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What is Binance Coin (BNB)? How does Binance Coin work?

by Financial Economy

Binance Coin (BNB) is a cryptocurrency issued by the Binance cryptocurrency exchange. Binance Coin (BNB) was issued as an ERC-20-based cryptocurrency, but later Binance set up its own chain and migrated to a BEP2-based infrastructure. Existing ERC20 tokens are burned into BEP2 tokens. Binance, one of the largest exchanges in the world with its volume, has shown a significant increase in the volume and value of the Binance Coin (BNB) crypto currency against real money in proportion to the stock market volume. The answers of ” What is Binance Coin (BNB)? How does Binance Coin work?” questions are in rest of the article. You can browse here for information of dogecoin.

What is Binance Coin (BNB)? How does Binance Coin work?

The Binance exchange buys Binance Coin (BNB) with 20% of its annual profit and burns the BNB coins it receives. This transaction will continue to the remaining 100,000,000 BNB in ​​the market. The purpose of this transaction is to prevent inflation in the Binance Coin (BNB) market. With the latest whitepaper update, Binance has changed the item BNB receivables with 20% of its profits to receive a portion of its profit. It is possible to buy/ sell between Binance Coin (BNB) and crypto currencies on the Binance exchange.

With Binance Coin (BNB), the commission charged on buying / selling transactions on the Binance exchange can be paid. For payments made with Binance Coin (BNB), Binance offers a discount of 50% in the first year, 25% in the second year, 12.5% ​​in the third year and 6.75% in the fourth year. Levels are given according to the amount of BNB the user holds and the total volume made.

How to mine Binance Coin (BNB)?

Binance Coin (BNB) is a non-mining cryptocurrency. The entire Binance Coin (BNB) amount was produced by the Binance exchange on the first day, half of which was sold to the public.

For details: https://en.bitcoinwiki.org/wiki/Binance_Coin

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