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What-is-Binance-Coin-BNB

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2023-01-19
What-is-Binance-Coin-BNB

What is Binance (BNB)?

Binance is the largest cryptocurrency exchange in the world which was introduced in 2017 by Changpeng Zhao (CZ). Since its launch, Binance has evolved into more than a digital exchange, and it currently has its own blockchain network called BNB Chain. The chain is a merge of two blockchains, Binance Chain and Binance Smart Chain. Though the blockchain networks of Binance are quite new, they have a large user base because they have relatively fast speed and low gas fees.

The BNB token was originally released as an ERC-20 token to raise funds for the Binance exchange in 2017. Then, when Binance launched its own networks, BNB with BEP token standards was released as the native token, and holders of ERC-compliant BNB could exchange for BEP-compliant tokens at a 1:1 ratio.

The purpose of the Binance (BNB)

Binance is an ecosystem of solutions for digital assets that consists of CEX, DEX, blockchain networks, cryptocurrencies, etc. BNB Chain, the main blockchain network, uses the Proof of Stake (PoS) and Proof of Authority (PoA) consensus mechanisms. It has two sub-chains:

- BNB Beacon Chain (formerly Binance Chain) is responsible for governance.

- BNB Smart Chain (formerly Binance Smart Chain) is EVM compatible and is where most on-chain transactions operate.

BNB, the native token of the Binance ecosystem, was created to raise funds for the Binance CEX and later used to enjoy discounted trading fees for users. The BNB is also used as a participation method for several events, to pay gas fees, and to stake on the BNB Chain, as well as used as a payment method accepted by various merchants.

How to buy Binance (BNB) on Bitget

The easiest and most convenient way to buy BNB is to purchase it via an exchange that offers various payment options like Bitget. You can use Google Pay, Apple Pay, or different credit cards to purchase BNB on Bitget.

Step 1.

Log in to your Bitget account or create a new account if you have not already and claim a $5005 new user reward.

Step 2.

Deposit USDT into your Bitget spot account or purchase some if you have none. You can buy USDT via P2P trading or with fiat on Bitget.

Step 3.

At the Bitget trading page, please click on ‘Markets’, search ‘BNB’, and select your desired coin pair.

Or, you can click here to buy BNB with USDT. The real-time order book will help you adjust your price dynamically and have the most suitable pricing.

Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only.

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