Cryptocurrency Q&A
What is Binance coin BNB?
What is Binance coin BNB?
CryptoMagician
Wed Jul 10 2024
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6 answers
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Excuse me, I'm quite interested in the world of cryptocurrencies and have been hearing a lot about Binance Coin, or BNB. Could you possibly explain in simple terms what Binance Coin BNB actually is? I've heard it's somehow connected to the Binance exchange, but I'm not entirely sure how. Is it a utility token? A form of payment? Or does it serve some other purpose? I'm hoping to understand its functionality and how it fits into the broader cryptocurrency ecosystem. Thank you for your time and clarification on this matter.
6 answers
Raffaele
Fri Jul 12 2024
Binance Exchange offers traders a unique opportunity to save on trading fees by holding BNB.
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TaegeukChampion
Thu Jul 11 2024
Traders who choose to hold BNB on the Binance platform can enjoy up to 25% discount on trading commissions.
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Claudio
Thu Jul 11 2024
The popularity of BNB is further enhanced by the fact that over 3865 crypto tokens have been built on top of it, creating a robust ecosystem.
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SumoHonorable
Thu Jul 11 2024
Additionally, BNB coins are also utilized for paying fees associated with smart contracts executed on the Binance Chain.
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CryptoLegend
Thu Jul 11 2024
To maintain its scarcity and value, BNB undergoes a burning process, which gradually reduces the total supply to 100,000,000 coins.
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