Before we directly jump into the facts of Binance coins and the impact it has on the current market, let us for a second imagine a scenario where you have a coin that serves as an investment source and a token of a blockchain platform, all while saving you money on trading fees. Would you not prefer using it rather than investing money on other crypto platforms? Binance provides you with all the beneficial values to trade your money more efficiently. This article will serve as a beginner guide to BNB to help you start utilizing Binance coins.
What is Binance?
Binance is a leading cryptocurrency exchange platform. It was first started in Hongkong but due to Chinese regulatory actions was later relocated to the Cayman Islands.
With its vast choice of trading pairs and minimal costs compared to competitors, Binance swiftly became one popular crypto trading platforms in the world. Some people liked the service because it didn’t have any KYC (know your customer) requirements at first, though it has now incorporated strict KYC procedures.
What is a Binance Coin, and what is its working principle?
Binance coin is yet another type of cryptocurrency that allows you to trade money. Binance exchange issued the coin and has the symbol BNB. This coin has a maximum supply of 200 million BNB tokens. It runs on the Ethereum blockchain using the ERC 20 protocol.