What is Binance coin?

Binance coin is one of many cryptocurrencies currently available to the general market. Binance was originally just a cryptocurrency exchange program, the largest one at that. Because of their initial popularity, they decided to also make their own cryptocurrency, to gain even more profit aside from their exchange. The Binance coin is denoted by the symbol BNB. It is most similar to Ether, and draws inspiration from the Ethereum blockchain.

Binance coin

Binance coin is sort of a tax on users using their original crypto exchange, such as trading fees and exchange fees. Like most cryptocurrencies, users can trade it among themselves using Binance exchange or other cryptocurrency exchange programs.

Binance was founded in 2017 in China, more precisely Shanghai, but after the Chinese government banned them from continuing their operations, they moved headquarters and servers over to Japan. But the Japanese government was also not happy with Binance being stationed in their land, and in March 2018, they sent out a warning, stating that they must seize all operations in their country. It is rumored that the company is planning to resume operations in Malta. The owner, Changpeng Zhao and the CTO & co-founder Roger Wang founded Binance in as early as 2017.

The owner, Changpeng Zhao, was previously the CEO of Bijietech, an exchange provider for their operators, but located entirely in the cloud. Zhao is also the co-founder of OKCoin. When the company launched, they mined a total of 200 million tokens. 20 million of which went to investors, 80 million going to the staff that aided the company and the remaining 100 million being open to the masses.

Future of BNB

Binance have come up with a plan to uphold it’s value. The company will use 1/5th of it’s profits each quarter year to buy back and burn Binance coins. By doing so they will up the price in and of itself, while also increasing demand, which will also increase the price. They are succeeding in this, because as of 20-02-2020, the price has been increased by over 20 thousand percent over it’s launch price. It is also currently the seventh most popular cryptocurrency, just behind EOS.

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