There are thousands of cryptocurrencies on the stock market. However, only a few really stand out among them. Today, BNB is among the most influential cryptocurrencies on the market. It is actually a coin created by Binance to serve as the “engine” for its Binance Smart Chain (BSC) network.
Although it is not one of the coins with the highest value or market capitalization, BNB presents a really solid project. Find out more about the BNB, what it’s for, and its key features below.
What is the BNB?
Launched in 2017, BNB is an ERC-20 token that runs on the Ethereum network. When it launched, Binance sold about 200 million BNB coins. After that, the platform decided that it was necessary to launch its own network and so the Binance Smart Chain blockchain was born.
Unlike other cryptos, it is therefore not possible to mine BNB. In fact, this is because there is a fixed number of BNB tokens and all of these tokens have already been issued on the market.
Furthermore, Binance has implemented a quarterly “burn” procedure in order to balance the price of the cryptocurrency on the market. In this sense, the company expects to burn a total of 100 million BNB will be burned, which is half of the issued tokens.
As a result, the number of BNB coins in circulation is reduced to 100 million. This allows the price to remain stable over the long term. Just like Bitcoin and Ethereum, BNB is one of the strongest projects in the cryptocurrency ecosystem.
What can you do with the BNB?
One of the main criteria that has promoted the success of a crypto project is the usefulness that the project presents. When it comes to BNB, this virtual currency is useful on both the Binance Chain and the Binance Smart Chain.
In reality, this cryptocurrency has several uses. First, when you buy with BNB within the Binance Chain, you get a discount on the transaction fees.
Also, BNB can be exchanged for other cryptocurrencies such as ETH, BTC, USDT, BUSD and many others. It is also possible to use BNB to pay for goods and services. These can be both physical and digital.
Furthermore, the BNB is the main token of the Binance Smart Chain. As such, all fees (gas) within this network are paid in this currency. Similarly, BNB is used to pay commissions on the Binance DEX. You can also use your BNB tokens to participate in the various lotteries organized and offered regularly by the platform.
Should I invest in BNB?
Many people are probably wondering if it is worth investing in BNB. However, it is very important to know that just like other currencies, BNB is a utility token. This means that a significant amount of money circulates in this currency.
Currently, the BNB is the fourth-largest coin in terms of market capitalization, at $35 billion. This makes it one of the most popular currencies. Therefore, it is quite interesting to invest some of your assets in BNB. The easiest way to do so is to trade the BNB/USDT pair on any major crypto exchanges, but always remember to store your tokens on a cold-wallet for more safety.
Where to buy BNB safely?
If you are interested in BNB and want to invest in it, you can do so from the KuCoin platform. Indeed, thanks to the user-friendly interface that this platform presents, you can buy your cryptocurrencies there very easily. It also offers a multitude of features that make this site one of the best platforms for buying cryptos.
You can buy and store a very large amount of cryptocurrencies, and the KuCoin exchange also guarantees the security of your funds.
Moreover, the platform also gives you the opportunity to buy cryptocurrencies with fiat currencies. Moreover, through the peer-to-peer marketplace available on the platform, you can easily buy your cryptocurrencies with local currencies.
Let’s also note that the very intuitive nature of the platform offers a better grip to both beginners and experts.
BNB is a very interesting and promising currency. Moreover, its price is very affordable on the market today. So you can invest in it without spending a fortune. You should also know that BNB is backed by one of the most important companies operating in the cryptocurrency sector in the world: Binance. Therefore, it is a very solid project that you can bet on if you want to expand your portfolio.