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What is Binance Coin all about
Binance Coin, as the name suggests, is the native currency of one of the world’s largest cryptocurrency exchanges — Binance. Having a native cryptocurrency on an exchange is a popular method to add utility through blockchain tokens allowing users to make use of the coin for certain roles on the platform.
Binance Coin is a key example of a good utility token — its main uses are for trading and paying fees on Binance, and within this, there are incentives to use BNB as a conduit to trading. Because of this, and the size of Binance, BNB has become one of the largest cryptocurrencies by market cap.
BNB is a semi-decentralized cryptocurrency, and while its uses are intended to be mainly for the movement around the exchange, there are also moves to maintain its value — such as token burns. But for the majority, BNB is used in trading pairs, for discounted trading fees, payment processing, investment and DeFi loans and transfers.
As Binance is such a large player in the space, the fact that it's token is so popular and widely used is not too surprising. In saying that, the fact that it competes as one of the largest coins on the market is testament to the exchange.
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BNB Questions & Answers
How much does Binance Coin cost today?
Current price of Binance Coin is at 421.42 EUR.
Historically, what was the highest Binance Coin price?
We saw the highest spike in the price of Binance Coin on 2021-05-10, at 564.82 Euro.
Is Binance Coin going to cost more 1 month from now?
On the basis of our short term price prediction, we expect, the price of Binance Coin is likely going to reach between €312.28 and €418.86 in 30 days.
What price will Binance Coin reach 3 months from now?
Based on our short term price prediction we suspect the value of Binance Coin will be anywhere between €312.28 and €432.87 90 days from now.
What will Binance Coin cost in 6 months?
Difficult as it is projecting long term using our price prediction we estimate the value of Binance Coin will be anywhere between €312.28 and €625.56 in half a year.
Does Binance Coin have a large following on online?
663064 people took part in discussing Binance Coin on Reddit in the last 2 days. Binance Coin's official Twitter handle currently is followed by null users.
Will BNB continue gaining uses?
While BNB started as a use case for transactions and trading, it has already expanded to fill a role in DeFi along the Binance smart chain. Again, in this DeFi space, users can spend BNB to pay for transactions on Binance Smart Chain.
Why is the price of BNB rising?
Binance coin, having been created in 2017, has seen a monumental price rise. The main reason behind this is because of its use cases. There is high demand for BNB as utilizing it on the Binance platform offers big incentives and thus the demand rises as does the price.
How is BNB different from other cryptocurrencies?
In essence, BNB is just like other cryptocurrencies in that it had an ICO, it was distributed, and it can be spent and held to transfer or maintain value respectively. However, it is also a direct utility token meaning it was created to fulfill a need — on the Binance platform — and it performs that role expertly.
What blockchain does BNB run on?
BNB originally ran as an Ehtereum token, but since the integration of the Binance smart chain, the token has migrated over to be the primary token of that created blockchain.