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BNB
Binance Coin (BNB) is a type of digital cryptocurrency, introducing peer-to-peer transactions, mining and other technological feats into a modern day asset. Use this page to follow news and updates regarding Binance Coin stock, create BNB price alerts, follow analysis and opinion and get real time market data.
650.00
-7.20(-1.10%)
Real-time Data·
Day's Range
647.90
653.90
52 wk Range
345.32
793.20
Day's Range
647.90653.90
52 wk Range
345.32793.20
- Bid/Ask
- -
- Vol (24H)
- 1.70B
- Market Cap
- 91.69B
- Day's Range
- 647.9-653.9
- 52 wk Range
- 345.32-793.2
- Max Supply
- -
- Circulating Supply
- BNB140.89M
- Rank
- 5
Type:Currency
Group:Minor
Base:BNB
Second:US Dollar
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FAQ
How To Buy Binance Coin
Binance Coin can be purchased from more than 50 top crypto exchanges and brokers globally. However, many users prefer using a reputable crypto exchange such as Binance to buy the asset.
To buy Binance Coin (BNB), first choose a cryptocurrency platform that supports it. The most popular option is Binance, as it is the coin’s native exchange, but other platforms like Coinbase, Kraken, and KuCoin also offer BNB. Create an account on your chosen platform, complete the required identity verification (KYC), and deposit funds. You can fund your account with fiat currency (e.g., GBP, USD, EUR) via bank transfer, debit/credit card, or other supported methods, depending on the platform.
Once your account is funded, search for Binance Coin (BNB) and select the appropriate trading pair, such as BNB/USD, BNB/EUR, or BNB/BTC. Enter the amount of BNB you wish to purchase and place a market order to buy at the current price or a limit order to buy at a specific price. After completing the transaction, the BNB will appear in your exchange wallet. For added security, consider transferring your Binance Coin to a private wallet, such as Trust Wallet or a hardware wallet like Ledger, to protect your investment.
To buy Binance Coin (BNB), first choose a cryptocurrency platform that supports it. The most popular option is Binance, as it is the coin’s native exchange, but other platforms like Coinbase, Kraken, and KuCoin also offer BNB. Create an account on your chosen platform, complete the required identity verification (KYC), and deposit funds. You can fund your account with fiat currency (e.g., GBP, USD, EUR) via bank transfer, debit/credit card, or other supported methods, depending on the platform.
Once your account is funded, search for Binance Coin (BNB) and select the appropriate trading pair, such as BNB/USD, BNB/EUR, or BNB/BTC. Enter the amount of BNB you wish to purchase and place a market order to buy at the current price or a limit order to buy at a specific price. After completing the transaction, the BNB will appear in your exchange wallet. For added security, consider transferring your Binance Coin to a private wallet, such as Trust Wallet or a hardware wallet like Ledger, to protect your investment.
What Is Binance Coin (BNB)?
Binance Coin (BNB) is the native cryptocurrency of the Binance ecosystem, one of the world’s largest cryptocurrency exchanges. Initially launched in 2017 as an ERC-20 token on the Ethereum blockchain, BNB was later migrated to Binance’s own blockchain, the Binance Chain.
BNB powers various features within the Binance platform, including transaction fee discounts, staking, and participation in initial exchange offerings (IEOs) via the Binance Launchpad.
BNB has expanded beyond the Binance exchange and is used for a wide range of applications, such as paying transaction fees on the Binance Smart Chain (BSC), booking travel services, making online purchases, and participating in decentralised finance (DeFi) protocols. One of its unique features is the BNB burn mechanism, where Binance periodically buys back and burns tokens to reduce the total supply, increasing scarcity and potentially boosting the coin’s value over time.
Thanks to versatile use cases and its integration into Binance's ecosystem, BNB is considered one of the leading utility tokens in the cryptocurrency market. Its value is influenced by Binance’s growth, token demand, and broader market trends.
BNB powers various features within the Binance platform, including transaction fee discounts, staking, and participation in initial exchange offerings (IEOs) via the Binance Launchpad.
BNB has expanded beyond the Binance exchange and is used for a wide range of applications, such as paying transaction fees on the Binance Smart Chain (BSC), booking travel services, making online purchases, and participating in decentralised finance (DeFi) protocols. One of its unique features is the BNB burn mechanism, where Binance periodically buys back and burns tokens to reduce the total supply, increasing scarcity and potentially boosting the coin’s value over time.
Thanks to versatile use cases and its integration into Binance's ecosystem, BNB is considered one of the leading utility tokens in the cryptocurrency market. Its value is influenced by Binance’s growth, token demand, and broader market trends.
How Does Binance Coin Work?
Initially launched as an ERC-20 token on Ethereum, Binance Coin (BNB) was later migrated to Binance’s own blockchain, the Binance Chain, and further integrated into the Binance Smart Chain (BSC), a blockchain optimised for smart contracts and decentralised applications (dApps). Binance Coin is now the digital liquid token used for all Binance Smart Chain (BSC) ecosystem transactions. It is also used to book travel tickets, pay for loans, purchase new coins listed on the Binance Launchpad, and several other things.
However, BNB is primarily used to pay transaction fees on the Binance exchange, where users receive discounts for using it. It also powers the Binance Smart Chain by serving as the gas token for transaction fees, similar to how Ethereum is used on its blockchain. Additionally, BNB is utilised for participating in initial exchange offerings (IEOs) through the Binance Launchpad, staking, liquidity provision in DeFi protocols, and even payments for goods and services via partnerships with merchants.
A key feature of Binance Coin is the BNB burn mechanism, where Binance periodically buys back and burns a portion of the token supply, reducing its total circulation and creating scarcity. This process helps to maintain long-term value for holders. Overall, BNB functions as a versatile cryptocurrency deeply embedded in Binance’s platforms, supporting a wide range of financial and blockchain-based activities.
However, BNB is primarily used to pay transaction fees on the Binance exchange, where users receive discounts for using it. It also powers the Binance Smart Chain by serving as the gas token for transaction fees, similar to how Ethereum is used on its blockchain. Additionally, BNB is utilised for participating in initial exchange offerings (IEOs) through the Binance Launchpad, staking, liquidity provision in DeFi protocols, and even payments for goods and services via partnerships with merchants.
A key feature of Binance Coin is the BNB burn mechanism, where Binance periodically buys back and burns a portion of the token supply, reducing its total circulation and creating scarcity. This process helps to maintain long-term value for holders. Overall, BNB functions as a versatile cryptocurrency deeply embedded in Binance’s platforms, supporting a wide range of financial and blockchain-based activities.
How To Mine Binance Coin
Unlike many cryptocurrencies, Binance Coin (BNB) cannot be mined. When BNB was first launched, it was issued as a fixed supply of tokens through an Initial Coin Offering (ICO) in 2017, with a total cap of 200 million BNB. Instead of relying on traditional mining, BNB operates on the Binance Chain and Binance Smart Chain (BSC), which use different consensus mechanisms.
In the Binance Smart Chain system, users can stake their BNB to become validators and earn rewards for processing transactions and securing the network. This staking process is similar to mining in its purpose but does not require expensive hardware or significant energy consumption. Validators are selected based on the amount of BNB staked, and rewards are distributed proportionally.
To earn rewards with BNB, individuals can participate in staking rather than mining. Platforms like Binance and other compatible wallets make it easy to stake BNB and earn passive income, contributing to network security and functionality without the need for mining equipment.
In the Binance Smart Chain system, users can stake their BNB to become validators and earn rewards for processing transactions and securing the network. This staking process is similar to mining in its purpose but does not require expensive hardware or significant energy consumption. Validators are selected based on the amount of BNB staked, and rewards are distributed proportionally.
To earn rewards with BNB, individuals can participate in staking rather than mining. Platforms like Binance and other compatible wallets make it easy to stake BNB and earn passive income, contributing to network security and functionality without the need for mining equipment.
Why Was Binance Coin Invented?
Binance Coin (BNB) was created in 2017 during an Initial Coin Offering (ICO) to serve as a utility token for the Binance ecosystem. Its primary purpose was to incentivise users by offering discounts on transaction fees when trading on the Binance exchange, helping to attract traders and build a loyal user base.
Over time, BNB’s utility expanded to include paying transaction fees on the Binance Chain and Binance Smart Chain (BSC), participating in Initial Exchange Offerings (IEOs) via Binance Launchpad, and staking in decentralised finance (DeFi) protocols.
Additionally, Binance introduced the BNB burn mechanism, which regularly reduces the total supply of BNB to maintain its scarcity and value. BNB was designed to enhance the Binance platform, support its growing ecosystem, and provide users with versatile and valuable functionality.
Over time, BNB’s utility expanded to include paying transaction fees on the Binance Chain and Binance Smart Chain (BSC), participating in Initial Exchange Offerings (IEOs) via Binance Launchpad, and staking in decentralised finance (DeFi) protocols.
Additionally, Binance introduced the BNB burn mechanism, which regularly reduces the total supply of BNB to maintain its scarcity and value. BNB was designed to enhance the Binance platform, support its growing ecosystem, and provide users with versatile and valuable functionality.
What Technology Does Binance Coin (BNB) Use?
Binance Coin (BNB) operates on the Binance Chain and Binance Smart Chain (BSC). Initially launched as an ERC-20 token on Ethereum, it transitioned to Binance Chain for faster transactions and expanded to BSC to support smart contracts and decentralised applications (dApps).
The BSC uses a Proof of Staked Authority (PoSA) consensus mechanism, where validators stake BNB to process transactions efficiently. This system is faster and more energy-efficient than traditional proof-of-work models. BNB powers transaction fees, staking, and smart contracts, making it a vital part of the Binance ecosystem.
The BSC uses a Proof of Staked Authority (PoSA) consensus mechanism, where validators stake BNB to process transactions efficiently. This system is faster and more energy-efficient than traditional proof-of-work models. BNB powers transaction fees, staking, and smart contracts, making it a vital part of the Binance ecosystem.
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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