card purchases, Binance has teamed up with Simplex to provide the needed payment infrastrucure and safety.

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