The Basics of the Binance Coin
If you’ve been using cryptocurrency for trading, you’ve probably heard about Binance coin. This
native currency of the Binance Smart Chain has a fixed supply of 200 million tokens. The
company charges a 0.5% trading fee and supports other partnerships hyperverse news. It can also be traced by
competent hackers. That means you should avoid this native currency if possible. In this article,
we’ll go over the basics of the Binance coin.
Binance coin is the native currency of Binance Smart Chain
The Binance coin is a utility token on the Binance exchange. Using BNB, users can pay lower
fees for using the exchange. However, as the price of BNB fluctuates, the company “burns”
these tokens. Burning a token means burning it for cash genaro mainnet, which lowers the value of the coin.
During the past few years, Binance has moved off the Ethereum network, but recently, the
company has returned. This new protocol uses a smart contract platform to allow users to send,
receive, and store cryptocurrency.
It has a fixed supply of 200 million tokens
In July 2017, Binance announced that they would be offering a token called the “BNB” that is
based on Ethereum. The limited supply of BNB will allow users to reduce trading fees by as
much as 50%. The token’s initial sale was a public offering. The company sold ten percent of its
tokens to angel investors, forty percent to the founding team, and fifty percent to other
participants in the ICO. The funds raised by the ICO were used to market and brand the
company and develop its platform.
It charges a 0.5% trading fee
Traders at Binance will be happy to learn that the company charges just a 0.1 percent trading
fee, with different tiers for different types of trades. In most cases, the fee will be between 0.01%
and 0.1%, depending on whether the transaction is for Instant Buy/Sell or debit card transfer.
The 0.01% trading fee for new users will be offset by a 50% discount for existing traders.
It is supported by other partnerships
Besides its core mission of enabling people to purchase cryptocurrency for use on the platform,
Binance supports a range of other causes as well. It has partnered with Trust Wallet, a secure
crypto wallet with more than five million users. This wallet includes address whitelisting, which
lets you only share your crypto address with certain people and block access to others.
Furthermore, it offers two-factor authentication for additional security.
It has shown impressive progress since its launch
Since its launch, the Binance coin has seen remarkable progress. The company has invested in
numerous marketing strategies including paying YouTube influencers for videos and enlisting
day traders in the Middle East and Africa to promote the coin. The company also commissioned
various teams to create a marketing campaign, pitting them against one another to see which
strategy would grow the coin the fastest. However, the best strategy ultimately won out.