What is Binance Coin (BNB)?

Binance Coin (BNB) is a cryptocurrency issued by Binance exchange and trades with the BNB symbol. It is the native currency of Binance's own blockchain, the Binance Chain. BNB was initially based on the Ethereum network but has since transitioned to its own blockchain.

Key Takeaways

  • Binance Coin (BNB) is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
  • BNB is the native currency of Binance's own blockchain, the Binance Chain.
  • Binance uses a portion of its profits to repurchase and permanently destroy BNB coins held in its treasury.
  • BNB was originally created as a utility token for discounted trading fees but has expanded its uses to various applications, including payments for transaction fees, travel bookings, entertainment, online services, and financial services.
  • As of August 2023, Binance Coin has a market cap of over $36 billion, making it one of the largest cryptocurrencies by market capitalization.

BNB can be traded on various exchanges and can also be used to pay for transaction fees on the Binance exchange, offering users a discount. Additionally, merchants can accept BNB as a means of payment, providing flexibility in payment methods. BNB can also be used for credit card payments on platforms like and for booking travel arrangements.

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Where to Buy Binance Coin (BNB)

If you are looking to buy the cryptocurrency Binance Coin (BNB), there are several options available to you. Here are some popular platforms and exchanges where you can purchase BNB:

1. Coinbase

For Binance Coin, you can use Coinbase or Coinbase Wallet, a self-custody wallet available as a mobile app and browser extension. You'll need to create a Binance Coin wallet and get it approved before buying.

2. Binance

Binance is a leading centralized exchange where you can buy BNB and several other cryptocurrencies. To purchase BNB on Binance, you'll need to create a free account and verify your identification. Binance also offers multiple payment options, including credit card, debit card, and bank transfer.

3. Changelly

Changelly is another platform where you can buy BNB. It offers seamless fiat-to-crypto transactions with various payment methods, including Visa, Mastercard, and bank transfers. The process is secure and straightforward.


CEX.IO is a global cryptocurrency exchange that has been in business for over 8 years. It supports multiple fiat payment methods and over 80 cryptocurrencies, including BNB. You can buy BNB on CEX.IO using Visa and Mastercard payment cards, international bank transfers, and online wallets.

These are just a few options for buying Binance Coin (BNB). Before choosing a platform, make sure it is available in your country and meets general security requirements. Consider factors such as fees, supported payment methods, and overall reputation.

Founders of BNB

Binance, one of the largest cryptocurrency exchanges in the world, was founded by Changpeng Zhao (also known as CZ) in 2017.

He is currently the CEO of Binance.

Changpeng Zhao (CZ)

Changpeng Zhao, commonly known as CZ, has a background in developing high-frequency trading software and has been actively involved in blockchain technology and cryptocurrencies since 2013. He previously worked at Bloomberg as the head of tradebook futures development and later joined Fusion Systems as a partner.

In 2017, Changpeng Zhao launched Binance and has since grown it into the world's largest cryptocurrency exchange for retail investors.

He is known for his active involvement in the crypto community and has become a social media personality. CZ is dedicated to adapting to changes quickly and bringing forward innovative products to suit the demands of local markets.

Binance started in China but later moved its servers and headquarters out of the country in response to the Chinese government's ban on cryptocurrency trading.

Binance has faced regulatory challenges and investigations in various countries but continues to be a prominent player in the cryptocurrency industry.

BNB Chain Roadmap and Future Plans

2023 Roadmap Highlights

BNB Chain, a popular cryptocurrency, has laid out its roadmap and future plans for 2023.

Here are the key highlights:

1. Scalability and Performance Upgrades

  • BNB Chain aims to double its transaction speed, increasing its throughput to 5,000 transactions per second (TPS) from the current 2,200 TPS.
  • It plans to introduce multiple ZKP rollup-based Layer 2 solutions to enhance performance, scalability, security, and decentralization.
  • BNB Chain will work with the Ethereum community to build a high-performing Ethereum Virtual Machine (EVM) compatible client for the Binance Smart Chain (BSC).


Storage Network - BNB Greenfield

BNB Chain has launched a decentralized storage network called BNB Greenfield, where users and decentralized applications (dApps) can create, store, and exchange data.

3. Improved User Experience and Security

  • BNB Chain plans to introduce better cross-chain solutions to enhance user experience.
  • They will strengthen security through AvengerDAO 2.0 and build smart wallets through Multiparty Computation (MPC) and Account Abstract with community partners.
  • The network aims to increase the number of validators from 29 to 100, allowing for greater on-chain governance.


Web3 Application Upgrades

BNB Chain will introduce upgrades to its Web3 applications and implement a communication layer for real-time tech support, making the ecosystem more user-friendly and developer-friendly.

5. Future Goals

  • BNB Chain aims to achieve EVM compatibility and plans to launch their new layer 2 infrastructure, zkBNB, and BNB Greenfield.
  • The network's goal is to unlock new privacy use cases while adhering to regulatory and compliance requirements.

By implementing these roadmap milestones and future plans, BNB Chain aims to improve its infrastructure, security, and scalability, making it more accessible to users and developers in the smart-contract blockchain space.

What is BNB?

BNB, or Binance Coin, is derived from the digital currency powerhouse, Binance Exchange. It is a type of cryptocurrency that offers a wide range of possibilities within and beyond the Binance ecosystem.

Cryptocurrency might sound complex, but imagine it as a digital or virtual form of money. It utilizes cryptography to secure online transactions. As a type of cryptocurrency, BNB itself carries value, much like the physical money in your wallet, but it exists solely digitally.

One of the primary uses of BNB is for fees on the Binance Exchange. These can include trading fees, withdrawal fees, and listing fees. When users pay with BNB, they can avail themselves of a discount, making transactions cost-efficient. This discounts diminish over time, creating a sense of urgency and demand, thus potentially increasing BNB's value.

Binance is not just about trading. They have an ecosystem offering various blockchain-related services. Users can spend BNB on these services, such as their Launchpad for new cryptocurrencies, Binance Chain, a blockchain software system, and many more. BNB acts as a key facilitating these transactions and services.

Beyond the Binance ecosystem, BNB has seen numerous uses. Investors can use BNB to invest in certain Initial Coin Offerings (ICOs) on Binance's Launchpad. ICOs are like fundraising events for new cryptocurrencies, making the Launchpad a springboard for these new digital forms of money.

Moreover, BNB can be used for online purchases. Certain service providers accept BNB as payment for goods and services. The number of these vendors is growing, representing a broadening acceptance and usage of BNB in the e-commerce space.

The BNB coin has also been utilized in various charity projects, underscoring Binance's commitment to using blockchain technology for social good. These kinds of activities demonstrate the versatility of BNB, as it's not just a coin for trading but also a tool for engagement and social impact.

In conclusion, BNB is more than just a usual cryptocurrency: it's a facilitator for a whole ecosystem of blockchain-based services provided by Binance and serves as a standard of value for numerous transactions both within and beyond the Binance ecosystem.

The Birth of BNB

BNB, or Binance Coin, is a digital currency that was first brought to the spotlight in 2017 by the world's largest cryptocurrency exchange platform, Binance. Much like how the US dollar is the official currency of the United States, BNB is essentially the official currency of the Binance platform.

BNB was introduced through a process known as an Initial Coin Offering, or ICO. An ICO is similar to an Initial Public Offering (IPO) in the traditional financial world, where a company sells shares to raise funds. In the cryptocurrency world, an ICO is a method used by blockchain companies where they sell their own digital coins to raise capital. It's like a crowdfunding campaign, but with digital coins in exchange for your investment, instead of a product or service.

In the case of BNB, Binance created 200 million BNB coins in total. Half of these coins (100 million) were kept by Binance themselves, and the remaining other half were distributed to the public through the ICO. The funds raised in the ICO were used to fuel the development, promotion, and overall growth of Binance.

As the official coin of Binance, BNB tokens can be used on the exchange to pay for trading fees, participate in token sales, and much more. Think of it as chips in a casino - you exchange your regular money for casino chips that you then use to play games. Similarly, on Binance, you can use your BNB coins to participate in the various functions and activities on the platform.

Since its launch, BNB has demonstrated substantial growth and is considered one of the major players in the cryptocurrency market. However, like all cryptocurrency investments, investing in BNB also comes with risks. Cryptocurrency prices can be very volatile, meaning they can increase or decrease in value very rapidly. Therefore, potential investors should carefully consider these factors before investing.

Uses of BNB

Let's start with a brief explanation. BNB, also known as Binance Coin, is a digital currency created by Binance, one of the world's leading cryptocurrency exchanges. Now, onto its uses.

Within the Binance Exchange, BNB plays a significant role. Firstly, it's used to pay for transaction fees. This aspect may not seem exciting, but it's truly key to the smooth functioning of the platform. By using BNB to pay for transaction fees, users can receive a substantial discount, making their transactions more cost-effective.

The second crucial use of BNB within the Binance Exchange is in token sales. Binance runs a platform known as Launchpad, which is a token launching platform where developers can raise funds for their projects. To participate in these token sales, BNB is usually required. This not only gives BNB substantial utility on the platform, it also creates an environment where the demand for BNB naturally grows as more projects are launched.

Moving away from Binance, BNB is also making waves elsewhere. More and more, it's being accepted by different service providers and merchants. For instance, some businesses accept BNB as a payment method. This is due to the coin's growing reputation and acceptance, coupled with the increasing global acceptance of cryptocurrencies in general. This trend is a strong testament to the growing use and value of the BNB coin far beyond the Binance Exchange.

Moreover, BNB is becoming popular in the DeFi (Decentralized Finance) space. It's used as a funding coin in several lending platforms, adding to its list of uses and increasing its liquidity in the crypto market.

Other use cases outside Binance include using BNB to make in-game purchases, booking hotels, and even buying real estate.

So, whether within Binance or beyond, BNB is proving to be a versatile digital asset with various uses, making it a choice cryptocurrency for many.

BNB's Value Proposition

I want to transport you into the world of cryptocurrency, specifically focusing on Binance Coin (BNB), a digital currency that has been making waves in the cryptocurrency space. Just like the familiar practice in which dollars can buy goods or services, BNB is a currency that holds massive value because of the several uses it offers on Binance, one of the world's largest cryptocurrency exchanges.

I want to transport you into the world of cryptocurrency, specifically focusing on Binance Coin (BNB), a digital currency that has been making waves in the cryptocurrency space. Just like the familiar practice in which dollars can buy goods or services, BNB is a currency that holds massive value because of the several uses it offers on Binance, one of the world's largest cryptocurrency exchanges.

Taking Advantage of Discounted Fees

As most financial services do, Binance charges fees for using their platform. However, they offer an incentive aimed at enhancing their platform's overall user experience. If you use BNB to pay for transaction fees, you receive a substantial discount. This benefit is like a loyalty program that rewards users for utilizing the platform's native currency. Additionally, this practice also enhances the value of BNB, similar to how frequent flyer points or rewards points do in traditional finance.

Participating in Special Events

Binance also hosts special events for its users, such as Initial Exchange Offerings (IEOs). Participation in these events often requires holding a certain amount of BNB. So, by having some BNB at your disposal, you’re opening the door to becoming part of these unique events. This feature adds another layer to BNB's value, as it serves far more than just a medium of exchange; it's like holding a 'golden ticket' to an exclusive event.

In essence, Binance Coin (BNB) serves as a versatile currency within the Binance ecosystem. From purchasing other cryptocurrencies, reducing transaction fees, to participating in exclusive events, BNB doesn't just hold value as a cryptocurrency. It plays a primary role within Binance's intentional ecosystem design, making it a truly value-packed token.

The Fluctuating Value of BNB

BNB, also known as Binance Coin, is a variety of cryptocurrency just like Bitcoin, Ethereum, and many more. The value of BNB, similar to other cryptocurrencies, is not constant. It frequently changes and is influenced greatly by the supply and demand forces in the market.

BNB, also known as Binance Coin, is a variety of cryptocurrency just like Bitcoin, Ethereum, and many more. The value of BNB, similar to other cryptocurrencies, is not constant. It frequently changes and is influenced greatly by the supply and demand forces in the market.

BNB as an Asset for Traders

These dynamic price fluctuations make BNB intriguing for traders - individuals who buy and sell assets, like cryptocurrencies, for profit. The unpredictability of BNB's price can empower traders to make significant profits if they can correctly predict the coin’s price movements. However, it's important to note that with higher potential rewards also comes higher potential risk.

When trading, a trader buys an asset hoping that its future value will increase. In the case of BNB, a trader might purchase the currency believing the demand for BNB will uptick in the future, hence driving up its price. They could then sell the BNB at this higher price, making a profit.

However, if the trader's prediction is inaccurate and the demand for BNB falls, the price of the coin will also fall. This means if they sell BNB, they might receive less than what they initially paid, leading to a loss.

In conclusion, those who trade BNB treat it as an asset much like stock market traders invest in stocks, with the hope that the value will increase over time. Nevertheless, just as the stock market carries inherent risks, so too does the trading of BNB and other cryptocurrencies. It's always essential for anyone interested in trading these digital assets to do their research and understand the volatility of the market.

Risks involved in BNB investment

Investing in BNB, similar to other forms of cryptocurrency or money market asset, carries an array of risks that must be considered carefully. BNB, or Binance Coin, is one popular cryptocurrency out of the thousands in existence, but like all cryptocurrencies, its value can fluctuate dramatically and unpredictably.

To better illustrate, imagine rolling a dice. The outcome may be as you predict, but it could just as easily not be. This is what we mean by investing in cryptocurrencies like BNB being 'highly volatile'. Simply put, volatility refers to the rate at which the price of an asset, in this case, BNB, increases or decreases for a set of returns. Cryptocurrencies are notoriously volatile, meaning the price of a cryptocurrency can change rapidly in a very short time, making it possible for investors to experience significant gains or losses.

Factors that contribute to the volatility include limited liquidity, speculative trading, and regulatory news or events. For instance, if the regulatory environment becomes stricter, it may dissuade investors, causing the price to fall. Conversely, if a country announces they'll recognise BNB as legal tender, the price can shoot up.

Investing in BNB, as with any investment, has potential for both profit and loss. Sometimes, the value of your BNB investment can climb to the moon, providing impressive returns. But it is equally possible that the value might crash down, similar to the dot-com bust in the early 2000s, where you might end up losing some, if not all, of your investment.

So, if one were to venture into investing in BNB, it would be prudent to only invest money that one can afford to lose. This is especially true when investing in cryptocurrencies. Early investors in Bitcoin, for instance, saw massive returns on their initial investments, while those who bought in during late 2017 when prices were at a peak would have ended up with substantial losses.

In conclusion, like all investments, putting your money in BNB has its pros and cons. The key to successful investment is research, understanding the risks involved, and making informed decisions. Never invest based on hype and always make sure you're comfortable with the potential downside of your decisions. After all, it's not only the brave who get the fruit, but also those who plant wisely.

How and where to buy BNB?

If you are intrigued by the realm of cryptocurrencies and have garnered some interest in obtaining Binance Coin or BNB, then you certainly are on the advantageous end as Binance, the world-renowned cryptocurrency exchange, provides a streamlined method for those looking to acquire BNB. However, the process may vary depending on your geographical location and the availability of purchasing BNB directly with your local (fiat) currency.

To start with, one can directly procure BNB on Binance's own exchange platform. This procedure is effectuated similar to purchasing anything online, sign in to your Binance account, search for BNB and follow the prompts to complete the transaction. If BNB is supported in your region, you can buy it directly using your standard fiat currency like the US Dollar, Euro, or others. This process provides a straightforward and hassle-free experience for users.

However, not every country has the option of directly purchasing BNB with their fiat currency. In that case, a potential workaround involves first obtaining universal cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH) and then trading these for BNB in the Binance exchange. To do this, buy Bitcoin or Ethereum through any of the various platforms that offer these digital coins for your local currency. Once you own Bitcoin or Ethereum, transfer them to your Binance account. After being transferred, these can then be exchanged for BNB.

This simple two-step process has an added advantage. In the ever-evolving world of digital currencies, owning some Bitcoin or Ethereum, which are two of the most prominent cryptocurrencies, might be a valuable investment down the road.

More so than ever, stepping into the promising world of cryptocurrencies is made easier by platforms like Binance. Regardless of whether you plan on buying BNB, Ethereum, Bitcoin, or other digital currencies, understanding how to navigate these platforms can open doors to exciting investment opportunities.