All about BNB
What is BNB?
BNB is a ticker of Binance Coin, a utility token of one of the crypto exchanges. The exchange entered the market in 2017 and issued 200 million BNB tokens. The company burns part of the cryptocurrency every quarter to gradually reduce the volume by half and save only 100 million tokens. As of July 2021, more than 168 million BNB remained in circulation.
Like other utility cryptocurrencies created by exchanges, BNB is mainly used to service products. For example, the token can be used to pay for transactions on the Binance blockchain.
How does the price of BNB change?
Until 2021, the BNB rate had been characterized by an enviable stable growth. If you could get only 10 cents for 1 Binance Coin at the start of sales, then a year later, the cryptocurrency’s price increased 100 times to $10. The rate fluctuated a little for several years, falling to $5 and rising to almost $40. The relative stability of the token was supported by the growing popularity of the Binance platform.
2021 was a turning point for BNB, as it was for most popular cryptocurrencies. In a matter of days, the rate jumped from around $45 to over $300. A few months later, the token broke through a record level of $600. The peak price did not last long and fell by half again in a month. The second peak of the BNB price growth came in September, and the rate continues to fluctuate in the range from $350 to $500.
What are the prospects for BNB Coin?
On the one hand, the BNB cryptocurrency is partially protected from inflation due to the quarterly destruction of part of the tokens. The active development of Binance tools and products also contributes to the strengthening of the token. It can be assumed that BNB will exist as long as the platform is up and running.
On the other hand, Binance abandoned the token development on Ethereum and switched to its own blockchain. As a result, BNB is not only technically behind because of the minimum transaction processing speed but also lacks the functionality of smart contracts, which are widely used outside the crypto investment market.
How to buy BNB?
If you want to purchase Binance Coin for dollars or other fiat currency, you need a verified WhiteBIT account. Once you have passed the Know Your Customer (KYC) procedure, you can work with any fiat and cryptocurrencies with almost no restrictions. To buy with tokens, you just need to create an account.
The functionality is simple and clear. Specify how much BNB you want to buy, and the system will automatically calculate how much you need to pay in another currency, considering the exchange rate and fees. If you agree with the purchase terms, you need to complete the transaction to receive tokens to your balance. The whole process takes only a few minutes.