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Crypto Terms:  Letter B
Jul 07, 2023 |
updated: Apr 02, 2024

What is BNB?

BNB Meaning:
BNB - a crypto token based on the Binance blockchain.
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Let's find out BNB meaning, definition in crypto, what is BNB, and all other detailed facts.

BNB is a token. It was originally created as an ERC-20 token and based on the Ethereum blockchain. However, it will be allocated to the Binance blockchain. The token was created in 2017 between June 26th and the 3rd of July, by Binance itself. To specify, the token was initially revealed during an ICO (Initial Coin Offering) crowdfunding campaign.

Back then, the token sale gave 100,000,000 BNB or 50% of the entire supply. Also, the issue price was set at 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. 200,000,000 coins were the original total supply of BNB. The total supply decreased due to the burns. This is because Binance uses one-fifth of its profits to burn BNS coins.

To be specific, BNB is used primarily for paying trading and transaction fees on the Binance exchange. If you wish to purchase directly, you must go to the Binance exchange.

However, the token can be employed in a variety of ways. For instance, there is a Binance Charity Foundation (BCF) project. Here, you can make important donations to charity.

Other examples include using BNB as gas on the Binance DEX. Speaking of the Binance exchange, the token is mostly used as a utility token. This lets you pay lower transaction fees. But keep in mind that the cost structure varies depending on the trading activity within 30 days, and the account tier level.

There are numerous simple, everyday use cases for the BNB token. For instance, if you want to pay for your hotels and flights, you can also use the BNB token. Even online shopping, buying virtual gifts and making investments are possible.