Binance Coin (BNB)

What is Binance Coin and why is it one of the most valuable cryptocurrencies? Binance Coin (BNB) is the native token of Binance, which is one of the largest crypto exchanges in the world.

Binance Coin was created as a utility token for Binance – the cryptocurrency exchange. Users who hold Binance Coin are rewarded with 50% lower trading fees on the Binance Exchange. Fast forward a few years and Binance Coin has additional uses. One of those uses is to pay network fees on the Binance Smart Chain.

The Binance Smart Chain is Binance’s own blockchain capable of smart contracts. Binance Smart Chain is a cheaper alternative to Ethereum. Developers can create apps on the Binance Smart Chain and anybody who transacts on it will pay lower fees than they would on Ethereum.

Binance Coin can be used to pay for things like travel and accommodation in some places, and it can also be used to purchase a wide variety of cryptocurrencies. For example, you can send BNB to your Metamask wallet, which you connect to the decentralized exchange Pancakeswap. Here, you can swap your BNB for many different tokens that are not available elsewhere.

Binance Coin is one of the most valuable cryptocurrencies today. While Binance is one of the world’s largest crypto exchanges, the value of Binance Coin has gone up considerably thanks to the popularity of the Binance Smart Chain.