Binance Coin (BNB) supports one of the largest Binance crypto currencies ecosystems, offering reduced fees, DeFi, NFT trading, and financial services.
If you are looking for a simple and convenient way to fund your Binance account, Baxity Store offers Binance Gift Card. This allows you to quickly access Binance coins and utilize all their benefits.
What is Binance Coin (BNB)?
Binance Coin (BNB), launched in 2017 as an ERC-20 token during its ICO, had a capped supply of 200 million tokens distributed among angel investors, the founding team, and ICO participants
The founder of Binance is Changpeng Zhao, widely known as CZ, one of the most influential figures in the cryptocurrency world. CZ established Binance to make crypto trading accessible to everyone.
Initially, BNB was designed for paying fees on the Binance platform, but its functions have significantly expanded over time. During the ICO, Binance raised over $15 million. Half of the funds were allocated to branding and marketing, while approximately one-third was used for developing the Binance platform and its ecosystem.
As of 2024, Binance Coin’s market capitalization exceeds $87 billion, making it the third most popular cryptocurrency after Bitcoin and Ethereum.
How Does Binance Coin Work?
Binance Coin (BNB) is a multifunctional crypto asset within the binance crypto exchange, designed to ensure security, transparency, and speed. It operates on the unified binance blockchain, now referred to as the BNB Chain, which combines Binance Chain and Binance Smart Chain.
The Technology Behind Binance Coin
1. Smart Contracts and Transparency. BNB uses smart contracts for secure transactions and network transparency.
2. Unified Architecture: Binance Chain and Binance Smart Chain.
- Beacon Chain (BNB Chain): Responsible for staking and network governance. BNB holders can participate in staking and voting to support blockchain operations. This blockchain is optimized for fast and cost-effective transactions.
- Smart Chain: This layer supports smart contracts and is compatible with Ethereum Virtual Machine (EVM). Its compatibility enables DeFi platforms, NFT trading, and cross-chain transactions.
3. Delegated Proof of Stake (DPoS) Consensus Algorithm
NB Chain utilizes the Delegated Proof of Stake (DPoS) algorithm, enabling fast and cost-efficient processing of thousands of transactions. This ensures high performance and reliability across the network.
What Are the Benefits of Binance Coin?
Binance Coin has gained massive popularity for a reason. Here’s why it’s the top choice for millions of users on the Binance platform:
BNB for Reduced Fees
BNB provides a 25% discount on spot and 10% on futures trading fees, benefiting active traders. This is particularly beneficial for traders who make frequent transactions.
BNB and Staking
Binance Coin can be locked into specialized Binance tokens programs like Binance Earn, enabling users to earn passive income. This mechanism rewards users for supporting blockchain operations.
Participation in Token Sales
BNB is widely used on Binance Launchpad to invest in new projects, granting token holders access to exclusive opportunities.
Burning Policy
Each quarter, Binance burns tokens, reducing supply and creating scarcity.
Other Benefits
- Use in DeFi protocols for lending and borrowing.
- Purchase of NFTs on Binance Marketplace.
- Payment for services and goods with Binance’s partner companies.
How to Buy BNB Using USDT or USDC?
Purchasing Binance Coin (BNB) through Baxity Store is a quick and convenient way to fund your Binance account with stablecoins like USDT or USDC. Follow this step-by-step guide:
1. Visit the Official Website of Baxity Store
Go to the Binance gift card section and choose the voucher you need:
- Binance USDC Card usdc gift card for topping up in USDC.
- Buy Binance Gift Card for USDT.
- Binance Gift Card with delivery within 72 hours for added flexibility.
2. Purchase the Voucher
Place an order for your selected gift card. After completing the payment, you’ll receive a unique code.
3. Redeem the Voucher on Binance
- Log in to your Binance account.
- Open the “Deposit Money in Binance”
- Enter the unique code from your voucher. The selected amount will be credited instantly in USDT or USDC.
4. Convert USDT or USDC to BNB
Use credited funds to buy BNB via BNB/USDT or BNB/USDC pairs.
Alternative Way to Buy BNB
If you prefer to buy Binance Coin directly:
- Register on the binance crypto exchange.
- Use your bank card to purchase BNB in the “How to Buy Coins on Binance” section.
- Complete the payment, and the BNB tokens will instantly appear in your wallet.
Why Choose Baxity Store for Gift Cards?
- Convenience: Instant top-up with no extra fees.
- Security: Buy Binance Gift Card Online and ensure the safety of your Binance account.
- Flexibility: An excellent alternative to bank cards for purchasing cryptocurrencies.
Applications of Binance Coin
Binance Coin (BNB) is a versatile digital asset with diverse applications across various industries, both within and outside the binance platform.
Trading and Investment
BNB is widely used for Binance cryptocurrency trading:
- Paying trading fees on Binance with discounts.
- Participating in Initial Coin Offerings (ICOs) through Binance Launchpad.
- Investing in promising crypto projects, making it one of the best Binance coins to invest in.
NFT Purchases
Binance Coin is integral to the Binance NFT Marketplace. Users can utilize BNB to create, trade, or participate in exclusive NFT auctions.
Payment for Services
BNB is increasingly accepted by merchants and service providers globally:
- Travel and Booking: Book flights and hotels on platforms like TravelbyBit, Trip.io, and Travala.com.
- Entertainment: Purchase music, gaming rewards, and more.
- Online Services: Pay for services like BitTorrent, Canva, and Storm.
- Financial Purposes: Secure loans on platforms like ETHLend or invest in projects such as Moeda.
Decentralized Finance (DeFi)
Binance Coin serves as a cornerstone for many DeFi protocols:
- Providing liquidity in farming pools.
- Acting as collateral for cryptocurrency loans.
- Staking for passive income generation.
Real-World Payments
BNB enables payments in crypto-accepting stores like Monetha and fast, low-cost transfers.
What is BNB Burning and Why Is It Important?
BNB Burning is a mechanism designed to reduce the total supply of Binance Coin, helping stabilize its value and create scarcity. This process is a critical part of BNB’s economic model.
How Does the Burning Process Work?
Each quarter, Binance uses 20% of its profits to buy back BNB on the open market. These tokens are then destroyed (burned), making them permanently unavailable for further use. All burning transactions are recorded on the Binance blockchain, ensuring full transparency.
Objectives of BNB Burning:
- Price Stabilization: Reducing the number of tokens in circulation creates scarcity, which can drive up the Binance price.
- Inflation Control: Burning maintains a balance between demand and supply.
- Investor Interest: Regular supply reduction makes BNB attractive to long-term holders.
BNB Burning Statistics:
- The initial total supply of BNB was 200 million tokens.
- As of now, approximately 155 million tokens remain in circulation.
- Binance plans to reduce the total BNB supply to 100 million tokens through regular burning events.
By reducing supply over time, BNB Burning plays a vital role in maintaining Binance’s ecosystem as one of the Top Binance coins and ensuring its long-term sustainability.
BNB Pricing and Market Trends
Binance Coin (BNB) has shown impressive performance since its launch. Below, we break down its historical price changes and future growth potential.
Historical Price Movements
The price of BNB has evolved significantly over the years, driven by key milestones in the Binance ecosystem:
| Year | Average Price (USD) | Key Events |
| 2017 | $0.1 | ICO launch, starting price at $0.1 |
| 2018 | $6.0 | Launch of Binance Chain |
| 2019 | $15.0 | Migration to its own blockchain |
| 2020 | $35.0 | Launch of Binance Smart Chain |
| 2021 | $690.0 | Record price during market peak |
| 2022 | $300.0 | Market downturn in the crypto sector |
| 2023 | $240.0 | Stabilization after industry scandals |
The binance price has historically responded to key technological advancements, including the launch of Binance Smart Chain and other ecosystem updates.
Factors Affecting BNB Price
- Supply and Demand: Quarterly token burns reduce supply, positively impacting binance price.
- Ecosystem Development: Innovations like Binance Smart Chain and new services on the binance crypto exchange increase demand for BNB.
- Market Trends: General cryptocurrency market dynamics directly affect BNB’s price.
Future Market Predictions
- Short-Term Forecast: BNB’s price may stay stable, driven by token burns and Binance Smart Chain growth.
- Long-Term Forecast: With supply decreasing to 100 million and ecosystem growth, BNB could reach $800 under favorable market conditions.
By offering robust growth potential, strong fundamentals, and ongoing innovations, BNB is regarded as one of the best coin Binance options for investors.
How to Start Using Binance Coin
Binance Coin (BNB) is a versatile digital asset that can be used for trading, investment, and payments. If you are new to the world of cryptocurrencies, here’s a step-by-step guide to help you get started with how to use Binance and BNB.
1. Register on Binance
Start by creating an account on the official Binance crypto exchange:
- Visit the Binance website or download the app.
- Register using your email or phone and complete KYC verification to access all features.
2. Fund Your Account
Choose one of the available methods to fund your account:
- Use USDC Gift Card vouchers available through Baxity Store.
- Top up via a bank card or electronic transfer.
- Deposit coins to Binance directly into your wallet using external transfers.
3. Purchase Binance Coin (BNB)
Follow the steps for how to buy cryptocurrency in Binance, select BNB, specify the amount, and complete the purchase.
Why Choose BNB for Transactions?
Binance Coin (BNB) offers significant benefits for cryptocurrency users:
- Cost Savings. Enjoy up to 25% off spot and 10% off futures fees using Binance trading fee BNB.
- Speed and Versatility. Integrated with Binance Chain and Binance Smart Chain, BNB ensures fast, low-cost transactions and supports DeFi, NFT trading, and payments.
- Stability and Growth. Regular burns and ecosystem growth drive scarcity, making BNB the best currency in Binance for long-term investments.
Conclusion
Binance Coin is more than just a cryptocurrency. Its multifunctionality, stability, and integration into the global crypto ecosystem make it indispensable for anyone seeking the advantages of digital assets.
Start with BNB today via Baxity Store and explore its full potential.
Frequently Asked Questions (FAQ)
What is Binance Coin (BNB) used for?
Binance Coin (BNB) is used for reducing trading fees on Binance, participating in token sales, trading NFTs, making payments, and staking in DeFi protocols.
How does Biance burning affect the price of BNB?
The quarterly burning of BNB reduces its supply, creating scarcity that can positively influence its price and long-term value.
How can I buy Binance Coin?
You can buy Binance Coin by registering on Binance, funding your account using USDC Gift Card or other methods, and trading BNB via pairs like BNB/USDT.
Is Binance Coin a good investment?
BNB is considered a stable and multifunctional asset, supported by Binance’s strong ecosystem and regular burning, making it attractive for long-term investments.
Can Binance Coin be used outside Binance?
Yes, BNB is accepted for real-world payments such as travel bookings, entertainment services, and purchases from merchants supporting cryptocurrency.
