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BNB

Binance (BNB) Price Index

$ 411.07 Ƀ 0.00652369
  • MarketCap
    $ 63,022,432,673
  • Volume
    $ 2,702,428,016
  • Change
    -0.16%
bnbBNB
$ 411.07
$ 411.07
0.16%
378,99
BNB
Binance (BNB)
$ 411.07
BNB
Binance (BNB)
author
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
By Marcel Deer
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
on January 02, 2023 | 4 min
Updated on Dec 26, 2023

Overview: What is Binance (BNB) Coin?

BNB is the native coin of the Binance cryptocurrency exchange. Viewed as one of the most popular utility tokens in the world, BNB offers investors a wide variety of use cases and applications.

 

BNB was launched on June 26, 2017, on the Ethereum blockchain, but it has since migrated to the BNB chain. The total supply opened at 200 million coins, but due to frequent coin burns, the supply of BNB continues to decrease gradually.

What Makes Binance Coin Unique?

BNB is an exchange token launched by Binance, one of the world’s largest cryptocurrency exchanges by trading volume. The token is deeply integrated into the Binance ecosystem and has much utility on the platform.

BNB began as an Ethereum ERC-20 token, but after Binance launched its blockchain network, Binance Chain, BNB holders replaced their tokens with the new BEP2 BNB coin, native to Binance Chain, in the mainnet swap.

The Binance Smart Chain (BSC) is a blockchain network compatible with Ethereum Virtual Machine (EVM), which supports smart contracts. The blockchain offers fast transaction speeds and low fees, and there are now hundreds of dApps built on BSC.

What Is Binance Coin Used for?

BNB, as the utility and exchange token for Binance broker, is used to pay for trading fees and access services on BSC, giving holders discounts and benefits. Investors and traders also use BNB to participate in token sales on Binance Launchpad, a token and NFT launch platform that helps blockchain startups raise funds for new projects. As well as listing new tokens, the Binance Launchpad team vets the projects and provides knowledge and support to ensure they are successful.

 

BNB can be staked to earn rewards, and holders can lend BNB via token farming opportunities on Binance Launchpool. BNB can also be spent with merchants who accept the Binance Visa Card.

BNB is the governance token for Binance Smart Chain, and it’s widely bought, sold, and traded on cryptocurrency exchanges and decentralized exchanges.

How Does Binance Work?

BNB enables trading and fee settlements on the Binance exchange. It’s also the blockchain gas token for transactions on BSC. Staking BNB allows participants to select validators and receive rewards for their part in the network’s security. Binance Smart Chain has decentralized on-chain governance, which BNB holders can contribute to, influencing the future of the network.

BNB token supply is capped at 153 million, and the Binance protocol has a coin-burning mechanism to maintain BNB value. Coins are burned every quarter, reducing supply.

 

How is the Binance (BNB) Coin Price Determined?

Like most other cryptocurrencies, the price of Binance is determined by several factors. Here are the main drivers that influence the Binance share price:

 

  • Market demand: The value of BNB can rise and fall depending on popular demand or large selloffs.
  • Adoption: The rate at which BNB is adopted can also strengthen or decrease its value.
  • Overall crypto market conditions: All cryptocurrencies, BNB included, are affected by changing market conditions, trends, and crashes.
  • The Binance platform: When more users adopt it and the latter shows good performance, it can drive investor confidence and boost BNB value.

 

The Binance price chart is available and updated in real-time on Binance. It offers a convenient one-stop hub for investors to view Binance price (USD) statistics, including live data, BNB price history, price information, and BNB market information.

 

Many people also wonder about BNB’S liquidation price. It is not necessary to learn how to calculate liquidation price; Binance automatically activates the process when a certain threshold is reached. This threshold is influenced by a combination of factors, such as the maintenance margin rate, the leverage used, the current price of BNB, and the user’s remaining account balance.

What Is the Binance Coin Price Prediction for 2030?

Cryptocurrency prices are difficult, if not impossible, to predict; however, there are Binance (BNB) price predictions for 2030. CoinCodex believes the coin could reach between $422.55 and $996.73. In contrast, Crypto News is far more bullish and expects BNB price could hit $2,500.

 

How Is the Binance Network Secured?

BNB powers Binance Smart Chain security and governance through a proof-of-staked authority (PoSA) consensus mechanism called Parlia. This mechanism has elements from proof-of-stake (PoS) and proof-of-authority (PoA). BNB is used for delegated staking on the authority validator. Users and validators earn staking rewards.

 

Where Can You Buy Binance (BNB) Coin?

As one of the most popular crypto coins in the world, you will find no shortage of large crypto exchanges that allow you to buy and sell BNB on their platform.

To start your investment or trading journey, compare different crypto exchanges or crypto brokers to find one that suits your needs. For example, if you want the latest Binance price alert, you can register an account on the Binance platform to get the app and instant notifications.

Whichever exchange you choose, you need to open an account and go through the identity verification process. Once your account is approved, you can deposit funds (usually USD or another cryptocurrency) and exchange them for BNB.

 

How Can You Store Binance?

Binance has its wallet, the Binance Wallet, which can store BNB, ETH and other coins. BNB can be stored in hot and cold wallets or hardware device storage options. The safest option to store cryptocurrencies is always a compatible hardware wallet.

 

Most frequently asked questions about Binance (BNB)

Is BNB good for investment?

By 2023, Binance Coin (BNB) had shown definite potential as a good investment, especially for long-term investors. That being said, it is wise to approach any investment opportunity with caution, perform due diligence to avoid scams and losses, and understand crypto market volatility better.

 

Why is BNB so popular?

The main reason why BNB is so popular among traders is low transaction fees. This is possible because Binance switched to the BNB Beacon Chain, which allows faster transactions and reduced gas fees.

 

Is BNB expected to increase in value by the end of 2025?

My Binance price prediction estimates that BNB will reach $500 in 2025.

 

Is BNB better than ETH?

While ETH and BNB are considered major players in the crypto world, some experts feel that ETH might be more advantageous because it’s been around and time-tested for longer.

 

Does BNB have a good future?

Yes, at the moment, BNB appears to have a promising future as predictions forecast continual growth year after year.

author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
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