Bnb Has Many Use Cases, But Within The Binance Ecosystem, It Is Primarily Used As A Utility Token That Allows Users To Receive Discounts When Paying For Trading Fees.
The use of bnb to pay for transaction fees enabled users to get a 50% discount compared with the. The first use case i'll mention is for trading cryptocurrencies on the centralized binance exchange and the binance dex (decentralized exchange). This discount has remained at 25% since 2019.
Binance Doesn’t Aim To Compete With The Major Players In The Space, Such As Bitcoin And Ethereum.
Through binance coin, you can reduce the trading fees on binance using the discount it provides. This won’t always be the case, however, as the binance team has plans for expanding the scope of what can be done with the binance coin. Binance coin already has lots of different use cases and binance is coming up with new uses cases freqently to give its native exchange token an extra boost.
The Main Use Case For Binance Coin Is To Pay Various Fees On Binance Exchange With A Discount;
Even within the span of a month, the use cases for binance coin has grown significantly. For example, the most recent april 2020 burn has eliminated 3,373,988 bnb from the circulation, $52.5 million usd, and was the largest one in the history of binance coin, but ultimately it was just 1.69% of total supply. Bnb now has an additional, fundamentally different use case as gas.
Like Ether For Ethereum, Bnb Is Now The Native Asset Of Two Interlinked Blockchains And Has To.
Now, you’ll also be able to get more bnb through crypto atms in hong kong and taiwan , thanks to our new collaboration with genesis block and its crypto atm unit coinhere. The binance coin powers the binance ecosystem and is used to pay for transaction fees on the binance exchange and as gas for the binance chain and the binance smart chain (bsc). This is because binance made a great use case for the bnb when it launched its exchange last year.
As A Cryptocurrency Though, Binance Coin Can Also Be Used Like Any Other.
This makes bnb unique among most new coins since it already has a practical use case. We will look at the community, public chain, use cases and utility of the two coins. This becomes even more important as the price of bnb continues to increase, and the rising user base at binance wants to use the coin to save on trading fees.