Binance Coin is a cryptocurrency that is pegged on the Binance exchange, which is one of the biggest and most popular exchanges in the world. One of the main aims and advantages is that users can use coins to pay fees connected to transactions there. Binance Coin has its tokens - BNC - that allows faster verification (up to 1,4 million transactions per second) and lower fees (that might be 50% lower).
Binance Coin was issued in 2017 by Changpeng Zhao, who is also the founder of Binance exchange. In the beginning, Binance Coin worked on the Ethereum blockchain, only then it created its own blockchain called the Binance Chain. Due to its interconnectedness to the exchange, Binance Coin inspires confidence among many users.
Binance Coin has many uses. As mentioned above, it can be used as a tool for payment fees on the Binance Exchange. By doing so, users will have lower fees compared to those who are not using Binance tokens at all. Binance coin can save you up to 50% of the total amount of fee.
Also, you can use Binance Coin for paying services and various things. However, you need to ensure that this option is available whenever you want to apply it.
Besides, tokens can be exchanged for different cryptocurrencies, based on the possibilities and options available at the specific exchange. Of course, it can be a tool of investment and you can keep it in your portfolio as a long-term investment.
All tokens were already sold, therefore, there is no possibility of mining Binance Coin. To avoid the devaluation of the currency, the developers have decided to buy part of the tokens from investors every quarter. This is stated in the Binance whitepaper. This will continue till 50 % of tokens are destroyed, which should be around 100 million tokens.
