Frequently asked questions
Binance Coin (BNB) is a cryptocurrency launched in 2017 on the Ethereum blockchain, based on the ERC20 token standard, and is now traded on the Binance cryptocurrency exchange. Tokens in circulation are used for discounted trading on Binance Exchange, with the discount rate starting at 50% in the first year. It's scheduled to be halved each year with the discount dissolved by the fifth year.
BNB ist the ticker symbol under which Binance Coin is listed, just like AAPL is the ticker for Apple stock.
Binance Coin's price is a market price and defined by supply and demand. The value of Binance Coin is also heavily tied to that of the wider crypto market, and specifically Bitcoin. Any good or bad news concerning the Binance exchange is also likely to influence the fortunes of the cryptocurrency. Having said that, the UK-based Financial Conduct Authority clamping down on the exchange in June 2021 didn’t cause an appreciable downturn in the price of the currency — and so we should be cautious before anticipating change precipitated by real-world events.
Investing in BNB is fairly straightforward. Pick an exchange, create an account, verify your identity and then begin trading. You will also need a digital wallet to keep your cryptocurrency secure.
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