BNB BNB
Current BNB price data
BNB has a current price of $301.85 USD with 24-hour trading volume of $561,077,950 USD. Current CoinMarketCap ranks 4th with a real market capitalization of $47,662,939,635 and has 157,904,351 BNB coins in circulation. The exchanges for trading BNB shares are: Binance, Deepcoin, BingX, Bybit and OKX.
What is BNB?
Binance was launched in July 2017 and is the largest cryptocurrency exchange in the world by daily trading volume. It has launched a whole ecosystem of functionality for its users. The idea behind Binance is to showcase this new paradigm in global finance - binary finance, or Binance.
Changpeng Zhao officially launched Binance in 2017, and he has been the CEO of the company ever since. He Yi is co-founder and chief marketing officer of Binance. Joining forces with Changpeng Zhao, together they created the largest crypto exchange in the world.
How does it work?
BNB originally started out as a traditional ERC-20 token on the Ethereum blockchain. Later, the company implemented its own blockchain, and tokens began to be issued from the Binance blockchain, protected by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism. Unlike PoS, the Binance blockchain does not support smart contracts.
Binance is a unique ecosystem of decentralized blockchain-based networks. One of Binance's biggest competitive advantages is its commitment to growth. Having started only as a crypto exchange, today Binance has expanded its services into many different areas. Since the launch of BNB, the exchange has also benefited from increased investor interest in the coin. And BEP-95 has improved the already deflationary tokenomics, making BNB even more deflationary, after which the Binance Smart Chain fees have become even lower. Users are returning to Binance because of its low fees and the abundance of lucrative coin memes in its ecosystem.
In the crypto industry, coin burn is a deflationary mechanism used to permanently remove coins from circulation. BNB uses two coin flaring mechanisms: burning a portion of the tokens spent on transaction fees in the BNB chain, and quarterly BNB flaring events. The number of tokens burned is calculated using a formula based on the total number of blocks produced in the Binance smart chain and the average dollar price of BNB per quarter.
Where to buy and how to store BNB?
The original exchange supports the largest variety of trading pairs with BNB and also has the best trading rates for the coin. There are also alternative exchanges where you can buy BNB, FTX. To check the price of BNB you can use the CoinMarketCap conversion feature directly from your BNB currency page.
To store BNB, you can use "cold" and "hot" wallets.
Ledger cold cryptocurrency wallet provides reliable protection of your currency due to private keys in offline mode. Wallets of this type are recommended for long-term storage of coins, as they are not convenient for active sales. You can also choose Trust Wallet, which allows you to send, store and exchange cryptocurrency through an app. Other options also include Freewallet and Exodus.
As for hot wallets, it's important not to forget extra security: setting up two-factor authentication and storing your password in a safe and inaccessible place.
