Why buy Binance Coin (BNB)
Are you considering a foray into the world of cryptocurrencies? Binance Coin (BNB) might be a smart choice for you. It’s not just the token of one of the world’s most renowned and used centralised exchanges; BNB also serves as the native cryptocurrency of the Binance Smart Chain, the third-largest blockchain in the market by Total Value Locked (TVL). This means it’s essential for paying transaction fees on the network.
Another compelling reason to buy Binance Coin is its “burning” dynamics, a core aspect of its tokenomics. Through this mechanism, a portion of BNB’s circulating supply is periodically destroyed, proportional to the trading volume generated on the exchange. In simpler terms, BNB’s inflation is closely tied to adopting its CEX – as activity on Binance grows, the cryptocurrency becomes scarcer and, consequently, more valuable.
The Genesis of BNB
BNB was launched in July 2017 through an Initial Coin Offering (ICO) as an ERC-20 token on the Ethereum blockchain. The launch price of the 100 million Binance Coins available for public sale was a mere $0.15, a value trivial compared to its current price of around $300.
The initial goal of Binance’s ex-CEO and founder, Changpeng Zhao (CZ), was relatively straightforward: to create a cryptocurrency for paying tradingfees on his platform. However, the Binance development team has crafted a rich ecosystem around this token over time. Today, BNB is the fourth most capitalised cryptocurrency in the market and a fundamental pillar of the Binance Smart Chain, the decentralised ecosystem owned by the exchange.
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