Binance Coin (BNB) Price Hits $294.47 on Exchanges

Binance Coin (CURRENCY:BNB) traded up 3% against the dollar during the 24-hour period ending at 15:00 PM Eastern on July 22nd. Binance Coin has a total market capitalization of $49.51 billion and approximately $1.57 billion worth of Binance Coin was traded on exchanges in the last 24 hours. One Binance Coin coin can currently be purchased for approximately $294.47 or 0.00912146 BTC on popular cryptocurrency exchanges. In the last week, Binance Coin has traded 6.5% lower against the dollar.

Binance Coin Profile

Binance Coin is a PoSA coin that uses the BEP-2 hashing algorithm. Its launch date was July 8th, 2017. Binance Coin’s total supply is 168,137,036 coins. The official website for Binance Coin is www.binance.com. Binance Coin’s official Twitter account is @binance_2017 and its Facebook page is accessible here. The Reddit community for Binance Coin is /r/binance and the currency’s Github account can be viewed here.

According to CryptoCompare, “BNB powers the Binance ecosystem and is the native asset of the Binance Chain. BNB is a cryptocurrency created in June 2017, launched during an ICO in July, and initially issued as an ERC-20 token. Designed to be used for a fee reduction on the Binance exchange, its scope was extended over the years. BNB powers the Binance Chain as its native chain token. For instance, it is used to pay fees on the Binance DEX, issue new tokens, send/cancel orders, and transfer assets. BNB is also powering the Binance Smart Chain, which is an EVM-compatible network, forked from “go-ethereum”. It supports smart contracts and relies on a new consensus mechanism: Proof-of-Staked Authority (PoSA) consensus (“Parlia”), which incorporates elements from both Proof of Stake and Proof of Authority. BNB is used for delegated staking on the authority validator, leading to staking rewards for users and validators. Besides its on-chain functions, BNB has multiple additional use-cases such as fee discounts on multiple exchanges (e.g., Binance.com), payment asset on third-party services, and participation rights & transacting currency on Binance Launchpad. At the core of the economics of BNB, there is a burn mechanism leading to period reductions in its total supply (~ every three months). From its initial maximum supply of 200 million, burns are expected to continue until the supply reaches 100 million. Whitepaper “

Buying and Selling Binance Coin

It is usually not presently possible to purchase alternative cryptocurrencies such as Binance Coin directly using U.S. dollars. Investors seeking to trade Binance Coin should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Binance Coin using one of the aforementioned exchanges.

Receive News & Updates for Binance Coin Daily - Enter your email address below to receive a concise daily summary of the latest news and updates for Binance Coin and related cryptocurrencies with MarketBeat.com's FREE CryptoBeat newsletter.