The Binance chain’s native coin, Binance coin was initially a version of the Ethereum blockchain’s ERC 20 standard. It had a strict cap of 200 million BNB tokens when it was released during an initial coin offering (ICO) in July 2017. Through the ICO process, it distributed 10%, or 20 million BNB tokens, to angel investors, 40%, or 80 million tokens, to the founding team, and the remaining 50%, or 100 million tokens, to the various participants.

Introduction

The cryptocurrency known as Binance Coin, which trades under the sign BNB, is a product of the Binance exchange. With a $7.6 billion trading volume as of Q2 2022, Binance Exchange is the biggest cryptocurrency exchange globally.

Uses and Support

In 2017, Binance was established as a utility token for reduced trading fees. However, since then, its applications have grown to include countless ones across numerous platforms. It’s employed to cover transaction costs on Binance.com, Binance DEX, and Binance Chain.

Additionally, it can be used to make payments (at locations like Crypto.com, Monetha, and HTC), to make hotel reservations (at locations like TravelbyBit, Trip.io, and Travala.com), to enjoy yourself (with virtual gifts, card packs, and lotteries), to pay for online services (BitTorrent, Canva, and Storm), and even for financial transactions.

Some ICOs that are listed through Binance’s Launchpad programme can be purchased using Binance tokens. The Binance exchange lists new cryptocurrencies, and it serves as a convenient trading platform for a number of well-known and emerging virtual tokens.

Other partnerships’ backing for the cryptocurrency token has aided in the currency’s adoption. It includes a partnership with Uplive, the top live video streaming service in Asia, which offers virtual gifts to Uplive’s 20 million users in exchange for BNB tokens.

The platform, mobile app, and VISA debit card of Monaco, the industry-leading payments and cryptocurrency platform, all support Binance coin.

Binance Coin Burning

Despite the fact that 100 million Binance tokens were initially made available during the ICO, the current supply is less. In order to permanently destroy the Binance coins it has in its treasury, or “burn,” one-fifth of quarterly revenues are used by Binance to repurchase them.

These burning incidents have been periodically carried out by Binance. On April 15, 2021, Binance burned 1,099,888 BNB in total, amounting to $595,314,380 in USD value of tokens. This was the most recent BNB burn. It is the highest quarterly BNB burn Binance has ever experienced in terms of money. BNB is now available in a total supply of 169,432,937 as opposed to 170,532,825 before.

Binance: Is it banned in the US?

In the US, Binance is not prohibited. However, according to a May 13, 2021 Bloomberg report, the Internal Revenue Service and Justice Department are looking into Binance Holdings. According to the report, tax and laundering investigators have reportedly questioned people who have knowledge of Binance’s operations.

What Is a BNB Market?

The location where BNB is bought and sold is referred to as the BNB market. On the secondary market, most BNB purchases are made.

BNB can be purchased and sold by traders on Binance.com and other cryptocurrency exchanges.

What Does It Mean to Convert to BNB?

Any quantity of coins or tokens that are so little they are frequently ignored are referred to as “dust” in the cryptocurrency world. They are essentially the minuscule leftovers from trades.

Trades can be converted from dust to BNB on Binance.

What Is the Purpose of the BNB Coin?

Beyond the Binance exchange, Binance Coin can be used for a variety of purposes, such as:

• Donate to charity
• Make loans and transfers
• Make investments
• Process payments
• Buy virtual gifts
• Pay for travel arrangements (on select websites)
• Make credit card payments

Takeaways

• Only Bitcoin, Ethereum, and USD Tether have larger market caps than Binance, which had a market worth of more than $56 billion at the time of writing.
• In 2017, Binance was developed as a utility token for reduced trading fees, but since then, its usage have grown to include paying transaction fees (on the Binance Chain), booking trips, enjoying entertainment, using internet services, and accessing financial services.
• In order to permanently destroy the Binance coins it has in its treasury, or “burn,” one-fifth of quarterly revenues are used by Binance to repurchase them.
• Although BNB is currently the native currency of Binance’s own blockchain, the Binance chain, it was originally built on the Ethereum network.
• The cryptocurrency known as Binance Coin, which trades under the sign BNB, was created by the Binance exchange.

The post Know The Uses, Support, & Market Cap of Binance Coin (BNB) appeared first on Being Crypto.

Although Bitcoin dominates the conversation when it comes to cryptocurrencies, there are literally thousands of other options. What are known as “altcoins,” or alternatives to Bitcoin, are actually cryptos that aren’t Bitcoin and are typically regarded as an “also ran.”

Even while Bitcoin may have been the first significant cryptocurrency to enter the market when it initially appeared in 2009, many others have since grown to be very successful, if not nearly as significant as the original.

Finding the best crypto assets to buy today can be difficult given that there are currently more than 22000 coins available.

By discussing the top 10 cryptocurrencies to buy right now, we dispel this uncertainty and assist you in beginning your altcoin investing. We also cover everything else you need know about cryptocurrencies, including how and where to buy them.

The Top Cryptos to Buy in 2023: A Closer Look

The reasons each of these coins was chosen as one of the top cryptocurrencies to buy right now will be discussed in this section. Additionally, we’ll talk about how future performance is anticipated by our analysts and the larger crypto community.

Dogecoin (DOGE)

Dogecoin gets its name from an online meme that features a Shiba Inu dog and was first made as a joke following the run-up in Bitcoin. Dogecoin features unrestricted issuance, in contrast to many other digital currencies that cap the number of coins that can be produced. It can be used to send money or make payments.

Solana (SOL)

Solana is a more recent cryptocurrency that was introduced in March 2020. It boasts of the quickness with which transactions are completed as well as the general durability of its “web-scale” network. The total number of coins that can be issued in the SOL currency is 480 million.

Cardano (ADA)

The digital currency’s name, ada, refers to the Cardano blockchain platform. Cardano, a cryptocurrency that was developed by the Ethereum co-founder, also makes use of smart contracts to support identity management.

Binance USD (BUSD)

The leading cryptocurrency exchange Binance and Paxos have partnered to create Binance USD, a stablecoin backed by the dollar. The New York Department of Financial Services oversees Binance USD, which was introduced in 2019. The Ethereum blockchain is built upon by BUSD.

XRP (XRP)

The 2012 invention XRP, formerly known as Ripple, provides a method for making payments in a variety of different fiat currencies. With its trustless payment system, Ripple can be helpful in international transactions.

USD Coin (USDC)

Similar to Tether, USD Coin is a stablecoin whose value is fixed to the US dollar and so should not change. The creators of the currency claim that it is backed by completely reserved assets or those with “equal fair worth,” and that these assets are kept in accounts with supervised U.S. institutions.

BNB (BNB)

The BNB coin belongs to one of the major cryptocurrency exchanges in the world, Binance. In spite of the fact that Binance Coin was initially intended to be a token for discounted trades, it is now also used to pay for a wide range of goods and services.

Tether (USDT)

The price of Tether is fixed at $1 per coin. This is due to the fact that it is a stablecoin. In the case of Tether, the value of a given asset is linked to the value of the stablecoin. Tether frequently serves as a bridge when traders switch between cryptocurrencies. They stick with Tether rather than switching back to dollars. However, some people worry that Tether uses a short-term type of unsecured debt rather than being securely backed by dollars held in reserve.

Ethereum (ETH)

The term you’re most likely to remember in the cryptocurrency world is Ethereum, the moniker for the cryptocurrency platform. The money, ether, can be used in the system for a variety of tasks, but Ethereum’s smart contract feature contributes to its popularity.

Bitcoin (BTC)

Since it was the first cryptocurrency, Bitcoin is still the coin that most people think of when discussing virtual money. The currency made its debut in 2009, according to its enigmatic creator, Satoshi Nakamoto, and has since experienced a roller-coaster of a ride. The cryptocurrency didn’t enter the public consciousness, though, until 2017.

The post Top 10 Cryptocurrency in World to Buy in 2023 appeared first on Being Crypto.