"Binance" is one of the most discussed names in the cryptocurrency space today. So how many Binance coins are there and what is the BNB coin used for? Let's find out by reading the article below.
How many Binance Coins are there?
Binance Coin has a fixed maximum market supply, which means that the total number of Binance Coins that have ever existed is predetermined and the amount cannot be changed. This makes cryptocurrencies deflationary, unlike fiat money with an infinite supply. Additionally, it is a pre -mined cryptocurrency, which means that validators cannot mine or mint new BNB tokens.
200 million BNB tokens were minted at the start. Of the total supply, 100 million BNB was publicly offered during the 2017 ICO. The tokens are sold for 15 cents per coin. About 80 million BNB was donated to the founding team, and 20 million BNB was reserved for angel investors.
Of the total maximum supply of 200 million tokens:
- 50% for public sale
- 40% allocated to the founding team
- 10% allocated to angel investors
What Is the BNB Coin Used for?
Every promising cryptocurrency has some real-world use cases that help increase its demand. Here are some popular ways you can use Binance Coin.
Transaction fee discount
Every transaction on Binance Exchange incurs transaction fees. Users have two options to pay this transaction fee: pay with the cryptocurrency they are transacting or pay with the BNB token. The latter option will give you a special discount. So if you are a large trader on Binance, this offer is very beneficial.
Online Payment
Many companies and online service providers now accept BNB as a payment method. You can use cryptocurrency to book travel accommodation through sites like TravelbyBit, Trip.io, and Travala.com. Online service providers like BitTorrent, Canva, and Storm also accept tokens for payment. Additionally, it can be used on multiple decentralized financial services platforms.
Invest in ICOs
Binance users can also use the BNB token to invest in different ICOs listed through the Binance Launchpad program.
What Is a BNB Market?
The BNB market simply refers to the place where BNB is bought and sold. Most BNB purchases take place in the secondary market. Traders can buy and sell BNB on Binance as well as other crypto platforms.
I hope this article will help you to learn how many Binance coins are there and what is the BNB coin used for. If you are considering investing in tokens, we strongly recommend that you do your own research to form an informed view of the cryptocurrency market . Please review the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decisions.
