Top 100 cryptocurrencies. Price in US Dollar, volume, capitalization.
Binance Coin is the cryptocurrency of the Binance platform. It is a trading platform exclusively for cryptocurrencies. The name “Binance” is a combination of binary and finance.
Thus, the startup name shows that only cryptocurrencies can be traded against each other. It is not possible to trade crypto currencies against Fiat. The platform achieved an enormous success within a very short time and is focused on worldwide market with Chinese headquarters. The cryptocurrency currently has a market capital between 180-218 million US dollars, of which 18-35 million US dollars are traded daily.
Binance uses the ERC 20 token standard from Ethereum. BNB should be distributed as follows. 50% of the coins are sold in an ICO, 40% go to the team and 10% to Angel investors. Angel investors are investors who buy a particularly large number of coins at once. The coin can be used to pay fees on Binance exchange. These include trading fees, transaction fees, listing fees and others.
Binance gives you a big discount when fees are paid in BNB rather than in BTC.
In the first year of use, there is a 50 % discount on all fees, in the second year there is a 25 % discount, in the third year there is a 12.5 % discount, in the fourth year there is a 6.75 % discount, and from the fifth year onwards there is no discount. This structure is used as an incentive for users to buy BNB and do trades in it within the Binance exchange.