What is Binance Coin (BNB)? A beginner’s guide in 360 words.

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I am sure most of you, even if you are new to crypto, have heard of the largest exchange in the world: Binance. Binance provides trading for many different cryptocurrencies with the specific intention of being a non-fiat exchange. The platform was able to process 1.4 million transactions per second at the time of its conception. Furthermore, Binance has become a widely recognized exchange from its spread over many platforms including mobile, online and PC.

Binance was successful from the start due to its strong team. The company is headed by Changpeng Zhao, an exchange systems expert with both startup and traditional finance experience. The team is comprised of an interesting blend of startup guys and traditional finance experts; one thing that is consistent throughout is decades of work experience in the top of their field by each team member. The team did not, by any means, lower their standards for this project.

One lesser known component of Binance is Binance Coin (BNB). Binance coin was launched last summer at the same time as when the Binance exchange was put online. The ERC20 token is designed to lower exchange fees by up to 50% for BNB token holders. Furthermore, the token is traded publicly within Binance as well. Binance has agreed to buy back half the tokens distributed at the time of ICO so as to strengthen the validity of the currency. Also, the team has their vesting plan payout in BNB which further adds to the legitimacy and stability of the coin.

Binance Coin is a currency that is unique from many others in its limited functionality; however, it still boasts an incredible market cap and usability for most crypto traders. Binance began by issuing 200mm BNB tokens; however, the supply is constantly diminishing as Binance destroys more and more tokens. The token has grown in popularity over the past few months especially. I am not advising that you go out and buy BNB, but rather that you consider it in your quest for your next 10x coin.

How can you buy BNB?

You first need to buy Bitcoin or Ethereum on Coinbase and then, you guessed it, transfer it over to your account at Binance to exchange it for BNB. For reference, check out our guide –Cryptocurrency Investing: How to Buy Altcoins. If you get stuck or need help, send us a message through our Facebook page or use our contact page and someone on staff will walk you through the process.

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Orest Byskosh
Orest Byskosh is currently the President and Co-Founder of Fourier Solutions: a platform that allows retailers to accept Ethereum as a form of payment both quickly and seamlessly. He also works as a blockchain consultant to various projects in addition to currently finishing his degree in mathematics and economics at Northwestern University.