Binance coin (BNB)
$584+0.85%
Visualize the current BNB price through the utilization of live charts and real-time updates. SLEX will provide you with a thorough comprehension of the BNB coin market position, the complexities of cryptocurrency trading, and an opportunity to immerse yourself in the ever-changing world of digital currencies. Gain access to comprehensive news coverage and perceptive market analysis, and delve further into the determinants that impact the price fluctuations of Binance Coin.
BNB Price Real-Time Data
As of the latest data, BNB price is fixed at $584, accompanied by a significant 24-hour trading volume of $1.63B. Its 24-hour peak value is $585.1, its 24-hour low is $574.7. The current circulating supply of BNB coin is voluminous, with 145.93M BNB in the market.
Understanding BNB
BNB, also known as Binance Coin, is the proprietary cryptocurrency of the Binance exchange. Initially launched on Ethereum's platform, it has since transitioned to its own native Binance Smart Chain, now rebranded as BNB Chain.
Holding BNB on the Binance platform confers the benefit of reduced trading fees, creating a direct link between the token's utility and the exchange's service demand. Investing in BNB coin can be akin to betting on the exchange's future success, analogous to stock investments but without legal ownership rights in the company.
BNB Market Performance
As reported by CoinGecko in May 2022, BNB's peak value was $686.31 on May 10, 2021. The demand spike is attributed to the growing interest in decentralized applications (dapps), especially those involving decentralized finance (DeFi) on the Binance Smart Chain.
The BNB Chain, being a foundational layer 1 network, competes with Ethereum by offering a platform for building additional applications, boasting faster and more affordable transactions, albeit with a trade-off in decentralization..
BNB coin intrinsic value rises with the BNB Chain success due to its role in settling transaction fees. Binance also offers a decentralized exchange built on the BNB Chain, complementing its centralized counterpart.
In the cryptocurrency market standings for much of 2021–2022, BNB consistently held the third or fourth rank by market capitalization, and as of May 2022, it was the fourth largest, trailing only USDT, ETH, and BTC.
BNB originated from Binance's initial coin offering (ICO) in July 2017, where 2,700 BNB were exchanged for one Ethereum. The ICO released 100 million BNB, potentially raising 37,000 ETH, valued at approximately 10 million USD at the time.
BNB Operational Mechanics
The BNB Chain operates on a Proof of Staked Authority (PoSA) consensus, allowing a limited group of significant stakeholders (currently 21) to validate transactions daily. This contrasts with Ethereum 2.0's Proof of Stake, where validators need only stake 32 ETH, allowing for broader participation. BNB Chain's methodology prioritizes speed and cost-effectiveness over decentralization.
Initially, BNB tokens facilitated discounted fee payments on Binance's exchange services. While this remains a use case, the demand for BNB has surged for staking purposes and as a governance token on the BNB Chain.
BNB has a unique feature where users can sometimes reclaim lost tokens under certain conditions, contributing them to the official "burn" count and receiving new BNB coin in exchange, provided the lost tokens meet specific criteria.
Leadership and Regulation
Binance is spearheaded by Changpeng Zhao, commonly known by his initials CZ. A seasoned software entrepreneur, CZ previously managed Bloomberg's futures trading software before launching Binance in 2017. Roger Wang, Binance's CTO, has experience at Morgan Stanley and Japan's largest investment bank, Nomura. The broader leadership team also boasts significant fintech expertise.
Initially, BNB tokens facilitated discounted fee payments on Binance's exchange services. While this remains a use case, the demand for BNB has surged for staking purposes and as a governance token on the BNB Chain.
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Learn more about Binance coin (BNB)
FAQ
What is BNB?
BNB, also known as Binance Coin, is the native cryptocurrency of the Binance platform, which includes Binance Exchange and the BNB Chain (formerly known as Binance Smart Chain). It was created to facilitate transactions within the Binance ecosystem and offers users discounted fees on the exchange.
How does BNB work?
BNB operates on the BNB Chain. It can be used to pay for trading fees on the Binance Exchange, transaction fees on the BNB Chain, participate in token sales, and for staking and governance purposes on various platforms.
Is BNB safe to invest in?
Like any investment, there is risk involved. BNB is relatively well-established, but the cryptocurrency market is volatile. Potential investors should conduct their own research and consider their risk tolerance before investing in BNB or any cryptocurrency.
Can BNB be exchanged for real money?
Yes, BNB can be exchanged for real money (fiat currencies like USD, EUR) on various cryptocurrency exchanges that support the BNB token.
How do I buy BNB on SLEX Exchange?
To buy BNB on SLEX Exchange, you would typically need to create an account, verify your identity, deposit funds or connect a payment method, and then place a buy order for BNB.
How can I store my BNB coin securely after purchasing on SLEX?
After purchasing BNB on SLEX, you can store it securely in a private wallet for which you control the keys, such as a hardware wallet or a secure software wallet, to reduce the risk of online theft.
What determines the price of 1 BNB in fiat currencies on SLEX?
The price of 1 BNB in fiat currencies on SLEX is determined by the current market demand and supply dynamics, which can be influenced by factors such as Binance's performance, the BNB Chain's usage, and the overall state of the cryptocurrency market.
What advantages does SLEX offer for BNB to fiat currency conversion without account registration?
If SLEX offers BNB to fiat conversion without account registration, the advantages might include faster transactions, privacy, and the convenience of not having to go through the account verification process.
How can I track the today price of 1 BNB on SLEX for investment purposes?
You can track the price of 1 BNB coin on SLEX by checking the exchange's live price chart, if available, or using their price tracking features, which may include alerts or historical price data for analysis.
How does SLEX ensure the best rates for BNB to fiat currency conversions?
SLEX would ensure the best rates for BNB to fiat conversions by using real-time data to adjust prices based on current market conditions, possibly using algorithms or integrating multiple liquidity providers to offer competitive rates.
What limits apply to purchasing BNB on SLEX with a credit card without verification?
The limits for purchasing BNB on SLEX with a credit card without verification will depend on the exchange's policy and may vary due to regulatory requirements. Typically, there are lower transaction limits for users who do not complete identity verification to comply with anti-money laundering regulations.
How does SLEX ensure the most current exchange rate for BNB is displayed?
SLEX would ensure the most current exchange rates are displayed by continuously updating their pricing data in real-time from various market sources or liquidity providers.
How Much Will BNB Be Worth in the Future?
It's impossible to predict with certainty how much BNB will be worth in the future as the value can be influenced by many unpredictable factors such as market trends, regulatory changes, and technological developments within the Binance ecosystem.
