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Binance Coin (BNB) is a cryptocurrency created by the popular cryptocurrency exchange Binance.
It was launched in 2017 and is used to pay for fees on the Binance exchange. BNB can also be used to purchase goods and services from merchants that accept it, as well as to trade for other cryptocurrencies. The main purpose of BNB is to provide users with a discount when they use it to pay for trading fees on the Binance exchange.
The discount increases over time, and currently stands at 25%. This means that if you use BNB to pay for trading fees, you will get a 25% discount compared to using other forms of payment. In addition, BNB can be used to purchase goods and services from merchants that accept it.
This includes items such as gift cards, travel tickets, and more. Furthermore, users can also use BNB to trade for other cryptocurrencies on the Binance exchange. This allows users to diversify their portfolio and gain exposure to different types of digital assets.
Finally, users can also earn rewards by holding onto their BNB tokens in their wallets. The rewards are distributed in the form of “Binance Coin Burn” which reduces the total supply of coins in circulation and increases its value over time.