Binance Coin (BNB) Wallet
Cryptocurrency BNB is gaining tremendous popularity. For actual and potential customers, it has become more than just a way to store their own money on the exchange. BNB`s price is constantly growing. This demonstrates that there is a great demand for the coin and non-custodian Binance cash wallets..
What is Binance Coin (BNB)?
Crypto exchange Binance decided to issue its own token called Binance Coin (BNB). This was the first time in history that crypto exchange has created its own cryptocurrency. The token was used to raise funds for the launch of the platform through an ICO.
Then it became an internal cryptocurrency, which now can be used to participate in loyalty programs from the exchange or for trading. Sapien Wallet Binance is one of the best non-castodian wallets for storing crypto.
The history of BNB begins with its creator, Changpeng Zhao. This Chinese programmer has gained extensive experience at companies such as the Tokyo Stock Exchange, Bloomberg, Blockchain.info, and even OKCoin. In July 2017, Changpeng conducted an ICO to create the crypto exchange Binance (from the English words Binary+Finance).
Initially, BNB Coin was an ERC-20 standard token on the Ethereum blockchain. Then it moved to Binance Smart Chain. A total of 200 million coins were issued, of which 100 million were put up for sale. ICO investors bought tokens for 15 million dollars.
The exchange kept the remaining 100 million coins, with 20 million BNB going to early investors. Binance decided to distribute its tokens as follows:
- 50% for brand promotion and educational blockchain programs.
- 35% for technical improvements of the exchange.
- 15% to a contingency fund for emergencies.
BNB is in the top rating by capitalization among all crypto, and there are more than 100 million tokens in the market turnover. Moreover, there are plans to gradually increase this number. The source of these coins is not air, but the very 80 million tokens left in the account of the creators. So, how to create a binance coin wallet?
How does BNB work & where can I get a BNB wallet?
There are quite limited ways to get BNB coins. Except for the Binance exchange, the coin can be purchased at other exchanges. BNB coins can only be bought. Changpeng Zhao said that 90% of the company’s employees are paid in BNB, although the exchange also pays in euros. The company’s employees prefer to get their salary in BNB than in EU currency.
The question of how to create a BNB wallet is very popular. If you need BNB coins to trade on a cryptocurrency exchange, keep them there. If you are considering BNB as a long-term asset, it is better to store them in non-custodian wallets. The main advantages of non-castodian Sapien Wallet Binance are:
- High level of security for users’ interests protection.
- The maximum speed of information processing.
- Maximum openness.
- Sapien wallet is non-custodian wallet.
Sapien wallet accepts a lot of different cryptocurrencies. The system does not contain any hidden information, which causes the trust of a huge number of users. In the long term, it is better to store coins in a non-castodian Binance coin wallet.
What are the features of BNB and Binance Smart Chain?
BNB is not only a way to finance the launch of the exchange, but also an opportunity to save on commissions when trading. The exchange has created a discount plan for 4 years for those who will use BNB Coin.
Thus, the first year’s discount on commissions is 50%, halving each year until it is no longer available. To get the discount, you need to have BNB coins in your Binance account and activate the commission payment in tokens.
Another useful feature is cryptocurrency dust conversion into BNB. The value of the dust should not be more than 0.001 BTC. A list of available currencies for conversion is on the site.
BNB coin can be called the fuel of Binance exchange. It regularly “burns” coins in the market. Every quarter, Binance spends 20% of its revenue to redeem its cryptocurrency and then destroys it to reduce the total number of coins, thereby increasing the value of the remaining tokens. The exchange plans to burn BNBs until their number is reduced by half from their initial number to 100 million.
Binance Coin (BNB) potential
After Binance, a lot of exchanges decided to create their own cryptocurrency. Some crypto exchanges issued tokens and stimulate deflation to support exchange rate liquidity.
But BNB was the first token issued by a cryptocurrency exchange and today leads the market in terms of capitalization, compared to similar assets. News about the parent exchange’s business has an impact on BNB’s rate, and as long as it is doing well, the token will also be in the lead.
BNB has not yet become widespread as a means of payment, but it is already taking its first steps in that direction. It is very necessary to store coins in a Binance cash wallet. Another important point for BNB is the decentralized Binance Chain platform. The token is involved in the operation of this platform.