Yandex Dot
HomeBloggingWhat is Binance Coin & How does it work?

What is Binance Coin & How does it work?

Binance Coin (BNB) Cryptocurrency:- By the way, most of the coins in the cryptocurrency market are built on Ethereum. They do not have their platform nor their blockchain. But others have their blockchain and crypto exchange platforms. And one such coin is Binance Coin.

If you also want to get information about Binance Coin and you are not getting information about Binance Coin. So you’ve come to the right place.

In today’s article, I will give you information about Binance Coin. You will find answers to questions like what is Binance Coin, its uses, history of Binance Coin, future of Binance Coin, etc. today in this article. So without wasting any more time let’s start with our first question, what is Binance Coin?

» What is Shiba Inu Coin?

What Is Binance Coin (BNB)?

Binance coin is a decentralized crypto coin that is built on top of the Ethereum blockchain. It is an ERC-20 token as it is built on top of the Ethereum blockchain. This coin is launched by the Binance crypto exchange. And most of it is also used on Binance’s cryptocurrency exchange. 

Binance is the largest cryptocurrency exchange in the world. It became the world’s largest cryptocurrency exchange when it clocked over 1.2 million transactions per second in 2018. 

In this way tether (USDT) did the job of making a splash in this hot market of cryptocurrency and due to its stable price, the market was dominated by the buyers.

Binance Logo (Source: Wikipedia)
Founded2017
CodeBNB
FoundersChangpeng Zhao (“CZ”)
HeadquartersCayman Islands, Mahé, Seychelles
Area servedGlobal, except for the United States
Key peopleChangpeng Zhao (CEO)
ProductsCryptocurrency exchange, cryptocurrencies
Websitewww.binance.com

» What is Dogecoin?

Tether Price Today, BNB to USD live, Marketcap and Chart

What did Binance Coin start at?

Binance Coin was launched by the Binance cryptocurrency exchange in July 2017. This is an ICO coin. The full form of ICO is Initial Coin Offering. This means that when a coin start mail is launched, it is already distributed among some people.

Binance Coin is divided into the following:-

  • Developers are given 40% of the coins.
  • 10% coins are given to the investor.
  • And 50% of the coins have been sold.

When Binance was launched, Binance crypto exchange has buy-back its coins every quarter till now. Buy-Back means that Binance buys back its coins from the people to whom it sold its coins. Buy-Back is called. After buying back the coin, Binance burns those coins. Or you can say that it burns. This goes to create a coin shortfall. Due to which this coin will become even more valuable. such as bitcoin.

» What is Litecoin?

Binance Price History

Binance Coin was listed on the coin market website on 26 July 2017. When this coin was listed on the coin market website, it was priced at ₹6.7. In its initial period, this coin also did not perform very well.

The first surge in this coin came on 25 May 2019. When its price became ₹ 2431. And the biggest jump-started when its price started increasing from ₹ 2817 on the day of 21 January 2021. And reached ₹ 51228 in May 2021. But after touching its All-Time-High, its price started happening again. And haven’t seen any other big jump in it so far. 

» What is Tether Cryptocurrency?

Who is the founder of Binance?

Changpeng Zhao is the founder and CEO of Binance and also the father of Binance Coin. He launched Binance Coin in July 2017. 

How Much is Binance Coin?

The maximum supply of Binance Coin is 170 million Binance Coin. Of which 50% of the coins were divided between the developer and the investor at the time of the coin’s launch. Of this, 40% of the coins were given to the developer and 10% to the coin investor. At the time of the launch of Binance Coin, its maximum supply was 200 million Binance Coin. But in every quarter, Binance burns its coins by buying back. So that he can create a shortage of this coin. Due to which these coins will become even more valuable.

The total supply of Binance Coin at the time of writing this article is 169 million Binance Coin. And its circulating supply is 153 Million Binance Coins.

» What is Dogecoin?

How can I buy Bitcoin Binance in India?

To buy any cryptocurrency whether Binance or Dogecoin, a cryptocurrency exchange is needed. So first you have to register on any cryptocurrency exchange. India’s best and largest crypto exchange is WazirX. It is a part of Binance itself. If you want, you can also register on WazirX by clicking here.

Step 1: After registering, you can use payment options like UPI, bank transfer, etc. to deposit money in your account.

Step 2: After depositing money, go to the search box and search BNB. Click on the first coin.

Step 3: Now you can buy as many Binance Coins as you want according to your budget.

ℹ️ Disclaimer

The information provided on this website is for educational and entertainment purposes only. The information provided on this website does not constitute investment advice, financial advice, or trading advice. TechnoVimal does not recommend buying any cryptocurrencies. Crypto markets are highly volatile and crypto investing is risky. Readers should do their research on cryptocurrencies and consult their financial advisors before making any crypto investment.

Conclusion

Today you learned that the Binance coin is an ERC-20 token that is built on the Ethereum blockchain. Also, you know the history of Binance coin, who created Binance coin, Binance coin price, how much is Binance coin, and how to buy Binance Coin, etc.

I hope that after reading this article today, all the questions you may have about Binance Coin are over. But if it is not so and you still have any questions related to Binance Coin then you can ask them to us through a comment below. You will get the answer to every question in the comment below.

Before going to the end, do tell in the comment that how did you like this article, and if some improvement is needed in it, then you can also tell in the comment below.

Also

Read More:-

Follow You on Facebook and Twitter for the latest mobile and tech news, gadgets reviews, and recharge plans. TechnoVimal At the same time, you can subscribe to our Instagram and YouTube channels for the latest photos and videos.

Vimal K. Vishwakarmahttps://technovimal.in
Hello friends, I am Vimal K. Vishwakarma, Technical Author & Co-Founder of Techno Vimal. Talking about education, I am an Engineering Graduate. I enjoy learning things related to new technology and teaching others. I request you to keep supporting us like this, and we will keep providing further information for you. :) #We TechnoVimal Team Support DIGITAL INDIA

LEAVE A REPLY

Please enter your comment!
Please enter your name here

BEST DEALS

Most Popular