{"id":10107,"date":"2023-02-28T09:15:02","date_gmt":"2023-02-28T09:15:02","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10107"},"modified":"2025-09-10T15:24:09","modified_gmt":"2025-09-10T15:24:09","slug":"what-is-binance-coin-bnb","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-binance-coin-bnb","title":{"rendered":"What is Binance Coin (BNB)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-binance-coin-bnb\/#history_of_bnb\" >History of BNB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-binance-coin-bnb\/#how_does_bnb_work\" >How does BNB work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-binance-coin-bnb\/#what_is_bnb_burning\" >What is BNB burning?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-binance-coin-bnb\/#wallet\" >Wallet<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>Binance Coin (BNB) is an ERC20 token that acts on the Binance Smart Chain. This token was launched by the Binance platform and acts as an internal gas and official cryptocurrency. The cryptocurrency supports\u00a0<strong>transactions<\/strong>\u00a0within the platform and also offers some discounts to its users.<\/p>\n<p>BNB also helps its users to finance some\u00a0<strong>projects<\/strong>\u00a0on its main platform related to the Blockchain. BNB intends to become a Gas within the system.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"history_of_bnb\"><\/span><strong>History of BNB<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BNB was launched after the Initial Cryptocurrency Offering (ICO) on\u00a0<strong>July 3, 2017<\/strong>, before the exchange opened its doors 11 days later. In the early days of the cryptocurrency the issue price was 1 ETH to issue 2 700 BNB which would be 20 000 BNB for 1 BTC. Currently its price has grown\u00a0<strong>significantly<\/strong>.<\/p>\n<p>BNB was issued as another\u00a0<strong>ERC20 token<\/strong>\u00a0on the Ethereum network. The ICO for its launch managed to sell a total of 100 million coins although BNB only has a limited total supply of\u00a0<strong>200 million coins<\/strong>. A very curious aspect of the cryptocurrency is that half of the BNB in existence will be destroyed.<\/p>\n<p>Some time after its launch, namely in April 2019, it was decided to exchange BNB ERC20 coins with BEP2 BNB at a\u00a0<strong>1:1<\/strong>\u00a0parity. This means that BNB\u00a0<strong>is no longer hosted on Ethereum<\/strong>.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_951537883\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/03\/Qu%C3%A9-es-Binance-Coin-BNB-2.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/03\/Qu\u00e9-es-Binance-Coin-BNB-2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/03\/Qu\u00e9-es-Binance-Coin-BNB-2-300x205.jpg 300w\" alt=\"Qu\u00e9 es Binance Coin Bitnovo\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/03\/Qu\u00e9-es-Binance-Coin-BNB-2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/03\/Qu\u00e9-es-Binance-Coin-BNB-2-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/03\/Qu\u00e9-es-Binance-Coin-BNB-2.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_bnb_work\"><\/span><strong>How does BNB work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Binance Coin functions as a payment method for\u00a0<strong>Binance exchange<\/strong>\u00a0fees and at the same time to participate in the platform\u2019s token sales. On the other hand, the cryptocurrency also powers the platform by way of gas.<\/p>\n<ul>\n<li>The BNB structure has a\u00a0<strong>data carrier<\/strong>\u00a0with several allocation units in charge of maintaining and increasing security and at the same time accelerating the search for data thanks to the process known as\u00a0<strong>fragmentation<\/strong>, which is based on sorting the memory.<\/li>\n<li>BNB\u2019s blockchain is\u00a0<strong>open<\/strong>, i.e. its transactions are fully transparent. However, BNB ensures the\u00a0<strong>privacy<\/strong>\u00a0of both the sender and receiver and the sum sent.<\/li>\n<li>Fees for each transaction are paid with the same\u00a0<strong>digital currency<\/strong>\u00a0and rebates of up to 50% can be made if paying with\u00a0<strong>BNB<\/strong>\u00a0for the first four years.<\/li>\n<\/ul>\n<p>Regarding its mining, Binance Coin cannot be mined through Proof of Work (PoW) like most cryptocurrencies, since the blockchain in which it operates uses the\u00a0<strong>Byzantine Fault Tolerance (BFT)<\/strong>\u00a0consensus mechanism. Instead of miners, the network relies on block validators.<\/p>\n<p>One of the advantages offered by BNB is that those users who make a large number of transactions with it get\u00a0<strong>Airdrops<\/strong>\u00a0on the platform, as a free BNB reward.<\/p>\n<p>When paying fees in BNB the user can\u00a0<strong>get discounts<\/strong>, but only on the platform, which is not very helpful if we want to operate with BNBs in other projects. Discounts decrease over the years from\u00a0<strong>50%<\/strong>\u00a0to no discounts at all for continuing to use the platform.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_bnb_burning\"><\/span><strong>What is BNB burning?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Initially, Binance performed a\u00a0<strong>coin burn<\/strong>\u00a0on the Ethereum network using a smart contract with a burn function as a tool. But\u2026 what does this consist of? Binance burns a specific amount of cryptocurrencies based on transaction statistics within the\u00a0<strong>exchange<\/strong>\u00a0over the last three months.<\/p>\n<p>This remained active until BNB\u00a0<strong>migrated<\/strong>\u00a0from the Ethereum network to the Binance Chain network. Since its launch the coin burning that used to take place on the Ethereum network now takes place on Binance Chain. Using a specific\u00a0<strong>command<\/strong>\u00a0and thus replacing the smart contract.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"wallet\"><\/span><strong>Wallet<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you have decided to buy BNB you will need a<strong>\u00a0wallet<\/strong>\u00a0to store and manage them. Not all wallets are BNB\u00a0<strong>capable<\/strong>, but here are some of the best ones that will work for you.<\/p>\n<ul>\n<li><strong>Ledger Nano S.\u00a0<\/strong>This is a hardware wallet that has managed to position itself as one of the best on the market thanks to its storage options and the security it offers.<\/li>\n<\/ul>\n<ul>\n<li><strong>Trezor.\u00a0<\/strong>This is a second hardware wallet option with the feature that it presents a user-friendly interface. It is in the form of a USB device and can be connected to various operating systems so it will be very easy to manage our assets.<\/li>\n<\/ul>\n<ul>\n<li><strong>Exodus.\u00a0<\/strong>This wallet is available in mobile version. It has a very simple and intuitive interface, making it a perfect option to get started in the world of cryptocurrencies. In addition, it supports large amounts of cryptocurrencies.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Binance Coin (BNB) is an ERC20 token that acts on the Binance Smart Chain. This token was launched by the Binance platform and acts as an internal gas and official cryptocurrency. The cryptocurrency supports\u00a0transactions\u00a0within the platform and also offers some discounts to its users. BNB also helps its users to finance some\u00a0projects\u00a0on its main platform [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[165],"tags":[],"class_list":["post-10107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10107"}],"version-history":[{"count":2,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10107\/revisions"}],"predecessor-version":[{"id":24686,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10107\/revisions\/24686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/8112"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}