What Is Binance?
Binance has quickly become the number one stock exchange in the world, with a daily trading volume of more than $6 billion. Binance, like many exchanges, also has its own currency called Binance Coin BNB. It is mostly used to pay fees, but can be traded like any other cryptocurrency.
- Binance Coin is a digital currency issued by the Binance exchange. The cryptocurrency has the symbol BNB.
- Unlike other cryptocurrencies like Bitcoin, BNB cannot be mined. All tokens were previously mined by Binance at its inception.
- Users use Binance Coin to pay the fees charged by Binance for the use of the services. These fees include, but are not limited to, trading fees, exchange fees, and fees for the inclusion of digital assets in the Binance exchange. In addition, like any other cryptocurrency, BNB can also trade on accepted cryptocurrency exchanges.
- This crypto-currency has an open-source software formed by a cluster system. Its structure has a data carrier with various allocation units that both increase the security of the system and accelerate the search for data, thanks to fragmentation (sorting the memory).
- Although it's blockchain is open (transparent transactions are carried out), the privacy of the sender, receiver, and the transferred sum is completely secure.
- The payment of fees is the main purpose of the BNB token. But it can also be used to invest in certain ICOs participating in the Binance Launchpad program. Once the ICO is completed, these new tokens are automatically included in the Binance exchange creating a seamless marketplace between the ICO and the exchange.
How Does Binance Work?
As an exchange, Binance is not so different from similar platforms. The exchange itself does not buy or sell anything; it only matches offers from people who want to buy or sell coins by charging a fee for its service and therefore making money. Most of these fees are paid through BNB and not through BTC or ETH.
Compared to other platforms, Binance is popular due to its wide selection of altcoins, plus it has a fast matching and execution capacity of about 1.4 million trades per second. Having so many users also makes Binance both rich in liquidity and able to match competitive prices, not only when it comes to BTC, ETH, or LTC, but also with other altcoins.
Binance supports fiat currencies, allowing you to make deposits even in your local currency to start trading. It is available in many different languages and has very low trading fees; each trade charges a 0.1% commission with no deposit fees. If you decide to pay the fees in BNB instead of other currencies, you can halve them during your first year. From the fifth year onwards, as the discount decreases year by year, there is no longer any incentive to pay in BNB. Withdrawal charges vary by currency and are fixed rather than percentage-based.
Online Binance Wallet
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Binance Coin Development
Binance was founded in 2017 by its CEO Changpeng Zhao, along with co-founder and CTO Roger Wang. Changpeng, who is also known as CZ in the crypto community, previously founded and served as CEO of BijieTech, a cloud-based crypto trading service provider. In addition, Changpeng also co-founded and served as CTO of OKCoin. Binance was initially based in Shanghai, China, but after a ban on such services by the Chinese government, it moved its servers and headquarters to Japan. In March 2018 Binance received an official warning from the Japan Financial Services Authority (JFSA) to close its operations in the country, so they moved to Malta.
Binance has "mined" a total of 200 million BNB tokens for its use. The company made its initial coin offering (ICO) between 14 and 27 July 2017. The total supply of tokens was allocated according to certain fixed percentages to different entities.
Binance Labs is a Binance incubation program. Its goal is to support the best startups in the early stages and help them implement their ideas. In particular, Binance Labs invests in projects and expands opportunities for entrepreneurs, projects, and communities using blockchains and cryptocurrency.
Mobile Binance Wallet
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Binance has become one of the most successful cryptocurrency exchanges, not only because of the number of currency pairs or multilingual support but also because of its various tools, such as Binance Labs or Binance Info, because they continue to improve. The goal of Binance Chain is to enhance the transfer, purchase, and sale of crypto active assets through its blockchain. This will make Binance a decentralized exchange, which will in turn become a new chain of blocks on which its Binance Coin BNB coin will be based, making its cryptocurrency fully native.
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