What is Binance Coin (BNB)? (2024)

Binance Coin (BNB) - one of the 5 largest coins on the Crypto market. So what is Binance Coin?

Table of contents

What is Binance Coin (BNB)?
Highlights of Binance
Details of BNB Coin (Binance Coin)
How to earn and own BNB coin
BNB Coin Exchange and Wallet
BNB Chain project roadmap
Team, investors and partners

1.What is Binance Coin (BNB)?

Binance Coin is the native coin/native token of the Binance exchange. Binance Coin was released in 2017 through an ICO.

The three "skin changes" of Binance coin (BNB) are as follows:

2017-2019: BNB is an ERC-20 token, built on Ethereum. Binance Coin is used in the Binance and Binance Chain (BEP-2) ecosystem.
From 2020 - early 2022: Binance Coin is moved to build on Binance Smart Chain (blockchain structured as EVM virtual machine).
February 2022: Binance announces that it will launch a new blockchain called BNB Chain to focus on MetaFi development. BNB Coin (Binance Coin) is used as a gas fee in the system, the name BNB now means Build and Build.

2.Highlights of Binance

Binance is an outstanding, large and diverse ecosystem of projects located in many different fields. The two main products of Binance are Binance exchange and Binance Smart Chain.

Binance Exchange (Binance Exchange)

Some functions of Binance exchange that users can learn and use: Spot, Margin (Leverage), Future (Derivative), P2P, Saving (Staking), Loans (Lending), Pay (Payment) , Stock (stock), Binance NFT (NFT Marketplace),...

Binance Smart Chain

Binance Smart Chain (BSC) is a decentralized project that allows anyone to develop products on its network. BSC is blockchain EVM - Ethereum Virtual Machine, so developers and users can easily transfer assets between BSC and Ethereum.

Binance Smart Chain: The use of trading in the Binance Smart Chain system is one of the reasons why the price of BNB has skyrocketed.

Binance Launchpad: Holding BNB coin gives you more opportunities to invest in potential projects on Binance Launchpad.

Binance Charity: Philanthropists around the world can use BNB coins to donate through Binance Charity's charity programs on Binance.

Proposal Fees: Each project that wants to be listed as a coin/token on the Binance exchange needs to send 1000 BNB with a listing proposal. If the proposal is approved, 1000 BNB will be returned to the project. Otherwise, this amount will be lost.

Payments: In addition to the Binance ecosystem, BNB coin is also used to pay as a currency at stores and partners that accept BNB payments.

4.How to earn and own Binance coin

You can earn and own BNB coin on exchanges like Remitano, FTX, Binance, Gate.io, Binance DEX,...

5.Wallets and exchangesBNB Coin

Binance Coin Storage Wallet

You can store Binance Coin (BNB) at wallets such as: Remitano, Ledger, Trezor, Math Wallet, Trust Wallet, HyperPay, Safepal, Binance Chain Wallet, Atomic Wallet,...

Binance Coin Exchange

Remitano P2P exchange has listed Binance Coin (BNB). You can refer to the guide to buying BNB coin (Binance Coin) here!

6.Roadmap of the BNB Chain project

The Crypto market is always changing every day. Therefore, in order to survive and always maintain its position as the most prominent and diverse decentralized ecosystem, Binance has regularly innovated, creating trends year after year as follows:

2017-2019: Focus on Exchange development, launch and continuous testing of features on the exchange. Besides, it also gradually laid the foundation for Binance Chain.
2020-2021: Binance focuses on expanding the decentralized ecosystem of Binance Smart Chain, attracting developers thanks to the characteristics and benefits of building a project.
2021-2022: Aiming to become Cross-chain Financial Infrastructure, thereby opening the Internet of Value era. To realize this goal, Binance has come up with a number of plans as follows:

Consolidate critical infrastructureand services.
Build high-level security for DeFi infrastructures.
Expansion under the Mass Adoption mechanism.
Encourage and motivate developers to develop projects on their decentralized ecosystem.
Some areas of interest are: Algorithmic, Aggregation & Integration, Crosschain & Multichain, Gamification, NFT, Synthetic,...

Early 2022: Launch of BNB Chain and focus on MetaFi development.

7.Team, investors and partners

Project team

Binance has been and is the largest centralized and decentralized exchange in the world, so Binance's team is incredibly talented and spans the globe. The two leaders behind Binance so far are ChangPeng Zhao (CZ) and Yi He:

CZ is the Founder and CEO of Binance. He is also an influencer, regularly interacting with the crypto community via Twitter and other social networks. Thanks to Binance, CZ has become China's richest billionaire, surpassing Jack Ma.
Yi He is holding the position of COO of Binance.

Investors

Binance's Angel Investor investors since day one include: AU21 Capital, Dragon Gateway, individual investors like Chris McCann, Edith Yeung, Phil Chen,...

Conclusion

Binance has been developing very strongly in the Crypto market. This is considered the most powerful decentralized ecosystem today.

According toRemitano.com

Buy, trade, and hold cryptocurrencies on Binance

FAQs

What is Binance Coin (BNB)? ›

Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.

What is BNB in Binance? ›

Binance coin (BNB) is the exchange token of the Binance crypto exchange. It was launched originally on the Ethereum blockchain but later migrated to the Binance Smart Chain, now called BNB Chain. Holders of BNB with Binance accounts can access discounted fees on the exchange.

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Is Binance BNB safe? ›

It was said that BNB's infrastructure was a marvel, fortified against cyber threats and bolstered by continuous security audits. The coin's smart contract safety measures were the stuff of legend, mitigating risks and ensuring the integrity of transactions.

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What is BNB coin good for? ›

As an altcoin, BNB offers users a range of benefits within the Binance platform, such as reduced trading fees, access to exclusive token sales, and the ability to transact on the Binance ecosystem blockchains.

What does a BNB do? ›

Airbnb is an online marketplace that connects people who want to rent out their property with people who are looking for accommodations, typically for short stays. Airbnb offers hosts a relatively easy way to earn some income from their property. Guests often find that Airbnb rentals are cheaper and homier than hotels.

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Is BNB better than Bitcoin? ›

BTC is a widely recognized and established cryptocurrency, often considered a store of value. BNB, on the other hand, is associated with the Binance ecosystem and offers utility within the Binance platform. If you're looking for a long-term investment and stability, BTC may be a safer choice.

How do I withdraw from Binance? ›

Withdrawing funds to a bank account is a common practice for many users. First, navigate to the fiat and spot page on the Binance website, where you'll find your fiat balance. Select the currency you wish to withdraw, and choose the bank transfer option from the drop-down menu.

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What are the disadvantages of Binance? ›

Cons:

Limited payment options: Binance only accepts cryptocurrency deposits, which may be a disadvantage for those looking to deposit fiat currency.
No fiat-to-crypto trading: Binance does not offer fiat-to-crypto trading, meaning you cannot directly buy cryptocurrencies using fiat currency.

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Mar 27, 2024

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Is Binance available in the US? ›

About Binance.US

Binance is the largest crypto exchange on the planet. But U.S. customers can't trade on the platform. Instead, they're pointed toward Binance.US, which is available to residents of most U.S. states. The exchange has built up a tremendous suite of products and supported cryptocurrencies.

How much will 1 BNB be worth in 2025? ›

BNB (BNB) Price Prediction 2030

Year	Price
2025	$ 645.00
2026	$ 677.25
2027	$ 711.11
2030	$ 823.20

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Will BNB reach 10,000 dollars? ›

Will Binance Coin reach $10,000? Binance Coin would need to gain 3,111.27% to reach $10,000. According to our Binance Coin prediction algorithm, Binance Coin will hit $10,000 in March 2044.

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Is Binance worth investing? ›

Overall, Binance offers a wide range of supported assets and trading options for global traders, and its rates are also some of the lowest in the industry. While there are some positives about the platform, its compliance issues are a cause for concern.

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Can I make money with BNB? ›

The current estimated reward rate of BNB is 1.55%. This means that, on average, stakers of BNB are earning about 1.55% if they hold an asset for 365 days. 24 hours ago the reward rate for BNB was 1.58%. 30 days ago, the reward rate for BNB was 2.26%.

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Why are people buying BNB? ›

It can be used to pay for trading fees, participate in token sales on Binance Launchpad, and even book hotels through Binance's travel partner, among other applications. The growing utility and adoption of BNB could increase its value. This is one of the key benefit that BNB holders can take.

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What is the difference between BNB and Binance? ›

BNB Chain is a blockchain network, while Binance is a cryptocurrency exchange. Binance is a centralized company that operates the world's largest crypto exchange whereas BNB Chain is an EVM-compatible Layer 1 Blockchain. Binance can use chains including BEP 20, ERC, TRC, etc whereas the BNB Chain uses BNB Smart Chain.

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What does a BNB means? ›

bed-and-breakfast.

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What can I do with BNB on Binance? ›

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What does BNB mean money? ›

Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol. In May 2024, Binance Exchange was the second largest (as verified by Coinmarketcap) cryptocurrency exchange in the world, with a daily trading volume of $11.8 billion.

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Why is BNB so popular? ›

Binance Coin Makes Cheap Trading Cheaper

Binance reduces those already-low trading fees by a full 50% if you pay for them using the exchange's native cryptocurrency, Binance Coin (BNB). That means that instead of paying 10 cents on a $100 transaction, you'd pay only 5 cents if you complete the transaction using BNB.

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