What Does Bnb Stand For In Cryptocurrency

What does bnb stand for in cryptocurrency

What is Binance Exchange?

Binance is an chinese cryptocurrency-exchange with support for multiple languages.

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It launched on the 11th of July. (https://binance.zendesk.com/hc/en-us/articles/115000599831-Binance-Exchange-Launched-Date-Set)

While it is new in the western world - as far as I know - it established itelf in chinese for about a year now.

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They are currently growing very fast and also release ICOs of other Tokens on their site - which makes the whole ICO-transaction easier (if you are fast enough).

Binance has added many coins over the last few weeks and continues to do so.

About 4 to 5 was a regularity.

Binance also has a youtube channel - on which they have so far created 3 videos.

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In one of them (see below) they're showing their working area, team and staff.

They are quite big. Binance has gotten a lot of positive feedback so far - however over the last time they were simply overwhelmed with the demand and server load etc.

What is BNB? (Binance Coin)

Binance launched it's own Token - BNB - mid july.

After launch, the token steadily rose in price - it currently has a value around 2$. Alltime high is 3$.

BNB is also under the top 100 assets on rank 11 with a marketcap of 218 Million $.

What does bnb stand for in cryptocurrency

Currently there are 100 Million Token available - from which the company has around 80 Million safely stored. In total there will be 200 Million Token available. (However I'm not sure if Binance has 80 Million of the 200 Million in total)

One reason why BNB is so popular is because it is used in Binance as a way to reduce fees.

Binance has a exchange fee of 0.1%.

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In Comparison - Bittrex has a fee of 0.25%. When using BNB - this fee is reduced by 50%.

What does bnb stand for in cryptocurrency

The amount is automatically calculated and reduced from the BNB Tokens in the wallet.

An Example:

Let's say Bitcoin has a value of 4000$ and BNB has a value of 2$.

You want to sell bitcoin - so you sell 3 Bitcoin with a value of 12000$.

The fee would be 12000 * 0.1% = 12$. But with using BNB - the fee get's reduced by 50% to 6$.

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The only thing you have to do is to buy BNB - in this case you would need 600/2 = 300 BNB Token. Note - that if you don't have BNB - you have to pay 100% fee for those BNB.

Also - the %-amount is reduced over the years.

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But Binance also buys about 20% if I'm right per year back and destroys it to increase the price.

As you can see - in the beginning the discount is at it's biggest and get's slowly less. I'm not sure in which way this will affect the price, but I am sure that it is currently undervalued and WILL rise in price.

But ..

I don't know when..

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As I said before - Binance created the idea to host ICOs directly on the exchange. One of the first was TRON - which was sold out in less than 10 seconds - 4 times.

The servers were also overloaded - I sadly didn't get any.

What does bnb stand for in cryptocurrency

But this is fine - since Binance is still expanding very fast and those things are typical.

My guess for the future is that the exchange will grow and BNB will grow with it.

My advise is also to look into BNB as a possible buy option.

You can find the Exchange here: https://www.binance.com

If you have any questions - please ask them in the comments!

Until then - all the best,