BNB (BNB) Price

BNB offers several practical use cases. It provides users with reduced trading fees when utilized on the Binance exchange and can be used to cover trading fees on Binance DEX, the decentralized exchange. Moreover, BNB is required for transaction fees on both the BNB Beacon Chain and the BNB Smart Chain.

Beyond the realm of cryptocurrency exchanges, BNB is used to pay for goods and services, both online and in physical stores, using solutions like Binance Card or Binance Pay. It can also be incorporated to book accommodations and flights through Travala.

BNB serves as a community utility token within the BNB Chain ecosystem, enabling participation in games and decentralized applications (DApps).

BNB holders have exclusive access to token sales hosted on the Binance Launchpad, a platform for emerging blockchain projects.

BNB can be donated through the Binance Charity initiative, supporting various charitable causes. Lastly, BNB helps to provide liquidity on Binance Liquid Swap, contributing to the stability and efficiency of the platform.

BNB Burning

There are two methods for burning BNB tokens. The first one, known as BNB Auto-Burn, involves quarterly burning events. Users who can prove they sent BNB to dead wallets can participate in this burn and have their tokens refunded from the Auto-Burn amount, known as the BNB Pioneer Burn Program.

The second method is a real-time burning mechanism introduced in the BEP-95 protocol update. It involves burning a portion of the BNB spent as gas fees on the BNB Chain.

By April 2023, Binance had completed 23 BNB coin burn events, resulting in the destruction of 44,833,226.65 BNB coins. This trimmed the initial supply of 200 million BNB by approximately 22.37% to combat inflation and encourage the appreciation of the Binance Coin price.

How Did the BNB Cryptocurrency Start?

The native coin of Binance, BNB started through an Initial Coin Offering (ICO), held from June 26th to July 3rd, 2017, just 11 days before the Binance Exchange opened for trading. The ICO offered 100 million BNB tokens with an issue price of 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB.

Created by Changpeng Zhao (CZ), the founder and CEO of Binance, BNB initially operated as an ERC-20 token on the Ethereum blockchain. However, BNB underwent a token swap and transitioned to the BEP-2 standard on the Binance Chain, the mainnet of which was launched on April 18th, 2019. This swap took place at a 1:1 ratio, allowing users to seamlessly migrate their ERC-20 BNB tokens to BEP-2 BNB.

In September 2020, Binance introduced the BNB Smart Chain, a parallel blockchain network that runs alongside the BNB Beacon Chain. This development expanded the utility of BNB, and now it exists in three different forms:

• BNB BEP-2 on the BNB Beacon Chain (formerly Binance Chain).

• BNB BEP-20 on the BNB Smart Chain (formerly Binance Smart Chain).

• BNB ERC-20 on the Ethereum network.

Notably, BNB tokens do not represent an investment in Binance or provide users with a claim on Binance profits. However, BNB's value lies in its utility within the broader Binance ecosystem, including transaction fee discounts, participation in token sales, and more.

BNB Underlying Blockchain Technology

Binance Coin (BNB) operates on the Binance Chain, which is a blockchain platform, developed by Binance, one of the most popular cryptocurrency exchanges.

The Binance Chain utilizes a unique consensus mechanism called Tendermint Byzantine Fault Tolerance (BFT). This consensus algorithm combines the best features of Byzantine Fault Tolerance (BFT) and Practical Byzantine Fault Tolerance (PBFT), ensuring high security, scalability, and fast transaction validation times of the distributed ledger.

Binance Chain is known for its efficiency and low transaction fees, making it suitable for executing decentralized exchange activities. BNB, being the native cryptocurrency of the Binance Chain, benefits from this blockchain's infrastructure, offering users a reliable and seamless experience in terms of speed, security, and cost-effectiveness.

Binance Regulation

Binance was initially established in 2017 as a cryptocurrency exchange in China, but swiftly moved its operations following regulatory changes in the country. It relocated to Japan, seeking a more favorable regulatory environment.

After operating in Japan for some time, Binance faced challenges due to regulatory developments there as well. It subsequently shifted its headquarters to Malta in 2018, attracted by the nation's blockchain-friendly regulations.

Binance currently operates with proper licensing and regulatory oversight. For example, Binance US operates under the supervision of the Financial Crimes Enforcement Network (FinCEN) and complies with relevant regulations in the United States. Similarly, Binance Singapore is regulated by the Monetary Authority of Singapore (MAS).

However, there are countries where Binance has faced regulatory challenges. Some regulators have issued warnings or restrictions against Binance's services due to concerns about regulatory compliance or investor protection. In response, Binance has actively taken steps to address these concerns by establishing local entities, partnering with regulated financial institutions, and enhancing its compliance measures to meet the regulatory requirements of those countries.

How is Binance Coin (BNB) Used?

BNB has multiple uses within the BNB Chain ecosystem and beyond. Users can utilize BNB to cover travel expenses, purchase virtual gifts, and more. It has been estimated that millions of BNB have been used for travel expenses, goods payments, lending, rewards, smart contract creation, and other transactions.

BNB is also commonly used to pay for transaction fees on the Binance trading platform, with over 2 million individuals utilizing BNB for trading fee needs, totaling more than 40 million BNB on 127 billion trades. Trading fees on Binance can be paid with the assets being traded or with BNB, offering a special discount for those who choose BNB.

BNB is essential for the Binance DEX and numerous applications on the BNB Smart Chain, with over 180 digital assets issued on the BSC and millions of users utilizing BNB for utility purposes related to BSC.

How to Get BNB Coins?

There are several ways to get Binance Coin (BNB):

• Purchase on a Crypto Exchange. BNB can be bought on the multiple cryptocurrency exchanges using other cryptocurrencies like Bitcoin Cash or fiat currencies like USD or EUR. Changelly is a stellar example of a reputable crypto exchange that accepts multiple payment methods and allows users to buy and sell BNB, using virtually any fiat currency.

• Peer-to-Peer (P2P) Trading. Binance offers a P2P trading platform where you can buy BNB from other users using local payment methods.

• BNB Savings Account. The Binance platform and many other cryptocurrency exchanges offer a savings feature where you can earn interest on your BNB holdings over time.

• BNB Staking. You can stake BNB on various platforms to earn additional BNB rewards.

• Participate in Token Sales. Binance Launchpad occasionally hosts token sales, allowing users to purchase new tokens using BNB.

• BNB Airdrops. Occasionally, Binance conducts airdrops where users can receive free BNB based on their participation or ownership of certain tokens.

Binance Smart Chain vs. and Binance Chain

The Binance Smart Chain (BSC) and Binance Chain are two distinct blockchain networks offered by Binance. While they share the same name, they have significant differences in terms of functionality and purpose.

The key differences between the Binance Smart Chain (BSC) and Binance Chain are:

• Network Purpose. Binance Smart Chain is designed as a dual-chain architecture, offering compatibility with the Ethereum Virtual Machine (EVM), enabling the development of smart contracts and decentralized applications (DApps). Binance Chain, on the other hand, is a standalone blockchain primarily used for fast and secure token transfers.

• Consensus Mechanism. BSC uses a Proof of Staked Authority (PoSA) consensus mechanism, combining elements of Proof of Stake (PoS) and Proof of Authority (PoA). The Binance blockchain uses a Tendermint-based Byzantine Fault Tolerant (BFT) consensus mechanism.

• Transaction Costs. BSC generally offers lower transaction costs compared to Binance Chain due to its dual-chain architecture, which enables greater scalability.

• Ecosystem Integration. Binance Chain focuses on supporting Binance's native token (BNB), while BSC offers compatibility with Ethereum, making it easier for developers and DApps to migrate from Ethereum to BSC.

BNB Price Today

The BNB Token today is among the top 5 cryptocurrencies by market capitalization. Despite the volatility of the BNB price and the tendency for a rapid change, it has experienced significant growth since its inception in 2017. Starting at $0.1, the BNB price soared to an impressive all-time high of $690 in May 2021.

This incredible upward trend has resulted in a remarkable estimated return on investment of 230,184.69%, making BNB an attractive asset for early investors. The average cryptocurrency price of BNB today is nearly 212 USD (United States dollars), which is nearly 65% down from its highest price.

Changelly, one of the oldest exchange platforms in the crypto industry, offers an interactive BNB price chart that updates in real time and reflects the current market value and live price of Binance Coin (BNB).

By using our Binance Coin BNB price charts, users, traders and investors can get the ultimate understanding of the asset’s current market capitalization, the BNB USD price, 24-hour trading volume, the circulating supply of BNB tokens up to date, maximum total supply, and the Binance Coin price history across different periods.

Along with the real-time Binance Coin price chart, our comprehensive platform also offers the latest BNB news, guides, and articles related to the BNB price prediction and the Binance project overall. This can help keep people informed and educated about the latest developments, trends, and opportunities in the BNB (Binance Coin) ecosystem.

The market cap of Binance Coin is determined by multiplying the current price of the BNB cryptocurrency by the total number of BNB coins in circulation. The formula is: Market Cap = Average Price per BNB Token * Total Circulating Supply.

This comprehensive information benefits BNB traders and investors by:

• Enhancing Binance Coin price prediction accuracy

• Enabling intelligent decision-making through real-time data

• Tracking price change patterns and market trends

• Analyzing BNB's historical performance and activity at different times

If you find the BNBs price promising, buy Binance Coin BNB and 550+ other digital assets on Changelly. Our user-friendly exchange platform will eagerly accept debit cards, credit cards, wire transfers, and various traditional payment methods. You can also sell BNB for other cryptocurrencies or fiat currencies and withdraw funds to your bank card or account using our sophisticated crypto exchange.

Remember that the Binance Coin BNB price, like any other digital asset, can experience both significant gains and losses, so it is essential to approach investments with a long-term perspective and a well-defined risk management strategy.