What is Binance? What Does BNB Do?

BNB Coin is a cryptocurrency created by the Binance company. The project was launched in 2017. It has been at the top of the most developed Coins since 2017. In this article, as Koindeks.com, “What is Binance?” We will answer the question. In addition to these, we will touch on all the questions about the project.

What is Binance? What does BNB do?

Binance Coin; BEP-2 is a cryptocurrency that has three forms, BEP-20 and ERC-20, and powers the BNB ecosystem. In addition, Binance Coin is in the middle of high-volume cryptocurrencies. The project has seen a significant increase in the number of people investing in Binance Coin cryptocurrency worldwide. The platform is currently serving with the BEP2 base.

At the same time, BNB Coin can be used to send money internationally. The blocking time of BNB Coin is quite low. Therefore, all transfer processes can be done very quickly. The project is ranked 3rd among the world’s most proficient cryptocurrencies. It is also in the middle of the safest cryptocurrencies.

How does it work?

BNB burns the ERC-20 Tokens in use and converts them to BEP2 format. The project had a total supply of 200 million when it first came out. However, in the statement made by Binance, we know that this measure will be reduced every year. For this reason, the stock market removes the BNBs that are in the market at reasonable or unknown time intervals from the circulation, never to be returned.

One of the reasons for this is to prevent inflation that may occur in the Binance Coin market. On the other hand, when Binance launched BNB, it shared with its investors in the Whitepaper of the cryptocurrency that it would buy and burn 20% of its profits every year. However, with the latest Whitepaper update, the 20% rate we mentioned before has been changed. Instead of the 20% rate we mentioned here, Binance shared with investors that it will receive BNB with some of its profits.

What are the advantages?

  • Committee prices for crypto money transactions carried out on the Binance exchange can be paid with BNB Coin.
  • In addition, BNB can be used in Token sales through Binance Launchpad. But it needs to be staked.
  • With the automatic burning strategy of the project, the deflationary structure is preserved.
  • Passive income can be obtained through rectifiers.

What is Binance? How to buy BNB?

Exchanges that can currently be traded with BNB; It is traded on many exchanges such as Binance, KuCoin, FTX, Gate.io, Huobi Global, Poloniex. To purchase coins, these steps are followed:

First of all, access the web/mobile application of the exchange that lists the BNB you have chosen as the first step. Then complete the account opening steps of the exchange. Complete the authentication and approval process, which is another step. Follow the steps of the exchange, which is the next step, to deposit funds. As the last step, choose BNB Coin with the balance you want and create a purchase order. Keep it in your credible accounts.

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