What is Binance Coin (BNB)?

Binance Coin (BNB) is now one of the largest and most popular cryptocurrencies in the world. This digital asset became popular with the expansion of the Binance cryptocurrency exchange. Nowadays, Binance Coin is among the most valuable virtual currencies in the market.

In this guide, we will share with you all you need to know about Binance Coin (BNB). You will get valuable information about Binance Coin price, how to buy Binance Coin and more.

Disclaimer: the information presented in this article should not be considered investment advice. AltSignals and its writers are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose and always request information from your personal financial advisor.

What is Binance Coin?

Binance Coin is the cryptocurrency that powers the Binance cryptocurrency exchange and ecosystem. The platform became one of the largest in the world to trade virtual currencies. Moreover, in recent years, it allowed users to get access to a wide range of other services.

Thus, the Binance Coin became the cornerstone of the Binance ecosystem, which continues to expand and offer new services. For example, in recent months, the Binance Smart Chain (BSC) expanded and reached new investors. Through Decentralized Finance (DeFi), the demand for the BNB digital asset skyrocketed.

With this digital asset, users can get access to several features, discounts, promotions and more. Additionally, the coin has different use cases on the entire Binance ecosystem. The ecosystem includes decentralized exchanged (DEX), the Binance Smart Chain (BSC), the crypto trading platform and all the Binance partners that are using this virtual currency.

How Does Binance Coin Work?

Depending on the service you use, the different functionality the digital asset would have. The first thing it is worth mentioning is related to the fact that this is a centralized virtual currency compared to Bitcoin (BTC) and Ethereum (ETH). However, Binance is trying to expand the decentralization of the network.

If you are a trader on the Binance exchange, then the virtual currency can be used to pay for fees and get some discounts. For example, you can use this virtual currency in order to make your trading much more efficient.

In addition to it, there are several Binance partners that are using BNB in order to pay for goods and services. In this way, users can spend their virtual currencies and BNB tokens purchasing the things they need.

Additionally, BNB is the token that powers the Binance Smart Chain (BSC) ecosystem. Users can easily exchange their BNB coins for other tokens in the BSC.

Binance Coin price

During the last months, the Binance Smart Chain attracted a large number of users. This allowed traders to get access to some of the most exciting solutions and services offered by cryptocurrencies.

Due to this reason, the price of the BNB virtual currency skyrocketed. As you can see in the chart elbow, the BNB virtual currency surpassed $300 per coin. This allowed the coin to reach the third position in the market after Bitcoin (BTC) and Ethereum (ETH).

The Binance Smart Chain was the main reason behind this price increase of the virtual currency. Through several platforms such as PancakeSwap and Venus, users purchased BNB to spend the coins on top of these DeFi apps.

At the same time, as the market saw BNB moving higher, other investors entered the market trying to profit from this price increase. Binance Coin price prediction have not been accurate at all. Nobody expected the virtual currency to surpass $300. However, the coin surpassed all the expectations and moved above $300.

How to Buy Binance Coin?

Users can buy Binance Coin on the Binance cryptocurrency exchange. The benefit of doing so is that users would get direct access to BNB with the platform that is powered by the BNB token. In addition to it, there are several other exchanges and decentralized platforms that are offering users the possibility to purchase BNB coins.

It depends on whether the platforms offering BNB are available in your region or not. Binance is among the largest crypto exchanges in the world and it is available in many regions. Other exchanges that are supporting the BNB virtual currency include P2PB2B and Bilaxy.

The most popular trading pairs include BNB/USDT, BNB/BUSD, BNB/BTC and ADA/BNB. However, there are many other trading pairs mostly supported on the Binance exchange where the BNB coin behaves as the main trading pair.

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