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What Is Binance Coin (BNB) - Simple Explanation for Beginners

Tue, 05/15/2018 - 11:26
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George Shnurenko
Binance gives greater discount than other currencies, when is required of contributing in fees to BNB as opposed to in BTC
What Is Binance Coin (BNB) - Simple Explanation for Beginners
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The Binance Coin concept is defined as a digital currency Binance Stage. This is the basis for money cryptographic types` transformation. The very name “Binance” is a blend of paired and back. Therefore, the name indicates that in addition to the digital currency, no financial system cannot prejudge the exchange of money. You cannot exchange the funds against Fiat.

This point allowed the launch of progress in a short time period, and it is aimed at capturing the common market audiences, with the assistance of Chinese central station. Today, the digital currency capital is calculated within the US $18-35 million, and every day the numbers change.

Altogether, there might be 200 million BNBs.

Binance system draws into circulation a standard token ERC 20 token standard from Ethereum. BNB can be exchanged at the exchange rate for the current day; and half of the value of the currency will be equal to the ICO, as the ratio of 40% of the money to the rate of one type of currency for 10% of the whole cost to the Angel speculators. Specialists in this field – it intermediary persons who buy a large number of coins, do not hesitate over the course. Coin can be used to cover certain costs and expenses that cause the conditions of trade sections. They include the costs of currency exchange, transportation and other types of expenses.

Binance gives greater discount than other currencies, when is required of contributing in fees to BNB as opposed to in BTC.

For the first reporting year, 50% discounts are available for all types of bets, the second – for 25%, and the third is just 12.5%. For the fourth year involves the issuance discounts to 6.75%, and only the fifth year of any write-down is not performed. This incentive system is used to stimulate customers to BNB system and in commercial transactions Binance.

If the client wants to make a purchase/sale procedure on Binance now or later, that is, the possibility of BNB (Binance coin) before bidding. This gives users several advantages: firstly, the exchange costs BNB pays system, rather than in the currency you wish to receive; and secondly, the system Binance does not exchange decimals. You also have to pay constantly high interest rates for the costs of currency exchange! So you can start from the BNB proposals, not to pay any excess on other systems, you do not use. Only need to specify the size of the contributions necessary to cover all other costs.

In addition, Binance system offers money to purchase a limited limit down to 100 million BNB in Q1 2018. Then the conditions will be changed, and coins will not be sold at all. Therefore, the devaluation can play on the course, and you could win on the difference values. The benefits for finance professionals and analysts are large; it is a success, which does not require investments and other efforts. Then digital currency will be needed for the exchange transaction, and its cost will decrease to 0.1% of the exchanging sum.

Now available for exchange only cash equivalents sets. Despite the fact that Bitcoin, Ethereum and Bitcoin Cash offers good conditions, this stage of currency rate change can be used to QTUM Coin, NEO Coin or Iconomi. Moreover, it is about 50 different types of currency (they change every day).

It is noteworthy, that are subject to change only digital currency Asia. This is not surprising as the headquarters of the system is located in China. Client initially these systems can use “Group Coin every month” crusade.

Binance Exchange also provides specific information, but within the exchange is exchanged only between the set of cryptographic currencies. With their help, Exchange clients can currently charge interest and exchange. Additionally, Exchange offers the likelihood to hold ICOs. Exchange involves low costs that can be covered in the BNB system. Exchange dynamically developing in China and the site will soon be available for foreign customers.



Speed – if before you had to look for other stock exchange and the exchangers, but now it is done within the same site much easier. The difference in speed is felt immediately. The engine underlies Binance, and it is running in 30 other areas of exchange offices throughout Asia.

Team and partner relations – Binance's CEO is Changpeng Zhao has special knowledge in the realm of finance, trade and blockchain technology. He is also the founder BijieTech (corporation with underlying execution engine). He is also co-founded of OKCoin – is the largest exchange Burmese sites around the world. The CMO is Yi He – leading specialists and experts in the field of cryptocurrency in China. The company cooperates with the protocol blockchain from China, and NEO smart economy monitors in the NEO shopping. This company manages Da Hongfei. Binance Exchange really established itself as a free withdrawal of NEO and GAS.

The Binance coin is the result of the work of BNB, which provides discounts to all customers in the process of collecting fees. Only 50% for the first year (see the previous column). In addition, all ICOS, functioning on the stock exchange Binance, implies a discount to customers who want to invest in investment BNB system. Long-term relationships between partners – this is the future cryptocurrency where the exchange will be decentralized. For each reporting quarter will be made indexing and deflation, which has a positive turn for the exchange. BNB will give 20% of the profit obtained for redemption BNB, which will destroy the inside base. However, on a par with it, the price will rise to 50% in the exchange of BNB in other currencies.

Binance money is very beneficial for many Exchange clients.

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About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans.